PetroChina reports record 2024 net income on higher production
Shafaq News/ PetroChina (601857.SS) Asia's largest oil and gas producer,on Sunday said annual net profit rose 2% to a record high, as moderately higherproduction helped to offset lower oil prices.
Its net profit totalled 164.7 billion yuan ($22.68 billion) in 2024,versus 161.1 billion yuan in 2023, while revenue dipped 2.5% to 2,938.0 billionyuan, PetroChina said in a filing to the Shanghai Stock Exchange.
Domesticpeer CNOOC Ltd on Thursday reported a 11.4% surge in net earnings to 137.9billion yuan, while earnings at refining giant Sinopec fell 16.8% to 50.3billion yuan.
State-controlledPetroChina produced 941.8 million barrels of crude oil last year, or 2.57million barrels per day, up 0.5% from 2023.
Natural gasoutput was up 4.1% at 5,133.8 billion cubic feet (bcf).
The averagerealised price for crude oil was 3.8% lower compared to 2023 levels.
Refineryoutput fell 1.5% to 1.38 billion barrels, or 3.77 million barrels per day, downsharply from the previous year's 15.3% growth as flagging economic growth andrapid vehicle electrification curbed fuel use.
PetroChinain late 2023 shut permanently half of its largest subsidiary refinery innortheast China, a move that aligns with Beijing's policy to cap the country'soverall oil processing capacity to manage industry overcapacity, Reutersreported.
Thecompany's gasoline sales were down 4.5%, diesel was down 6.9%, and jet kerosenesales rose 9% thanks to an extended recovery in air travel.
In themeantime, output of chemical products increased 49.3% last year.
In 2024,"natural gas prices in the international market fell further. Competitionin the domestic refined oil market has intensified, and the market consumptionof natural gas has maintained rapid growth," PetroChina's Chairman DaiHouliang said in the filing.
For 2025,the natural gas market demand will maintain rapid growth, but the domesticrefined oil market competition will further intensify, he said.
PetroChinaforecasts crude oil output at 936.2 million barrels in 2025 and natural gas at5,341 bcf.
It alsoaimed for refinery output this year to be 1.3 billion barrels, or 3.65 millionbarrels per day.
Capitalspending is planned at 262.2 billion yuan for this year, compared with 275.8billion spent in 2024.
The companyalso proposed a final dividend of 0.25 yuan per share, according to a separatefiling.
($1 = 7.2628Chinese yuan renminbi)
(Reuters)
