PetroChina Company (857) Q4 2024 earnings summary

Executive summary

• Achieved record annual net profit attributable to owners of RMB 164.68 billion in 2024, up 2.0% year-over-year, despite a 2.5% revenue decline to RMB 2,937.98 billion due to lower oil and gas prices and sales volumes.

• Maintained strong cash flow, with net cash flow from operating activities exceeding RMB 400 billion for the second consecutive year, and free cash flow above RMB 100 billion.

• Continued focus on green and low-carbon transition, ESG governance, and technological innovation, with wind and photovoltaic power generation up 116.2% year-over-year.

• Proposed a final cash dividend of RMB 0.25 per share, totaling RMB 45.76 billion, subject to approval.

Financial highlights

• Net profit attributable to owners increased 2.0% year-over-year to RMB 164.68 billion; basic EPS up to RMB 0.90.

• Revenue decreased 2.5% year-over-year to RMB 2,937.98 billion.

• Free cash flow reached RMB 104.35 billion.

• Return on net assets at 10.9%.

• Annual dividend payment reached RMB 86.02 billion, with a payout ratio of 52.2%.

Outlook and guidance

• 2025 oil & gas output target set at 1,826.6 MM boe, up 1.6% from 2024; domestic output target of 1,648.3 MM boe, up 2.8% year-over-year.

• Domestic marketable natural gas output expected to rise 4.4% to 5,174.6 bcf.

• 2025 capex planned at RMB 262.2 billion, down 4.9% from 2024, prioritizing oil, gas, new energy, and refining upgrades.

• Expects global economic growth in 2025 with continued loose oil and gas market supply-demand and a potential decline in crude oil prices.