PetroChina Company (857) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 was RMB 753,108 million (RMB753.1 billion), down 7.3% year-over-year, mainly due to lower market demand and product prices.

• Net profit attributable to owners/shareholders rose 2.3% year-over-year to RMB 46,809 million (RMB46.8 billion), driven by higher domestic natural gas output, cost control, and lower taxes.

• Basic EPS increased 2.3% year-over-year to RMB 0.26.

• Operating cash flow increased 25.3% to RMB139.4 billion, reflecting improved working capital management.

• The company maintained a strong financial position and delivered steady business performance despite a challenging market.

Financial highlights

• Average realized crude oil price fell 7.2% year-over-year to $70.00/bbl.

• Lifting cost per barrel decreased 6.0% year-over-year to $9.76.

• Total assets grew 3.2% to RMB2,841.5 billion from the end of 2024.

• Equity attributable to shareholders increased 3.3% to RMB1,564.6 billion.

• Net cash flows from operating activities rose to RMB139.4 billion, up 25.3% year-over-year.

Outlook and guidance

• Q1 oil & gas output reached 467.0 MM boe, achieving 25.6% of the 2025 annual target.

• Domestic crude oil and natural gas outputs are on track, each surpassing 25% of annual targets.

• The company expects continued support from government policies for unconventional natural gas, which is positive for long-term growth.

• Management remains focused on cost control, efficiency, and green transformation to navigate market volatility.