China National Petroleum Corporation successfully concludes the "14th Five-Year Plan," maintaining record-high operational performance in 2025

March 29, 2026, PetroChina Company Limited (the “Company”; Shanghai Stock Exchange stock code: 601857; Hong Kong Stock Exchange stock code: 00857) announced that in 2025 it actively and continuously responded to changes in the external environment, kept increasing the efforts in exploration and development, advanced the transformation and upgrade of refining and chemical processing in depth, focused on improving the quality of market development, advanced quality improvement and efficiency enhancement in depth, solidly promoted a green and low-carbon transformation, accelerated the layout of emerging industries, highlighted and strengthened innovation-driven development, leading the development of new quality productive forces, and continuously improved the effectiveness and efficiency of its ESG work. The value-creation capability of its two major business chains for oil and gas further increased. In the context of a 14.6% year-on-year decline in Brent crude oil prices, the Company’s operating performance continued to remain at a high level. In 2025, the Company achieved operating revenue of 28,644.69 billion yuan (RMB, the same applies below), and net profit attributable to shareholders of 1,573.18 billion yuan; free cash flow of 1,201.89 billion yuan, up 15.2% year over year. The asset-liability ratio was 36.4% and the capital-liability ratio was 11.2%. Its balance-sheet structure was further optimized, and its financial position remained sound.

During the 14th Five-Year Plan period, the Company cumulatively achieved net profit attributable to shareholders of more than 7,000 billion yuan, with cumulative dividends per share of 2.03 yuan, and an average annual dividend payout ratio of 51%, far exceeding the 30% standard stipulated in the Company’s articles of association. To reward shareholders, the board of directors recommended the distribution of the Company’s 2025 final dividend of 0.25 yuan per share (including applicable taxes), and a full-year dividend of 0.47 yuan per share (including applicable taxes), representing a dividend payout ratio of 54.7% and a total dividend amount of 86.02 billion yuan. Both the final and full-year dividends per share remained at the best level for the same period in history, and the payout ratio was also at the highest level in the past five years.

Performance Review

Oil and gas supply capacity continued to strengthen, and the new energy business accelerated in development. The Company has made great efforts to implement efficient exploration and value-oriented development, actively promoted a virtuous cycle of increasing reserves and production, and achieved multiple major breakthroughs and important discoveries in the Sichuan Basin, Junggar Basin, Qaidam Basin, Ordos Basin, Songliao Basin, and others. It also delved into the potential of aging oil and gas fields, striving to improve recovery rates, and efficiently advanced key capacity projects such as Tarim Fuman and Sichuan Tianfu tight gas. It built two national-level shale oil demonstration zones—Jimsar and Daqing Gulong—and a Chengcheng production base. Oil and gas output once again reached a record high, with shale oil and coalbed methane output increasing significantly. The Company strengthened the operation and management of its existing overseas oil and gas projects to ensure stable operations and value growth. In 2025, the Company’s oil-and-gas-equivalent production volume was 1,841.9 million barrels, up 2.5% year over year. The Company continuously improved its layout for the new energy business. Key wind and solar power projects were completed in sequence in the Tarim region and in Altay, Xinjiang. It became a shareholder of the State Grid New Source company to develop pumped-storage hydropower, and established CNPC Electric Energy to focus on developing and optimizing power-related trading and sales services. In 2025, the Company’s wind and solar power generation volume was 7.93 billion kWh, up 68.0% year over year; the area under newly signed geothermal heating supply contracts exceeded 100 million square meters; and it completed 2.664 million tons of carbon dioxide utilization, up 40.3% year over year. Operating profit from the oil and gas and new energy businesses was 136.065 billion yuan.

Refining transformation is trending in a new and favorable direction, and breakthroughs in the new materials industry have stood out. The Company has continued to drive the transformation and upgrade and structural adjustment of its refining and petrochemical business, pushing it toward the middle-to-high end of the industrial chain. Jilin Petrochemical Company and Guangxi Petrochemical Company’s two ethylene projects were completed and put into operation, and ethylene capacity for the first time exceeded 10 million tons per year. In line with market demand, it continued to optimize production operations and product structure, striving to increase the proportion of high value-added products. It delivered remarkable results in reducing oil and increasing chemicals, and reducing oil and increasing specialty chemicals. It also coordinated customer resources, strengthened channel development, and increased market development efforts for chemical products and refining specialty products, aiming to improve sales volume and market share. Sales volume of chemical products grew at a relatively fast pace, and domestic market shares for products such as paraffin wax, bonded bunker fuel oil, and specialty asphalt remained number one. In 2025, the Company processed 1.376 billion barrels of crude oil and produced 117 million tons of refined oil products. The commodity volume of chemical products was 40.027 million tons, up 2.7% year over year; the output of chemical new materials was 33.27 million tons, up 62.7% year over year. Operating profit from refining and petrochemical and new materials businesses was 24.247 billion yuan.

Market development results were significant, and the value-creation capability of the entire industrial chain continued to improve. The Company used its market development breakthrough project as a handle, overall optimized market layout and resource allocation, strengthened coordination between production and sales, and vigorously expanded sales while reducing inventory to ensure smooth operation of the industrial chain. It continued to optimize marketing strategies, implementing individualized, differentiated, and characteristic marketing for different regions and different oil products. It also reasonably managed the procurement and gas-storage and withdrawal/ injection timing for LNG spot purchases, and adopted multiple measures to control natural gas procurement costs. It actively expanded overseas new markets, enlarged the scale of oil and gas product trading, and helped the industrial chain reduce costs and increase efficiency. It proactively promoted business development such as vehicle liquefied natural gas (“LNG”) refueling, charging and swapping, and comprehensive energy services. It built 1,525 new comprehensive energy stations, put 450 LNG refueling stations into operation, and added 37,600 charging guns. In 2025, the Company sold 16,081.1 million tons of gasoline, kerosene, and diesel, up 1.1% year over year. It sold 314.713 billion cubic meters of natural gas, up 7.0% year over year; domestic sales of natural gas were 247.528 billion cubic meters, up 5.6% year over year. Operating profit from refined oil sales business was 17.547 billion yuan, and operating profit from natural gas sales business was 60.802 billion yuan.

Technology innovation achievements were fruitful, and core competitiveness improved steadily. The Company treats innovation as its first strategic priority for development, and continued strengthening the construction of its scientific and technological innovation system. Energy and chemical technology innovation yielded a number of landmark achievements, strongly supporting the development of its principal businesses. The deepwell Tacao No. 1 well successfully completed and achieved multiple “world records,” and the deepwell Chuan Ke No. 1 well broke through the 10,000-meter mark. The turnkey application of 100,000-ton-class gas-phase POE technology was implemented, and the polybutadiene styrene rubber plant with proprietary technology was built and put into operation. The Company also vigorously implemented its “Digital and Intelligent PetroChina” strategic initiatives, promoting deep integration of artificial intelligence with energy and chemical industries. The digital and intelligent levels across the entire industrial chain improved markedly, and the efficiency of production and operations and its ability for refined management continued to strengthen. In 2025, R&D expenditure was 27.251 billion yuan, accounting for 1.0% of the Company’s operating revenue. The share of R&D expenditure capitalized was 13.6%. The Company obtained 2,042 patents in China. As of December 31, 2025, the Company held 23,075 patents in China and overseas in total.

2026 will be the opening year of the “15th Five-Year Plan.” The Company will anchor on the goal of “becoming a world-class comprehensive energy and chemical company with enduring foundations and everlasting vitality.” It will proactively adapt to changes in the global energy transition and market landscape, adhere to the overall working tone of making progress while maintaining stability, and implement the five development strategies of innovation, resources, markets, internationalization, and green and low-carbon development with great intensity. It will proactively conduct market research and judgments, take the initiative in responding to market changes, continuously optimize production and operations, and strengthen cost and expense management, thereby continuously improving the operating quality and returns of its two major oil and gas industrial chains. It will fully leverage its own advantages, develop new quality productive forces in a manner tailored to local conditions, accelerate the development of emerging industries such as new energy and new materials, and focus on enhancing the Company’s value-creation capability, risk response capability, and ability for sustainable development, continuously creating greater value for all shareholders and society.

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