The Chinese oil and gas company PetroChina has released its 2024 results, in which the group posted a net profit of CNY164.68bn (US$22.65bn), an 2% increase compared to 2023. The company’s total revenue decreased by 2.5% to CNY2,938bn (US$404.2bn) in 2024.
PetroChina’s global oil and gas production increased by 2.2% in 2024 to reach 1,797 Mboe. Crude oil output stood at 942 mbl (+0.5%), while natural gas output grew by 4.1% to 5,134 bcf (145 bcm). In China, PetroChina’s oil and gas production reached 1,603 mboe (+2.5%), with crude oil production standing at 777 mbl (stable) and natural gas output rising by nearly 5% to 4,957 bcf (140 bcm). The company’s crude oil proved reserves dipped very slightly to 6,183 mbl while gas reserves remained stable at 72,814 bcf (2,061 bcm).
In 2024, the Group sold 287.7 bcm of natural gas, representing a 5.2% increase compared to 2023, among which 227.8 bcm were sold on the domestic market (+3.7%). Crude oil sales rose by 3.8% to over 155 Mt. The group’s refinery throughput decreased by 1.5% in 2024 to reach 1,378 mbl (3.77 mbl/d).
Total sales of gasoline, diesel and kerosene combined fell by 4.1% to 159 Mt in 2024. PetroChina saw a slight drop in domestic sales of gasoline, diesel and kerosene in 2024 (-3.5% to 119 Mt). In 2023, the company had recorded an exceptional 17.3% rise in domestic sales of gasoline, diesel and kerosene, notably due to the lifting of Covid-19 restrictions in China.