PetroChina's Q1 profit rises amid stable production and sales

PetroChina (SSE:601857) announced a net profit attributable to equity shareholders of CNY46.81 billion for the first quarter of 2025, a 2.3% increase compared to CNY45.77 billion in the same period last year. Revenue decreased by 7.3% to CNY753.11 billion due to lower oil prices and reduced product sales. However, domestic natural gas sales volumes increased, contributing to the profit rise. The company achieved a total oil and gas output of 467 million barrels of oil equivalent. Operating costs decreased, with oil and gas operation expenses at USD9.76 per barrel. The board approved the Q1 report at its twelfth meeting and confirmed the company's financial integrity. Despite declining international oil prices, overall sales remained stable.