PetroChina Company (857) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 was RMB 2,864.5 billion, down 2.5% year-over-year, mainly due to lower oil and gas prices, while net profit attributable to owners was RMB 157.32 billion, a 4.5% decrease but at a historical high.

• Free cash flow reached RMB 120.19 billion, up 15.2% year-over-year, with net cash from operating activities at RMB 412.51 billion.

• Disciplined investment continued, with 2025 capex at RMB 269.09 billion, focusing on oil, gas, new energies, and refining/chemicals.

• Major progress in domestic and overseas oil and gas exploration, including new discoveries, reserve growth, and overseas expansion.

• Advanced green and low-carbon transition, with wind and solar power generation up 1.7 times year-over-year and significant ESG recognition.

Financial highlights

• Revenue decreased by 2.5% year-over-year; net profit attributable to owners fell by 4.5%.

• Basic and diluted EPS declined by 4.5% to RMB 0.86.

• Debt-to-asset ratio improved to 36.4%, and gearing ratio to 11.2%.

• Lifting cost per barrel slightly decreased to USD 12.04.

• Annual dividend payment reached RMB 86.02 billion, with a payout ratio of 54.7%; proposed final dividend of RMB 0.25 per share, totaling RMB 45.76 billion.

Outlook and guidance

• 2026 targets include oil & gas output of 1,853.4 MM boe (+0.6%), domestic output of 1,668.4 MM boe (+1.3%), and capex of RMB 279.40 billion (+3.8%).

• Global and domestic economies expected to maintain moderate growth in 2026, but oil and gas markets face uncertainty from geopolitics and trade.

• Domestic refined oil demand expected to decline for gasoline and diesel, but kerosene and natural gas demand to grow.

• Plans for 2026 include crude oil output of 941.3 million barrels and natural gas output of 5,470.5 billion cubic feet.

• Continued focus on green and low-carbon transformation, new energy, and new materials.