PETROCHINA (00857) announces its interim financial results, with a net profit attributable to shareholders of 84.007 billion yuan, a decrease of 5.4% year-on-year.

PETROCHINA (00857) released its interim results for the six months ending June 30, 2025, prepared in accordance with international financial reporting standards. The group achieved operating revenue of RMB 1,450.99 billion yuan (the same unit below), a decrease of 6.7% year-on-year; net profit attributable to the parent company's shareholders was RMB 84.007 billion yuan, a decrease of 5.4% year-on-year; 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 recovery ratio, striving to achieve a benign cycle of increasing reserves and production, highlighting key basins and areas, vigorously implementing efficient exploration, and achieving multiple important breakthroughs and discoveries. It insisted on efficient development, optimized capacity construction deployment, adopted multiple measures to increase recovery rates, control decline rates, and accelerate the construction of the Jimusaer, Gu Long shale oil and gas national demonstration zones, and the Dagning to Jixian coalbed methane demonstration project. It also promoted the construction of gas storage facilities and injection-production conversion. In the first half of the year, domestic crude oil production reached 395.2 million barrels, an increase of 0.6% compared to the same period last year (392.8 million barrels). Marketable natural gas production was 260.26 billion cubic feet, a 4.7% increase from the same period last year (248.68 billion cubic feet); oil and gas equivalents production was 828.9 million barrels, a 2.7% increase from the same period last year (807.3 million barrels). In the first half of 2025, the group's overseas oil and gas business balanced focus on mature and new areas, strengthened efficient three-dimensional exploration, and made new progress and discoveries in risk exploration and rolling exploration. It strengthened professional management, focused on capacity replacement, and promoted the production of new wells and the exploitation of old wells in an integrated manner, solidly advancing stable production. It actively carried out new project development and existing project extension work, 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 1.0% decrease from the same period last year (82.0 million barrels); marketable natural gas production was 81.0 billion cubic feet, a 16.8% decrease from the same period last year (97.4 billion cubic feet); oil and gas equivalents production was 94.7 million barrels, a 3.6% decrease from the same period last year (98.2 million barrels), accounting for 10.3% of the group's oil and gas equivalents production. In the first half of 2025, the group's crude oil production reached 476.4 million barrels, a 0.3% increase from the same period last year (474.8 million barrels); marketable natural gas production was 268.36 billion cubic feet, a 3.8% increase from the same period last year (258.42 billion cubic feet); oil and gas equivalents production was 923.6 million barrels, a 2.0% increase from the same period last year (905.5 million barrels). The proportion of natural gas production in oil and gas equivalents production continued to increase, 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 orientations, further optimized business layout, and development strategies. It obtained new wind and solar power generation indicators of 16.38 million kilowatts and signed new geothermal heating contracts covering an area of 55.42 million square meters. It accelerated the implementation of key projects, connected the Tarim Shangku photovoltaic project to the grid for power generation, and efficiently operated the Jilin Ang wind power project. Wind and solar power generation in the first half of 2025 reached 36.9 billion kilowatt-hours, a 70.0% increase from the same period last year (21.7 billion kilowatt-hours). The entire industry chain progressed synergistically in carbon capture, utilization, and storage (CCUS) business, capturing and utilizing 1.305 million tons of carbon dioxide in the first half of the year, achieving 300,000 tons of oil recovery.