PetroChina Company (857) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 was RMB753.1 billion, down 7.3% year-over-year, mainly due to lower market demand and product prices.

• Net profit attributable to shareholders rose 2.3% to RMB46.8 billion, driven by higher domestic natural gas output, cost control, and lower taxes.

• Operating cash flow increased 25.3% to RMB139.4 billion, reflecting improved working capital management.

• The company maintained a strong financial position and delivered steady business performance despite a challenging market.

Financial highlights

• Total assets grew 3.2% to RMB2,841.5 billion from the end of 2024.

• Equity attributable to shareholders increased 3.3% to RMB1,564.6 billion.

• Basic and diluted EPS were RMB0.26, up from RMB0.25 year-over-year.

• Net cash flows from operating activities rose to RMB139.4 billion, up 25.3% year-over-year.

Outlook and guidance

• The company expects continued support from government policies for unconventional natural gas, which is positive for long-term growth.

• Management remains focused on cost control, efficiency, and green transformation to navigate market volatility.