Financial Performance - The company reported a pre-tax profit of RMB 2,500,861 million in 2022, compared to RMB 2,047,256 million in 2021, marking an increase of 22.1%[13]. - The pre-tax profit for 2022 was RMB 213,277 million, up 34.8% from RMB 158,203 million in 2021[15]. - The net profit attributable to shareholders was RMB 149,380 million, representing a significant growth of 62.1% from RMB 92,170 million in the previous year[47]. - The company's operating revenue for 2022 reached RMB 3,239,167 million, a growth of 23.9% from RMB 2,614,349 million in 2021[74]. - The basic earnings per share increased to RMB 0.82, up 62.1% from RMB 0.50 in 2021[47]. - The total dividend distribution to shareholders for 2022 was RMB 77,341 million, compared to RMB 41,476 million in 2021, reflecting a significant increase[16]. Assets and Liabilities - Non-current assets increased to RMB 2,059,618 million as of December 31, 2022, compared to RMB 2,021,424 million in 2021, reflecting a growth of 1.9%[11]. - Current assets rose to RMB 613,867 million in 2022, up from RMB 480,838 million in 2021, marking an increase of 27.7%[11]. - Total liabilities increased to RMB 624,263 million in 2022, compared to RMB 518,158 million in 2021, representing a growth of 20.5%[11]. - The company's total equity reached RMB 1,537,853 million as of December 31, 2022, compared to RMB 1,408,869 million in 2021, representing an increase of 9.2%[11]. - The company's total assets as of December 31, 2022, amounted to RMB 2,673,751 million, reflecting a 6.8% increase from RMB 2,502,262 million in 2021[74]. - The company's total liabilities as of December 31, 2022, were RMB 1,135,648 million, a 3.9% increase from RMB 1,093,409 million in 2021[175]. Cash Flow and Capital Expenditures - The company reported a net cash flow from operating activities of RMB 393,768 million, up 15.3% from RMB 341,469 million in 2021[47]. - The total capital expenditure for the year was RMB 274,307 million, reflecting a 9.2% increase from RMB 251,178 million in the previous year[168]. - Capital expenditures in the oil and gas and new energy segment reached RMB 221,592 million, focusing on exploration and development in key basins and new energy projects[146]. - The refining, chemical, and new materials segment had capital expenditures of RMB 41,771 million, primarily for transformation and upgrading projects[147]. Production and Sales - In 2022, the company's crude oil production reached 906.2 million barrels, an increase of 2.1% year-on-year[68]. - Domestic crude oil production reached 767.4 million barrels, a 1.9% increase from 753.4 million barrels in 2021[87]. - The total natural gas production was 4,675.0 billion cubic feet, a 5.8% increase from 4,420.0 billion cubic feet in 2021[87]. - The company sold 260.284 billion cubic meters of natural gas, a decrease of 5.0% compared to the previous year, while domestic sales increased by 6.4% to 207.096 billion cubic meters[96]. Strategic Initiatives and Future Outlook - The company aims to implement five major development strategies: innovation, resources, market, internationalization, and green low-carbon development[172]. - The company plans to enhance its main business, strengthen management, and focus on quality improvement, green transformation, digital transformation, and risk prevention[172]. - The company is committed to optimizing asset and business structures while expanding its market presence in regions like the Middle East, Central Asia, and the Americas[196]. - The company plans to enhance exploration and development in key basins such as Songliao, Ordos, and Tarim, focusing on unconventional resources and clean energy projects in 2023[196].

Financial Performance - Operating revenue for Q3 2022 reached RMB 840.78 billion, a 23.0% increase compared to RMB 683.76 billion in Q3 2021[3] - Net profit attributable to shareholders for Q3 2022 was RMB 37.88 billion, representing a 71.5% increase from RMB 22.09 billion in Q3 2021[3] - Basic earnings per share for Q3 2022 were RMB 0.21, a 71.5% increase from RMB 0.12 in Q3 2021[4] - The net profit for the nine-month period ended September 30, 2022, was RMB 120.27 billion, a 60.1% increase from RMB 75.13 billion in the same period of the previous year[3] - Operating revenue for the oil and gas segment was RMB 688.759 billion, a 41.3% increase year-on-year[12] - Operating revenue for the refining and chemical segment was RMB 879.521 billion, a 24.6% increase year-on-year[15] - Operating revenue for the nine months ended September 30, 2022, was RMB 2,455,401 million, a 30.5% increase from RMB 1,880,341 million in the same period of 2021[26] - Net profit for the nine months ended September 30, 2022, reached RMB 133,630 million, up 43.6% from RMB 93,055 million in the previous year[26] Cash Flow and Assets - Net cash flow from operating activities for the year-to-date period was RMB 313.55 billion, an increase of 38.3% from RMB 226.75 billion in the previous year[6] - Total assets as of the end of the reporting period were RMB 2,793.58 billion, an 11.6% increase from RMB 2,502.53 billion at the end of the previous year[6] - The company's total liabilities increased to RMB 782,691 million as of September 30, 2022, compared to RMB 672,809 million at the end of 2021, marking a growth of approximately 16.3%[24] - The ending balance of cash and cash equivalents as of September 30, 2022, was RMB 235,264 million, compared to RMB 172,580 million at the end of September 2021, reflecting a growth of about 36.3%[29] - Cash inflow from operating activities for the nine months ended September 30, 2022, was RMB 1,426,190 million, an increase from RMB 1,280,514 million in 2021, representing a growth of approximately 11.4%[30] Production and Sales - Domestic crude oil production reached 576.9 million barrels, an increase of 2.7% year-on-year[12] - Total natural gas sales volume was 3,444.8 billion cubic feet, up 5.0% compared to the same period last year[14] - Overall crude oil production was 677.0 million barrels, reflecting a year-on-year growth of 2.2%[14] - The average realized price of crude oil for the first three quarters of 2022 was $95.19 per barrel, an increase of 51.9% year-on-year[11] - The average realized price of domestic natural gas was $7.78 per thousand cubic feet, reflecting a year-on-year increase of 31.2%[11] Shareholder Information - As of the reporting period, the total number of shareholders is 565,335, with 559,483 being A-share shareholders[9] - The total equity attributable to shareholders rose to RMB 1,342,959 million, up from RMB 1,263,561 million, representing a growth of 6.3%[34] Research and Development - Research and development expenses for the three months ending September 30, 2022, were RMB 4,816 million, up from RMB 3,706 million in the same period of 2021, indicating a growth of 29.9%[25] Market Conditions and Strategy - The company has effectively ensured stable supply of oil and gas resources while benefiting from rising international oil prices[11] - The company aims to enhance the integration of oil and new energy, focusing on wind, solar, and carbon capture technologies[12] - The company is committed to high-quality development and has implemented measures to enhance exploration and production efficiency[11]

Financial Performance - Operating revenue for the first half of 2022 was RMB 1,614,621 million, representing a growth of 34.9% year-on-year[8]. - Net profit attributable to shareholders of the parent company was RMB 82,391 million, a significant increase of 55.3% compared to the same period last year[8]. - Basic earnings per share for the reporting period was RMB 0.45, up 55.3% from RMB 0.29 in the previous year[8]. - Net cash flow from operating activities amounted to RMB 196,061 million, reflecting a 69.0% increase year-on-year[8]. - The return on equity (ROE) for the reporting period was 6.2%, an increase of 2.0 percentage points compared to the previous year[8]. - The company achieved a significant improvement in free cash flow due to the substantial rise in international oil prices[24]. - The company reported a total revenue of RMB 1,633,397 million from sales of goods and services, representing a 17.3% increase from RMB 1,392,189 million in the same period last year[121]. - The total profit for the period was RMB 118,332 million, a 35.9% increase from RMB 87,015 million in the same period last year[119]. - The company’s total comprehensive income for the six months ended June 30, 2022, was RMB 69,548 million, compared to RMB 34,076 million for the same period in 2021, indicating a significant increase of approximately 104.5%[124]. Assets and Liabilities - Total assets as of June 30, 2022, reached RMB 2,772,369 million, an increase of 10.8% compared to the previous year[8]. - Total liabilities reached RMB 1,276.86 billion, a 16.8% increase from the end of 2021, with current liabilities rising by 45.2%[47]. - The company's equity attributable to shareholders was RMB 1,334.62 billion, reflecting a 5.6% increase from the end of 2021, mainly due to retained earnings growth[47]. - The net debt as of June 30, 2022, was RMB 114.55 billion, down from RMB 203.66 billion at the end of 2021[51]. - Current assets amounted to RMB 752.63 billion, up 56.5% from the end of 2021, primarily due to increases in cash, inventory, accounts receivable, and derivative financial assets[46]. - The debt-to-capital ratio as of June 30, 2022, was 18.3%, a decrease from 19.5% at the end of 2021[53]. Shareholder Information - As of June 30, 2022, the total number of shareholders is 598,182, with 592,279 domestic A-share shareholders and 5,903 overseas H-share shareholders[16]. - The largest shareholder, China National Petroleum Corporation, holds 146,882,339,136 shares, representing 80.25% of the total shares[16]. - The company declared an interim dividend of RMB 0.20258 per share, totaling RMB 37.076 billion based on the total share capital of 183,020,977,818 shares as of June 30, 2022[4]. - The company distributed RMB 17,610 million to shareholders during the six months ended June 30, 2022, up from RMB 16,000 million in the same period of 2021[124]. Production and Sales - In the first half of 2022, the company's domestic crude oil production reached 387.7 million barrels, a year-on-year increase of 3.4%[30]. - The company's total oil and gas equivalent production was 845.0 million barrels, an increase of 3.1% compared to the same period last year[30]. - The average price of Brent crude oil in the first half of 2022 was $107.94 per barrel, up 66.1% year-on-year[25]. - The sales volume of gasoline, kerosene, and diesel was 7,143.3 million tons, a decline of 11.1% year-on-year[34]. - The company's sales of marketable natural gas reached 2,358.2 billion cubic feet, a year-on-year increase of 4.4%[29]. - Domestic sales of natural gas amounted to 103.719 billion cubic meters, representing a 7.8% increase from the previous year[36]. Expenses and Costs - The company's operating expenses rose to RMB 1,495.606 billion, a 35.0% increase year-on-year, driven by higher procurement costs[39]. - Employee costs rose by 12.1% to RMB 74.927 billion, linked to performance-based salary adjustments[39]. - Exploration expenses increased by 15.2% to RMB 12.839 billion, as the company intensified oil and gas exploration efforts[40]. - The average realized price of crude oil increased by 60.1% to RMB 4,807 per ton, despite a 17.2% decrease in sales volume[38]. Strategic Initiatives - The company is actively promoting the development of new energy and new materials, including the construction of a CCUS demonstration project[28]. - The company plans to continue optimizing its product structure and enhancing market marketing efforts to increase sales revenue[24]. - The company aims to enhance exploration efficiency and focus on strategic areas to achieve significant discoveries and breakthroughs in oil and gas reserves[60]. - The company is focusing on international business by enhancing exploration efforts in Kazakhstan and Oman, with a goal of achieving more significant oil and gas discoveries[63]. - The company is accelerating the development of renewable energy projects, including solar and wind power, to support its green low-carbon transition[63]. Regulatory and Compliance - The company has not faced any investigations or legal actions from authorities during the reporting period[81]. - The company has complied with all provisions of the standards for securities trading by directors during the reporting period[81]. - The company is subject to regulatory risks related to the oil and gas industry, which may impact its operations and financial performance[89]. Financial Instruments and Accounting - The company classifies financial assets into categories based on their management business model, including those measured at amortized cost and those measured at fair value with changes recognized in other comprehensive income[136]. - Financial assets measured at fair value with changes recognized in profit or loss include trading financial liabilities and derivatives, with gains or losses recognized in the current period[140]. - The company recognizes impairment losses based on expected credit losses for financial assets measured at amortized cost and certain debt investments[144]. - The group recognizes revenue when the customer obtains control of the relevant goods or services, indicating that the customer can direct the use and obtain almost all economic benefits from the goods[195].

Financial Performance - Operating revenue for the period was RMB 779,368 million, representing a 41.2% increase year-on-year[3] - Net profit attributable to shareholders of the parent company was RMB 39,060 million, up 40.9% from the previous year[3] - Basic and diluted earnings per share were both RMB 0.21, reflecting a 40.9% increase compared to RMB 0.15 in the previous year[3] - The return on equity (ROE) increased to 3.0%, up 0.8 percentage points from the previous year[3] - The company reported a gross profit margin of approximately 20.0% for Q1 2022, compared to 22.9% in Q1 2021[19] - The company reported a net profit of RMB 43,636 million for the three months ended March 31, 2022, compared to RMB 31,645 million in the same period of 2021, representing a growth of 38.0%[21] - Total revenue for Q1 2022 reached RMB 779,368 million, a 41.2% increase from RMB 551,923 million in Q1 2021[19] Assets and Liabilities - Total assets at the end of the reporting period reached RMB 2,610,802 million, an increase of 4.3% compared to the previous year[3] - Total liabilities as of March 31, 2022, were RMB 1,158,502 million, an increase from RMB 1,093,409 million at the end of 2021, representing a growth of 5.9%[18] - Current assets increased to RMB 602,459 million from RMB 480,838 million, marking a rise of 25.3%[17] - The company’s total liabilities increased to RMB 603,570 million as of March 31, 2022, from RMB 518,158 million at the end of the previous year[23] Cash Flow - The net cash flow from operating activities was RMB 84,425 million, a significant improvement from a cash outflow of RMB 1,800 million in the same period last year[3] - Operating cash flow for the three months ended March 31, 2022, was RMB 91,742 million, a significant increase from RMB 1,276 million in the same period of 2021[24] - Cash and cash equivalents at the end of the period were RMB 170,528 million, an increase from RMB 111,798 million at the end of the same period in 2021[20] Production and Sales - The total oil and gas equivalent production for the first quarter of 2022 was 430.9 million barrels, a year-on-year increase of 3.3%[9] - Domestic oil and gas equivalent production was 389.8 million barrels, reflecting a year-on-year growth of 4.5%[9] - Oil production reached 224.9 million barrels, a year-on-year increase of 1.6%[10] - Domestic oil production was 192.6 million barrels, up 3.7% from the previous year[10] - Natural gas sales in China increased by 10.9% to 60.615 billion cubic meters[14] Capital Expenditures - The company incurred capital expenditures of RMB 51,812 million, up from RMB 36,967 million in the same period of 2021[25] Market and Strategic Focus - The company plans to continue focusing on market expansion and new technology development to drive future growth[2] - The company continues to enhance its green low-carbon transformation and strengthen ESG management[9]

Financial Performance - The company's operating revenue for 2021 was RMB 2,614,349 million, representing a 35.2% increase compared to RMB 1,933,836 million in 2020[17]. - The net profit attributable to shareholders of the parent company for 2021 was RMB 92,161 million, a significant increase from RMB 19,002 million in 2020[17]. - The basic and diluted earnings per share for 2021 were RMB 0.50, up from RMB 0.10 in 2020[17]. - The total assets at the end of 2021 were RMB 2,502,533 million, a slight increase of 0.6% from RMB 2,488,400 million at the end of 2020[17]. - The net cash flow from operating activities for 2021 was RMB 341,469 million, reflecting a 7.2% increase from RMB 318,575 million in 2020[17]. - The company reported a weighted average return on equity of 7.4% for 2021, up from 1.6% in 2020, indicating improved profitability[17]. - The total liabilities decreased to RMB 1,093,393 million in 2021 from RMB 1,121,505 million in 2020, showing a reduction in financial leverage[17]. - The company incurred non-recurring losses totaling RMB 7,370 million in 2021, primarily due to asset disposals and other adjustments[21]. - The company reported a free cash flow growth of 13.8% compared to the previous year[48]. - The company's operating profit was RMB 1,611.53 billion, reflecting a 112.2% increase year-on-year[79]. Shareholder Information - PetroChina proposed a final dividend of RMB 0.09622 per share, totaling RMB 17.61 billion based on a total share capital of 183,020,977,818 shares as of December 31, 2021[9]. - The company maintained a total share capital of 1,830.21 billion shares throughout 2021, with no new shares issued[17]. - As of December 31, 2021, the total number of shareholders was 618,008, with a mix of domestic and international investors[31]. - The largest shareholder, China National Petroleum Corporation, holds 80.25% of the shares, totaling 146,882,339,136 shares[32]. - The company distributed a cash dividend of RMB 41,476 million in 2021, which accounted for 45% of the net profit attributable to the parent company[124]. - The cash dividend policy stipulates a minimum distribution of 30% of the net profit attributable to the parent company, provided that the cash flow supports sustainable operations[121]. - The company has maintained a stable and positive dividend policy, which has been well received by shareholders[122]. Operational Highlights - The company plans to produce 898.6 million barrels of crude oil and 4,625.1 billion cubic feet of marketable natural gas in 2022[50]. - The domestic crude oil production in 2021 was 19.898 million tons, a year-on-year increase of 2.4%[55]. - The company processed 1,225.0 million barrels of crude oil, a year-on-year increase of 4.0%[68]. - The company’s total proven oil reserves increased by 16.5% to 6,064 million barrels[64]. - The company’s total proven natural gas reserves decreased by 2.0% to 74,916 billion cubic feet[64]. - The company’s sales of marketable natural gas reached 4,420.0 billion cubic feet, a year-on-year increase of 4.7%[63]. - The company’s refining and chemical products sales volume increased by 6.7% year-on-year[65]. - The total sales of gasoline, kerosene, and diesel reached 163.3 million tons, a year-on-year increase of 1.3%[70]. Strategic Initiatives - The company is committed to building a world-class comprehensive international energy company and implementing high-quality development strategies[43]. - The company has implemented strategies focusing on innovation, resource management, market expansion, internationalization, and green low-carbon initiatives[43]. - The company will focus on green and low-carbon transformation, emphasizing clean production and energy consumption control[53]. - The company will continue to optimize its overseas asset structure and improve investment efficiency[53]. - The company is exploring strategic investments in innovative and green low-carbon industries through Kunlun Capital, aiming to foster new technologies and business models[163]. Governance and Compliance - The board of directors confirmed the accuracy and completeness of the annual report, ensuring no major omissions or misleading statements[8]. - The company has established and effectively operates an internal control system in compliance with regulatory requirements[196]. - The internal control system was evaluated by the board and deemed effective as of December 31, 2021, ensuring reasonable assurance against material misstatements[200]. - The company emphasizes transparency in information disclosure, adhering to regulatory requirements and ensuring timely and accurate reporting to shareholders[195]. - The company has restructured its board committees to strengthen ESG oversight by renaming the Health, Safety, and Environmental Committee to the Sustainable Development Committee[194]. Related Party Transactions - The company continues to engage in ongoing related party transactions with China National Petroleum Corporation (CNPC), with a proposed transaction cap for the period from January 1, 2021, to December 31, 2023[164]. - The total agreement for mutual supply of products and services between the company and CNPC is effective from January 1, 2021, for a duration of three years[165]. - The company provided RMB 69,058 million in sales to China Petroleum Group and its subsidiaries, accounting for 3% of total sales transactions[190]. - The company’s independent non-executive directors confirmed that all related party transactions were conducted in the ordinary course of business and on fair terms[186]. - The company’s auditors confirmed that all related party transactions were approved by the board and conducted according to the group’s pricing policy[188].

半年度報告 2021 中國石油天然氣股份有限公司 （於中華人民共和國註冊成立之股份有限公司） 香港联合交易所股票代号 857 纽约证券交易所股票代号 PTR 上海证券交易所股票代码 601857 中国石油天然气股份有限公司 2021 中石油彩印 设计承印 010-80427353 半年度報告 本报告採用中国製造环保纸印刷 2021 本半年度报告载有若干涉及本集团财务状況、经营成果及业务 之前瞻性声明。由於相关声明所述情況之发生与否，非為本集团所 能控制，这些前瞻性声明在本质上具有高度风险与不确定性。该等 前瞻性声明乃本集团对未来事件之现有预期，並非对未来业绩的保 证，亦不构成本集团对投资者的实质性承诺。实际成果可能与前瞻 性声明所包含的内容存在差異，敬请投资者注意投资风险。 目 录 | 002 公司基本情況简介 | | --- | | 005 主要财务数据和指标 | | 007 股本变动及股东情況 | | 010 董事会报告 | | 026 重要事项 | | 039 董事、监事、高级管理人员情況 | | 041 债券相关情況 | | 财务报告 | | 044 按中国企业会计準則編製 | | 140 按国际财务 ...

Financial Performance - PetroChina achieved a revenue of RMB 2.1 trillion in 2020, reflecting a decrease of 20% compared to the previous year due to lower oil prices and reduced demand [9]. - PetroChina's net profit for 2020 was RMB 40 billion, down 66% year-on-year, primarily impacted by the global pandemic and fluctuating oil prices [9]. - The company's operating revenue for 2020 was RMB 1,933,836 million, a decrease of 23.2% compared to RMB 2,516,810 million in 2019 [27]. - The net profit attributable to shareholders of the parent company for 2020 was RMB 19,002 million, down 58.4% from RMB 45,677 million in 2019 [27]. - The basic and diluted earnings per share for 2020 were RMB 0.10, a decrease of 58.4% from RMB 0.25 in 2019 [27]. - The company's net profit for 2020 was RMB 33.49 billion, down 50.0% from RMB 67.02 billion in 2019 [73]. - The exploration and production segment reported operating income of RMB 530.81 billion in 2020, a decline of 21.5% from RMB 676.32 billion in 2019 [73]. - The sales segment's revenue in 2020 was RMB 1,497.53 billion, down 27.8% from RMB 2,075.04 billion in 2019 [78]. - The company's total revenue for 2020 was RMB 1,875.02 billion, reflecting a decrease of 23.7% compared to the previous year [102]. Production and Operations - The company reported a total production of 1.5 billion barrels of oil equivalent in 2020, a decrease of 5% from 2019 [9]. - PetroChina's natural gas sales reached 150 billion cubic meters in 2020, representing a 5% increase year-on-year [9]. - In 2020, domestic crude oil production was 743.8 million barrels, an increase of 0.6% year-on-year, while marketable natural gas production was 3,993.8 billion cubic feet, up 9.9% year-on-year [55]. - The company's crude oil production reached 921.8 million barrels, up 1.4% from the previous year, while marketable natural gas production was 4,221.0 billion cubic feet, an increase of 8.0% [58]. - The company processed 1,177.5 million barrels of crude oil, a decline of 4.1% year-on-year, with a crude oil processing load rate of 79.9% [60]. - The total sales of gasoline, kerosene, and diesel amounted to 161,230 thousand tons, a decrease of 14.1% compared to the previous year [64]. - The company completed the delivery of relevant pipeline assets, with a total domestic oil and gas pipeline length of 31,151 kilometers by year-end [65]. Capital Expenditure and Investments - PetroChina plans to increase its capital expenditure by 10% in 2021, focusing on enhancing production capacity and technological innovation [9]. - The company's capital expenditure for 2020 was RMB 246,493 million, reflecting ongoing investment in growth despite the revenue decline [27]. - The exploration and production segment reported capital expenditures of RMB 186.62 billion in 2020, with a forecast of RMB 175.20 billion for 2021 [94][95]. - The refining and chemical segment's capital expenditures for 2020 were RMB 21.81 billion, expected to increase to RMB 38.00 billion in 2021 [96]. - The sales segment's capital expenditures in 2020 amounted to RMB 16.29 billion, with a forecast of RMB 12.20 billion for 2021 [97][99]. - The natural gas and pipeline segment had capital expenditures of RMB 21.14 billion in 2020, projected to decrease to RMB 13.00 billion in 2021 [100]. Debt and Financial Stability - PetroChina's debt-to-equity ratio stood at 60% at the end of 2020, indicating a stable financial position despite the challenging market conditions [9]. - The total liabilities as of December 31, 2020, were RMB 1,121.51 billion, a decrease of 13.0% from RMB 1,288.61 billion in 2019 [83]. - The company's net debt as of December 31, 2020, was RMB 250.29 billion, down from RMB 380.31 billion in 2019 [89]. - The capital adequacy ratio as of December 31, 2020, was 21.3%, compared to 24.4% at the end of 2019 [92]. Shareholder Returns and Dividends - PetroChina reported a total dividend of RMB 16 billion for the year 2020, with a proposed final dividend of RMB 0.08742 per share based on a total share capital of 183,020,977,818 shares [9]. - The cash dividend payout ratio for 2020 reached 168.4%, significantly exceeding the net profit of RMB 19 billion for that year [108]. - The company has maintained a cash dividend policy of at least 30% of the net profit attributable to the parent company, with a historical payout ratio of 45% since 2016 [109]. - The total cash dividends distributed over the past three years were RMB 32.724 billion in 2018, RMB 26.293 billion in 2019, and RMB 32 billion in 2020 [108]. - The proposed final dividend for 2020 is subject to approval at the annual general meeting scheduled for June 10, 2021 [111]. - The company will withhold a 10% corporate income tax on dividends paid to non-resident enterprise shareholders [112]. - The dividend payment for A-shares is scheduled for June 29, 2021, and for H-shares around July 30, 2021 [111]. Strategic Initiatives and Future Plans - The company is investing in new energy projects, aiming for a 20% increase in renewable energy output by 2025 [9]. - The company aims to optimize its marketing strategy to increase market share and sales, focusing on retail and enhancing customer service capabilities [52]. - The company will enhance risk exploration in six key areas, including shale oil and gas, aiming for strategic discoveries and breakthroughs [51]. - The company emphasizes digital transformation and green low-carbon development as part of its five major development strategies [51]. - The company is committed to reducing its carbon emissions by 30% by 2030 as part of its long-term sustainability strategy [9]. Corporate Governance and Compliance - The company has adhered to the Corporate Governance Code throughout the reporting period, with no significant deviations noted [177]. - The board of directors consists of members elected by the shareholders and is responsible for strategic guidance and effective supervision of management [179]. - The company has established a complete and independent business system, separating its operations from the controlling shareholder, China National Petroleum Corporation [175]. - The independent non-executive directors confirmed that all related party transactions were conducted under normal business terms and in the best interest of shareholders [163]. - The company has implemented a quarterly performance tracking system for senior management to ensure accountability and reward based on performance results [176]. Market and Economic Conditions - The average price of Brent crude oil in 2020 was $41.78 per barrel, a decrease of 34.9% year-on-year, while WTI averaged $39.28 per barrel, down 31.1% year-on-year [55]. - The National Development and Reform Commission announced a temporary reduction in non-residential gas costs from February 22 to June 30, 2020, to support businesses affected by the pandemic [133]. - The Ministry of Finance extended the preferential corporate income tax policy for enterprises in the western region, reducing the tax rate to 15% from January 1, 2021, to December 31, 2030 [134].

Financial Performance - Operating revenue for the first half of 2020 was RMB 929,045 million, down 22.3% year-on-year[16]. - The net loss attributable to shareholders of the parent company was RMB 29,986 million, representing a decline of 205.5% compared to a profit of RMB 28,420 million in the same period last year[17]. - The basic earnings per share were RMB (0.164), a decline of 205.5% from RMB 0.155 in the same period last year[17]. - The total interim dividend declared was RMB 16 billion, based on a total share capital of 183,020,977,818 shares as of June 30, 2020[10]. - The company reported a total comprehensive loss of RMB 23,760 million for the six months ended June 30, 2020, compared to a comprehensive income of RMB 20,721 million in the same period of 2019[138]. - The company reported a decrease in retained earnings, with a reduction of RMB 16,472 million during the period[143]. Cash Flow and Liquidity - The net cash flow from operating activities was RMB 79,080 million, a decrease of 41.2% compared to RMB 134,425 million in the previous year[17]. - The net cash flow used in investment activities for the first half of 2020 was RMB 110.776 billion, a decrease of 14.8% compared to RMB 129.973 billion in the first half of 2019, primarily due to reduced capital expenditures[55]. - The net cash flow from financing activities was RMB 34,629 million, compared to RMB 0.033 billion in the same period of 2019[54]. - The company's cash and cash equivalents were RMB 113,749 million, compared to RMB 110,665 million at the end of 2019, indicating a growth of 2.0%[135]. - The total cash inflow from financing activities was RMB 576,381 million, an increase of 20.6% from RMB 478,033 million in the same period of 2019[140]. Assets and Liabilities - Total assets as of June 30, 2020, were RMB 2,677,624 million, a decrease of 2.0% compared to the previous year[16]. - The total liabilities as of June 30, 2020, were RMB 1,276.952 billion, a decrease of 0.9% from RMB 1,288.605 billion at the end of 2019[52]. - The company's total equity was RMB 1,400,665 million, down from RMB 1,444,578 million as of December 31, 2019[136]. - The debt-to-capital ratio as of June 30, 2020, was 27.4%, an increase from 24.4% on December 31, 2019[59]. - The company's current ratio as of June 30, 2020, is 0.71, unchanged from December 31, 2019[131]. Production and Operations - The company's crude oil production reached 475.4 million barrels, a year-on-year increase of 5.2%[36]. - The total production of marketable natural gas was 2,149.1 billion cubic feet, up 9.4% year-on-year[36]. - The company processed 568.2 million barrels of crude oil, a decrease of 4.9% compared to the same period last year[37]. - The production of refined oil products was 5,208.5 million tons, down 8.2% year-on-year[37]. - Domestic crude oil production was 96.5 million tons, an increase of 1.5% year-on-year[31]. Shareholder Information - As of June 30, 2020, the total number of shareholders was 751,689, including 745,316 domestic A-share shareholders and 6,373 overseas H-share shareholders[22]. - The largest shareholder, China National Petroleum Corporation, held 146,882,339,136 shares, representing 80.25% of the total shares[23]. - The company did not experience any changes in its controlling shareholder or actual controller during the reporting period[29]. - The company’s major shareholders did not have any known relationships or agreements that would classify them as acting in concert, except for the two Hong Kong Central Clearing entities[25]. Market Conditions and Risks - The average spot price of WTI crude oil was $36.59 per barrel, a decrease of 36.3% compared to the same period last year[31]. - Oil and gas product price fluctuations pose a risk, as domestic prices are linked to international market prices[103]. - The COVID-19 pandemic significantly impacted market demand for refined oil and natural gas, leading to a complex operational environment[112]. - Climate change poses risks, with potential legal and regulatory requirements leading to increased costs and reduced profitability[109]. Governance and Compliance - The company has complied with the Corporate Governance Code and has not identified any insider trading violations during the reporting period[72]. - The company has increased its board members from 9 to 11 during the reporting period, enhancing governance and oversight[72]. - The company emphasizes its commitment to safety and environmental standards, as evidenced by the allocation to the special reserve for safety production[143]. - The company has faced significant losses in the first half of 2020 due to the pandemic and low oil prices, yet remains committed to shareholder returns[75]. Future Outlook and Strategy - The company aims to maintain strategic focus and high-quality development amidst global economic uncertainties and oil market volatility[68]. - The exploration and production segment will focus on increasing gas output and enhancing exploration efficiency, particularly in key basins[68]. - The company plans to expand its natural gas production capacity by 10% in 2020, aiming to meet increasing domestic demand[97]. - The company intends to strengthen its international operations by enhancing exploration and resource assessment in strategic areas[70].

Financial Performance - Operating revenue rose by 6.8% to RMB 1,196,259 million year-on-year[14] - Net profit attributable to shareholders increased by 3.6% to RMB 28,423 million compared to the same period last year[14] - Basic earnings per share rose to RMB 0.155, reflecting a 3.6% increase year-on-year[14] - The company achieved operating revenue of RMB 119.63 billion in the first half of 2019, an increase of 6.8% compared to RMB 112.00 billion in the same period of 2018[39] - Net profit attributable to shareholders of the parent company was RMB 28.42 billion, up 3.6% from RMB 27.44 billion in the previous year[43] - The total comprehensive income for the six months ended June 30, 2019, was RMB 42,142 million, compared to RMB 36,330 million in the same period of 2018, reflecting an increase of approximately 15.5%[124] - The company's operating profit for the six months ended June 30, 2019, was RMB 65,092 million, slightly down from RMB 65,848 million in the same period of 2018, a decrease of about 1.1%[124] Assets and Liabilities - Total assets increased by 8.1% to RMB 2,637,490 million compared to the previous year[13] - The group's total liabilities increased by 17.4% to RMB 1,211.66 billion, up from RMB 1,031.99 billion at the end of 2018[51] - The total equity under IFRS is RMB 1,425.835 billion, while under Chinese Accounting Standards it is RMB 1,426.117 billion, with a difference of RMB 0.282 billion[17] - The company's total assets reached RMB 2,637,779 million as of June 30, 2019, compared to RMB 2,441,169 million at the end of 2018, marking an increase of about 8.0%[122] - The company's total equity as of June 30, 2019, was RMB 1,426,117 million, an increase from RMB 1,409,176 million at the end of 2018, indicating a growth of about 1.2%[122] Cash Flow - Cash flow from operating activities decreased by 9.1% to RMB 134,425 million compared to the previous year[14] - The net cash flow from operating activities for the first half of 2019 was RMB 134.43 billion, a decrease of 9.1% from RMB 147.87 billion in the same period of 2018[53] - The net cash flow used in investing activities was RMB 129.97 billion, an increase of 30.6% compared to RMB 99.51 billion in the first half of 2018[54] - The net cash flow from financing activities for the first half of 2019 was RMB 0.33 billion, a significant turnaround from a net outflow of RMB 544.91 billion in the first half of 2018, primarily due to an increase in short-term borrowings[55] Dividends - The company declared an interim dividend of RMB 0.06988 per share, totaling RMB 142.12 billion[8] - The company declared a final dividend of RMB 0.09 per share for the 2018 fiscal year, totaling RMB 16.472 billion, paid on June 28, 2019 (A-shares) and August 2, 2019 (H-shares) [69] - For the 2019 interim dividend, the company will distribute RMB 0.07765 per share, including a special dividend of RMB 0.00777 per share, amounting to a total of RMB 14.212 billion, based on a total share capital of 183,020,977,818 shares as of June 30, 2019 [69] - The company has maintained a dividend payout ratio of 45% of the net profit attributable to the parent company since its listing, with additional special dividends introduced since 2016 [68] Production and Operations - In the first half of 2019, the company's crude oil production reached 451.9 million barrels, an increase of 3.2% compared to the same period last year[33] - The company achieved a natural gas production of 1,964.3 billion cubic feet, representing a growth of 9.7% year-on-year[33] - The total oil and gas equivalent production was 779.4 million barrels, up by 5.9% from the previous year[33] - The company processed 597.4 million barrels of crude oil, a 3.1% increase compared to the first half of 2018[35] - The chemical product output was 12.64 million tons, which is a 5.2% increase year-on-year[34] Market and Strategy - The company implemented a differentiated marketing strategy to adapt to the challenging market conditions and enhance market share[36] - The company aims to optimize its business model and enhance market expansion efforts in the refined oil sales sector, focusing on retail large customers and high-grade gasoline[66] - The company plans to maximize overall efficiency in natural gas and pipeline operations, ensuring full production and sales of domestic gas[66] - The company is committed to increasing oil and gas reserves and production through concentrated exploration in key areas and enhancing the efficiency of existing oil fields[66] Governance and Compliance - The company has complied with all provisions of the Corporate Governance Code as per the Hong Kong Stock Exchange during the reporting period [68] - The board of directors has been authorized to determine the interim dividend distribution plan, reflecting the company's strong financial fundamentals and cash flow situation [69] - The company has appointed a new president and added two directors during the reporting period, enhancing its governance structure [68] - The company will continue to improve its corporate governance and internal control management systems to ensure compliance and effective operation [68] Taxation and Financial Regulations - The company is subject to various tax rates, including a corporate income tax rate of 15% or 25% and a resource tax rate of 6% on oil and gas sales[192] - The special oil income tax rate ranges from 20% to 40%, based on excess revenue from domestic crude oil sales[192] - The company has benefited from a reduced corporate income tax rate of 15% for certain subsidiaries located in the western region of China[195] Risk Management - The group actively takes measures to mitigate various risks in its operations, including regulatory and tax policy risks[88] - The company is exposed to risks from fluctuations in oil and gas product prices due to global political and economic changes[88] - The company operates in multiple countries, facing risks related to political instability, tax policy changes, and regulatory environments[92] Financial Reporting and Accounting - The company has implemented new financial accounting standards effective from January 1, 2019, which may impact future financial reporting and performance metrics[133] - The financial statements are presented in Renminbi (RMB) millions, with specific disclosures required by the China Securities Regulatory Commission[135] - The company confirmed the recognition of right-of-use assets and lease liabilities at the lease commencement date, measuring the right-of-use assets at cost[175]