PetroChina has announced a decline in its 2025 net profit, reporting 157.3 billion yuan ($22.8 billion), a 4.5% decrease from the previous year. This dip, while significant, still represents one of the company’s strongest financial performances on record. The results are attributed to a combination of fluctuating global oil prices and weakened domestic fuel demand, particularly for gasoline and diesel.
PetroChina’s revenue for 2025 stood at 2.86 trillion yuan, a 2.5% reduction compared to 2024. This downturn was primarily driven by lower realized prices for crude oil, refined products, and polyethylene. The company noted that the global crude oil market experienced loose supply and demand dynamics, exacerbated by geopolitical conflicts, leading to a decrease in international oil prices. Brent crude, for instance, averaged approximately $68 a barrel, a 15% drop from the prior year.
Despite the challenging price environment, PetroChina managed to increase its total oil and gas output by 2.5% to 1,841.9 million barrels of oil equivalent. This growth was supported by higher domestic and international crude output, as well as increased domestic gas production. However, the downstream refining segment faced structural pressures. China’s efforts to cap refining capacity and the rapid electrification of vehicles have impacted gasoline demand, although jet fuel consumption showed recovery.
In response to market shifts, PetroChina is focusing on higher-value petrochemicals and specialty products, with a notable increase in new materials output. Natural gas continues to be a crucial revenue driver, with sales volumes rising and segment profit reaching 60.8 billion yuan. The company is also accelerating its low-carbon initiatives, with significant year-on-year growth in wind and solar generation. As PetroChina enters its 15th Five-Year Plan, it aims to prioritize innovation, international expansion, and low-carbon development, mirroring broader trends among Chinese energy majors facing similar market conditions.