PetroChina reported net income of RMB 157.3 billion ($21.8 billion) for 2025, down 4.5% from a record in 2024 as weaker oil prices weighed on earnings, while still delivering one of its strongest financial performances on record.
The highlights from its earnings include:
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Revenue: RMB 2.86 trillion (down ~2.5% YoY)
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Net profit: RMB 157.3 billion (down 4.5% YoY)
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Free cash flow: RMB 120.2 billion (up15.2% YoY)
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Dividend payout ratio: 54.7%, highest in five years
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Total oil & gas output: 1,841.9 MMboe (up 2.5% YoY)
Despite a roughly 14% drop in Brent crude prices, the company maintained strong margins and cash generation.
PetroChina continued to expand upstream output, with production reaching record levels supported by major discoveries across key Chinese basins, including Sichuan and Ordos.
Growth in shale oil and gas, alongside steady overseas operations, helped cushion the impact of lower realized crude prices.
While refining throughput remained broadly stable, the downstream segment continues to face structural pressure. China’s push to cap refining capacity and rapid electrification are weighing on gasoline demand, even as jet fuel consumption rebounds with air travel recovery.
PetroChina is responding by shifting toward higher-value petrochemicals and specialty products, with new materials output rising sharply.
Natural gas remained a key earnings pillar, with sales volumes rising and segment profit reaching RMB 60.8 billion.
Stronger domestic demand and optimized LNG procurement strategies supported profitability, reinforcing gas as a transition fuel in China’s energy mix.
PetroChina accelerated its low-carbon portfolio, with wind and solar generation rising 68% year-on-year and carbon utilization increasing significantly.
The company is also expanding into power trading and storage, reflecting broader efforts by Chinese NOCs to diversify beyond hydrocarbons.
The results mark the conclusion of China’s 14th Five-Year Plan, during which PetroChina generated over RMB 700 billion in cumulative profit and consistently exceeded dividend targets.
Looking ahead, the company will prioritize innovation, international expansion, and low-carbon development as it enters the 15th Five-Year Plan period.
PetroChina’s results mirror a broader trend among China’s energy majors, with peers such as CNOOC and Sinopec also reporting earnings declines amid lower oil prices and shifting domestic fuel demand.
At the same time, strong gas demand and state-backed investment continue to support long-term growth across the sector.