On 25 March, PetroChina released its full-year financial results for 2020. Its natural gas and pipeline business segment generated RMB72.4 billion (US$10.5 billion) of operating profit in 2020, up 177% from 2019. The huge increase was thanks to the one-off profit realisations associated with its transfer of pipeline assets to PipeChina. However, the underlying performance of the gas business remains fragile. Profits on sales of domestic gas and city gas business both plunged. Sales of imported gas continued to bleed. Looking ahead, natural gas will remain one of PetroChina’s priorities in its shift to lower carbon emissions. But increasing its gas business profits will be challenging. Although Q1 2021 results showed 63% year-on-year growth of operating profits in its gas business, the profitability is not sustainable and expected to shrink in the coming quarters. The company is changing its gas sales pricing methods again in 2021, which may provide some albeit limited relief.