PETROCHINA announced its interim results, with a net profit attributable to shareholders of 84.007 billion yuan, a year-on-year decrease of 5.4%

According to the financial report from China Petroleum & Chemical Corporation (00857) for the six months ending June 30, 2025, prepared in accordance with International Financial Reporting Standards, the group achieved operating revenue of RMB 1,450.099 billion, a year-on-year decrease of 6.7%; net profit attributable to shareholders of the parent company was RMB 84.007 billion, a year-on-year decrease of 5.4%; basic earnings per share were RMB 0.46.

In the first half of 2025, the group's domestic oil and gas business focused on improving the reserve-to-production ratio and striving to achieve a virtuous cycle of increasing reserves and production, highlighting key basins and regions, and vigorously implementing efficient exploration, achieving multiple important breakthroughs and discoveries; adhering to benefit-oriented development, optimizing capacity construction deployment, and taking multiple measures to improve recovery rates and control decline rates, accelerating the construction of the national-level demonstration areas for Jimsar and Gulong shale oil and the coalbed methane demonstration project in eastern Ezhou; promoting the construction of gas storage facilities and the conversion of injection and production. In the first half of the year, domestic crude oil production reached 395.2 million barrels, an increase of 0.6% compared to 392.8 million barrels in the same period last year; marketable natural gas production was 2,602.6 billion cubic feet, an increase of 4.7% compared to 2,486.8 billion cubic feet in the same period last year; oil and gas equivalent production was 828.9 million barrels, an increase of 2.7% compared to 807.3 million barrels in the same period last year.

In the first half of 2025, the group's overseas oil and gas business balanced mature and new areas, strengthened efficient three-dimensional exploration, and made new progress and discoveries in risk exploration and rolling exploration; enhanced specialized management, emphasized capacity replacement, integrated the production of new wells and the potential of old wells, and steadily promoted stable production; actively developed new projects and extended existing projects, promoted the transfer and exit of inefficient assets, and continuously optimized the asset structure. In the first half of the year, overseas crude oil production was 81.2 million barrels, a decrease of 1.0% compared to 82.0 million barrels in the same period last year; marketable natural gas production was 81.0 billion cubic feet, a decrease of 16.8% compared to 97.4 billion cubic feet in the same period last year; oil and gas equivalent production was 94.7 million barrels, a decrease of 3.6% compared to 98.2 million barrels in the same period last year, accounting for 10.3% of the group's oil and gas equivalent production.

In the first half of 2025, the group's crude oil production was 476.4 million barrels, an increase of 0.3% compared to 474.8 million barrels in the same period last year; marketable natural gas production was 2,683.6 billion cubic feet, an increase of 3.8% compared to 2,584.2 billion cubic feet in the same period last year; oil and gas equivalent production was 923.6 million barrels, an increase of 2.0% compared to 905.5 million barrels in the same period last year. The proportion of natural gas production in the oil and gas equivalent production continued to rise, and the structure of oil and gas production was further optimized.

In the first half of 2025, the group's new energy business closely followed market trends and policy directions, further optimizing business layout and development strategies. New wind and solar power generation indicators were obtained for 16.38 million kilowatts, and new geothermal heating contracts were signed for an area of 55.42 million square meters. Key project implementation was accelerated, with the Tarim Upper Reservoir photovoltaic project connected to the grid for power generation and the Jilin Ang'e wind power project operating efficiently. In the first half of 2025, wind and solar power generation reached 3.69 billion kilowatt-hours, an increase of 70.0% compared to 2.17 billion kilowatt-hours in the same period last year. The entire industry chain coordinated the promotion of carbon capture, utilization, and storage (CCUS) business, capturing and utilizing 130.5 thousand tons of carbon dioxide in the first half of the year, achieving oil displacement of 300 thousand tons