UBS stated in a research report that PETROCHINA's (00857) revenue for the first quarter of 2026 decreased by 2.2% year-on-year to 7.364 trillion yuan. Net profit increased by 1.9% year-on-year to 48.3 billion yuan, aligning with the bank's expectations. The bank maintains a "Buy" rating with a target price of HK$14.2. Looking ahead to the second quarter of 2026, for the upstream segment, the bank anticipates that oil earnings growth will remain resilient, assuming oil prices stay elevated. A cautious stance is held towards the refining segment, primarily due to rising crude oil procurement costs and lower plant utilization rates. The natural gas sales segment is expected to continue its steady growth momentum, with limited impact from rising imported gas costs because of a time lag.