PetroChina releases 2025 annual report: Daily profit of 430 million yuan, proposes cash dividend plan of 45.755 billion yuan

On March 29, PetroChina Company Limited (601857.SH, 00857.HK) released its 2025 annual report. The report shows that due to the decline in international oil prices, the company's annual revenue and net profit decreased year-on-year, but the profit scale remained high, cash flow performance was strong, and a high dividend plan was proposed.

Core Performance: Revenue and Net Profit Both Declined, Daily Profit of 430 Million Yuan

In 2025, PetroChina achieved operating revenue of 2.86 trillion yuan, a year-on-year decrease of 2.5%; net profit attributable to shareholders of the parent company was 157.302 billion yuan, a year-on-year decrease of 4.5%, with a daily profit of approximately 430 million yuan. Basic earnings per share were 0.86 yuan, a decrease of 0.04 yuan compared to the previous year. The company stated that the decline in revenue was mainly due to the combined impact of falling prices and changes in sales volume of oil and gas products such as crude oil and refined oil.

Industry Background: International Oil Prices Fell Year-on-Year, Multiple Adjustments in Domestic Refined Oil Prices

In 2025, the global crude oil market experienced loose supply and demand, coupled with geopolitical conflicts and changes in trade patterns, leading to a year-on-year decline in international oil prices. The annual average price of Brent crude oil futures was $68.19 per barrel, and the average price of U.S. WTI crude oil futures was $64.73 per barrel, both down 14.6% year-on-year. The company's average realized crude oil price was $64.11 per barrel, a year-on-year decrease of 14.2%.

Domestic refined oil prices were adjusted in sync with international oil prices, with the state making 19 adjustments throughout the year. The prices of standard gasoline and diesel products decreased by a cumulative 915 yuan/ton and 880 yuan/ton, respectively.

Business Segments: Upstream Profits Under Pressure, Natural Gas Segment Grew Against the Trend

Oil, Gas, and New Energy Segment: As the core profit source, it achieved operating revenue of 824.808 billion yuan, a year-on-year decrease of 9.0%; operating profit was 136.065 billion yuan, a year-on-year decrease of 14.8%, mainly due to the decline in crude oil prices.

Natural Gas Sales Segment: Performed well, with an operating profit of 60.802 billion yuan, a year-on-year increase of 12.6%, benefiting from increased sales volume and cost control, which expanded the gross profit margin.

Overseas Business: Developed steadily, achieving operating revenue of 970.233 billion yuan, accounting for 33.9% of total revenue; pre-tax profit was 32.613 billion yuan, accounting for 14.4% of the group's pre-tax profit.

Financial Resilience: Strong Cash Flow Supports High Dividends

Despite the decline in performance, the company's "blood-making" capability was outstanding: net cash flow from operating activities reached 412.51 billion yuan, a year-on-year increase of 1.5%; the balance of cash and cash equivalents at the end of the period was 206.162 billion yuan, providing solid support for dividends and capital expenditures.

To reward shareholders, the company plans to distribute a cash dividend of 0.25 yuan per share (including tax) to all shareholders, totaling 45.755 billion yuan (including tax). This proposal is subject to approval at the annual general meeting.

Secondary Market: Strong Stock Performance, Total Market Cap Exceeds 2.2 Trillion Yuan

In the secondary market, PetroChina's stock price rose over 50% in the past year and about 15% since 2026. As of the close on March 27, the company's stock price was 12.07 yuan, with a daily increase of 1.09%, and the latest total market capitalization was 2.21 trillion yuan.