PetroChina’s 2025 net profit falls 4.5pc on lower oil prices

BEIJING: 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 totalled 157.3 billion yuan (USD22.76 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 realised 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 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.