Sou Hu Cai Jing·2025-08-26 15:00Core Viewpoint - China National Petroleum Corporation (CNPC) reported a decline in revenue and net profit for the first half of the year, but maintained a high dividend payout while achieving operational improvements and growth in oil and gas production [1][3]. Financial Performance - CNPC's revenue for the first half of the year was 1.45 trillion yuan, a decrease of 6.7% year-on-year [1]. - The net profit attributable to shareholders was approximately 84 billion yuan, down 5.4% year-on-year [1]. - The company declared an interim dividend of 0.22 yuan per share, totaling 40.265 billion yuan [1]. Operational Highlights - CNPC's oil and gas equivalent production reached 924 million barrels, an increase of 2.0% year-on-year [3]. - Crude oil production was 476 million barrels, up 0.3% year-on-year, while marketable natural gas production was 2.68 trillion cubic feet, increasing by 3.8% [3]. - The company achieved historical highs in natural gas and oil equivalent production [3]. Strategic Initiatives - CNPC focused on efficient exploration and development, optimizing capacity deployment, and enhancing recovery rates [3]. - The company expanded its overseas oil and gas business and improved asset structure and project management to enhance investment returns [3]. - Significant progress was made in renewable energy projects, with wind and solar power generation increasing by 70.0% year-on-year [3]. Refining and Chemical Business - CNPC continued to adjust and upgrade its refining structure, achieving historical highs in ethylene production and chemical product sales [4]. - The company processed 690 million barrels of crude oil and produced 59.57 million tons of refined products [4]. - The new materials segment saw a production increase of 54.9%, maintaining over 50% growth for three consecutive years [4]. Natural Gas Sales - Natural gas sales reached 151.5 billion cubic meters, a 2.9% increase year-on-year, with domestic sales hitting 119.77 billion cubic meters, up 4.2% [4]. - The market share for natural gas sales increased by 2.1 percentage points [4]. Future Outlook - CNPC plans to closely monitor market changes and drive high-quality development across all business segments in the second half of the year [5].