PetroChina records a 2.3% increase in net profit in the first quarter of 2025

PetroChina announced stable growth in operational results for the first quarter of 2025, supported by an increase in oil and gas production and accelerated development in renewable energies.

Share:

PetroChina Company Limited recorded revenue of RMB753.11bn ($104.7bn) and a net profit attributable to shareholders up by 2.3% year-on-year, reaching RMB46.81bn ($6.51bn) in the first quarter of 2025. The company strengthened operational coordination to respond to changes in energy prices and market demand.

Support from oil production and renewable energy growth

PetroChina’s total oil and gas production reached 467 million barrels of oil equivalent (BOE), a year-on-year increase of 0.7%. Domestic production rose by 1.2% to 418 million BOE. The company also accelerated its development in renewable energies, with wind and solar power generation increasing by 94.6% to 1.68 billion kilowatt-hours. The oil, gas and new energies segment generated an operating profit of RMB46.09bn ($6.4bn).

Chemical transformation and new material production

In refining and chemicals, PetroChina processed 337 million barrels of crude oil during the first quarter of 2025. The production of refined products reached 28.57 million tonnes, while ethylene production stood at 2.27 million tonnes. The output of new materials rose by 37.5% to reach 0.80 million tonnes. The operating profit in this sector totalled RMB5.39bn ($750mn).

Increase in natural gas marketing and domestic market share

PetroChina sold 86.44 billion cubic metres of natural gas, a year-on-year increase of 3.7%. Domestic sales reached 69.91 billion cubic metres, rising by 4.2%. The natural gas marketing business generated an operating profit of RMB13.51bn ($1.88bn). Sales of refined products totalled 36.78 million tonnes, with a domestic market share increase of 1.2 percentage points.

Outlook for sustainable growth and strategic transformation

PetroChina reaffirmed its commitment to five strategic pillars, notably innovation, internationalisation, and low-carbon development. The company plans to strengthen its value creation capabilities while adapting its operations to macroeconomic changes, without disclosing specific forecasts for the remainder of the year.

Independent Chinese oil companies are intensifying their investments in Iraq, aiming to double their production to 500,000 barrels per day by 2030 and compete with the sector’s historic majors.
The eight voluntary OPEC+ members accelerate their market return in September despite weakened global demand and record production from the Americas.
BP has announced the discovery of an oil and natural gas field off the coast of Brazil, in the Santos Basin, marking its most significant find in a quarter of a century.
The dispute over the Corentyne block licence pits Frontera Energy and CGX Energy against the Guyanese government, amid major contractual and offshore investment stakes in the oil sector.
Chevron resumes the shipment of Venezuelan oil to the United States after a multi-year suspension due to sanctions, highlighting the persistence of oil flows between the two countries.
A fire broke out at a Sotchi oil depot after an attack by Ukrainian drones, causing no casualties but temporarily disrupting air traffic and mobilising significant emergency resources.
The consortium formed by ONGC (40%), Reliance (30%) and BP (30%) has signed a joint operating agreement for block GS-OSHP-2022/2, marking the first tripartite collaboration in Indian oil exploration.
Serbia has secured a new 30-day reprieve from the application of US sanctions targeting NIS, operator of the country’s only refinery, which is majority owned by Gazprom.
OMS Energy Technologies Inc. reports solid financial results for 2025, driven by marked revenue growth, improved gross margin and a reinforced cash position in a shifting market.
Five employees injured in an explosion at the Pascagoula refinery are suing Chevron for negligence, seeking significant compensation and alleging major breaches of safety regulations.
South Korea and Japan are reinforcing coordination on strategic stocks and oil logistics as growing dependence on Gulf imports and geopolitical tensions affect the Asian market.
Sonatrach continues to assess underexploited oil and gas areas with the support of Sinopec, following a gradual strategy to strengthen its position on the regional energy market.
Venezuelan oil group PDVSA is mobilising to restart export operations under conditions similar to previous US licences, as Washington prepares to again authorise its main partners to operate.
Two separate strikes in the Vaca Muerta region threaten to disrupt oil and gas production after historic records, with unions protesting layoffs and unpaid wages in a rapidly expanding sector.
US refiner Phillips 66 posted quarterly earnings above expectations, driven by high utilisation rates and lower maintenance costs across its facilities.
The advisory opinion issued by the International Court of Justice increases legal exposure for states and companies involved in the licensing or expansion of oil and gas projects, according to several international law experts.
US oil company Chevron has received new approval from American authorities to relaunch its operations in Venezuela, halted since May following the revocation of its licence under the Trump administration.
Kazakhstan adopts an ambitious roadmap to develop its refining and petrochemical industry, targeting 30% exports and $5bn in investments by 2040.
Turkey has officially submitted to Iraq a draft agreement aimed at renewing and expanding their energy cooperation, now including oil, natural gas, petrochemicals and electricity in a context of intensified negotiations.
The Dangote refinery complex in Nigeria is planning a scheduled forty-day shutdown to replace the catalyst and repair the reactor of its gasoline production unit, starting in early December.