PETROCHINA (00857) announced its interim results for the six months ended June 30, 2025. Prepared under International Financial Reporting Standards, the Group achieved operating revenue of RMB 1,450.099 billion, representing a year-on-year decrease of 6.7%. Net profit attributable to shareholders of the parent company totaled RMB 84.007 billion, down 5.4% year-on-year, with basic earnings per share of RMB 0.46.
In the first half of 2025, the Group's domestic oil and gas business focused on improving reserve-to-production ratios and achieving a virtuous cycle of reserve growth and production increase. The company emphasized key basins and zones, vigorously implemented efficient exploration, and achieved multiple important breakthroughs and significant discoveries. The Group adhered to efficient development, optimized capacity construction deployment, and implemented various measures to improve recovery rates and control decline rates. It accelerated the construction of the Jimsar and Gulong shale oil national demonstration zones and the Erdong Daning-Jixian coalbed methane demonstration project, while advancing gas storage facility construction and injection-production conversion.
In the first half of the year, domestic crude oil production reached 395.2 million barrels, compared to 392.8 million barrels in the same period last year, representing a 0.6% increase. Marketable natural gas production was 2,602.6 billion cubic feet, up 4.7% from 2,486.8 billion cubic feet in the same period last year. Oil and gas equivalent production totaled 828.9 million barrels, increasing 2.7% from 807.3 million barrels in the same period last year.
In the first half of 2025, the Group's overseas oil and gas business balanced mature and new areas, strengthened efficient three-dimensional exploration, and achieved new progress and discoveries in risk exploration and rolling exploration. The company strengthened professional management, emphasized capacity replacement, integrated new well production and existing well potential tapping, and steadily advanced stable and increased production. It actively pursued new project development and existing project extension work, promoted the transfer and exit of inefficient assets, and continuously optimized the asset structure.
Overseas crude oil production in the first half reached 81.2 million barrels, down 1.0% from 82.0 million barrels in the same period last year. Marketable natural gas production was 81.0 billion cubic feet, decreasing 16.8% from 97.4 billion cubic feet in the same period last year. Oil and gas equivalent production totaled 94.7 million barrels, down 3.6% from 98.2 million barrels in the same period last year, accounting for 10.3% of the Group's total oil and gas equivalent production.
In the first half of 2025, the Group's total crude oil production was 476.4 million barrels, up 0.3% from 474.8 million barrels in the same period last year. Marketable natural gas production reached 2,683.6 billion cubic feet, increasing 3.8% from 2,584.2 billion cubic feet in the same period last year. Oil and gas equivalent production totaled 923.6 million barrels, up 2.0% from 905.5 million barrels in the same period last year. The proportion of natural gas production in oil and gas equivalent production continued to increase, further optimizing the oil and gas production structure.
In the first half of 2025, the Group's new energy business closely followed market trends and policy guidance, further optimizing business layout and development strategies. The company secured new wind and solar power generation indicators of 16.38 million kilowatts and signed new geothermal heating contracts covering 55.42 million square meters. Key project implementation was accelerated, with the Tarim Shangku photovoltaic project connected to the grid and the Jilin Ange wind power project operating efficiently. Wind and solar power generation in the first half of 2025 reached 3.69 billion kilowatt-hours, up 70.0% from 2.17 billion kilowatt-hours in the same period last year.
The Group promoted carbon capture, utilization and storage (CCUS) business through full industrial chain coordination. In the first half of the year, it captured and utilized 1.305 million tons of carbon dioxide, achieving enhanced oil recovery of 300,000 tons.