PetroChina Profit Slips From Record as Five-Year Plan Ends Strong

PetroChina reported nett income of RMB 157.3 cardinal ($21.8 billion) for 2025, down 4.5% from a grounds successful 2024 arsenic weaker lipid prices weighed connected earnings, portion inactive delivering 1 of its strongest fiscal performances connected record.

The highlights from its net include:

• Revenue: RMB 2.86 trillion (down ~2.5% YoY)

• Net profit: RMB 157.3 cardinal (down 4.5% YoY)

• Free currency flow: RMB 120.2 cardinal (up15.2% YoY)

• Dividend payout ratio: 54.7%, highest successful 5 years

• Total lipid & state output: 1,841.9 MMboe (up 2.5% YoY)

Despite a astir 14% driblet successful Brent crude prices, the institution maintained beardown margins and currency generation.

PetroChina continued to grow upstream output, with accumulation reaching grounds levels supported by large discoveries crossed cardinal Chinese basins, including Sichuan and Ordos.

Growth successful shale lipid and gas, alongside dependable overseas operations, helped cushion the interaction of little realized crude prices.

While refining throughput remained broadly stable, the downstream conception continues to look structural pressure. China’s propulsion to headdress refining capableness and accelerated electrification are weighing connected gasoline demand, adjacent arsenic pitchy substance depletion rebounds with aerial question recovery.

PetroChina is responding by shifting toward higher-value petrochemicals and specialty products, with caller materials output rising sharply.

Natural state remained a cardinal net pillar, with income volumes rising and conception nett reaching RMB 60.8 billion.

Stronger home request and optimized LNG procurement strategies supported profitability, reinforcing state arsenic a modulation substance successful China’s vigor mix.

PetroChina accelerated its low-carbon portfolio, with upwind and star procreation rising 68% year-on-year and c utilization expanding significantly.

The institution is besides expanding into powerfulness trading and storage, reflecting broader efforts by Chinese NOCs to diversify beyond hydrocarbons.

The results people the decision of China’s 14th Five-Year Plan, during which PetroChina generated implicit RMB 700 cardinal successful cumulative nett and consistently exceeded dividend targets.

Looking ahead, the institution volition prioritize innovation, planetary expansion, and low-carbon improvement arsenic it enters the 15th Five-Year Plan period.

PetroChina’s results reflector a broader inclination among China’s vigor majors, with peers specified arsenic CNOOC and Sinopec besides reporting net declines amid little lipid prices and shifting home substance demand.

At the aforesaid time, beardown state request and state-backed concern proceed to enactment semipermanent maturation crossed the sector.