Profit and Revenue Both Down: PetroChina Acquires for 40 Billion Yuan

On August 26, China National Petroleum Corporation announced its mid-2025 performance. In the first half of the year, both natural gas production and oil and gas equivalent production reached record highs for the same period, achieving operating revenue of 1.5 trillion yuan, a year-on-year decrease of 6.7%; net profit attributable to shareholders of the parent company was 84.01 billion yuan, a year-on-year decrease of 5.4%.

In the refining, chemical, and new materials business, operating revenue for the first half of the year was RMB 554.17 billion, a year-on-year decrease of 12.8%, mainly due to lower prices of refining products and most chemical products. Operating profit was RMB 11.056 billion, a decrease of RMB 2.573 billion compared with the same period last year. Operating profit was RMB 11.056 billion, down RMB 2.573 billion from RMB 13.629 billion in the same period last year.

In the first half of 2025, the company adhered to the directions of high-end, intelligent, and green development, continuously promoting the transformation and upgrading of refining and chemical operations. The refining and chemical transformation and upgrading projects of Jilin Petrochemical Company and the integrated refining and chemical transformation and upgrading project of Guangxi Petrochemical Company were handed over for operation. The high-end polyolefin project of Blue Ocean New Materials Company and the second phase of the Tarim ethane-to-ethylene project of Dushanzi Petrochemical Company were actively advanced, while the aromatic hydrocarbon industrial chain project of Urumqi Petrochemical Company was successfully launched.

In the first half of the year, 694.3 million barrels of crude oil were processed, an increase of 0.1% compared to 693.3 million barrels in the same period last year. The production of refined oil products was 59.572 million tons, a decrease of 0.9% from 60.119 million tons in the same period last year. The volume of chemical products was 19.971 million tons, a growth of 4.9% compared to 19.043 million tons in the same period last year. Among them, the output of synthetic resin was 6.938 million tons, an increase of 5.3% compared to 6.590 million tons in the same period last year. The output of synthetic fiber raw materials and polymers was 667,000 tons, an increase of 14.2% compared to 584,000 tons in the same period last year. The output of synthetic rubber was 542,000 tons, up 8.7% from 499,000 tons in the same period last year. The output of new materials was 1.665 million tons, an increase of 54.9% compared to 1.074 million tons in the same period last year.

In addition, China National Petroleum Corporation announced that its wholly-owned subsidiary, Taihu Company, intends to jointly invest in cash with relevant partners to establish three joint ventures controlled by Taihu Company. The newly established joint ventures plan to invest RMB 9.995 billion, RMB 17.066 billion, and RMB 12.955 billion respectively to acquire 100% equity of Xinjiang Oilfield Gas Storage Company, Xiangguo Temple Gas Storage Company, and Liaohe Oilfield Gas Storage Company, all wholly-owned subsidiaries of the group, in order to hold the relevant gas storage assets, with a total amount of RMB 40.016 billion (excluding taxes and fees).