PetroChina expands gas storage, approves interim dividend despite profit dip

PetroChina’s wholly-owned subsidiary, Taihu Investment (Beijing) Co., Ltd., will establish three joint ventures to acquire 100% equity in Xinjiang Oilfield Gas Storage Company, Xiangguosi Gas Storage Company, and Liaodong Oilfield Gas Storage Company from China National Petroleum Corporation’s (CNPC) subsidiaries. The total transaction value for these acquisitions is 99.95 bn yuan, 170.66 bn yuan, and 129.55 bn yuan, respectively, and is deemed a related party transaction. The acquisitions aim to enhance the company’s gas storage capacity, supporting the stable operation and high-quality development of its natural gas value chain.

The company also announced an interim cash dividend of 0.22 yuan per share (including tax) for 2025, totaling approximately 402.65 bn yuan based on 183,020,977,818 shares outstanding as of June 30, 2025. This dividend payout is scheduled for September 17, 2025, for A-share holders and around October 23, 2025, for H-share holders.

For the first half of 2025, PetroChina reported a slight decrease in operating revenue to 1,450.099 bn yuan and net profit attributable to parent company shareholders to 84.007 bn yuan, down 6.7% and 5.4% respectively. This was primarily due to lower crude oil and refined oil product prices. The company also noted a 4.0% increase in net cash flow from operating activities, reaching 227.063 bn yuan.