China National Petroleum Corporation: Despite a slight decline in performance, it still distributes large dividends and gives back 45.76 billion yuan to shareholders

1、 Slight decline in performance: The decline in oil prices has led to a decrease in both revenue and profit, but profitability resilience remains strong

In 2025, China National Petroleum Corporation will achieve a revenue of 2864.469 billion yuan, a year-on-year decrease of 2.5%; The net profit attributable to the parent company was 157.3 billion yuan, a year-on-year decrease of 4.5%. The main reason for the decline in performance is the drop in international crude oil and domestic refined oil prices, which directly compresses the profit margins of upstream exploration and development and downstream refining and sales.

Despite short-term pressure, the company's profit scale still ranks among the top in the industry, with a daily net profit of about 430 million yuan, demonstrating its ability to resist risks under the integrated layout of the entire industry chain. At the same time, the company's oil and gas production has reached a historic high, with a significant increase in the production of unconventional resources such as shale oil and coalbed methane, laying a solid resource foundation for long-term development.

2、 High dividend payout: 0.25 yuan per share, total cash payout of 45.76 billion yuan

Despite a slight decline in performance, PetroChina still insists on a high proportion of dividends to reward shareholders: it plans to distribute a cash dividend of 0.25 yuan (including tax) per share to all shareholders, totaling 45.76 billion yuan in dividends. If combined with mid-term dividends, the total dividend payout for the whole year of 2025 will reach 86.02 billion yuan, with a dividend payout ratio of 54.7%, significantly higher than the minimum standard of 30% stipulated in the company's articles of association.

This dividend plan continues the company's tradition of cash dividends for 23 consecutive years, with a cumulative dividend of over 250 billion yuan in the past three years, stabilizing investor expectations with real money and highlighting the responsibility and long-term investment value of state-owned energy leaders.

3、 Stable background: optimized financial structure, accelerated layout of new energy

In 2025, China Petroleum's financial situation will continue to improve, with its asset liability ratio dropping to 36.4% and its free cash flow increasing by 15.2% year-on-year, providing solid support for dividends and investments. On the one hand, the company promotes the transformation and upgrading of oil and gas reserves, production, and refining to ensure the efficient operation of traditional main businesses; On the other hand, accelerating the green and low-carbon transformation, the wind and solar power generation has increased by 68% year-on-year, actively cultivating new growth points such as new energy and new materials.

Amidst industry cyclical fluctuations, China National Petroleum Corporation (CNPC) has stabilized capital market confidence and injected sustained momentum into energy security and high-quality development through stable performance, high dividends, and forward-looking layout.