中国石油（857.HK） 更新报告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------|---------------------------------------------------------------------------------------------------------|---------------------------------------------|----------------------------|----------------|-----------------------------------------------------------|--------------------------|-------|---------------------|-------------------------------| | | | 买入 | | | | | | | 2024 年 11 月 27 日 | | | 业绩符合预期，天然气业务增速明显 | | | ...

| --- | --- | --- | --- | |-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 中国石油 14 中国石油 2024 半年度報告 中國石油天然氣股份有限公司 DE START OF HITE | --- | --- | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

中国石油（857.HK） 更新报告 天然气业务增长迅猛，业绩分红创同期新高 陈晓霞 业绩分红创同期新高：业绩公司 2024 年上半年实现营业收入人民 币 15539 亿元，同比下增长 5%；实现归母净利润 886 亿元，同比 增长 3.9%。Q2 单季度实现营业收入 7417 亿元，同比下降 0.8%， 环比下降 8.7%。实现归母净利润 429 亿元，同比增长 3.0%.24 年 上半年原油平均价格上升及国内天然气业务量价齐升带来收入和利 润增长。公司派发中期股息 0.22 元/股（含税），现金分红比例达 到 45%。 油气和新能源业务：上半年国际油价高位震荡，上半年公司油气和 新能源分部实现营业收入 4497 亿元，同比增长 5.9%；实现经营利 润 917 亿元，同比增长 7.2%。上半年公司油气当量产量为 906 百 万桶，同比增长 1.3%，原油产量达到 475 百万桶，同比增长 0.1%，可销售天然气产量 2584 十亿立方英尺，同比增长 2.7%。同 时公司收购中油电能 100%股权，坚持绿色转型发展。 炼油业务承压，化工业务盈利提升：上半年公司共加工原油 693 百万桶，同比增长 3.0%；生 ...

8 2024 年上半年，全球天然氣市場供需基本面保持寬鬆，中國經濟穩步回升， 天然氣消費快速增長。據國家統計局、國家發展和改革委員會資料顯示，2024 年 上半年國內規模以上工業天然氣產量 1,236 億立方米，同比增長 6.0%；天然氣進 口量 6,465 萬噸，同比增長 14.3%；天然氣表觀消費量 2,137.5 億立方米，同比增 長 10.1%。 國內油氣業務 2024年上半年，本集團積極推動新能源大基地佈局和新能源指標競配，新獲風 光發電指標725萬千瓦，簽訂地熱供暖合同面積4,615萬平方米。加快推進重點項目 實施，大慶油田林甸160萬千瓦風電、新疆油田煤電一體化264萬千瓦光伏項目開工 建設，塔里木油田喀什110萬千瓦光伏項目全容量併網，新開工建設庫爾勒130萬千 瓦光伏項目。2024年上半年風光發電量21.7億千瓦時，比上年同期的8.5億千瓦時增 長154.5%。深入推進全產業鏈碳捕集、利用及封存（CCUS）業務發展，注入二氧 化碳83.7萬噸。 (a) 原油按 1 噸=7.389 桶，天然氣按 1 立方米=35.315 立方英尺換算。 年同期的 1,728.6 萬噸增長 10.2%，其中合成 ...

| --- | --- | --- | --- | --- | --- | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------|-------------------------------------------------------|---------------------------------------|----------------|-------------------------------|------------------------------| | | 增储上产深化一体优势，派息分红彰显央企实力 | 买入 | | | | 陈晓霞 | 2024 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 1 中國石油天然氣股份有限公司 PETROCHINA COMPANY LIMITED （於中華人民共和國註冊成立之股份有限公司） （於香港聯交所股票代碼：857；於上海證券交易所股票代碼：601857） 公告 二零二四年第一季度報告 中國石油天然氣股份有限公司（「本公司」）董事會、監事會及董事、監事、高級管理人員 保證本季度報告內容的真實、準確、完整，不存在虛假記載、誤導性陳述或者重大遺漏，並 承擔個別和連帶的法律責任。 本公司董事長戴厚良先生、董事兼總裁黃永章先生、財務總監王華先生保證本季度報告中財 務信息的真實、準確、完整。 | --- | --- | --- | --- | --- | |--------------|----------------------------------------------------|----------------------|--------------- ...

Corporate Governance and Board Activities - The Board of Directors' Sustainability Committee held 2 meetings during the reporting period, reviewing the company's 2022 ESG report and health safety environmental report, and forming committee resolutions[1] - The company's Supervisory Committee consists of 8 members, including 4 shareholder representatives and 4 employee representatives. The committee held 5 meetings during the reporting period, reviewing the company's 2022 annual report and quarterly reports for 2023[4] - The Supervisory Committee attended 4 Board meetings and submitted 4 proposals to the shareholders' meetings, providing oversight on the company's financials and the performance of directors and senior management[4][5] - The company held 4 shareholders' meetings in 2023, approving 9 ordinary proposals and 3 special proposals, including the 2022 financial report, profit distribution plan, and board authorization for share repurchase[20][21] - Shareholders holding 10% or more of the company's voting shares can request the Board to convene an extraordinary general meeting, and if the Board does not respond within 10 days, they can request the Supervisory Committee to convene the meeting[14][15] - The company's independent directors attended all shareholders' meetings and did not raise any objections to the resolutions passed[22] - The Board is responsible for preparing the company's annual financial statements in accordance with international financial reporting standards and Chinese accounting standards, ensuring true and fair reporting of the company's status[7] - The Board believes the company has sufficient resources to continue as a going concern in the foreseeable future, and the financial statements are prepared on a going concern basis[8] - Shareholders can submit written inquiries to the Board, and the company provides a Q&A session during shareholders' meetings, with written questionnaires available for shareholders who cannot attend[19] - The company's risk management and internal control details can be found in the "Corporate Governance Improvement" and "Internal Control System Improvement" sections of the annual report[10] - The company's board of supervisors submitted several proposals to the 2023 shareholders' meeting, including the 2022 Supervisory Committee Report and proposals on the appointment of auditors and the election of supervisors[79] - The company's board of supervisors reviewed and approved the company's compliance with laws and regulations, financial status, and environmental, social, and governance (ESG) practices in 2023[81][84] - The company's board of supervisors noted that all related party transactions in 2023 were conducted within approved limits and in compliance with regulatory requirements[83] Executive and Board Compensation - The company's board of directors includes Chairman Dai Houliang, Vice Chairman Hou Qijun, and other key executives, with total pre-tax compensation for 2023 ranging from 597,000 RMB to 1,502,000 RMB for non-independent directors[86] - The company's board of supervisors includes members such as Xie Haibing and Zhao Ying, with total pre-tax compensation for 2023 ranging from 906,000 RMB to 1,389,000 RMB for employee representatives[70] - The company's independent non-executive directors, including Jiang Xiaoming and Xiong Lushan, receive fixed salaries and meeting allowances, with compensation levels set based on market conditions and industry benchmarks[86] - The company's total pre-tax compensation for senior management in 2023 was 1,655 thousand RMB for the Safety Director, 432 thousand RMB for the Vice President and Chief Engineer, and 1,571 thousand RMB for the Vice President (including compensation from January to June as a supervisor and from June to December as Vice President)[97][102][104] - The company's total pre-tax compensation for employee representatives in 2023 was 357 thousand RMB for one supervisor and 1,571 thousand RMB for another (including compensation from January to June as a supervisor and from June to December as Vice President)[97][109] - The company's senior management, including Vice Presidents Zhu Guowen, Wan Jun, Wang Hua, Li Ruxin, He Jiangchuan, and Chief Geologist Jiang Tongwen, received pre-tax remuneration ranging from 867 to 1,597 thousand RMB in 2023[110] Financial Performance and Reporting - Revenue for Q1 2023 was RMB 732.471 billion, Q2 was RMB 747.4 billion, Q3 was RMB 802.264 billion, and Q4 was RMB 728.877 billion[148] - Net profit attributable to shareholders in Q1 2023 was RMB 43.63 billion, Q2 was RMB 41.646 billion, Q3 was RMB 46.375 billion, and Q4 was RMB 29.493 billion[148] - Operating cash flow for Q1 2023 was RMB 126.382 billion, Q2 was RMB 95.324 billion, Q3 was RMB 119.294 billion, and Q4 was RMB 115.596 billion[148] - Non-recurring losses for 2023 totaled RMB 25.986 billion, including RMB 11.325 billion from disposal of non-current assets and RMB 19.238 billion from tax and accounting adjustments[149] - The company proposed a final dividend of RMB 0.23 per share for 2023, totaling approximately RMB 42.095 billion[157] - The company's total share capital as of December 31, 2023, was 183,020,977,818 shares[157] - Revenue for 2023 reached RMB 3,011,012 million, a decrease of 7.0% compared to RMB 3,239,167 million in 2022[171] - Net profit attributable to parent company shareholders in 2023 was RMB 161,146 million, up 8.3% from RMB 148,743 million in 2022[171] - Total assets increased to RMB 2,752,448 million in 2023, up 3.1% from RMB 2,670,400 million in 2022[171] - Capital expenditures in 2023 amounted to RMB 275,338 million, slightly higher than RMB 274,307 million in 2022[171] - Net cash flow from operating activities in 2023 was RMB 456,596 million, a 16.0% increase from RMB 393,768 million in 2022[171] - The company's net profit under International Financial Reporting Standards (IFRS) was RMB 180,293 million, while under Chinese Accounting Standards, it was RMB 180,291 million, with a minimal difference of RMB 0.02 million[175] - The company's return on equity (ROE) for 2023 was 11.1%, up from 10.9% in 2022[171] - The company's total equity increased to RMB 1,630,373 million in 2023, up 6.3% from RMB 1,534,166 million in 2022[171] - Revenue for 2023 decreased by 7.0% to RMB 3,011,012 million compared to 2022[200] - Net profit attributable to parent company shareholders increased by 8.3% to RMB 161,144 million in 2023[200] - Operating cash flow increased by 16.0% to RMB 456,596 million in 2023[200] - Basic earnings per share increased by 8.3% to RMB 0.88 in 2023[200] - Total assets increased by 3.1% to RMB 2,752,710 million at the end of 2023[200] - Equity attributable to parent company shareholders increased by 5.9% to RMB 1,446,410 million at the end of 2023[200] Shareholder Information and Ownership - The company's total number of shareholders as of December 31, 2023, was 479,245, with 473,714 domestic A-share holders and 5,531 overseas H-share holders[178] - China National Petroleum Corporation (CNPC) holds 82.46% of the company's shares, totaling 150,923,565,570 shares, an increase of 3,819,948,462 shares during the reporting period[180] - China National Petroleum Corporation holds 82.46% of the total share capital[186] - BlackRock, Inc. holds 0.80% of the total share capital through H-shares[186] Business Operations and Strategy - The company's main businesses include exploration, production, and sales of crude oil and natural gas, as well as new energy and materials businesses[140] - The company is listed on the Shanghai Stock Exchange (A-share code: 601857) and the Hong Kong Stock Exchange (H-share code: 857)[142] - The company's registered office is located at No. 16 Ande Road, Dongcheng District, Beijing, China[142] - The company's financial reports are audited by PricewaterhouseCoopers Zhong Tian LLP in China and PricewaterhouseCoopers in Hong Kong[142] - The company expects China's GDP growth target to be around 5% in 2024[195] - The company plans to accelerate the development of new energy and new materials businesses in 2024[195] Executive and Board Member Backgrounds - The company's independent non-executive directors, Jiang Xiaoming and Xiong Lushan, have extensive experience in investment management and corporate governance, with Jiang holding a PhD in Economics from the University of Cambridge and Xiong having a background in tax advisory services[66][67] - The company's current Chairman, Dai Houliang, is 60 years old and holds a Ph.D. in Engineering. He has extensive experience in the petroleum industry, including roles at Sinopec and China National Petroleum Corporation (CNPC)[87] - Huang Yongzhang, aged 57, serves as the company's President and is a senior engineer with a Ph.D. He has held various leadership positions within CNPC, including roles in international operations and safety management[87] - Hou Qijun, aged 57, is the Vice Chairman of the company and holds a Ph.D. in Engineering. He has a strong background in oil and gas exploration and production, having served in multiple senior roles within CNPC[87] - Ren Lixin, aged 56, is a Senior Vice President and holds a Ph.D. in Engineering. He has extensive experience in the refining and chemical sectors, having served in various leadership roles within CNPC[87] - Xie Jun, aged 56, is a Director and holds a Ph.D. in Engineering. He has a strong background in natural gas and pipeline operations, having served in multiple senior roles within CNPC[87] - Zhang Daowei, aged 51, is a Senior Vice President and holds a Ph.D. in Engineering. He has extensive experience in oil and gas exploration and production, having served in various leadership roles within CNPC[87] - Cai Jinyong, aged 64, is an Independent Non-Executive Director with a Ph.D. in Economics. He has over 30 years of experience in the financial services industry, including roles at Goldman Sachs and Morgan Stanley[89] - Zhang Laibin, aged 62, is an Independent Non-Executive Director and a professor at China University of Petroleum (Beijing). He holds a Ph.D. and is a member of the Chinese Academy of Engineering[90] - He Jinglin, aged 48, is an Independent Non-Executive Director with a Ph.D. He has extensive experience in the banking and investment sectors, including roles at Macau Tai Fung Bank and Asia Pioneer Entertainment Holdings[91] - The company's executive directors and senior management have a strong background in engineering and petroleum industry, with most holding Ph.D. degrees and having extensive experience in various leadership roles within CNPC[87][89][90][91] - In 2023, the company underwent a board and senior management reshuffle, with several key positions including Executive Director, Chief Geologist, and Independent Non-Executive Directors being replaced due to term limits or age reasons[105] - Shen Fuxiao was appointed as the company's Safety Director in March 2024 and will receive remuneration from the company[111] - He Jiangchuan, Vice President, has been serving as the Executive Director of the Oil, Gas, and New Energy Division since May 2023[113] - Jiang Tongwen, Chief Geologist, has been the General Manager of the Science and Technology Management Department since June 2022[113] - Yang Weisheng, Chief Engineer, has been the Executive Director and President of the Petrochemical Research Institute since June 2022[113] - Shen Fuxiao, Safety Director, also serves as the Deputy Safety Director of China National Petroleum Corporation and General Manager of the Quality, Health, Safety, and Environmental Protection Department[113] - Tian Jinghui resigned as Vice President due to age reasons on January 6, 2023[116] Financial Reporting and Auditing - The company's financial reports for 2023 were prepared in accordance with both Chinese Accounting Standards and International Financial Reporting Standards and were audited by PricewaterhouseCoopers Zhong Tian LLP and PricewaterhouseCoopers[129] - The company's registered Chinese name is China National Petroleum Corporation, with Dai Houliang as the legal representative[131][132] - The company's contact address is 9 Dongzhimen North Street, Dongcheng District, Beijing, China, with a fax number of 86(10) 6209 9557 and a phone number of 86(10) 5998 2622[133][134][136] Risk Management and Exchange Rate Impact - The company's financial performance is subject to exchange rate risk due to its operations in both RMB and foreign currencies, with potential impacts from fluctuations in the RMB exchange rate[76]

ll 中石油 ■ 中石化 出版中 ■ 25000 20000 15000 10000 5000 数据来源：Wind，东吴证券研究所 图9: 三桶油天然气产量(亿立方米) ll 中石油 ■中石化 ■ 中海油 1600 1400 1200 1000 800 600 400 200 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 数据来源:Wind,东吴证券研究所 图11: 三桶油储量寿命(年) -中石油 一中石化 =中海油 20 15 10 5 0 数据来源：Wind，东吴证券研究所 图7: 三桶油天然气储量(亿立方米) 6 / 9 东吴证券研究所 海外公司研究简报 5. 油价观点 紧平衡趋势不改，看好油价高位运行。 1）供给端：紧张。能源结构转型背景下，国际石油公司资本开支增速放缓，且将资 本开支更多用于分红、还债和并购，倾向于获得即期产量的增加，而非用来进行远期的 勘探开发。分国别来看，美国原油钻机与压裂数据下滑，DUC 数量处于低位，长期增产 能力不强，同时 SPR 释放进入尾声，逐渐将转向补库；OPEC+减产力度加大，托底油价 意 ...

於 2023 年 12 月 31 日，本公司的股東總數為 479,245 名，其中境內 A 股股 東 473,714 名，境外 H 股記名股東 5,531 名。本公司最低公眾持股量已滿足《香 港聯合交易所有限公司證券上市規則》（「《香港上市規則》」）及《上海證券 交易所股票上市規則》的規定。 | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------|-----------|-----------------------------|----------------------------------------------|-----------------------------------------------------------------|--------------------------------------------| | 2023 年末股東總數 \n2023 年末前 10 名股東持股情況 \n股東名稱 | 股東 性質 | ...

1 公告 二零二三年第三季度報告 中國石油天然氣股份有限公司（「本公司」）董事會、監事會及董事、監事、高級管理人員 保證本季度報告內容的真實、準確、完整，不存在虛假記載、誤導性陳述或者重大遺漏，並 承擔個別和連帶的法律責任。 本公司董事長戴厚良先生、董事兼總裁黃永章先生、財務總監王華先生保證本季度報告中財 務信息的真實、準確、完整。 一、主要財務數據 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------|---------------------|---------------------------------|-----------------------------------------------|------------------------------------------------|-----------|---------------------------------|--------------------------------- ...