PETROCHINA(SH:601857)2025-04-29 12:58Financial Performance - The company's operating revenue for the reporting period was RMB 753,108 million, a decrease of 7.3% compared to the same period last year[4]. - The net profit attributable to shareholders of the parent company was RMB 46,809 million, reflecting a 2.3% increase year-on-year[4]. - The net cash flow from operating activities increased by 25.3% to RMB 139,436 million compared to the previous year[4]. - Basic and diluted earnings per share were both RMB 0.26, an increase of 2.3% year-on-year[4]. - The company's total revenue for Q1 2025 was RMB 753.11 billion, down 7.3% from RMB 812.80 billion year-on-year, primarily due to reduced market demand and lower refined oil sales[10]. - Net profit attributable to shareholders for Q1 2025 was RMB 46.81 billion, an increase of 2.3% from RMB 45.77 billion in the same period last year, driven by increased domestic natural gas production and effective cost control[10]. - The total comprehensive income for Q1 2025 was RMB 53,164 million, compared to RMB 49,105 million in Q1 2024, representing an increase of 8.3%[30]. - The company reported a net profit of RMB 51,887 million for the three months ended March 31, 2025, slightly higher than RMB 51,368 million for the same period in 2024, showing a growth of about 1.0%[36]. Assets and Liabilities - Total assets at the end of the reporting period amounted to RMB 2,841,230 million, representing a 3.2% increase from the end of the previous year[4]. - The company's total liabilities rose to RMB 1,077,428 million as of March 31, 2025, compared to RMB 1,043,144 million at the end of 2024, an increase of 3.3%[24]. - The total equity attributable to shareholders of the parent company rose to RMB 1,564,643 million as of March 31, 2025, compared to RMB 1,515,371 million at the end of 2024, an increase of 3.2%[24]. - The company's total liabilities as of March 31, 2025, were RMB 421,516 million, an increase from RMB 405,811 million as of December 31, 2024, reflecting a growth of approximately 3.9%[35]. Production and Sales - The total oil and gas equivalent production in Q1 2025 was 467.0 million barrels, a 0.7% increase from 463.7 million barrels year-on-year, with domestic production rising by 1.2%[11]. - The company processed 337.3 million barrels of crude oil in Q1 2025, a decrease of 4.7% from 353.8 million barrels in Q1 2024[14]. - Total sales of gasoline, kerosene, and diesel in Q1 2025 were 36.78 million tons, down 6.3% from 39.26 million tons year-on-year[19]. - Natural gas sales increased by 3.7% to 86.44 billion cubic meters in Q1 2025, compared to 83.37 billion cubic meters in the same period last year[21]. - The total revenue from external sales for the oil and gas segment was RMB 36,289 million for the three months ended March 31, 2025, up from RMB 34,851 million in the same period of 2024, indicating a growth of approximately 4.1%[38]. Market Conditions - The average price of Brent crude oil was $75.73 per barrel, down 8.9% from $83.16 per barrel in the same period last year[9]. - The average price of West Texas Intermediate crude oil was $71.47 per barrel, down 7.2% from $77.01 per barrel year-on-year[9]. - The domestic GDP growth rate was 5.4% compared to the same period last year[9]. - The demand for domestic refined oil is weak, while the demand for natural gas remains stable[9]. Investments and Acquisitions - The company completed the acquisition of 100% equity in China Petroleum Group Electric Power Co., Ltd. in October 2024, which will be reflected in future financial statements[4]. - The company plans to continue optimizing its overseas oil and gas asset structure and enhance the development of renewable energy sources[11]. - The company incurred capital expenditures of RMB 57,518 million for the three months ended March 31, 2025, compared to RMB 53,463 million for the same period in 2024, representing an increase of approximately 7.7%[37]. Shareholder Information - The total number of ordinary shareholders is 529,008, with 5,171 being registered shareholders[8]. - China Petroleum Group holds 82.46% of the shares, amounting to 150,923,565,570 shares[8]. - The planned increase in shareholding by China Petroleum Group is between RMB 2.8 billion and RMB 5.6 billion within 12 months starting from April 8, 2025[8]. - The top ten shareholders include major state-owned entities and investment funds, with significant holdings in the company[8]. - The company has not yet implemented the planned share buyback as of the announcement date[8].