PETROCHINA, Asia’s largest oil and gas producer, on Sunday said 2025 annual net profit dropped 4.5 percent from a record in 2024, as lower oil prices weighed on earnings.
Net income totaled 157.3 billion yuan ($22.76 billion) last year, versus 164.7 billion yuan in 2024, while revenue dipped 2.5 percent to 2,864.5 billion yuan, PetroChina said in a filing to the Shanghai Stock Exchange.
Domestic peer CNOOC Ltd. on Thursday reported an 11.5 percent fall in net earnings to 122.08 billion yuan, while earnings at refining giant Sinopec fell 37 percent to 31.8 billion yuan.
PetroChina produced 948 million barrels of crude oil last year, or 2.6 million barrels per day, up 0.7 percent from 2024. Natural gas output was up 4.5 percent at 5,363.2 billion cubic feet (bcf).
The average realized price for crude oil was 14.2 percent lower versus 2024 levels.
Crude oil processing by PetroChina, China’s second-largest refiner after Sinopec, fell by 0.2 percent from a year earlier to 1.376 billion barrels, or 3.77 million barrels per day (bpd).
PetroChina in mid-2025 permanently shut its largest subsidiary refinery in northeast China, part of Beijing’s policy to cap the country’s total oil processing capacity.
Reflecting the impact China’s rapid electrification has had on gasoline and diesel fuel use, PetroChina reported its domestic gasoline sales fell 2.3 percent from a year earlier. Domestic diesel sales, however, rose 0.8 percent.
Jet kerosene remained an outlier, with sales up 18.3 percent thanks to an extended recovery in air travel.
PetroChina’s natural gas business remained strong, with operating profit in the segment rising 12.6 percent to 60.8 billion yuan as the sector maintained relatively healthy growth thanks to increased marketing efforts leading to higher domestic sales volumes.
“Geopolitical factors may periodically affect supply and prices, creating risks of uncertainty and sharp volatility,” PetroChina said in its earnings statement, referring to this year’s outlook.
PetroChina forecasts crude oil output at 941.3 million barrels in 2026 and natural gas at 5,470.5 bcf.
It also targeted refinery output this year to be 1.377 billion barrels, or 3.77 million bpd.
Capital spending is planned at 279.4 billion yuan for 2026, compared with 269.1 billion spent in 2025.
