PetroChina Posts Sustained Growth in 2024, Achieving Third Consecutive Year of Record-Breaking Performance

BEIJING, March 30, 2025/ PRNewswire/– PetroChina Business Limited [“PetroChina” or the “Company”, (HKSE: 00857, SSE: 601857)] revealed that the Business proactively reacted to the progressing landscape, increased oil and gas expedition and advancement, additional moved the shift and updating of refining and chemical operations. While constantly enhancing the quality of marketing, the Business prioritized quality and success improvement, gradually promoted the green and low-carbon shift, actively taken part in emerging markets, constantly enhanced ESG efficiency, and reinforced the success of 2 significant market chains of oil and gas. Regardless of the understood oil rate visited 2.5% year-on-year, the Business preserved development in its operating efficiency, attaining brand-new record highs for 3 successive years.

In accordance with IFRS, the Business tape-recorded an earnings of RMB 2.9 trillion in the complete year of 2024. Net earnings attributable to equity holders of the Business reached RMB 164.68 billion, up 2.0% year-on-year. With constant optimization of its asset-liability structure, the Business maintained a robust monetary position. The Business produced totally free capital of RMB 104.35 billion, going beyond RMB 100 billion for 3 successive years. In return for the investors, the Board suggests a last money dividend of RMB 0.25 (inclusive of appropriate tax) per share for 2024. Overall yearly dividend is RMB 0.47 (inclusive of appropriate tax) per share, representing a payment ratio of 52.2%. The overall quantity of money dividend reaches around RMB 86.02 billion Both the last and full-year dividend per share reach the greatest levels in history for the exact same duration.

Outcomes Evaluation

Considerable development in improving oil and gas reserves and production, with continual boost in oil and gas output. The Business stuck to effective expedition to improve financially recoverable reserves and the reserve replacement ratio. It attained significant advancements and substantial discoveries in the Tarim Basin, Sichuan Basin, Junggar Basin, Ordos Basin, and Songliao Basin. Abiding by affordable advancement, the Business methodically advanced the building of capacity-building tasks, consisting of Bayan and Sulige, making sure lucrative capacity-building in brand-new fields, effective and steady production in fully grown fields, and output development through accuracy management. The Business likewise heightened efforts in massive and effective advancement of non-traditional oil and gas resources. As an outcome, petroleum output has actually increased gradually, gas production has actually preserved quick development, with the share of gas in overall oil and gas output continuing to increase. The Business continued to drive the top quality advancement of its abroad oil and gas service, actively obtaining exceptional brand-new tasks, enhancing the operation of existing production tasks, and boosting the concentration of abroad oil and gas possessions and financial investment returns. In 2024, the Business’s oil and gas output reached 243.7 million loads in oil comparable terms, representing a year-on-year boost of 2.2%. Domestic oil and gas output increased by 2.5% year-on-year to 217.0 million loads, within which domestic petroleum output edged up 0.4% year-on-year to 105.2 million loads, and valuable gas output grew by 4.6% year-on-year to 140.36 billion cubic meters. The Business pooled its strengths to speed up the advancement of brand-new energies service. In 2024, wind and solar energy generation reached 4.72 billion kilowatt-hours, with a boost in set up capability amounting to 4.95 million kilowatts. Furthermore, newly-signed geothermal heating agreements location reached 75.12 million square meters. The oil, gas, and brand-new energies service attained an operating earnings of RMB 159.75 billion

Sped up improvement and updating of refining and chemicals, with brand-new products production reaching brand-new record highs. The Business stuck to green and smart advancement, embracing a market-oriented and profitability-centered method to enhance center usage and item mix. By intensely lowering the production of fuels and increasing chemicals and specialized items, the Business constantly increased the output of high value-added items while actively transferring to mid-to-high-end of the “Refining, Chemicals, Bio-manufacturing, Great Chemicals, New Products” commercial chain. Secret improvement and updating tasks, consisting of Jilin Petrochemical and Guangxi Petrochemical, advanced gradually, while the high-end polyolefin task of Blue Ocean New Products was formally released. The Business broadened sales of specialized improved items, protecting the biggest market share in China for bonded marine fuel, paraffin wax, low-sulfur petroleum coke, and specialized asphalt. The Business reinforced chemical market analysis and forecasting, improved marketing abilities, and attained a significant boost in chemical item sales. In 2024, the Business processed 190 million lots of crude. The output of refined petroleum items reached 120 million loads. The product volume of chemical items totaled up to 38.98 million loads, a boost of 13.6% year-on-year, and the output of brand-new products rose by 49.3% year-on-year to 2.05 million loads. The refining, chemicals and brand-new products service produced an operating earnings of RMB 21.39 billion

Marketing abilities were constantly reinforced, with the network design additional enhanced. The Business actively reacted to market need variations, reinforced production-sales coordination, and enhanced marketing methods to completely utilize the effort and imagination of sales networks, making sure a steady market share. The Business likewise improved worldwide trading operations and success capability, constantly enhancing the success of the commercial chain. By immediately understanding market characteristics, the Business flexibly designated resources and broadened vehicle LNG sales. Furthermore, the Business heightened marketing efforts for non-oil service, leading to consistent development in the gross earnings of non-oil service. The Business continued to enhance its network, and enhance the advancement of incorporated energy filling station and charging facilities, constantly enhancing the customer-focused extensive energy replenishment network. In 2024, the Business offered 160 million lots of fuel, kerosene, and diesel. Domestic sales volume of fuel, kerosene and diesel totaled up to 120 million loads. The marketing service attained an operating earnings of RMB 16.49 billion

Considerable development in gas marketing with improved effectiveness and success, with sales volume striking a historical high. The Business guaranteed a well balanced allotment of domestic and imported resources, and adequately collaborated injection and withdrawal of gas storage centers with LNG area procurement, aiming to minimize expenses for the gas resource portfolio. The Business continued to enhance the marketplace design and marketing methods of its gas service, increased efforts in establishing direct-sales, end-user markets, and high-end, rewarding markets, and worked to grow the gas power generation service, additional enhancing its marketing quality and success. In 2024, the Business offered 287.75 billion cubic meters of gas, increased by 5.2% year-on-year. Domestic gas sales reached 227.83 billion cubic meters, representing a year-on-year development of 3.7%. The gas marketing service produced an operating earnings of RMB 54.01 billion

Outlook

Expecting 2025, the Business will maintain the basic concept of pursuing development while making sure stability, and abide by the 5 advancement methods of Development, Resources, Market, Internationalization, and Green & & Low-carbon advancement. The Business will proactively react to market modifications, utilize core proficiencies, constantly enhance production and operation, establish brand-new quality efficient forces in light of regional conditions, speed up the advancement of brand-new services consisting of brand-new energies and brand-new products. It will constantly improve the strength and profit-generating abilities of commercial and supply chains, enhance abilities in threat reaction, sustainable advancement and worth production, make every effort to attain reliable enhancement of the quality and affordable development of the amount, providing improved advancement results to reward investors and society.

Extra info on PetroChina is offered at the Business’s site: http://www.petrochina.com.cn

Media contact:
Matthew Li, petrochina.list@everbloom.com.cn

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SOURCE PetroChina Business Limited