Jing Ji Ri Bao·2025-09-08 21:59Core Viewpoint - China National Petroleum Corporation (CNPC) reported strong mid-year performance for 2025, achieving record production levels despite a 15.1% decline in international oil prices, with stable growth in oil and gas production and sales [2][3]. Group 1: Financial Performance - CNPC achieved operating revenue of 1.45 trillion yuan and operating profit of 117.03 billion yuan in the first half of the year [2]. - The net profit attributable to shareholders reached 84.01 billion yuan, with free cash flow of 112.28 billion yuan, marking an 11.5% year-on-year increase [2]. - Oil and gas equivalent production was approximately 920 million barrels, reflecting a 2.0% year-on-year growth [3]. Group 2: Production and Innovation - CNPC made significant breakthroughs in ultra-deep wells and shale oil and gas, with notable discoveries including the first oil and gas shows at a depth of 10,000 meters and a daily production of over 5,000 tons in the Xinjiang shale oil demonstration area [3]. - The company has accelerated coalbed methane exploration, with cumulative production exceeding 3 billion cubic meters at the Daqi gas field [3]. - CNPC is focusing on high-efficiency exploration and effective development of unconventional resources, with 11 major reserve areas identified [3]. Group 3: Refining and Chemical Business - CNPC is optimizing its refining business, shifting towards higher-value chemical products, with a crude oil processing volume of 690 million barrels, the highest for the same period [4]. - The company has maintained a leading market share in products like bonded marine fuel oil and paraffin, while also developing new high-end materials, achieving a production increase of 54.9% in new materials [4][5]. - The transition towards high-end chemical new materials and fine chemicals is expected to enhance CNPC's refining business and elevate its position in the industry value chain [5]. Group 4: Strategic Development - CNPC is committed to becoming a comprehensive energy company, integrating oil, gas, heat, and hydrogen, while focusing on carbon neutrality goals [5]. - The company is enhancing its clean energy development, with natural gas sales reaching new highs [5]. - CNPC's leadership emphasizes the importance of innovation and market analysis to drive high-quality business development and achieve annual operational targets [5].