Middle East situation exceeds expectations! China National Petroleum Corporation responds with full confidence

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“Since late February, the Middle East situation has gone beyond what many people expected.” At the 2025 annual results briefing held on March 30, Dai Houliang, Chairman of China National Petroleum Corporation (China Petroleum), responded to the impact brought by the U.S.-Israel-Iran war and gave a detailed introduction to the company’s related businesses and response measures.

Dai Houliang said that the company’s self-produced crude oil and self-produced natural gas, as well as the crude oil and natural gas imported through pipelines, and the overseas share oil, share gas, and long-term contract resources from non-Middle East regions—together account for about 90% of the company’s crude oil processing volume and natural gas sales volume.

“Put another way, the crude oil and natural gas imported through the Strait of Hormuz account for about 10% of total operating volume.” Dai Houliang said that the company’s two major upstream and downstream oil-and-gas industrial chains can remain stably operational for the long term at relatively high capacity utilization. However, investment businesses in the Middle East have been affected to varying degrees.

According to the introduction, in 2025, China Petroleum has specifically developed a contingency plan for trade supply assurance to maintain the security and stability of the supply chain. This plan is currently being implemented in an orderly manner, and will be revised and improved in practice.

China Petroleum is the largest oil and gas producer and seller in China’s oil and gas industry with a dominant position. It is also one of China’s companies with the largest sales revenue, and one of the world’s largest oil companies. Its main businesses include the exploration, development, production, transportation, and sales of crude oil and natural gas, as well as new energy businesses; the refining of crude oil and petroleum products, the production and sales of basic and derivative chemical products, other chemical products, and new materials businesses, among others.

Judging from the latest disclosed annual report, in 2025, China Petroleum achieved steady development despite a sharp decline in international oil prices. It achieved operating revenue of 2.86 trillion yuan, and attributable net profit of about 157.3 billion yuan (RMB). The board of directors recommended a total dividend payout of about 45.755 billion yuan. Last year, the company’s full-year production of oil-and-gas-equivalent volume was 1,841.9 million barrels, up 2.5% year over year.

Dai Houliang said that through efforts during the “14th Five-Year Plan” period, China Petroleum has already become the world’s third-largest oil company, second-largest refining company, and fourth-largest chemical company. New businesses such as new energy and new materials have developed rapidly. Currently, the company’s goal is to build a world-class energy and chemical company.

Looking ahead to the “15th Five-Year Plan,” Dai Houliang said the company will continue to intensify efforts in domestic oil and gas exploration and development, as well as increasing reserves and production, striving to achieve stable and sustainable crude oil production, efficient natural gas production increases, and a synchronized growth in both volume and benefits for shale oil and gas. In 2026, China Petroleum plans crude oil production of 941.3 million barrels, and a saleable natural gas production volume of 5,470.5 billion cubic feet, with total oil-and-gas-equivalent of 1,853.4 million barrels.

In the future, the company will accelerate the advancement of a “two-wheel drive” strategy for energy and chemicals, and promote coordinated development between traditional industries and emerging industries. In line with directions of intelligentization, greening, and integration, the company will systematically deploy and tackle key technologies, focusing on cultivating and growing emerging industries such as new energy and new materials, as well as future industries.

The company has set clear plans: by 2030, new energy will account for more than 20% of the proportion of its oil-and-gas businesses; by 2035, new energy and the oil and gas businesses will each occupy one-third of the market.

As of the close on March 30, China Petroleum’s A-share stock price was 12.44 yuan per share, with a total market value of 2.22 trillion yuan.

Author: Lin Yulian, Zeng Qingyi

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