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PetroChina Achieves Record Growth in 2024

In 2024, PetroChina Company Limited, one of the largest oil and gas suppliers in China, showcased its remarkable resilience and strategic foresight by achieving record-breaking growth for the third consecutive year. Despite facing a 2.5% decline in realized oil prices year-on-year, the company not only maintained its operational performance but also set new benchmarks across various sectors, underscoring its strengths in adapting to market changes and enhancing shareholder value.

Financial Performance

According to the latest financial reports, PetroChina reported a total revenue of RMB 2.9 trillion for the fiscal year 2024. The net profit attributable to its shareholders reached RMB 164.68 billion, reflecting a 2.0% increase compared to the previous year. This robust financial performance emphasizes the company's ability to optimize its asset-liability structure while retaining a strong financial position, as evidenced by its RMB 104.35 billion free cash flow, maintaining over RMB 100 billion for three consecutive years.

To reward its shareholders, the Board of Directors proposed a final cash dividend of RMB 0.25 per share, leading to a total annual dividend of RMB 0.47 per share, a significant increase that represents a payout ratio of 52.2%. With total cash dividends amounting to approximately RMB 86.02 billion, the 2024 fiscal year marks a historic high for the company.

Oil and Gas Production Growth

PetroChina has made substantial headway in bolstering its oil and gas reserves, achieving notable increases in production levels. Key regions such as the Tarim Basin, Sichuan Basin, and Junggar Basin yielded major breakthroughs, enhancing the company’s economically recoverable reserves. The company steadily increased its crude oil output, reaching 243.7 million tons of oil equivalent, marking a 2.2% rise from the previous year. Highlights include domestic crude oil production reaching 105.2 million tons, while natural gas output surged by 4.6% to 140.36 billion cubic meters.

Furthermore, PetroChina has proactively expanded its footprint in the renewable sector. The company’s wind and solar power generation reached 4.72 billion kilowatt-hours in 2024, amplifying their commitment to sustainable energy and transitioning to low-carbon operations.

Transformation in Refining and Chemicals

The company has undergone significant transformation within its refining and chemical sectors, underpinned by a focus on green development and optimization of product output. In 2024, PetroChina processed 190 million tons of crude, achieving refined petroleum product outputs of 120 million tons while increasing chemical product sales by 13.6% year-on-year, totaling 38.98 million tons.

By shifting focus from fuel production to chemicals and specialty products, the company is well-positioned to capitalize on high-value markets and enhance its competitive edge. Major projects across various facilities progressed significantly, including the advancement of the Blue Ocean New Materials project, depicting the company’s commitment to leading in innovation.

Marketing and Natural Gas Insights

Despite fluctuations in market dynamics, PetroChina strengthened its marketing capabilities and optimized its sales strategies for oil and gas products. In 2024, 160 million tons of fuel products were sold, with a notable contribution to the company’s profitability through its robust natural gas marketing operations. The company sold 287.75 billion cubic meters of natural gas, marking a historic peak and reflecting a 5.2% increase year-on-year.

Looking Ahead

For 2025, PetroChina plans to maintain its focus on progress while ensuring stability. The company aims to further enhance its development strategies centered on innovation, resource utilization, market expansion, internationalization, and the green low-carbon agenda. By leveraging its core competencies and continually optimizing operations, PetroChina is set to not only sustain but also improve its dividends, strengthening its interactions with shareholders and communities alike.

For additional information on PetroChina's ongoing efforts and financial data, visit PetroChina's official website.