PetroChina Company Limited

PetroChina said H1 revenue was RMB 1.6 trillion, up 34.9% year over year; operating profit was RMB 419 billion, up 34.5%; net profit attributable to owners was RMB 82 billion, up RMB 29.3 billion or 55.3%; and EPS was $0.45, up $0.16 year over year. Realized oil price averaged $94 per barrel, up $35 or 59.2% year over year. CapEx was RMB 92 billion, up 24.9%, with E&P CapEx at RMB 72.8 billion and refining/chemicals CapEx at RMB 16.8 billion. Cash from operations was RMB 196.06 billion, up 69%, and free cash flow was RMB 93.8 billion, up RMB 89.2 billion. As of June 30, total assets were RMB 2.8 trillion, interest-bearing debt was RMB 335.7 billion, and the debt-to-capital ratio was 18.3%. For the interim dividend, the board approved a 45% payout ratio, equal to RMB 37 billion, or $20.258 per share as stated in the presentation. Management did not provide formal next-quarter guidance; it said annual CapEx would be adjusted prudently and that annual dividends would balance shareholder returns and sustainable growth.

Chairman Dai Houliang said PetroChina delivered its best-ever interim operating performance despite a difficult macro backdrop, and he framed the company as resilient with room to grow. His strategic message centered on steady progress: maintain stable production, deepen reform and innovation, expand low-carbon development, and keep investing in core oil and gas while building new energy and new materials capabilities. He also emphasized risk management, saying the company would closely monitor geopolitics, hydrocarbon markets, and exchange rates.

Wang Hua highlighted the major financial upside from higher crude prices and from the company’s own “quality and efficiency” work. He pointed to the 34.9% revenue increase, 55.3% growth in net income attributable to owners, 69% growth in operating cash flow, and the 18.3% debt-to-capital ratio, saying the balance sheet remained sound. He also noted CapEx discipline despite higher spending, with RMB 92.31 billion invested in H1, and said the 45% interim payout ratio reflected both the company’s dividend policy and confidence in cash generation.

Analysts focused on the NYSE ADR delisting, green transition plans, demand outlook, reserves, dividend policy, CapEx, and downstream margin pressure. Management said the NYSE delisting was due to the ADR’s small trading weight versus H shares, the administrative burden of dual listing, and the fact that Hong Kong and Shanghai listings remain in place; it said the company would file delisting paperwork with the SEC on August 29 and expects the NYSE delisting process to finish on September 8. On energy transition, Dai said PetroChina is in the “clean alternative” stage, targeting 20,000 MW of wind/solar and 20 million square meters of geothermal heating this year, with 15 million tons of oil equivalent of new-energy capacity in the 14th Five-Year Plan period and a 2035/2050 path toward much higher new-energy share. On CapEx, Wan Jun said H1 CapEx was RMB 92.31 billion, with an average ROIC of 5.6%, and Yang Jigang said refining profitability was pressured by high crude costs and low margins but supported by inventory gains and strict cost control.