Petrovietnam Drilling and Well Service Corporation (PV Drilling) has released its 2025 results, marking the strongest performance in a decade.

Along with this, the company reported estimated revenue of $420 million approximately, up 10 per cent on-year. Pre-tax and after-tax profits came to $44 million and $33.2 million, up 17 per cent and 19 per cent, respectively, compared to 2024.

These figures mark PV Drilling’s highest profit level since 2015. Compared to the annual plan, actual revenue exceeded the target by 46 per cent, while pre-tax and after-tax profits were 39 per cent and 57 per cent higher than projections, respectively.

Photo: Petrovietnam

Sharing the same upward momentum, Binh Son Refining and Petrochemical JSC and Petrovietnam Gas Corporation (PV GAS) also recorded strong results.

Binh Son Refining and Petrochemical produced 7.9 million tonnes, equivalent to 108 per cent of its plan, generating revenue of around $5.7 billion and contributing $570 million to the state budget.

In the fourth quarter of 2025 alone, the company posted a sharp turnaround, swinging from a $4.1 million contraction in the same period last year to posting a pre-tax profit of more than $81.5 million in the period.

For the full year, its pre-tax profit reached 181.6 million, exceeding the annual plan by 262 per cent and more than six times higher than the $29.4 million level recorded one year ago.

The company noted that 2025 was a challenging year as Brent Crude prices fell by nearly 20 per cent to around $64 per barrel, while exchange rates climbed and competition from regional supply intensified.

Despite these headwinds, the company managed to swim against the tide through an operational optimisation strategy. In the second half of the year, the Dung Quat Refinery maintained an average equivalent capacity utilisation rate of up to 122 per cent, helping second-half profits surge by 113 per cent compared with the first half, despite unfavourable market conditions.

Similarly, PV GAS reported estimated consolidated revenue of $5.36 billion, up 27 per cent on-year, while pre-tax profit reached $580 million, up 10 per cent, completing 181 per cent of its revenue target and 218 per cent of its profit target for 2025.

A key highlight for PV GAS in 2025 was record liquefied petroleum gas/liquefied (LPG/LNG) natural gas trading volume of more than 5 million tonnes, 2.65 times higher than the plan.

Domestic consumption grew steadily by 8 per cent, while international trading surged to over 3.2 million tonnes, double the 2024 level.

LPG/LNG activities currently account for about 56 per cent of total consolidated revenue, with international business contributing 34 per cent, already surpassing the strategic target set for 2030.

On the investment front, PV GAS disbursed more than $136 million in 2025, equivalent to 103 per cent of the plan, and secured approval for major infrastructure projects such as the Vung Ang LNG terminal and the Haiphong refrigerated LPG storage facility.

For 2026, PV GAS targets 10 per cent revenue growth, focusing on international markets and clean energy, with plans to pilot green hydrogen production at the Dinh Co Gas Processing Plant from the first quarter of 2026.

As for Petrovietnam Coating JSC (PV Coating), although it has yet to disclose detailed 2025 financial figures, the company said key economic and financial indicators – including output, revenue, profit, state budget contributions and employee income – were all higher than in 2024 and above the 2025 plan.

PV Coating completed pipe coating contracts (onshore and infield pipelines) for the Lo B-O Mon gas pipeline chain – Vietnam’s crucial national energy project, as well as the Lac Da Vang and Thien Nga–Hai Au oil-field projects.

The company also continued to expand research, development and non-core services, such as internal coating for fuel pipelines at Long Thanh Airport, field joint coating for offshore pipelines at Lac Da Vang, Thien Nga–Hai Au projects, fireproof coating, maintenance and repair services, and trading activities.

According to Petrovietnam Securities JSC, the Vietnam National Industry-Energy Group (Petrovietnam) is rapidly aligning with the upstream investment trend, with plans to allocate up to 52 per cent of its total $2 billion investment budget to this segment.

Driving the sector’s overall momentum is the Lo B-O Mon mega project, which has entered a synchronised implementation phase, targeting the first gas stream by August 2027.

The massive scale is expected to generate abundant workloads and long-term benefits for upstream service providers such as Petrovietnam Technical Services Corporation and PV Drilling.

In addition, the oil and gas industry outlook has been further bolstered by positive progress at the Lac Da Vang oil-field, highlighted by the successful launch of the jacket and piles for the Lac Da Vang A platform.

In the downstream segment, global refining margins are forecast to remain elevated in 2026 due to constrained supply in developed markets.

Meanwhile, the midstream segment is expected to see divergence. Crude oil transportation is likely to remain stable, supported by stockpiling demand amid declining oil prices, while refined product transportation may face challenges as importing countries ramp up their domestic refining capacity.