China's oil innovation drives quality development

Chinese oilOn 26 august, journalists were informed by the board of directors of the joint stock company that the company had been proactive in responding to changes in the market situation during the first half of the year, taking into account a combination of production operations, scientific and technological innovation, marketing, efficiency gains, steady increases in oil and gas equivalent production, further advances in refining transformations, sustained growth in sales of finished oil, gas and chemical products in the country, rapid developments in new energy materials and better-than-anticipated performance. In the first half of the year, the company achieved a business income of 1. 5 trillion yuan and net profits of 84. 01 billion yuan attributable to shareholders in the parent company. In a positive return to shareholders, the board decided to allocate 0. 22 million yuan per share of dividends in mid-2025, with an interest of $40. 26 billion, which continues to be at a historically high level over the same period。

Oil and gas production has continued to grow and new energy operations have developed rapidly. The company has vigorously pursued efficient exploration, focused on the basins, priority zones, and made many important breakthroughs and findings; sustained efficiency development, optimization of capacity-building deployments, increased and increased harvest rates, and accelerated the guimsar, gulong shale oil demonstration areas and dae ning-ou construction of a demonstration project on gas and gas in jizhou; active expansion of offshore oil and gas operations, optimization of asset allocation structures, enhancement of project operations management, increasing return on investment, with the first half of the year achieving a record increase in gas and gas equivalent production. The company continues to improve the layout of its new energy operations, accelerating the development of priority projects such as the luminous lumber of the tarrywood, the qingale wood and the jilinange wind power, as well as coordinating industry-wide efforts to advance the ccs operations。

The upgrading of refining transformations has been effective and new material operations have accelerated. The company maintains a high-end, green, intelligent direction and continues to promote refined structural adjustment and transformation upgrades, jilin petrochemicalization, guangxi petrochemical transformation upgrading projects, blue sea new materials high-end polyolefins, monopine petrochemical towers the rimethane ethylene ii project has been actively advanced. Optimizing the allocation of crude oil resources, dynamically adjusting product structures, increasing the development of new materials for new products, increasing production and marketing of high-efficiency, high-value-added refined oil and chemical products, ethylene production, chemical product sales, etc., are the best indicators in history over the same period, and maintaining the leading market share of such products as bonded bunker oil and paraffins。

Sales have increased efficiency and market ownership has steadily increased. Companies have strengthened market quantitative analysis, with differentiated marketing of varieties, subregions and customers; optimized lng terminal apostilles and charging operations, with significant increases in lngs and recharges; and actively expanded non-oil operations to achieve steady gains. Companies continue to improve the global trading network system, using both domestic and international markets and two resources in an integrated manner to help reduce the efficiency gains of industrial chains. In the first half of the year, the company's sales of vehicles increased by 58. 9 per cent over the same period, while power recharge increased by 213 per cent over the same period and the profits from non-oil operations by 5. 5 per cent over the same period。

Gas sales operations combine resources and markets to achieve double efficiency. Companies continuously optimized pool structures and combined procurement costs to improve market competitiveness; pursued integrated wholesale and retail marketing, and actively expanded direct marketing and industrial clients, working to increase efficient markets and high-end customer sales. In the first half of the year, corporate sales of natural gas increased by 2. 9 per cent over the same period; domestic sales of natural gas increased by 4. 2 per cent over the same period, to a record high over the same period。

Science, technology and innovation are enabling and core competitiveness is increasing. Firms strengthen innovation as a first development strategy, develop new qualitative productivity as appropriate, deepen the reform of sti institutional mechanisms, accelerate the transformation and upgrading of traditional industries, and actively nurture new and emerging industries to outpace future industries. Focus areas such as oil and gas exploration and development, refining and refining, and new materials for new energy sources to accelerate critical technological clearances and facilitate the rapid translation of scientific and technological results into real productivity. The implementation of the strategic “technology oil” initiative, which promotes the further integration of digital technology and energy industries, the development of a mix of industrial intelligence and the industrialization of digital intelligence, has resulted in a sustained improvement in the efficiency of the entire industrial chain。

In the second half of the year, companies will be closely following changes in international and domestic markets, strengthening situation analysis and insisting thatInnovative driversLead and drive operationsQuality developmentFull implementation of the annual production business target and high quality achievement of the “xiv-5” successful returns to shareholders and society with excellent performance。