PETROCHINA (00857) reported a 14% quarter-on-quarter increase in Q3 earnings to RMB42.3 billion, surpassing BOCI's forecast by 7%, driven primarily by stronger-than-expected profitability in its natural gas sales segment. Looking ahead, BOCI anticipates a 29% quarterly decline in Q4 earnings due to lower oil prices and higher cost recognition. The firm has raised its 2025–2027 profit forecasts by 2%, reiterating a "Buy" rating on PETROCHINA and lifting the target price from HK$8.59 to HK$8.83.