China’s state oil majors PetroChina, Sinopec and Cnooc are slowing expansion plans as they balance volatile energy markets, weak oil prices and long-term energy security goals. All three saw profit declines in 2025, with Sinopec posting the steepest drop of 34% due to chemicals losses and capped fuel pricing, while PetroChina’s net income fell 4.5% and Cnooc’s declined over 11% despite record output. A Middle East conflict has lifted oil prices, benefiting upstream producers like Cnooc and Petro

China’s state oil majors PetroChina, Sinopec and Cnooc are slowing expansion plans as they balance volatile energy markets, weak oil prices and long-term energy security goals. All three saw profit declines in 2025, with Sinopec posting the steepest drop of 34% due to chemicals losses and capped fuel pricing, while PetroChina’s net income fell 4.5% and Cnooc’s declined over 11% despite record output. A Middle East conflict has lifted oil prices, benefiting upstream producers like Cnooc and PetroChina, while Sinopec remains more exposed due to import reliance. Cnooc trimmed capex and output growth targets, PetroChina emphasized supply diversification and a 2% gas production rise, and Sinopec signaled up to a 20% capex cut, mainly in chemicals.