Abstract: Capital operation is the advanced form of enterprisemanagement.This paper presents the following measures torealize capital operation in petroleum enterprises: capitalcombination strategy,pursuing stock system,Cstab1ishing andperfecting petroleum property right exchange market,enhancing effective capitul reset,capitul increment at lowcost,and opening up international petroleum market.Thesemeasures can improve capital operati0n efficiency ofpetroleum industry.