The 2026 mid-year reports of the "Big Three Oil Companies" have all been released, with a combined net profit of over 210 billion yuan in the first half of the year.

Recently, China National Petroleum Corporation (CNPC), CNOOC Limited and China Petroleum & Chemical Corporation (Sinopec) have successively released their 2026 semi-annual reports. Driven by factors such as changes in the prices and sales volumes of oil, gas and chemical products, the performance of the three central oil enterprises has all achieved double-digit year-on-year growth in the first half of the year, with an overall bright profitability performance. At the same time, all of them have released interim cash dividend plans to increase the intensity of shareholder returns, according to Eastmoney Finance.

Looking at the overall profitability, the combined net profits attributable to shareholders of the parent company of the three enterprises exceeded 210 billion yuan in the first half of the year. The respective operating data show differentiated operating characteristics. The upstream exploration and development, oil and gas production, refining and chemical sectors have worked synergistically, and the resilience of the industrial chain has continued to emerge.

China National Petroleum Corporation (601857.SH) achieved operating revenue of 1,527.491 billion yuan in the first half of 2026, a year-on-year increase of 5.3%; the net profit attributable to shareholders of the parent company was 103.936 billion yuan, a year-on-year increase of 22.0%. The company stated that the performance growth was mainly benefited from the combined effect of rising prices and changes in sales volumes of oil, gas and chemical products.

In terms of dividends, based on the total share capital of 183.021 billion shares as of June 30, 2026, the company plans to issue an interim dividend of 0.26 yuan per share (including applicable taxes), with a total dividend payout of approximately 47.585 billion yuan.

CNOOC Limited (600938.SH) has achieved its best operating performance in the same period in history. During the reporting period, it achieved operating revenue of 242.66 billion yuan, a year-on-year increase of 16.9%; the net profit attributable to shareholders of the parent company was 85.818 billion yuan, a year-on-year increase of 23.4%; the net oil and gas production reached 398.7 million barrels of oil equivalent, an increase of 3.7% year-on-year. The company has coordinated the promotion of reserve increase and production increase, quality improvement and efficiency enhancement, technological innovation and green and low-carbon work, and its production and operating indicators have steadily improved. The company plans to issue a 2026 interim dividend of HK$0.94 per share (tax included).

China Petroleum & Chemical Corporation (Sinopec) achieved operating revenue of 1,436.6 billion yuan in the first half of the year, and its net profit attributable to shareholders of the parent company was 25.6 billion yuan, a year-on-year increase of 19.3%. The board of directors has resolved to issue an interim dividend of 0.105 yuan per share, with a cash payout ratio of 49.5%. It is reported that the company has carried out share repurchases both domestically and abroad for five consecutive years to safeguard corporate value and shareholder interests.

During the reporting period, the company promoted high-quality development through its second pioneering endeavor, actively responded to various market challenges, and further enhanced the risk resistance capacity of the industrial chain. The domestic oil and gas production in the first half of the year hit a record high in the same period, with an oil and gas equivalent production volume of 263.47 million barrels; 113 million tons of crude oil were processed, the total sales volume of refined oil products was 100.99 million tons, the ethylene output was 6.394 million tons, the total sales volume of chemical products was 37.86 million tons, and the export of chemical products increased by 70% year-on-year, setting a new historical record.

Industry analysts believe that the oil and gas price environment in the first half of the year, the implementation of the domestic oil and gas reserve increase and production increase strategy, and the optimization of the refining and chemical business structure jointly supported the improved performance of the three enterprises. The simultaneous implementation of interim cash dividends by the three enterprises also reflects the business orientation of listed central enterprises to continuously and stably reward investors. In the future, oil and gas supply guarantee, green and low-carbon transformation, and upgrading of the refining and chemical industry will remain the key development directions of the three major oil enterprises.