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

BEIJING, March 30, 2025 /PRNewswire/ -- PetroChina Company Limited ["PetroChina" or the "Company", (HKSE: 00857, SSE: 601857)] announced that the Company proactively responded to the evolving landscape, boosted oil and gas exploration and development, further propelled the transition and upgrading of refining and chemical operations. While continuously improving the quality of marketing, the Company prioritized quality and profitability enhancement, steadily promoted the green and low-carbon transition, actively engaged in emerging industries, continuously improved ESG performance, and strengthened the profitability of two major industry chains of oil and gas. Despite the realized oil price dropped by 2.5% year-on-year, the Company maintained growth in its operating performance, achieving new record highs for three consecutive years.

In accordance with IFRS, the Company recorded a revenue of RMB 2.9 trillion in the full year of 2024. Net profit attributable to equity holders of the Company reached RMB 164.68 billion, up 2.0% year-on-year. With continuous optimization of its asset-liability structure, the Company retained a robust financial position. The Company generated free cash flow of RMB 104.35 billion, exceeding RMB 100 billion for three consecutive years. In return for the shareholders, the Board recommends a final cash dividend of RMB 0.25 (inclusive of applicable tax) per share for 2024. Total annual dividend is RMB 0.47 (inclusive of applicable tax) per share, representing a payout ratio of 52.2%. The total amount of cash dividend reaches approximately RMB 86.02 billion. Both the final and full-year dividend per share reach the highest levels in history for the same period.

Results Review

Significant progress in boosting oil and gas reserves and production, with sustained increase in oil and gas output. The Company adhered to efficient exploration to enhance economically recoverable reserves and the reserve replacement ratio. It achieved major breakthroughs and significant discoveries in the Tarim Basin, Sichuan Basin, Junggar Basin, Ordos Basin, and Songliao Basin. Adhering to cost-effective development, the Company systematically advanced the construction of capacity-building projects, including Bayan and Sulige, ensuring profitable capacity-building in new fields, efficient and stable production in mature fields, and output growth through precision management. The Company also intensified efforts in large-scale and efficient development of unconventional oil and ...