中石油上半年赚840亿元，预计国际油价在70美元左右波动

Core Viewpoint - China National Petroleum Corporation (CNPC) reported strong mid-year performance for 2025, with significant revenue and profit growth, alongside a commitment to dividend distribution [1][3]. Financial Performance - CNPC's revenue for the first half of 2025 reached RMB 1.5 trillion, with a net profit attributable to shareholders of RMB 84.01 billion [1]. - The board declared an interim dividend of RMB 0.22 per share [1]. Production and Operations - Oil and gas equivalent production reached 924 million barrels, a year-on-year increase of 2%, with crude oil production at 476 million barrels (up 0.3%) and marketable natural gas production at 2.68 trillion cubic feet (up 3.8%) [1][3]. - The company optimized crude oil resource allocation and adjusted product structure to increase high-margin refined and chemical products [3]. Green Transition and Future Plans - CNPC is advancing its green low-carbon transition, with a focus on increasing natural gas production's share in total output and developing renewable energy [3]. - The company aims for renewable energy to account for 7% of total oil and gas equivalent production by the end of 2025, with a long-term goal of equal shares for oil, gas, and renewable energy by 2050 [3]. Market Dynamics - Despite a decline in overall refined oil demand, CNPC's domestic refined oil sales grew by 0.3%, increasing its market share by 1.5 percentage points [3]. - The company anticipates that domestic economic recovery will support energy consumption, particularly in residential travel and industrial oil use, although gasoline and diesel consumption may face downward pressure [3]. International Oil Price Outlook - CNPC's management highlighted the influence of OPEC+ production decisions and geopolitical factors on international oil prices, predicting a fluctuation around $70 per barrel in Q3 [4]. - The company emphasized its integrated supply chain management and cost control as key strengths in navigating market changes [4].