PetroChina Company Limited announced that the company achieved stable growth in operating results for the first quarter of 2025, with its financial position remained robust. Proactively responding to changes in macroscopic environment, oil and gas prices, and market supply-demand dynamics, the company coordinated efforts to advance production and operations, improve quality and efficiency, drive reform and innovation, promote green and low-carbon transition, and strengthen safety and environmental protection. By prioritizing the enhancement of business development quality and efficiency, PetroChina ensured the safe, stable, and efficient operation of its two major industry chains of oil and gas, while accelerating the growth of emerging businesses such as new energies and new materials. In accordance with IFRS, the company recorded revenue of RMB 753.11 billion in the first quarter of 2025. Net profit attributable to owners of the company grew by 2.3% year-on-year to RMB 46.81 billion.
Sustained growth in oil and gas output with accelerated momentum in new energies. The company remained committed to efficient exploration, profitable development, steadily advanced crude oil capacity-building, and scientifically increased natural gas production. It actively promoted the efficient development of unconventional oil and gas, rigorously strengthened cost control in oil and gas production, and further optimized the structure of overseas oil and gas assets. The company also intensified efforts to secure and convert targets for wind power, solar power, and geothermal energy. In the first quarter of 2025, the company's oil and gas output grew by 0.7% year-on-year to 467 million BOE, of which the domestic oil and gas output grew by 1.2% year-on-year to 418 million BOE. Wind and solar power generation grew by 94.6% year-on-year to 1.68 billion kilowatt-hours. The oil, gas and new energies business realized an operating profit of RMB 46.09 billion.
Proactive response to market demand changes with orderly advancement of refining and chemical transformation and upgrading. The company strengthened dynamic price tracking and analysis of chemical products, promptly adjusted and optimized production plans and product structures, intensified efforts to develop specialty refined products, new chemical products, and new materials, and strived to enhance the production and sales of high value-added products to market demand. The company continued to advance the transformation and upgrading of refining and chemical operations, with key projects such as the ethylene projects at Jilin Petrochemical and Guangxi Petrochemical, the second phase of the Dushanzi Petrochemical Tarim Ethane-to-Ethylene project, and the high-end polyolefin project of Blue Ocean New Materials progressing steadily. In the first quarter of 2025, the company processed a total of 337 million barrels of crude oil. The aggregate output of refined products reached 28.57 million tons. The ethylene output achieved 2.27 million tons, and the output of chemical commodity products reached 9.96 million tons, both registered year-on-year growth. The output of new materials surged by 37.5% year-on-year to 0.80 million tons. The refining, chemicals and new materials business generated an operating profit of RMB 5.39 billion.
Continued enhancement in marketing terminal development and steady growth in market share. The company strengthened coordination in refined products dispatching and inventory management, actively adopted flexible and targeted marketing strategies, and vigorously promoted retail sales, maximized its efficiency while ensuring smooth operations across the industrial chain. The company continued to enhance the development and operation of non-fuel businesses and proprietary products, achieved further improvement in its domestic integrated energy service network encompassing oil, gas, hydrogen, electricity, and non-fuel services. It also actively expanded into high-efficiency markets and steadily improved international trade operation capabilities. In the first quarter of 2025, the company sold 36.78 million tons of refined products, of which the domestic refined product sales reached 27.54 million tons, representing a year-on-year growth of 1.2pp in market share. The marketing business achieved an operating profit of RMB 5.04 billion.
Natural gas marketing business enhanced volume and profitability by leveraging integrated industry chain. The company continued to optimize resource procurement and sales distribution, strictly controlled procurement costs, and actively promoted market-oriented sales. It intensified efforts to develop high-quality direct-sales customers, industrial clients, and gas power customers, achieved simultaneous growth in both sales volume and profitability of natural gas. In the first quarter of 2025, the company sold 86.44 billion cubic meters of natural gas, increased by 3.7% year-on-year, of which the domestic natural gas sales reached 69.91 billion cubic meters, representing a year-on-year growth of 4.2%. The natural gas marketing business generated an operating profit of RMB 13.51 billion.
The company will remain committed to long-termism and continue to adhere to the five development strategies of Innovation, Resources, Market, Internationalization, and Green & Low-carbon development. It will also advance five strategic initiatives focused on talent empowerment, quality and efficiency enhancement, low-cost development, cultural leadership, and digital-intelligent transformation. The company will proactively respond to changes in the macroeconomic environment and market conditions, fully leverage its inherent strengths, drive steady transformation and development, continuously enhance value creation capabilities, and deliver improved performance to reward shareholders and investors.
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