PetroChina Company (857) Q4 2025 earnings summary

Executive summary

• Maintained historically high operating performance despite lower crude prices, with revenue of RMB 2,864.47 billion and net profit of RMB 157.32 billion, both down year-over-year.

• Robust cash flow, with net cash from operating activities at RMB 412.51 billion and free cash flow at RMB 120.19 billion.

• Continued disciplined investment, with 2025 capex at RMB 269.09 billion, focusing on oil, gas, and new energies.

• Significant progress in domestic and overseas oil and gas exploration, with major discoveries and reserve growth.

• Advanced green and low-carbon transition, with wind and solar power generation up 1.7 times year-over-year.

Financial highlights

• Revenue decreased by 2.5% year-over-year; net profit attributable to owners fell by 4.5%.

• Basic EPS declined by 4.5% to RMB 0.86.

• Debt-to-asset ratio improved to 36.4%, and debt-to-capital ratio to 11.2%.

• Lifting cost per barrel slightly decreased to USD 12.04.

• Annual dividend payment reached RMB 86.02 billion, with a payout ratio of 54.7%.

Outlook and guidance

• 2026 targets include oil & gas output of 1,853.4 MM boe (+0.6%), domestic output of 1,668.4 MM boe (+1.3%), and capex of RMB 279.40 billion (+3.8%).