Earnings release
Page 1
1 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. 中國石油天然氣股份有限公司 PETROCHINA COMPANY LIMITED (A joint stock limited company incorporated in the People’s Republic of China with limited liability) (Hong Kong Stock Exchange Stock Code: 857; Shanghai Stock Exchange Stock Code: 601857) ANNOUNCEMENT FIRST QUARTERLY REPORT OF 2025 Important Notice • The board of directors, the supervisory committee and the directors, supervisors and senior management of PetroChina Company Limited (the “Company”) warrant the truthfulness, accuracy and completeness of the information contained in this quarterly report and that there are no misrepresentation or misleading statements contained in or material omissions from this quarterly report and jointly and severally accept full responsibility thereof. • This quarterly report has been approved at the 12th meeting of the 9th session of the board of directors of the Company. All directors of the Company have attended this board meeting. • Mr. Dai Houliang, chairman of the Company, Mr. Huang Yongzhang, director and president of the Company, and Mr. Wang Hua , chief financial officer of the Company, warrant the truthfulness, accuracy and completeness of the financial information set out in this quarterly report. • The financial statements of the Company and its subsidiaries (the “Group”) have been prepared in accordance with China Accounting Standards (“CAS”) and IFRS Accounting Standards, respectively. The financial statements set out in this quarterly report are unaudited.
Page 2
2 1. Key Financial Data 1.1 Key Financial Data and Financial Indicators Prepared under IFRS Accounting Standards Unit: RMB Million Items From the beginning of the year to the end of the reporting period From the beginning of the preceding year to the end of the reporting period of the preceding year (after retrospective adjustment)(a) From the beginning of the preceding year to the end of the reporting period of the preceding year (before retrospective adjustment) Changes over the same period of the preceding year (%) Revenue 753,108 812,801 812,184 (7.3) Profit attributable to owners of the Company 46,809 45,768 45,683 2.3 Return on net assets (%) 3.0 3.1 3.1 (0.1) percentage point Basic earnings per share (RMB/share) 0.26 0.25 0.25 2.3 Diluted earnings per share (RMB/share) 0.26 0.25 0.25 2.3 Net cash flows from operating activities 139,436 111,257 111,077 25.3 Unit: RMB Million Items As of the end of the reporting period As of the end of the preceding year Changes from the end of the preceding year to the end of the reporting period (%) Total assets 2,841,230 2,752,751 3.2 Equity attributable to owners of the Company 1,564,405 1,515,132 3.3
Page 3
3 1.2 Key Financial Data and Financial Indicators Prepared under CAS 1.2.1 Key Financial Data and Financial Indicators Unit: RMB Million Items From the beginning of the year to the end of the reporting period From the beginning of the preceding year to the end of the reporting period of the preceding year (after retrospective adjustment) (a) From the beginning of the preceding year to the end of the reporting period of the preceding year (before retrospective adjustment) Changes over the same period of the preceding year (%) Operating income 753,108 812,801 812,184 (7.3) Net profit attributable to shareholders of the Company 46,807 45,766 45,681 2.3 Net profit after deducting non-recurring profit/loss items attributable to shareholders of the Company 46,562 45,872 45,788 1.5 Weighted average return on net assets (%) 3.0 3.1 3.1 (0.1) percentage point Basic earnings per share (RMB/share) 0.26 0.25 0.25 2.3 Diluted earnings per share (RMB/share) 0.26 0.25 0.25 2.3 Net cash flows from operating activities 139,436 111,257 111,077 25.3 Unit: RMB Million Items As of the end of the reporting period As of the end of the preceding year Changes from the end of the preceding year to the end of the reporting period (%) Total assets 2,841,484 2,753,007 3.2 Equity attributable to owners of the Company 1,564,643 1,515,371 3.3 (a) In 2024, Daqing Oilfield Company Limited, a wholly -owned subsidiary of the Company, acquired 100% interest in China Petroleum Electric Energy Co., Ltd. (“CNPC Electric Energy”) from Daqing Petroleum Administration Bureau Co., Ltd. The financial statements of CNPC Electric Energy have been consolidated into the financial statements of the Group since October 29, 2024. The Group has made retrospective adjustments in relation to re levant financial data of the comparative periods when preparing consolidated financial statements according to the accounting treatment requirement for business combinations involving entities under common control. Relevant financial data of the comparative periods in the following parts of this announcement refers to the data after retrospective adjustments.
Page 4
4 1.2.2 Non-recurring Profit/Loss Items and Amounts Unit: RMB Million Items Profit/(loss) from the beginning of the year to the end of the reporting period Gains on disposal of non-current assets 741 Government grants recognized in the current period 374 Losses arising from financial assets and financial liabilities not relating to the ordinary course of activities (22) Reversal of provisions for bad debts against receivables 12 Other non-operating income and expenses (952) Other items of profit or loss conforming to the definition of non-recurring profit/loss items 117 Sub-total 270 Tax impact of non-recurring profit/loss items (42) Impact of non-controlling interests 17 Total 245 1.2.3 Changes in Key Financial Data and Financial Indicators and the Reasons thereof Not applicable. 1.3 Differences between CAS and IFRS Accounting Standards The consolidated net profit for the three months ended March 31, 2025 under IFRS Accounting Standards and CAS were RMB51,887 million and RMB51,885 million, respectively, with a difference of RMB2 million. The consolidated shareholders’ equity as of March 31, 2025 under IFRS Accounting Standards and CAS were RMB 1,763,818 million and RMB 1,764,056 million, respectively, with a difference of RMB238 million. These differences under the different accounting standard were primarily due to the revaluation for assets other than fixed assets and oil and gas properties in 1999. During the restructuring of the Company in 1999, a valuation was carried out for assets and liabilities injected by China National Petroleum Corporation (its Chinese name was changed from 中國石油天然氣集團公司 to 中國石油天然氣集團有限公司 on December 19, 2017, abbreviated as “CNPC” before and after the change of name). The valuation results on assets other than fixed assets and oil and gas properties were not recognized in the financial statements prepared under IFRS Accounting Standards.
Page 5
5 2. Information on Shareholders 2.1 Total Number of Shareholders Holding Ordinary Shares and Shareholdings of the Top Ten Shareholders Total number of shareholders holding ordinary shares as of the end of the reporting period 529,008 shareholders including 523,837 holders of A shares and 5,171 registered holders of H shares. Shareholdings of the top ten shareholders (excluding shares lent through refinancing business) Name of shareholders Nature of shareholders Percentage of Shareholdings (%) Number of shares held Number of shares with selling restrictions Shares pledged, marked or subject to lock-ups Condition of shares Number of shares CNPC State-owned legal person 82.46 150,923,565,570(1) 0 - 0 HKSCC Nominees Limited(2) Overseas legal person 11.43 20,920,265,339 (3) 0 - 0 China Petrochemical Corporation State-owned legal person 1.00 1,830,210,000 0 - 0 China Securities Finance Corporation Limited State-owned legal person 0.56 1,020,165,128 0 - 0 Hong Kong Securities Clearing Company Limited(4) Overseas legal person 0.47 856,038,446 0 - 0 ICBC – SSE 50 Exchange Traded Open-ended Securities Investment Fund State-owned legal person 0.11 207,463,609 0 - 0 Central Huijin Asset Management Ltd. State-owned legal person 0.11 201,695,000 0 - 0 Industrial and Commercial Bank of China Limited – Huatai- Pinebridge CSI 300 Exchange Traded Open- ended Index Securities Investment Fund Others 0.10 185,474,546 0 - 0 Bank of Communications Co., Ltd. - E Fund SSE 50 Index Enhanced Securities Investment Fund Others 0.09 168,423,661 0 - 0 China Construction Bank Corporation - E Fund CSI 300 Exchange Traded Open-ended Index Initiating Securities Investment Fund Others 0.07 129,578,443 0 - 0 Shareholdings of the top ten shareholders of shares without selling restrictions Name of shareholders Number of shares held Type of shares CNPC 150,923,565,570(1) A shares HKSCC Nominees Limited(2) 20,920,265,339 (3) H shares China Petrochemical Corporation 1,830,210,000 A shares China Securities Finance Corporation Limited 1,020,165,128 A shares Hong Kong Securities Clearing Company Limited(4) 856,038,446 A shares ICBC – SSE 50 Exchange Traded Open-ended Securities Investment Fund 207,463,609 A shares Central Huijin Asset Management Ltd. 201,695,000 A shares Industrial and Commercial Bank of China Limited – Huatai- Pinebridge CSI 300 Exchange Traded Open-ended Index Securities Investment Fund 185,474,546 A shares
Page 6
6 Bank of Communications Co., Ltd. - E Fund SSE 50 Index Enhanced Securities Investment Fund 168,423,661 A shares China Construction Bank Corporation - E Fund CSI 300 Exchange Traded Open-ended Index Initiating Securities Investment Fund 129,578,443 A shares Statement on the connection or activities acting in concert among the above-mentioned shareholders: Except for HKSCC Nominees Limited and Hong Kong Securities Clearing Company Limited that are wholly -owned subsidiaries of Hong Kong Exchanges and Clearing Limited, the Company is not aware of any other connection among or between the top ten shareholders or that they are persons acting in concert as provided for in the “Measures for the Administration o f Acquisitions by Listed Companies”. Description on participation of margin financing and securities lending and refinancing businesses by the top ten shareholders and the top ten shareholders of shares without selling restrictions: The top ten shareholders and the top ten shareholders of shares without se lling restrictions did not participate in margin financing and securities lending business and refinancing business. (1) Such figure excludes the H shares indirectly held by CNPC through Fairy King Investments Ltd., an overseas wholly- owned subsidiary of CNPC. Based on its confidence in the Company’ s future development prospects, CNPC plans to increase its shareholdings of A shares and H shares of the Company by itself and its wholly -owned subsidiary within 12 months since April 8, 2025 (the “Shareholding Increase Plan”) and the total amount of funds to be used under the Shareholding Increase Plan will be no less than RMB2.8 billion (inclusive) and no more than RMB5.6 billion (inclusive). Please refer to the Company’s announcements published on The Stock Exchange of Hong Kong Limited and Shanghai Stock Exchange on April 8, 2025 for details. As of the date of this announcement, the Shareholding Increase Plan has not been implemented. (2) HKSCC Nominees Limited is a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited and acts as the nominee on behalf of other corporate or individual shareholders to hold the H shares of the Company. (3) 291,518,000 H shares were indirectly held by CNPC through Fairy King Investments Ltd., an overseas wholly-owned subsidiary of CNPC, representing 0.16% of the total share capital of the Company. These shares were held in the name of HKSCC Nominees Limited. (4) Hong Kong Securities Clearing Company Limited is a wholly -owned subsidiary of Hong Kong Exchanges and Clearing Limited and acts as the nominee on behalf of investors of The Stock Exchange of Hong Kong Limited to hold the A shares of the Company listed on Shanghai Stock Exchange. 2.2 Participation of shareholders holding more than 5% of the shares, the top ten shareholders and the top ten shareholders of shares without selling restrictions in lending shares through refinancing business Not applicable. 2.3 Changes in the top ten shareholders and the top ten shareholders of shares without selling restrictions from the previous period due to the shares lent/returned under refinancing business Not applicable. 2.4 Number of Shareholders Holding Preferred Shares and Shareholdings of Top Ten Shareholders Holding Preferred Shares of the Company Not applicable. 3. Business Review In the first quarter of 2025, the world economy maintained moderate growth, and China’s economy achieved a stable start and a solid beginning, with the gross domestic product (“GDP”) increasing by 5.4% as compared with that in the same period of last year . The international crude oil market remained generally loose in terms of supply and demand and the international oil prices decreased on a year-on-year basis. The average spot price of North Sea Brent crude oil was US$ 75.73 per barrel, representing a decrease of 8.9% as compared with US$83.16 per barrel for the same period of last year. The average spot price of U.S. West Texas Intermediate crude oil was US$71.47 per barrel, representing a decrease of 7.2% as compared with US$77.01 per barrel for the same period of last year. The demand in the domestic refined
Page 7
7 oil products market remained subdued, while the demand in the domestic natural gas market basically remained stable. The G roup proactively responded to macroeconomic conditions, internationa l oil and gas price fluctuations, and shifts in market supply -demand dynamics. The Group coordinated the advancement of production and operations, quality and profitability improvement, reform and innovation, green and low- carbon transformation, and safety and environmental protection. The Group enhanced the quality and profitability of business operations, the oil and gas industrial chains maintained safe, stable, and efficient performance, while emerging sectors such as new energy and new materials achieved rapid growth. The Group delivered steady business performance growth and maintained sound financial position. In the first quarter of 2025, the average realized price for crude oil of the Group was US$70.00 per barrel, representing a decrease of 7.2% as compared with US$75.41 per barrel for the same period of last year, and the average selling price of domestic natural gas of the Group was US$9.01 per thousand cubic feet, representing a decrease of 3.9% as compared with US$9.38 per thousand cubic feet for the same period of last year. According to the IFRS Accounting Standards, in the first quarter of 2025, the Group realized a revenue of RMB753.108 billion, representing a decrease of 7.3% as compared with RMB812.801 billion for the same period of last year which was primarily due to the decline in market demand, the decrease in sales volume of refined oil products and price of certain products; the profit for the period attributable to owners of the Company for the three months ended March 31, 2025 amounted to RMB46.809 billion, representing an increase of 2.3% as compared with RMB45.768 billion for the same period of last year which was primarily due to the increase in output and sales volume of domestic natural gas, major cost and expenses being effectively controlled and decrease in tax expenditures. In respect of the oil, gas and new energy business, the Group adhered to efficient exploration and high-profitable development, systematically advanced crude oil production capacity construction and scientifically organized to increase natural gas output while actively promoted profitable unconventional oil and gas development ; the Group rigorously strengthened cost control in oil and gas production, continuously optimized overseas oil and gas asset portfolio, and intensified efforts to secure and operationalize new energy quotas in wind and photovoltaic power generation and geothermal energy. In the first quarter of 2025, the Group’s total oil and natural gas equivalent output amounted to 467.0 million barrels, representing an increase of 0.7% as compared with 463.7 million barrels for the same period of last year, among which, the Group’s domestic oil and natural gas equivalent output amounted to 418.1 million barrels, representing an increase of 1.2% as compared with 413.0 million barrels for the same period of last year, and the Group’s overseas oil and natural gas equivalent output amounted to 48.9 million barrels, representing a decrease of 3.4% as compared with 50.7 million barrels for the same period of last year; the Group’s e nergy output from wind and photovoltaic power plants amounted to 1,680 million kilowatt-hours, representing an increase of 94.6% as compared with 860 million kilowatt -hours for the same period of last year. In the first quarter of 2025, the oil, gas and new energy business realized a profit from operations of RMB46.093 billion, representing an increase of 7.0% as compared with RMB43.077 billion for the same period of last year, which was primarily due to the increase in output and sales volume of domestic natural gas, the cost and expenses being effectively contro lled and the decrease in tax expenditures. The unit oil and gas lifting costs for the first quarter of 202 5 were US$9.76 per barrel, representing a decrease of 6.0% as compared with US$10.38 per barrel for the same period of last year.
Page 8
8 Key Figures for the Oil, Gas and New Energy Segment Operating Figures Unit For the three months ended March 31, Changes (%) 2025 2024 Crude oil output Million barrels 240.2 239.6 0.2 of which: Domestic Million barrels 197.9 197.3 0.3 Overseas Million barrels 42.3 42.3 0.0 Marketable natural gas output Billion cubic feet 1,361.3 1,344.7 1.2 of which: Domestic Billion cubic feet 1,321.3 1,294.5 2.1 Overseas Billion cubic feet 40.0 50.2 (20.3) Oil and natural gas equivalent output Million barrels 467.0 463.7 0.7 of which: Domestic Million barrels 418.1 413.0 1.2 Overseas Million barrels 48.9 50.7 (3.4) Energy output from wind and photovoltaic power plants 100 million kilowatts 16.8 8.6 94.6 Note: Figures have been converted at the rate of 1 ton of crude oil = 7.389 barrels and 1 cubic meter of natural gas = 35.315 cubic feet. In respect of the refining, chemicals and new materials business, the Group closely followed market demand trends, promptly adjust ed and optimiz ed production plans and product portfolios ; the Group intensified the development of featured refined products, new chemical products and new materials and vigorously increased the production and sales of high-value-added products that better meet market needs; the Group strengthened real-time tracking and analysis of chemical product s pricing and intensified its marketing sales; the Group continuously promoted the transformation and upgrading of the refining and chemical business and Jilin Petrochemical Company’s ethylene projects and Guangxi Petrochemical Company’s ethylene projects, Dushanzi Petrochemical Company’s Tarim phase II ethane-to-ethylene project and the Blue Ocean New Material Company ’s high-end polyolefin new material project were proceeded in an orderly manner. In the first quarter of 2025, the Group processed a total of 337.3 million barrels of crude oil, and the output of refined oil products amounted to 28.567 million tons; the output of ethylene amounted to 2.271 million tons; the output of chemical commodities amounted to 9.959 million tons, representing an increase of 0.5% as compared with 9.908 million tons for the same period of last year; the output of new materials amounted to 0.800 million tons, representing an increase of 37.5% as compared with 0.582 million tons for the same period of last year. In the first quarter of 2025, the refining, chemicals and new materials business realized a profit from operations of RMB5.388 billion, among which, the profit from operations in the refining business amounted to RMB4.551 billion, representing a decrease of RMB2.419 billion as compared with RMB6.970 billion for the same period of last year which was primarily due to the decrease in processing volume and margin of refined oil products caused by the decline in market demand and the decrease in refined oil price; and the profit from operations in the chemicals business amounted to RMB0.837 billion, representing a decrease of RMB0.308 billion as compared with RMB1.145 billion for the same period of last year which was primarily due to the decrease in the margin of chemical products.
Page 9
9 Key Figures for the Refining, Chemicals and New Materials Segment Operating Figures Unit For the three months ended March 31, Changes (%) 2025 2024 Processed crude oil Million barrels 337.3 353.8 (4.7) Gasoline, kerosene and diesel output ‘000 tons 28,567 30,482 (6.3) of which: Gasoline ‘000 tons 11,537 12,457 (7.4) Kerosene ‘000 tons 4,632 4,743 (2.3) Diesel ‘000 tons 12,398 13,282 (6.7) Output of key chemical products Ethylene ‘000 tons 2,271 2,270 0.04 Synthetic resin ‘000 tons 3,399 3,496 (2.8) Synthetic fiber raw materials and polymers ‘000 tons 329 280 17.5 Synthetic rubber ‘000 tons 282 275 2.5 Urea ‘000 tons 689 750 (8.1) Note: Figures have been converted at the rate of 1 ton of crude oil = 7.389 barrels. In respect of the marketing business, the Group strengthened the coordination of refined oil products transportation and inventory management, actively adopted flexible and targeted marketing strategies, vigorously promoted retail sales, and strived to maximize profitability while maintaining smooth industry chain operations; the Group enhanced the development and operation of non -oil new businesses and private-label products, continuously improved the profitability of non -oil business; the Group continuously optimized marketing terminal infrastructure and developed an integrated energy service network covering “oil, gas, hydrogen, electricity, and non -oil business”; the Group intensified the exploration of high -efficiency overseas export markets w hile steadily enhancing trade operation capabilities. In the first quarter of 202 5, the Group sold 36.776 million tons of gasoline, kerosene and diesel, among which, 27.535 million tons of gasoline, kerosene and diesel were sold domestically, while the market shares in the domestic market increased by 1.2 percentage points as compared with the same period of last year. In the first quarter of 2025, the marketing business realized a profit from operations of RMB5.043 billion, representing a decrease of RMB1.720 billion as compared with RMB6.763 billion for the same period of last year, which was primarily due to the decline in market demand, the decrease in the sales volume of refined oil products and the decrease in the margin of international trading operations. Key Figures for the Marketing Segment Operating Figures Unit For the three months ended March 31, Changes (%) 2025 2024 Total sales volume of gasoline, kerosene and diesel ‘000 tons 36,776 39,258 (6.3) of which: Gasoline ‘000 tons 15,579 16,967 (8.2) Kerosene ‘000 tons 5,064 5,293 (4.3) Diesel ‘000 tons 16,133 16,998 (5.1) Domestic sales volume of gasoline, kerosene and diesel ‘000 tons 27,535 28,545 (3.5) of which: Gasoline ‘000 tons 12,315 13,149 (6.3) Kerosene ‘000 tons 2,480 2,604 (4.8) Diesel ‘000 tons 12,740 12,792 (0.4)
Page 10
10 Number of gas stations and convenience stores Unit As of March 31, 2025 As of December 31, 2024 Changes (%) Number of gas stations Unit 22,340 22,441 (0.5) of which: Self-operated gas stations Unit 20,328 20,429 (0.5) Number of convenience stores Unit 19,684 19,700 (0.1) In respect of the natural gas sales business, the Group continuously optimized resource procurement and sales distribution, strived to control procurement costs, actively promote d market-oriented sales, intensified the development of direct customers, industrial customers, and gas -power customers , and persistently expanded the end-user sales market. In the first quarter of 2025, the Group sold 86.442 billion cubic meters of natural gas, representing an increase of 3.7% as compared with 83.369 billion cubic meters for the same period of last year, among which 69.914 billion cubic meters were sold domestically, representing an increase of 4.2% from 67.102 billion cubic meters for the same period of last year. In the first quarter of 2025, the natural gas sales business realized a profit from operations of RMB13.508 billion, representing an increase of 9.7% as compared with RMB12.316 billion for the same period of last year, which was primarily due to the increase in the sales volume of natural gas. 4. Other Matters The Chinese gover nment extends support policy for unconventional natural gas exploration and utilization. On March 13, 2025, the Ministry of Finance publicly issued the Notice on Issuing the “Management Measures for Special Funds for Clean Energy Development ” (Cai Jian [2025] N o. 35), clarifying that from 2025 to 2029, special funds for clean energy development will be used to provide subsidies and incentives for the exploration and utilization of unconventional natural gas such as coalbed methane (coal mine gas), shale gas, and tight gas. The subsidy funds will be allocated based on the principle of “more production, more subsidies”. This event will not affect the continuity of the business and the stability of management of the Group and is conducive to the sustainable and healthy development and positive operating results of the Group.
Page 11
11 5. Quarterly Financial Statements 5.1 Quarterly financial statements prepared in accordance with CAS 1．Consolidated Balance Sheet ASSETS March 31, 2025 December 31, 2024 RMB million RMB million Current assets Cash at bank and on hand 291,567 216,246 Financial assets held for trading 8,134 2,816 Derivative financial assets 8,611 9,020 Accounts receivable 103,623 71,610 Receivables financing 17,179 8,868 Advances to suppliers 20,725 14,192 Other receivables 36,841 34,387 Inventories 143,148 168,338 Other current assets 59,195 65,367 Total current assets 689,023 590,844 Non-current assets Investments in other equity instruments 673 707 Long-term equity investments 295,057 290,077 Fixed assets 471,792 480,407 Oil and gas properties 848,261 875,436 Construction in progress 218,100 214,967 Right-of-use assets 131,050 120,865 Intangible assets 92,440 92,790 Goodwill 7,425 7,436 Long-term prepaid expenses 13,759 14,018 Deferred tax assets 28,237 26,765 Other non-current assets 45,667 38,695 Total non-current assets 2,152,461 2,162,163 TOTAL ASSETS 2,841,484 2,753,007 Chairman Director and President Chief Financial Officer Dai Houliang Huang Yongzhang Wang Hua
Page 12
12 1．Consolidated Balance Sheet (Continued) LIABILITIES AND SHAREHOLDERS’ EQUITY March 31, 2025 December 31, 2024 RMB million RMB million Current liabilities Short-term borrowings 41,870 45,955 Financial liabilities held for trading 4,913 3,808 Derivative financial liabilities 3,534 7,051 Notes payable 11,320 14,895 Accounts payable 260,982 272,785 Contract liabilities 83,696 80,266 Employee compensation payable 11,313 8,095 Taxes payable 61,658 60,245 Other payables 52,186 24,198 Current portion of non-current liabilities 101,365 101,757 Other current liabilities 23,059 18,262 Total current liabilities 655,896 637,317 Non-current liabilities Long-term borrowings 77,785 74,072 Debentures payable 24,001 24,000 Lease liabilities 120,086 109,968 Provisions 162,912 162,019 Deferred tax liabilities 26,562 25,688 Other non-current liabilities 10,186 10,080 Total non-current liabilities 421,532 405,827 Total liabilities 1,077,428 1,043,144 Shareholders’ equity Share capital 183,021 183,021 Capital surplus 121,805 121,812 Special reserve 8,233 6,747 Other comprehensive income (29,756) (30,748) Surplus reserves 252,305 252,305 Undistributed profits 1,029,035 982,234 Equity attributable to shareholders of the Company 1,564,643 1,515,371 Non-controlling interests 199,413 194,492 Total shareholders’ equity 1,764,056 1,709,863 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 2,841,484 2,753,007 Chairman Director and President Chief Financial Officer Dai Houliang Huang Yongzhang Wang Hua
Page 13
13 2．Company Balance Sheet ASSETS March 31, 2025 December 31, 2024 RMB million RMB million Current assets Cash at bank and on hand 107,244 25,199 Derivative financial assets 126 15 Accounts receivable 16,682 7,219 Receivables financing 15,711 7,556 Advances to suppliers 13,096 8,734 Other receivables 11,406 8,454 Inventories 81,362 97,297 Other current assets 37,090 47,551 Total current assets 282,717 202,025 Non-current assets Investments in other equity instruments 178 181 Long-term equity investments 547,349 541,146 Fixed assets 257,246 262,146 Oil and gas properties 651,120 669,677 Construction in progress 132,613 129,145 Right-of-use assets 61,260 49,817 Intangible assets 65,099 66,006 Goodwill 77 77 Long-term prepaid expenses 8,513 8,607 Deferred tax assets 5,656 5,045 Other non-current assets 67,182 65,944 Total non-current assets 1,796,293 1,797,791 TOTAL ASSETS 2,079,010 1,999,816 Chairman Director and President Chief Financial Officer Dai Houliang Huang Yongzhang Wang Hua
Page 14
14 2．Company Balance Sheet (Continued) LIABILITIES AND SHAREHOLDERS’ EQUITY March 31, 2025 December 31, 2024 RMB million RMB million Current liabilities Short-term borrowings 51,632 49,315 Notes payable 11,125 13,785 Accounts payable 88,747 99,068 Contract liabilities 65,766 59,194 Employee compensation payable 8,676 5,884 Taxes payable 30,538 34,857 Other payables 161,274 133,888 Current portion of non-current liabilities 18,454 18,458 Other current liabilities 13,539 8,501 Total current liabilities 449,751 422,950 Non-current liabilities Long-term borrowings 35,769 33,641 Debentures payable 23,301 23,300 Lease liabilities 49,800 38,622 Provisions 122,820 122,300 Other non-current liabilities 5,158 5,116 Total non-current liabilities 236,848 222,979 Total liabilities 686,599 645,929 Shareholders’ equity Share capital 183,021 183,021 Capital surplus 122,387 122,368 Special reserve 4,758 3,648 Other comprehensive income 1,322 1,347 Surplus reserves 241,213 241,213 Undistributed profits 839,710 802,290 Total shareholders’ equity 1,392,411 1,353,887 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 2,079,010 1,999,816 Chairman Director and President Chief Financial Officer Dai Houliang Huang Yongzhang Wang Hua
Page 15
15 3．Consolidated Income Statement Items Three months ended March 31 2025 2024note RMB million RMB million Operating income 753,108 812,801 Less: Cost of sales (594,269) (647,013) Taxes and surcharges (62,724) (65,904) Selling expenses (14,319) (14,659) General and administrative expenses (15,856) (16,043) Research and development expenses (6,207) (5,998) Finance expenses (3,571) (4,223) Including: Interest expenses 4,536 5,528 Interest income 1,628 1,703 Add: Other income 4,258 4,274 Investment income 3,567 (233) Including: Income from investment in associates and joint ventures 4,860 5,324 Gains from changes in fair value 3,000 4,665 Credit impairment losses (111) (108) Asset impairment losses (3) (26) Gains on asset disposal 784 144 Operating profit 67,657 67,677 Add: Non-operating income 735 394 Less: Non-operating expenses (1,553) (1,887) Profit before taxation 66,839 66,184 Less: Taxation (14,954) (14,818) Net profit 51,885 51,366 Classified by continuity of operations: Net profit from continuous operation 51,885 51,366 Net profit from discontinued operation - - Classified by ownership: Shareholders of the Company 46,807 45,766 Non-controlling interests 5,078 5,600 Earnings per share Basic earnings per share (RMB Yuan) 0.26 0.25 Diluted earnings per share (RMB Yuan) 0.26 0.25 Other comprehensive income, net of tax 1,279 (2,261) Other comprehensive income (net of tax) attributable to shareholders of the Company 993 (1,907) (1) Items that will not be reclassified to profit or loss Changes in fair value of investments in other equity instruments (14) (31) (2) Items that may be reclassified to profit or loss Other comprehensive income recognized under equity method (23) (3) Cash flow hedges 866 (888) Currency translation differences 164 (985) Other comprehensive income (net of tax) attributable to non-controlling interests 286 (354) Total comprehensive income 53,164 49,105 Attributable to: Shareholders of the Company 47,800 43,859 Non-controlling interests 5,364 5,246 Note：The comparative amounts in the financial statements are presented as if CNPC Electric Energy had been consolidated from the beginning of the earliest reporting period presented. Chairman Director and President Chief Financial Officer Dai Houliang Huang Yongzhang Wang Hua
Page 16
16 4．Income Statement Items Three months ended March 31 2025 2024 RMB million RMB million Operating income 461,733 485,069 Less: Cost of sales (356,871) (381,359) Taxes and surcharges (45,145) (47,446) Selling expenses (9,854) (9,790) General and administrative expenses (9,605) (10,080) Research and development expenses (5,383) (5,289) Finance expenses (2,283) (2,757) Including: Interest expenses 3,429 3,030 Interest income 426 444 Add: Other income 4,116 4,040 Investment income 7,070 7,903 Including: Income from investment in associates and joint ventures 3,675 3,695 Gains/(Losses) from changes in fair value 116 (14) Credit impairment losses (67) (17) Asset impairment losses - (8) Gains on asset disposal 534 121 Operating profit 44,361 40,373 Add: Non-operating income 624 355 Less: Non-operating expenses (1,358) (1,761) Profit before taxation 43,627 38,967 Less: Taxation (6,123) (5,292) Net profit 37,504 33,675 Classified by continuity of operations: Net profit from continuous operation 37,504 33,675 Net profit from discontinued operation - - Earnings per share Basic earnings per share (RMB Yuan) 0.20 0.18 Diluted earnings per share (RMB Yuan) 0.20 0.18 Other comprehensive income, net of tax (24) (44) Other comprehensive income (net of tax) attributable to shareholders of the Company (24) (44) (1) Items that will not be reclassified to profit or loss Changes in fair value of investments in other equity instruments - (6) (2) Items that may be reclassified to profit or loss Other comprehensive income recognized under equity method (24) 55 Cash flow hedges - (93) Total comprehensive income 37,480 33,631 Chairman Director and President Chief Financial Officer Dai Houliang Huang Yongzhang Wang Hua
Page 17
17 5．Consolidated Cash Flow Statement Items Three months ended March 31 2025 2024note RMB million RMB million Cash flows from operating activities Cash received from sales of goods and rendering of services 892,655 882,158 Cash received relating to other operating activities 29,549 14,548 Sub-total of cash inflows 922,204 896,706 Cash paid for goods and services (620,267) (641,872) Cash paid to and on behalf of employees (39,119) (37,047) Payments of various taxes (90,619) (89,123) Cash paid relating to other operating activities (32,763) (17,407) Sub-total of cash outflows (782,768) (785,449) Net cash flows from operating activities 139,436 111,257 Cash flows from investing activities Cash received from disposal of investments 30,297 27,986 Cash received from returns on investments 4,091 1,945 Net cash received from disposal of fixed assets, oil and gas properties, intangible assets and other long-term assets 239 137 Net cash received from disposal of subsidiaries and other business units - 677 Sub-total of cash inflows 34,627 30,745 Cash paid to acquire fixed assets, oil and gas properties, intangible assets and other long-term assets (57,618) (55,236) Cash paid to acquire investments (20,556) (35,913) Sub-total of cash outflows (78,174) (91,149) Net cash flows used for investing activities (43,547) (60,404) Cash flows from financing activities Cash received from capital contributions 119 131 Including: Cash received from non-controlling interests’ capital contributions to subsidiaries 119 131 Cash received from borrowings 146,904 142,052 Sub-total of cash inflows 147,023 142,183 Cash repayments of borrowings (146,318) (198,202) Cash payments for interest expenses and distribution of dividends or profits (5,992) (7,055) Including: Subsidiaries’ cash payments for distribution of dividends or profits to non-controlling interests (738) (901) Cash payments relating to other financing activities (3,217) (2,365) Sub-total of cash outflows (155,527) (207,622) Net cash flows used for financing activities (8,504) (65,439) Effect of foreign exchange rate changes on cash and cash equivalents 136 290 Net increase/(decrease) in cash and cash equivalents 87,521 (14,296) Add: Cash and cash equivalents at the beginning of the period 172,477 249,001 Cash and cash equivalents at the end of the period 259,998 234,705 Note：The comparative amounts in the financial statements are presented as if CNPC Electric Energy had been consolidated from the beginning of the earliest reporting period presented. Chairman Director and President Chief Financial Officer Dai Houliang Huang Yongzhang Wang Hua
Page 18
18 6．Company Cash Flow Statement Items Three months ended March 31 2025 2024 RMB million RMB million Cash flows from operating activities Cash received from sales of goods and rendering of services 528,101 510,542 Cash received relating to other operating activities 4,642 32,942 Sub-total of cash inflows 532,743 543,484 Cash paid for goods and services (333,235) (331,757) Cash paid to and on behalf of employees (27,569) (26,056) Payments of various taxes (65,507) (61,719) Cash paid relating to other operating activities (9,630) (5,083) Sub-total of cash outflows (435,941) (424,615) Net cash flows from operating activities 96,802 118,869 Cash flows from investing activities Cash received from disposal of investments 1,860 71 Cash received from returns on investments 4,699 5,238 Net cash received from disposal of fixed assets, oil and gas properties, intangible assets and other long-term assets 155 125 Sub-total of cash inflows 6,714 5,434 Cash paid to acquire fixed assets, oil and gas properties, intangible assets and other long-term assets (19,750) (29,836) Cash paid to acquire investments (1,428) (3,398) Sub-total of cash outflows (21,178) (33,234) Net cash flows used for investing activities (14,464) (27,800) Cash flows from financing activities Cash received from borrowings 23,299 16,480 Sub-total of cash inflows 23,299 16,480 Cash repayments of borrowings (19,001) (68,413) Cash payments for interest expenses and distribution of dividends or profits (2,385) (1,260) Cash payments relating to other financing activities (2,206) (1,625) Sub-total of cash outflows (23,592) (71,298) Net cash flows used for financing activities (293) (54,818) Net increase in cash and cash equivalents 82,045 36,251 Add: Cash and cash equivalents at the beginning of the period 25,139 60,652 Cash and cash equivalents at the end of the period 107,184 96,903 Chairman Director and President Chief Financial Officer Dai Houliang Huang Yongzhang Wang Hua
Page 19
19 5.2 Quarterly financial statements prepared in accordance with IFRS Accounting Standards 1．Consolidated Statement of Comprehensive Income Three months ended March 31 2025 2024note RMB million RMB million REVENUE 753,108 812,801 OPERATING EXPENSES Purchases, services and other (511,633) (565,159) Employee compensation costs (40,590) (40,944) Exploration expenses, including exploratory dry holes (3,740) (3,560) Depreciation, depletion and amortization (60,721) (58,844) Selling, general and administrative expenses (14,174) (15,427) Taxes other than income taxes (62,904) (66,034) Other income net 5,834 1,820 TOTAL OPERATING EXPENSES (687,928) (748,148) PROFIT FROM OPERATIONS 65,180 64,653 FINANCE COSTS Exchange gain 1,950 2,256 Exchange loss (2,241) (2,223) Interest income 1,628 1,703 Interest expense (4,536) (5,528) TOTAL NET FINANCE COSTS (3,199) (3,792) SHARE OF PROFIT OF ASSOCIATES AND JOINT VENTURES 4,860 5,324 PROFIT BEFORE INCOME TAX EXPENSE 66,841 66,185 INCOME TAX EXPENSE (14,954) (14,817) PROFIT FOR THE PERIOD 51,887 51,368 OTHER COMPREHENSIVE INCOME (1) Items that will not be reclassified to profit or loss Fair value changes in equity investment measured at fair value through other comprehensive income 9 (65) Currency translation differences 263 (320) (2) Items that are or may be reclassified subsequently to profit or loss Share of the other comprehensive income of associates and joint ventures accounted for using the equity method (23) (3) Cash flow hedges 866 (888) Currency translation differences 164 (985) OTHER COMPREHENSIVE INCOME, NET OF TAX 1,279 (2,261) TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 53,166 49,107 PROFIT FOR THE PERIOD ATTRIBUTABLE TO: Owners of the Company 46,809 45,768 Non-controlling interests 5,078 5,600 51,887 51,368 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD ATTRIBUTABLE TO: Owners of the Company 47,802 43,861 Non-controlling interests 5,364 5,246 53,166 49,107 BASIC AND DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY (RMB YUAN) 0.26 0.25 Note：The comparative amounts in the financial statements are presented as if CNPC Electric Energy had been consolidated from the beginning of the earliest reporting period presented.
Page 20
20 2．Consolidated Statement of Financial Position March 31, 2025 December 31, 2024 RMB million RMB million NON-CURRENT ASSETS Property, plant and equipment 1,538,153 1,570,810 Investments in associates and joint ventures 294,937 289,970 Equity investments measured at fair value through other comprehensive income 666 700 Right-of-use assets 202,249 192,014 Intangible and other non-current assets 82,708 76,690 Deferred tax assets 28,237 26,765 Time deposits with maturities over one year 5,257 4,958 TOTAL NON-CURRENT ASSETS 2,152,207 2,161,907 CURRENT ASSETS Inventories 143,148 168,338 Accounts receivable 103,623 71,610 Derivative financial instruments 8,611 9,020 Prepayments and other current assets 117,111 114,290 Financial assets measured at fair value through other comprehensive income 17,179 8,868 Financial assets measured at fair value through profit or loss 8,134 2,816 Time deposits with maturities over three months but within one year 31,219 43,425 Cash and cash equivalents 259,998 172,477 TOTAL CURRENT ASSETS 689,023 590,844 CURRENT LIABILITIES Accounts payable and accrued liabilities 359,219 338,513 Contract liabilities 83,696 80,266 Income taxes payable 9,144 6,845 Other taxes payable 52,514 53,400 Short-term borrowings 134,262 138,783 Derivative financial instruments 3,534 7,051 Lease liabilities 8,614 8,651 Financial liabilities measured at fair value through profit or loss 4,913 3,808 TOTAL CURRENT LIABILITIES 655,896 637,317 NET CURRENT (ASSETS)/LIABILITIES (33,127) 46,473 TOTAL ASSETS LESS CURRENT LIABILITIES 2,185,334 2,115,434 EQUITY EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY: Share capital 183,021 183,021 Retained earnings 1,034,084 987,271 Reserves 347,300 344,840 TOTAL EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY 1,564,405 1,515,132 NON-CONTROLLING INTERESTS 199,413 194,491 TOTAL EQUITY 1,763,818 1,709,623 NON-CURRENT LIABILITIES Long-term borrowings 101,786 98,072 Asset retirement obligations 162,912 162,019 Lease liabilities 120,086 109,968 Deferred tax liabilities 26,546 25,672 Other long-term obligations 10,186 10,080 TOTAL NON-CURRENT LIABILITIES 421,516 405,811 TOTAL EQUITY AND NON-CURRENT LIABILITIES 2,185,334 2,115,434
Page 21
21 3．Consolidated Statement of Cash Flows Three months ended March 31 2025 2024 note RMB million RMB million CASH FLOWS FROM OPERATING ACTIVITIES Profit for the period 51,887 51,368 Adjustments for: Income tax expense 14,954 14,817 Depreciation, depletion and amortization 60,721 58,844 Capitalized exploratory costs charged to expense 1,128 1,837 Safety fund reserve 1,623 1,436 Share of profit of associates and joint ventures (4,860) (5,324) Accrual of provision for impairment of receivables, net 111 108 Write down of inventories, net (2) 6 Impairment of other non-current assets 5 20 (Gain)/Loss on disposal and scrap of property, plant and equipment (130) 532 Gain on disposal and scrap of other non-current assets (617) (70) Gain on disposal of subsidiaries - (679) Gain from changes in fair value (3,000) (4,665) Dividend income (5) (11) Interest income (1,628) (1,703) Interest expense 4,536 5,528 Changes in working capital: Accounts receivable, prepayments and other current assets (46,308) (46,141) Inventories 25,192 11,206 Accounts payable and accrued liabilities 43,598 41,933 Contract liabilities 3,430 (5,478) CASH FLOWS GENERATED FROM OPERATIONS 150,635 123,564 Income taxes paid (11,199) (12,307) NET CASH FLOWS FROM OPERATING ACTIVITIES 139,436 111,257
Page 22
22 3．Consolidated Statement of Cash Flows (Continued) Three months ended March 31 2025 2024note RMB million RMB million CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (57,518) (53,463) Acquisition of investments in associates and joint ventures (224) - Acquisition of intangible assets and other non-current assets (100) (1,203) Acquisition of financial assets measured at fair value through profit or loss (2,596) - Proceeds from disposal of property, plant and equipment 185 48 Proceeds from disposal of other non-current assets 708 1,236 Interest received 1,628 1,704 Dividends received 2,463 241 Increase in time deposits with maturities over three months 11,907 (8,967) NET CASH FLOWS USED FOR INVESTING ACTIVITIES (43,547) (60,404) CASH FLOWS FROM FINANCING ACTIVITIES Repayments of short-term borrowings (146,316) (183,110) Repayments of long-term borrowings (2) (15,092) Repayments of lease liabilities (3,217) (2,365) Interest paid (5,254) (6,154) Dividends paid to non-controlling interests (738) (901) Increase in short-term borrowings 139,880 117,333 Increase in long-term borrowings 7,024 24,719 Cash contribution from non-controlling interests 119 131 NET CASH FLOWS USED FOR FINANCING ACTIVITIES (8,504) (65,439) TRANSLATION OF FOREIGN CURRENCY 136 290 Net increase/(decrease) in cash and cash equivalents 87,521 (14,296) Cash and cash equivalents at the beginning of the period 172,477 249,001 Cash and cash equivalents at the end of the period 259,998 234,705 Note：The comparative amounts in the financial statements are presented as if CNPC Electric Energy had been consolidated from the beginning of the earliest reporting period presented.
Page 23
23 4．Segment Information Three months ended March 31 2025 2024note RMB million RMB million Revenue Oil, Gas and New Energy Intersegment sales 185,207 189,072 Revenue from external customers 36,289 34,851 221,496 223,923 Refining, Chemicals and New Materials Intersegment sales 197,917 213,952 Revenue from external customers 84,577 101,481 282,494 315,433 Marketing Intersegment sales 133,967 129,518 Revenue from external customers 460,406 505,692 594,373 635,210 Natural Gas Sales Intersegment sales 9,239 7,845 Revenue from external customers 171,101 170,072 180,340 177,917 Head Office and Other Intersegment sales 87 36 Revenue from external customers 735 705 822 741 Total revenue from external customers 753,108 812,801 Profit/(loss) from operations Oil, Gas and New Energy 46,093 43,077 Refining, Chemicals and New Materials 5,388 8,115 Marketing 5,043 6,763 Natural Gas Sales 13,508 12,316 Head Office and Other (4,852) (5,618) 65,180 64,653 Note：The comparative amounts in the financial statements are presented as if CNPC Electric Energy had been consolidated from the beginning of the earliest reporting period presented. 5.3 Auditors’ Opinion Type and Auditors’ Report Not applicable.
Page 24
24 By Order of the Board of Directors PetroChina Company Limited Dai Houliang Chairman Beijing, the PRC April 29, 2025 As of the date of this announcement, the Board comprises Mr. Dai Houliang as Chairman; Mr. Hou Qijun as Vice Chairman and non-executive Director; Mr. Duan Liangwei and Mr. Xie Jun as non-executive Directors; Mr. Huang Yongzhang, Mr. Ren Lixin and Mr. Zhang Daowei as executive Directors; and Mr. Jiang, Simon X., Mr. Ho Kevin King Lun , Mr. Yan, Andrew Y and Ms. Liu Xiaolei as independent non-executive Directors. This announcement is prepared in English and Chinese. In the event of any inconsistency between the Chinese and English versions, the Chinese version shall prevail.