China Petroleum & Chemical Corporation (00386.HK 0192837465657483920 Net profit of 32.476 billion yuan in 2025, proposing a dividend of 0.112 yuan per share

China Petroleum & Chemical Corporation (00386.HK) announced its annual results on March 22. For the year 2025, under International Financial Reporting Standards, the company achieved total revenue of RMB 2.78 trillion. The net profit attributable to shareholders was RMB 32.476 billion, with earnings per share of RMB 0.268. The company plans to pay a final cash dividend of RMB 0.112 per share (tax included), and total cash dividends for the year will be RMB 0.2 per share (tax included).

During the reporting period, the total oil and gas production was 525.28 million barrels of oil equivalent, an increase of 1.9% year-on-year. Natural gas production reached 14,566 billion cubic feet, up 4% year-on-year, setting a new record high. The company processed 250 million tons of crude oil and produced 149 million tons of refined oil, with jet fuel production increasing by 7.3% year-on-year. Total refined oil sales reached 229 million tons. Sales of chemical products totaled 87.12 million tons, a 3.6% increase. The company leads the nation in high-end carbon materials, and the development of new chemical materials like POE is accelerating. Sales of LNG for vehicles increased by 74% year-on-year, and charging and swapping volumes increased by 182%. LNG refueling and hydrogenation businesses remain the top in the country, maintaining the world’s largest supply of low-sulfur marine fuel.

In 2026, the company plans to produce 280.91 million barrels of crude oil, including 25.31 million barrels abroad. It aims to produce 14,717 billion cubic feet of natural gas. The annual plan includes processing 250 million tons of crude oil and producing 148 million tons of refined oil. Domestic refined oil sales are targeted at 170 million tons. The company also plans to produce 15.8 million tons of ethylene.

For 2026, the company plans capital expenditures of RMB 131.6 billion to RMB 148.6 billion. Of this, RMB 72.3 billion will be allocated to exploration and development, mainly for crude oil capacity expansion at Jiyang, Tahe, and other sites, as well as natural gas capacity in Western Sichuan and Southern Sichuan, and oil and gas storage and transportation facilities. Refining capital expenditure is RMB 17.3 billion, mainly for technological upgrades at Guangzhou Petrochemical and the transformation and upgrading of Maoming refinery. Marketing and distribution will allocate RMB 9 billion for developing a comprehensive fueling station network. Chemical sector investments will total RMB 28.2 billion, mainly for projects at Maoming, Qilu Ethylene, and Jiujiang Aromatics. Headquarters and other investments will be RMB 4.8 billion, focusing on technological R&D and digitalization projects. The company will also flexibly allocate RMB 17 billion based on market conditions.