PetroChina Company (857) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 was RMB 1,450,099 million, down 6.7% year-over-year, mainly due to lower oil prices and sales volumes.

• Net profit attributable to owners/shareholders was RMB 84,007 million, a 5.4% decrease year-over-year.

• All operating segments remained profitable, with a healthy financial position and improved ESG performance.

• Interim dividend of RMB 0.22 per share declared, totaling approximately RMB 40,265 million.

• Major breakthroughs in domestic oil and gas reserves, with significant additions in shale oil, coalbed methane, and new overseas projects.

Financial highlights

• Net cash flows from operating activities increased by 4.0% to RMB 227,063 million.

• Basic and diluted EPS were RMB 0.46, down from RMB 0.49 year-over-year.

• Free cash flow increased 11.5% year-over-year to RMB 112.28 billion.

• Total assets rose 3.5% to RMB 2,849,632 million.

• Interim dividend payout maintained at RMB 40.265 billion.

Outlook and guidance

• The second half of 2025 is expected to see slow global economic growth and continued downward pressure on oil prices.

• Domestic refined oil market faces competition from alternative energy, while natural gas demand is expected to recover.

• Focus on high-quality development, transformation, and expansion in new energy and materials.

• 2025 operating targets include oil & gas output of 1,826.6 MMboe, with 50.6% achieved in H1 2025.

• Continued focus on green and low-carbon transition, with significant increases in wind and solar output and CO2 injection.