China National Petroleum Corporation's oil and gas production will reach a new high again in 2025

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Reporter: Xiang Yantao

On March 29, China Petroleum & Chemical Corporation (hereinafter referred to as “China Petroleum”) released its annual report for 2025. According to Chinese accounting standards, in 2025, the company achieved operating revenue of 28,644.69 billion yuan and a net profit attributable to shareholders of the parent company of 1,573.02 billion yuan.

At the same time, China Petroleum plans to distribute a cash dividend of 0.25 yuan per share (tax included) to all shareholders, totaling a cash dividend of 45.76 billion yuan (tax included), of which the cash dividend for A-shares is 40.48 billion yuan (tax included). The total cash dividend for the company in 2025 (including the interim cash dividend already distributed) is 86.02 billion yuan, accounting for 54.7% of the net profit attributable to shareholders of the listed company for that year.

In response to the new situation, China Petroleum continues to actively promote the increase of oil and gas reserves and production and the transformation and upgrading of refining and chemical industries, ensuring the safe and efficient operation of the two major industrial chains of oil and gas; actively promoting a green and low-carbon transformation, and fostering the high-quality and efficient development of emerging industries such as new energy and new materials.

In 2025, China Petroleum’s oil and gas supply capacity continues to strengthen, with the company vigorously implementing efficient exploration and benefit-driven development, actively promoting a virtuous cycle of increasing reserves and production, achieving a new historical high in oil and gas production, with significant growth in shale oil and coalbed methane production. In 2025, the company’s oil and gas equivalent production reached 1,841.9 million barrels, an increase of 2.5% year-on-year.

At the same time, China Petroleum is continuously improving its layout in the new energy business. In 2025, the company generated 7.93 billion kilowatt-hours of wind and solar power, a year-on-year increase of 68.0%; new geothermal heating contracts exceeded 100 million square meters; and completed carbon dioxide utilization of 2.664 million tons, a year-on-year increase of 40.3%.

According to China Petroleum, the company’s domestic oil and gas business will promote the implementation of medium- and long-term plans for increasing reserves and production and improving the recovery rate of old oil and gas fields, while the overseas oil and gas business will focus on independent exploration, natural gas, and other key areas, deeply engaging in countries along the “Belt and Road” and key resource countries, actively acquiring more quality projects.

In terms of the new energy business, China Petroleum will actively promote the acquisition and transformation of wind and solar power generation indicators, striving for new breakthroughs in the construction of large new energy bases, offshore wind power, and green electricity connection, maintaining a rapid growth trend in clean energy generation; optimizing the integrated operation of power supply, production, and sales, enhancing the electrification rate of production operations and the level of green electricity absorption; improving the geothermal business development model; and steadily building a full industrial chain demonstration area for CCUS (Carbon Capture, Utilization, and Storage).

In the refining and chemical business, China Petroleum continues to promote its refining and chemical operations towards the mid-to-high end of the industry chain, striving to increase the proportion of high value-added products. In 2025, the company processed 1.376 billion barrels of crude oil and produced 117 million tons of refined oil; the commodity volume of chemical products reached 40.027 million tons, a year-on-year increase of 2.7%.

In terms of sales, China Petroleum actively promotes the development of vehicle liquefied natural gas (LNG) refueling, charging and battery swap, and comprehensive energy services, with 1,525 new comprehensive energy stations built in 2025, 450 LNG refueling stations put into operation, and an additional 37,600 charging guns.

According to China Petroleum, the company will accelerate the coordinated development of “oil, gas, hydrogen, and electricity,” expand businesses such as gas refueling and charging and battery swapping, strengthen brand building for non-oil businesses, and promote the integrated development of online and offline operations, continuously optimizing the construction of sales and service terminal networks.

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Editor: Zhao Siyuan