PetroChina's net profit for 2025 drops 4.5% due to lower oil prices

PetroChina, Asia's biggest oil and gas producer said on Sunday that its 2025 net annual?profit fell 4.5% from the record set in 2024 as lower oil prices affected earnings.

PetroChina reported in a filing with the Shanghai Stock Exchange that its net income was 157.3 billion yuan (22.76 billion dollars) in 2018, compared to 164.7 billion yuan (2024), while revenue fell 2.5% to 2,864.5 billion yuan.

CNOOC Ltd, a domestic peer, reported a 11.5% drop in net profits to 122.08 bn yuan on Thursday. Earnings at the refining giant Sinopec dropped 37% to $31.8 bn yuan.

PetroChina produced 948 million barrels of crude last year or 2.6 millions barrels per day. This is up 0.7% compared to?2024. Natural gas production increased 4.5% to 5,363.2 billion cubic feet (bcf).

The average realized price of?crude crude oil was 14.2% less than 2024 levels.

PetroChina, China’s second largest refiner, after Sinopec has seen its crude oil processing fall by 0.2% from a year ago to 1.376 million barrels or 3.77 millions bpd.

PetroChina will permanently close its largest subsidiary refinery in Northeast China in mid-2025, as part of Beijing’s policy to limit the total oil processing capability in China.

PetroChina's domestic gasoline sales dropped 2.3% compared to a year ago, reflecting the rapid electrification of China. Domestic diesel sales, however, rose 0.8%.

Sales of jet kerosene rose 18.3%, thanks to the extended recovery in air travel.

PetroChina's Natural Gas business was strong. Operating profit in the segment rose 12.6% to reach 60.8 billion yuan. The sector maintained a relatively healthy growth due to increased marketing efforts that led to higher domestic sale volumes.

PetroChina's earnings report, which referred to the outlook for this year, stated that "geopolitical influences may periodically impact supply and prices creating risks of volatility"

PetroChina projects crude oil production at 941.3 millions barrels by 2026, and natural gas output at 5,470.5 Bcf.

The refinery's output was also targeted to be 3.77 million barrels per day (1.377 billion) this year.

The capital expenditures for 2026 are estimated at 279.4 billion Yuan, up from 269.1 billion in 2025.

(source: Reuters)