China National Petroleum Corporation's oil and gas production will reach a new historical high in 2025, and the total cash dividends for 2025 will exceed 86 billion yuan.

Securities Daily Reporter Xiang Yantao

On March 29, China National Petroleum Corporation (hereinafter referred to as “China Petroleum”) released its 2025 annual report. According to Chinese accounting standards, in 2025, the company achieved operating revenue of 2,864.469 billion yuan and a net profit attributable to shareholders of the parent of 157.302 billion yuan.

At the same time, China Petroleum plans to distribute a cash dividend of 0.25 yuan per share (tax included) to all shareholders, with a total proposed cash dividend of 45.76 billion yuan (tax included), of which 40.48 billion yuan (tax included) is for A-shares. The total cash dividends for 2025 (including interim dividends already paid) amount to 86.02 billion yuan, accounting for 54.7% of the net profit attributable to shareholders of the listed company for that year.

In the face of new circumstances, China Petroleum continues to promote the increase of oil and gas reserves and production, as well as the transformation and upgrading of refining and chemical industries, ensuring the safe and efficient operation of the two major oil and gas industrial chains; actively promoting green low-carbon transformation and the high-quality, efficient development of emerging industries such as new energy and new materials.

In 2025, China Petroleum’s oil and gas supply capacity continued to strengthen. The company vigorously implemented efficient exploration and beneficial development, actively promoted a virtuous cycle of increasing reserves and production, with oil and gas output reaching new historical highs, including significant growth in shale oil and coalbed methane production. In 2025, the company’s oil and gas equivalent production reached 1,841.9 million barrels, an increase of 2.5% year-on-year.

Meanwhile, China Petroleum continuously improved its layout in the new energy sector. In 2025, the company’s wind and solar power generation reached 7.93 billion kilowatt-hours, a year-on-year increase of 68.0%; the area of newly signed geothermal heating contracts exceeded 100 million square meters; carbon dioxide utilization reached 2.664 million tons, a year-on-year increase of 40.3%.

According to China Petroleum, the company’s domestic oil and gas operations will promote the implementation of medium- and long-term plans for increasing reserves and production, as well as plans to enhance recovery rates in mature oil and gas fields. Overseas, the company will focus on independent exploration, natural gas, and other key areas, deeply cultivating countries along the Belt and Road Initiative and key resource countries, actively acquiring more high-quality projects.

In the new energy sector, China Petroleum will actively promote the acquisition and conversion of wind and solar power generation indicators, strive for new breakthroughs in large-scale new energy base construction, offshore wind power, and direct connection of green electricity, maintaining rapid growth in clean energy power generation; optimize integrated operations of electricity supply, production, and sales; improve the electrification rate of production operations and the utilization of green electricity; enhance the development model of geothermal energy; and steadily build a demonstration zone for the full industrial chain of CCUS (carbon capture, utilization, and storage).

In refining and chemical businesses, China Petroleum continues to advance toward the mid-to-high end of the industry chain, striving to increase the proportion of high value-added products. In 2025, the company processed 1.376 billion barrels of crude oil and produced 117 million tons of refined products; the volume of chemical products sold reached 40.027 million tons, a year-on-year increase of 2.7%.

In sales, China Petroleum actively promotes the development of liquefied natural gas (LNG) refueling, charging, and battery swapping services, with 1,525 new integrated energy stations built in 2025, 450 LNG refueling stations put into operation, and 37,600 new charging guns added.

China Petroleum stated that the company will accelerate the coordinated development of “oil, gas, hydrogen, electricity, and non-oil” businesses, expand services such as gas refueling and charging and battery swapping, strengthen the branding of non-oil businesses, and promote the integration of online and offline business development, continuously optimizing the construction of sales and service terminal networks.