Lyon: Reaffirming the "outperform" rating for PetroChina, first-quarter performance far exceeds expectations.

Lyon released a report stating that China Petroleum's first quarter performance in 2025 far exceeded expectations, making it the most resilient oil and gas giant in this financial reporting season in China. The pre-tax profit from exploration and production in the first quarter was exceptionally strong, and the pre-tax profit from natural gas also increased year-on-year due to the growth in natural gas sales and the increase in average selling price brought by the adjustment of winter residential gas prices. The bank stated that the weak downstream business of China Petroleum was offset by the stronger natural gas business. The bank maintained its target price of 8 Hong Kong dollars for China Petroleum's H shares and reaffirmed its "outperform" rating.