Table of Contents
PetroChina Reports Record Profit Despite Revenue Decline
Annual Financial Performance
PetroChina, Asia’s largest oil and gas producer, reported a 2% increase in net profit for 2024, reaching a record high of 164.7 billion yuan ($22.68 billion). This was up from 161.1 billion yuan in 2023. However, total revenue saw a 2.5% decline, falling to 2,938.0 billion yuan.
Comparison with Industry Peers
- CNOOC Ltd reported an 11.4% increase in net earnings, reaching 137.9 billion yuan.
- Sinopec’s earnings dropped 16.8% to 50.3 billion yuan.
Production and Output Trends
PetroChina’s crude oil production increased slightly, reaching 941.8 million barrels (or 2.57 million barrels per day), marking a 0.5% rise from the previous year. Natural gas production grew 4.1%, reaching 5,133.8 billion cubic feet (bcf).
Refining and Market Demand
- The average realized crude oil price declined 3.8% compared to 2023.
- Refinery output fell 1.5% to 1.38 billion barrels (or 3.77 million barrels per day).
- Gasoline sales declined 4.5%, diesel 6.9%, while jet kerosene sales increased 9% due to recovering air travel.
- Chemical product output surged 49.3%.
Industry Challenges and Adjustments
PetroChina shut down half of its largest subsidiary refinery in northeast China in late 2023, aligning with government policies to limit refining capacity and manage industry overcapacity.
Market Outlook for 2025
Chairman Dai Houliang noted that international natural gas prices declined further, competition in the domestic refined oil market has intensified, and natural gas consumption remains on a rapid growth trajectory.
For 2025, PetroChina forecasts:
- Crude oil output at 936.2 million barrels.
- Natural gas production at 5,341 bcf.
- Refinery output at 1.3 billion barrels (or 3.65 million barrels per day).
- Capital expenditure at 262.2 billion yuan, down from 275.8 billion yuan in 2024.
Dividend Announcement
PetroChina proposed a final dividend of 0.25 yuan per share as part of its financial filings.
“PetroChina Reports Record Profit Despite Revenue Decline” “PetroChina Reports Record Profit Despite Revenue Decline”