"Three Oil Giants" profits collectively decline, yet they still splurge 160 billion yuan on dividends

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As China National Petroleum Corporation disclosed its annual report on the evening of March 29, the performance scorecards for the “Three Oil Companies” for 2025 have been fully released. Overall, China National Petroleum, China Petroleum & Chemical (Sinopec), and China National Offshore Oil each combined to achieve attributable net profit of CNY 311.93 billion in 2025, with projected cumulative dividends of CNY 165.176 billion. It is worth noting that last year, the “Three Oil Companies” saw year-on-year declines in both revenue performance and profitability.

Diverging performance trends

In 2025, under the impact of falling international oil prices, the performance of the “Three Oil Companies” declined to varying degrees and showed a trend toward further divergence.

China National Petroleum achieved full-year operating revenue of CNY 2.86 trillion in 2025, down 2.5% year over year. Attributable net profit was CNY 157.302 billion, down 4.48% year over year, earning about CNY 430 million per day on average. Among the “Three Oil Companies,” China National Petroleum (601857), with a balanced layout across its entire upstream-to-downstream value chain—coordination between upstream exploration and downstream refining and chemicals as well as sales—has the steadiest performance.

China National Petroleum said that, in response to the new situation, the company will continue to actively promote increasing reserves and production of oil and gas, as well as the upgrading and transformation of its refining and petrochemical business, strengthening the foundation for the company’s development; it will also actively advance a green and low-carbon transition, develop new-quality productive forces according to local conditions, promote high-quality and efficient development of emerging industries such as new energy and new materials, and focus on building new business growth drivers.

Sinopec achieved full-year operating revenue of CNY 2.78 trillion in 2025, down 9.46% year over year. Attributable net profit was CNY 31.809 billion, down 36.78% year over year, with four consecutive years of declines. Sinopec’s downstream refining business has a high proportion, and it suffered the greatest impact from chemical production capacity oversupply and weak demand, compressing gross margins.

China National Offshore Oil’s revenue last year was CNY 398.22 billion, down 5.3% year over year. Attributable net profit was CNY 122.082 billion, down 11.49% year over year. China National Offshore Oil’s business is mainly oil and gas exploration and development. Full-year net oil and gas production volume was 0.777 billion barrels, up 7% year over year, reaching yet another record high.

It is worth noting that although the companies’ performance declined to different degrees, the “Three Oil Companies” still maintained substantial dividends, with combined cash dividends of CNY 165.176 billion, rewarding investors.

Among these, including the interim dividend, China National Petroleum’s total dividend for the full year was CNY 0.47 per share (including tax). Total dividends amounted to CNY 86.02 billion, with a payout ratio of 54.7%. Over the past three years, cumulative dividends reached CNY 252.569 billion.

For Sinopec, in 2025 full-year dividends were CNY 0.20 per share (including tax). Total dividends were CNY 24.206 billion. The total amount of share repurchases and cancellations for the full year was CNY 1.554 billion. After accounting for share repurchases, the proportion of cash dividends was 81%, and the dividend payout ratio is the highest among the “Three Oil Companies.”

For China National Offshore Oil, 2025 full-year dividends were HKD 1.28 per share (including tax). Total dividends were HKD 60.8 billion (approximately CNY 54.95 billion), with a payout ratio of 45%.

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