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PetroChina reaches new milestone in 2024 with net profit of $22.7 billion

PetroChina posts record net profit in 2024, driven by rising oil and gas volumes and expanded refining and distribution operations.

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PetroChina Company Limited reported revenue of RMB2.9 trillion ($400.3 billion) for the 2024 fiscal year, under International Financial Reporting Standards (IFRS). Net profit attributable to shareholders stood at RMB164.68 billion ($22.7 billion), up 2% year-on-year. For the third consecutive year, free cash flow exceeded RMB100 billion, reaching RMB104.35 billion ($14.4 billion). The Board of Directors proposed a final dividend of RMB0.25 per share, bringing the annual total to RMB0.47 per share, representing a payout ratio of 52.2% and totalling RMB86.02 billion ($11.9 billion), the highest annual dividend in the company’s history.

Steady growth in oil and gas production

Total hydrocarbon output reached 243.7 million tonnes of oil equivalent, up 2.2%. Domestic production amounted to 217 million tonnes (+2.5%), including 105.2 million tonnes of crude oil (+0.4%) and 140.36 billion cubic metres of marketable natural gas (+4.6%). PetroChina reported significant discoveries across the Tarim, Sichuan, Junggar, Ordos and Songliao basins, while also accelerating development of unconventional resources and strengthening overseas hydrocarbon assets.

Industrial transformation and product upgrading

The company refined 190 million tonnes of crude oil, producing 120 million tonnes of refined petroleum products. Chemical product volume reached 38.98 million tonnes (+13.6%), while new materials output increased 49.3% to 2.05 million tonnes. The refining, chemicals and materials segment generated an operating profit of RMB21.39 billion ($3 billion). Ongoing projects include Jilin Petrochemical and Guangxi Petrochemical, along with the high-end polyolefin initiative by Blue Ocean New Materials.

Commercial expansion and distribution network

PetroChina sold 160 million tonnes of liquid fuels, including 120 million tonnes on the domestic market. The marketing segment posted an operating profit of RMB16.49 billion ($2.3 billion). The company expanded vehicle LNG sales, reinforced non-oil retail and advanced the rollout of multi-energy service stations and charging infrastructure, strengthening its integrated energy network.

Record growth in natural gas sales

Total natural gas sales reached 287.75 billion cubic metres (+5.2%), including 227.83 billion in China (+3.7%). By balancing domestic production and imports, PetroChina expanded its footprint in high-value markets, notably gas-fired power generation. The gas segment delivered an operating profit of RMB54.01 billion ($7.5 billion).

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