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]

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the next 6 to 12 months [10][36]. Core Insights - The company achieved a revenue of 3,011 billion RMB in 2023, a decrease of 7% year-on-year, while the net profit attributable to shareholders was 161.1 billion RMB, an increase of 8% year-on-year [36]. - Oil and gas production is steadily increasing, with a total production of 1,759 million barrels of oil equivalent in 2023, representing a 4.4% year-on-year growth [37]. - The company plans to increase capital expenditure to 2,580 billion RMB in 2024, focusing on upstream investments [37]. - The company emphasizes shareholder returns, with a total dividend payout of 80.5 billion RMB in 2023, resulting in a dividend yield of 4.3% for A shares and 6.6% for H shares [37]. Summary by Sections 1. Oil Price Outlook - The report suggests a tight balance in oil supply and demand, with expectations for oil prices to remain high due to reduced capital expenditures by international oil companies and OPEC+ production cuts [8][9]. 2. Production and Reserves - The company has a natural gas reserve of approximately 20 trillion cubic meters, significantly higher than its peers, and is expected to increase its natural gas production in the coming years [18][37]. 3. Financial Performance - The company forecasts net profits of 183.7 billion RMB, 190.3 billion RMB, and 194.6 billion RMB for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 7.37, 7.12, and 6.96 [10][36]. 4. Segment Performance - The oil and gas segment remains the primary source of revenue, with significant contributions from the natural gas and pipeline business, which has been steadily increasing its share of total revenue [44][54]. 5. Capital Expenditure - The company’s actual capital expenditure in 2023 was 2,753 billion RMB, exceeding the planned amount, and it plans to maintain a high level of investment in 2024 [37][53].

Shareholder Information - As of December 31, 2023, the total number of shareholders was 479,245, with domestic A-share shareholders accounting for 473,714 and overseas H-share shareholders for 5,531[1]. - The largest shareholder, China National Petroleum Corporation, holds 82.46% of the shares, equating to 150,923,565,570 shares[2]. - BlackRock, Inc. holds 1,472,617,558 H-shares, representing a significant stake in the company[6]. Financial Performance - The company's operating revenue for 2023 was RMB 3,011.01 billion, down 7.0% from RMB 3,239.17 billion year-on-year, with a decline smaller than the drop in oil prices[19]. - Net profit attributable to shareholders reached RMB 161.15 billion, an increase of 8.3% from RMB 148.74 billion in the previous year, marking a historical high[19]. - Free cash flow for 2023 was RMB 176.12 billion, up 17.1% from RMB 150.42 billion year-on-year, also a historical high[19]. - The company reported a net profit attributable to non-controlling interests of RMB 19.147 billion, a 31.1% increase from RMB 14.605 billion year-on-year[84]. - The company's net profit for 2023 was RMB 180.29 billion, an increase of 10.4% from RMB 163.35 billion in the previous year[109]. - The company achieved operating profit for 2023 of RMB 43.044 billion, an increase of RMB 30.087 billion compared to RMB 12.957 billion in the same period last year, reflecting a significant growth in profitability[143]. Debt and Assets - The company's debt-to-asset ratio improved to 40.76% in 2023 from 42.55% in 2022[15]. - Total assets at the end of 2023 were RMB 2,752.71 billion, representing a 3.1% increase from RMB 2,670.67 billion at the end of 2022[62]. - The company's total liabilities decreased by 1.2% to RMB 1,122.075 billion from RMB 1,136.234 billion at the end of the previous year[94]. - The company's total debt as of December 31, 2023, included fixed-rate loans of RMB 138.029 billion (47.3%) and floating-rate loans of RMB 153.949 billion (52.7%)[150]. - The total equity attributable to shareholders increased by 5.9% to RMB 1,446.163 billion, mainly due to an increase in retained earnings[146]. Production and Sales - Domestic crude oil production was 773.7 million barrels, a 0.8% increase from 767.4 million barrels in the previous year[22]. - The company achieved a total oil and gas equivalent production of 1,759.2 million barrels, a 4.4% increase from 1,685.4 million barrels year-on-year[24]. - The overseas oil production increased by 17.7% to 163.4 million barrels from 138.8 million barrels in the previous year[24]. - The total sales of natural gas reached 4,932.4 billion cubic feet, a 5.5% increase from 4,675.0 billion cubic feet year-on-year[27]. - The company sold 165.80 million tons of gasoline, kerosene, and diesel in 2023, a 10.1% increase from 150.65 million tons in 2022[59]. - Natural gas sales reached 273.548 billion cubic meters, up 5.1% from 260.284 billion cubic meters year-on-year, with domestic sales increasing by 6.1%[76]. Operational Efficiency - EBITDA to total debt ratio increased to 1.67 in 2023, up from 1.39 in 2022[15]. - EBITDA interest coverage ratio was 35.86 in 2023, compared to 38.25 in 2022[15]. - The company achieved a crude oil processing load rate of 85.6%, an increase of 4.7 percentage points from 80.9% in the previous year[36]. - The company processed 1,398.8 million barrels of crude oil in 2023, a 15.3% increase from 1,212.7 million barrels in the previous year[36]. New Energy and Sustainability - New energy projects saw significant development with wind and solar power generation reaching 2.2 billion kWh and an installed capacity of 3.7 million kW added in 2023[25]. - The company is actively pursuing green and low-carbon transformation, with a notable acceleration in the development of new energy and new materials[19]. - The company plans to increase natural gas sales capital expenditure to RMB 6 billion in 2024, focusing on LNG infrastructure and market expansion[132]. Dividends and Shareholder Returns - The company plans to distribute a year-end dividend of RMB 0.23 per share, totaling approximately RMB 42.095 billion based on a total share capital of 183,020,977,818 shares as of December 31, 2023[68]. - A cash dividend of RMB 0.23 per share is proposed for the year-end 2023, totaling approximately RMB 42.095 billion[163]. Compliance and Regulatory Changes - The company will ensure compliance with new government regulations regarding mineral rights transfer revenue collection, effective from May 1, 2023[169]. - The company is required to confirm the residency status of H-share individual shareholders based on their registered addresses by June 19, 2024[188]. - The company will strictly comply with tax regulations as of June 25, 2024, for H-share shareholders[187]. Future Outlook - The forecast for total revenue in 2024 is RMB 258 billion, with the oil and gas and new energy segment expected to maintain a significant contribution[128]. - The company anticipates a 5% GDP growth in China for 2024, with a competitive domestic refined oil market and rapid growth in natural gas demand[134]. - The company aims to achieve an oil production target of 909.2 million barrels and natural gas sales of 5,142.6 billion cubic feet in 2024[134].

Financial Performance - Operating revenue for Q3 2023 was RMB 802,264 million, a decrease of 4.6% compared to RMB 840,780 million in Q3 2022[4] - Net profit attributable to shareholders of the parent company reached RMB 46,375 million, an increase of 21.1% from RMB 38,302 million in the same period last year[4] - The net profit excluding non-recurring gains and losses was RMB 47,169 million, up 16.8% from RMB 40,392 million in Q3 2022[4] - Basic earnings per share for Q3 2023 was RMB 0.25, a 21.1% increase from RMB 0.21 in Q3 2022[4] - Operating revenue for the nine months ended September 30, 2023, was RMB 2,282,135 million, a decrease of 7.0% compared to RMB 2,455,401 million in the same period of 2022[67] - Net profit attributable to shareholders of the parent company for the nine months ended September 30, 2023, was RMB 131,651 million, an increase of 9.0% from RMB 119,926 million in the same period of 2022[67] - Operating profit for the nine months ended September 30, 2023, was RMB 193,342 million, compared to RMB 186,108 million in the same period of 2022, reflecting a growth of 3.0%[67] Assets and Liabilities - Total assets as of September 30, 2023, were RMB 2,782,085 million, reflecting a 4.2% increase from RMB 2,670,345 million at the end of the previous year[4] - The total assets as of September 30, 2023, were RMB 2,781,820 million, an increase of 4.2% from RMB 2,670,079 million at the end of the previous year[24] - Current assets increased to RMB 336.64 billion from RMB 267.97 billion year-over-year[63] - Total liabilities rose to RMB 748.99 billion, up from RMB 707.92 billion at the end of 2022[64] - Total non-current assets as of September 30, 2023, amounted to RMB 2,057,019 million, slightly up from RMB 2,056,212 million as of December 31, 2022[76] - Total liabilities decreased to RMB 430,419 million from RMB 511,650 million year-over-year[76] Cash Flow - Net cash flow from operating activities for the first nine months of 2023 was RMB 341,000 million, an increase of 8.8% from RMB 313,548 million in the same period last year[4] - Operating cash flow for the period ending September 30, 2023, was RMB 341 million, an increase of 8.8% from RMB 314 million in the same period of 2022[47] - Cash and cash equivalents increased to RMB 276.59 billion from RMB 225.05 billion year-on-year, indicating a healthy financial position[18] - The company’s cash and cash equivalents at the end of the period stood at RMB 237,505 million, a slight increase from RMB 235,264 million year-over-year[47] - The company experienced a net increase in cash and cash equivalents of RMB 46,315 million, down from RMB 98,475 million in the previous year, indicating a decline of 53%[47] Production and Sales - The company processed 1,043.6 million barrels of crude oil, a growth of 16.5% from 895.7 million barrels in the previous year[13] - Sales of gasoline, kerosene, and diesel reached 12,562.4 million tons, an increase of 13.4% from 11,075.1 million tons year-on-year[14] - Domestic crude oil production for the first three quarters of 2023 was 583.8 million barrels, a 1.2% increase from 576.9 million barrels in the same period last year[31] - Total crude oil production for the first three quarters of 2023 was 706.0 million barrels, a 4.3% increase from 677.0 million barrels in the same period last year[32] - The company achieved a total natural gas production of 3,656.6 billion cubic feet in the first three quarters of 2023, a 6.1% increase from 3,444.8 billion cubic feet in the same period last year[32] - Natural gas sales for the first three quarters totaled 193.13 billion cubic meters, a 1.9% increase from 189.47 billion cubic meters in the same period last year[58] Strategic Initiatives - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and profitability[4] - The company is focusing on enhancing market development capabilities and customer service in its natural gas sales business[58] - The company plans to continue the shale gas resource tax reduction policy until December 31, 2027, which is expected to support sustainable development and operational results[36] - The company successfully acquired Putian New Energy Co., enhancing its presence in the electric vehicle charging sector[14] Other Financial Metrics - The weighted average return on net assets for the first nine months of 2023 was 9.31%, compared to 9.10% for the same period in 2022[4] - The return on equity (ROE) for the third quarter of 2023 was 3.27%, up by 0.41 percentage points from 2.86% in the same period last year[24] - Investment income from joint ventures and associates was RMB 5,832 million for the three months ended September 30, 2023, compared to RMB 4,737 million in the same period last year[41] - Research and development expenses for the nine months ended September 30, 2023, were RMB 13,988 million, slightly up from RMB 13,958 million in the same period of 2022[67] - The company reported a total profit of RMB 67,220 million for the three months ended September 30, 2023, compared to RMB 55,016 million in the same period last year[41]

▶ ▶ ▶ ▶ ▶ ▶ ▶ ▶ ▶ ▶ ▶ ▶ ▶ ▶ ▶ ㆍ 〉 ㆍ 中国石油 ▶ ▸ ▸ ▸ ▸ ▸ ▸ ▸ ▸ ▸ ▸ ▸ ▸ ▸ ▸ 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。 003 公司基本情況简介 039 董事、监事、高级管理人员情況 中国石油 2023 半年度報告 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) 股份代號：857 2023 半年度報告 中國石油天然氣股份有限公司 PetroChina 目 录 007 股份变动及股东情況 026 重要事项 174 002 重要提示 2023年半年度报告 本公司及其附属公司（「本集团」）分别按中国企业会计準則及国际财务报告準則編製财务报告。 本半年度报告中的财务报告未经审计。 经统筹考虑本公司经营业绩、财务状況、现金流量等情 ...

Capital Expenditure - In the first half of 2023, the group's sales division capital expenditure was RMB 722 million, primarily for domestic oil, gas, hydrogen, and non-integrated energy station construction, with an expected total for the year of RMB 7 billion[2]. - The natural gas sales division anticipates a capital expenditure of RMB 6 billion for the entire year of 2023[3]. - The group allocated RMB 330 million for headquarters and other capital expenditures in the first half of 2023, mainly for research facilities and information systems, with a projected total of RMB 1 billion for the year[4]. - Capital expenditure for the natural gas sales segment in the first half of 2023 amounted to RMB 988 million, primarily for the construction of the Fujian LNG receiving station and natural gas branch lines[27]. - Capital expenditures for the oil and gas and new energy segment are projected to be RMB 195.5 billion for the full year of 2023[144]. - The expected capital expenditure for the refining, chemical, and new materials segment in 2023 is RMB 34,000 million[182]. Revenue and Profit - In the first half of 2023, the main business revenue for oil and gas and new energy was RMB 416.84 billion, with a gross margin of 25.5%, reflecting a year-on-year decrease of 5.1%[10]. - The refining, chemical, and new materials segment reported a main business revenue of RMB 571.63 billion, with a gross margin of 6.5%, down 1.6% year-on-year[10]. - Total sales revenue reached RMB 1,207.13 billion in the first half of 2023, with a gross margin of 3.0%, a decrease of 10.1% compared to the previous year[10]. - The natural gas sales segment generated RMB 273.82 billion in revenue, with a gross margin of 3.9%, showing a year-on-year increase of 9.4%[10]. - The company's operating revenue for the reporting period was RMB 1,479,871 million, representing a decrease of 8.3% compared to the same period last year[45]. - Net profit attributable to shareholders of the parent company was RMB 85,272 million, an increase of 4.5% year-on-year[45]. - The company's net profit for the first half of 2023 was RMB 94.579 billion, an increase of 4.0% compared to RMB 90.953 billion in the same period last year[127]. - The operating profit for the first half of 2023 was RMB 120.62 billion, a growth of 1.3% from RMB 119.02 billion year-on-year[99]. Dividends - The board has proposed a mid-year dividend of RMB 0.21 per share, totaling approximately RMB 38.43 billion, to be distributed in September and October 2023[13]. - The company announced an interim dividend of HKD 0.22907 per H share, with a tax rate of 10% for non-resident corporate shareholders[16]. - The interim dividend for H shareholders will be paid around October 30, 2023, via mail, with postal risks borne by the shareholders[17]. - The company declared an interim dividend of RMB 0.21 per share, totaling approximately RMB 38.434 billion based on the total share capital as of June 30, 2023[44]. Production and Operations - In the first half of 2023, the company's crude oil production reached 474.3 million barrels, a 5.0% increase from 451.9 million barrels in the same period last year[61]. - The company's marketable natural gas production was 2,517.1 billion cubic feet, up 6.7% from 2,358.2 billion cubic feet year-on-year[61]. - The total oil and gas equivalent production was 893.8 million barrels, reflecting a 5.8% increase compared to 845.0 million barrels in the previous year[61]. - The company processed 673.0 million barrels of crude oil, a 12.6% increase from 597.5 million barrels in the same period last year[63]. - The production of refined oil products was 5,885.6 million tons, up 14.3% from 5,151.0 million tons year-on-year[63]. - The company achieved a significant increase in new materials production, which rose by 56.0% to 62.4 million tons compared to the previous year[63]. Financial Performance - The average exchange rate for RMB to HKD prior to the dividend declaration was 0.91674 RMB to 1.00 HKD[16]. - The debt-to-asset ratio improved to 41.60% as of June 30, 2023, down from 42.54% at the end of 2022[79]. - The company reported a decrease in procurement and service costs to RMB 1,004.82 billion, down 9.6% from RMB 1,111.53 billion last year[95]. - The average oil and gas operating cost was $10.82 per barrel, a decrease of 6.8% from $11.61 per barrel in the previous year[103]. - The foreign exchange net gain for the first half of 2023 was RMB 0.058 billion, a significant improvement from a net loss of RMB 0.515 billion in the same period last year[145]. Strategic Initiatives - The group plans to enhance domestic oil and gas exploration efforts and improve resource management to achieve significant strategic discoveries[5]. - The company aims to optimize its sales strategies and enhance retail capabilities, particularly in gasoline and diesel markets, while expanding non-oil product offerings[8]. - The company is actively pursuing digital transformation and the construction of smart oil and gas fields to enhance operational efficiency[60]. - The company is enhancing its overseas business development concentration, particularly in the Middle East, Central Asia, Americas, and Asia-Pacific regions[166]. - The company plans to increase the acquisition of quality projects while continuously optimizing asset and business structures[166].

Financial Performance - Net profit attributable to shareholders for the first quarter of 2023 was RMB 48,503 million, reflecting a 12.2% increase compared to RMB 38,898 million in the same period last year[20] - Basic earnings per share for the first quarter were RMB 0.24, an increase of 12.2% compared to RMB 0.21 in the same period last year[20] - Net profit for the first quarter of 2023 was RMB 29,145 million, compared to RMB 27,645 million in the first quarter of 2022, reflecting an increase of 5.4%[35] - The company's profit for the current period was RMB 48,503 million, representing an increase of 11.7% from RMB 43,475 million in the previous year[64] - Net profit for Q1 2023 increased to RMB 48,509 million, up 11.8% from RMB 43,474 million in Q1 2022[84] Revenue and Sales - Operating revenue for the first quarter of 2023 reached RMB 447,279 million, an increase from RMB 406,502 million in the same period of 2022, representing a growth of 10.1%[35] - Operating revenue for Q1 2023 was RMB 732,471 million, a decrease of 6.0% from RMB 779,368 million in Q1 2022[84] - The company’s external operating revenue from oil and gas and new energy was RMB 216.702 billion, an increase from RMB 209.441 billion year-on-year[42] - Total sales volume of gasoline, kerosene, and diesel was 37,575 thousand tons, representing a growth of 6.5% compared to 35,282 thousand tons in the same period of 2022[28] Assets and Liabilities - Total assets increased to RMB 2,710,874 million, a 1.5% increase from the previous year[1] - Total liabilities decreased to RMB 1,129,880 million from RMB 1,135,662 million, indicating a reduction in financial obligations[9] - The company’s equity attributable to shareholders increased by 3.1% to RMB 1,408,762 million from RMB 1,366,823 million in the previous year[1] - Total current assets as of March 31, 2023, were RMB 677,288 million, an increase of 10.4% from RMB 613,867 million as of December 31, 2022[63] Cash Flow - Operating cash flow for the first quarter reached RMB 126,382 million, a significant increase of 49.7% from RMB 84,425 million in the previous year[20] - The net cash flow generated from operating activities was RMB 126,382 million, representing a significant increase of 49.7% compared to RMB 84,425 million in the previous year[45] - The cash flow from operating activities for the three months ended March 31, 2023, was RMB 138,401 million, an increase of 50.8% compared to RMB 91,742 million for the same period in 2022[64] - The total cash inflow from operating activities was RMB 834,642 million, down 3.4% from RMB 864,133 million year-over-year[79] Production and Operations - Oil processing volume increased by 8.1% to 326.9 million barrels compared to 302.4 million barrels in the same period last year[8] - Oil production for the first quarter of 2023 was 236.3 million barrels, up 5.1% from 224.9 million barrels in the same period of 2022[25] - The total oil and gas equivalent production reached 452.0 million barrels, a 4.9% increase from 430.9 million barrels in the same quarter last year[82] - Domestic oil and gas equivalent production grew by 3.3% to 402.6 million barrels, while overseas production surged by 20.1% to 49.4 million barrels[82] Research and Development - Research and development expenses for the first quarter of 2023 amounted to RMB 5,306 million, an increase from RMB 4,208 million in the first quarter of 2022[35] - Research and development expenses for Q1 2023 were RMB 5,934 million, up 20.6% from RMB 4,918 million in Q1 2022[84] Market Strategy and Future Plans - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and drive future growth[35] - The company plans to continue optimizing production operations and product structure while enhancing market marketing efforts and controlling investment and cost expenses[48]

Financial Performance - In 2022, the company achieved operating revenue of RMB 3,239.167 billion, an increase of 23.9% compared to RMB 2,614.349 billion in the previous year[34] - The net profit attributable to shareholders of the parent company was RMB 149.38 billion, up from RMB 123.24 billion in the previous year[34] - The company's cash flow from operating activities amounted to RMB 393,768 million, which is a 15.3% increase from RMB 341,469 million in 2021[46] - The weighted average return on equity rose to 11.3%, up by 3.9 percentage points from 7.4% in 2021[46] - The total assets at the end of 2022 were RMB 2,673,751 million, representing a 6.8% increase from RMB 2,502,533 million at the end of 2021[46] - The net profit attributable to shareholders was RMB 149.38 billion, up 62.1% from RMB 92.17 billion year-on-year[118] - Operating profit for the year was RMB 216,660 million, up 34.4% from RMB 161,153 million year-on-year[135] - The total revenue for 2022 was RMB 3,174.71 billion, with a gross margin of 14.2%, reflecting a 24.4% increase in revenue year-over-year[163] Dividends and Shareholder Returns - The company plans to distribute a final dividend of RMB 0.22 per share, totaling approximately RMB 40.265 billion based on a total share capital of 183,020,977,818 shares[5] - The company's net profit attributable to shareholders was 51.8% of the net profit for the year, leading to a stable dividend distribution policy[193] Production and Sales - The company achieved a crude oil production of 906.2 million barrels in 2022, a 2.1% increase from the previous year[74] - The total sales volume of marketable natural gas reached 4,675.0 billion cubic feet, marking a 5.8% increase year-over-year[74] - The total sales volume of gasoline, coal, and diesel was 150,649 thousand tons, down 7.8% from 2021[81] - The average realized price of crude oil increased by 45.2% to RMB 4,645 per ton, despite a 20.7% decrease in sales volume[104] - Natural gas sales volume was 260.28 billion cubic meters, down 5.0% year-on-year, while domestic sales increased by 6.4%[109] Capital Expenditures and Investments - The capital expenditure for oil and gas and new energy in 2022 was RMB 221.59 billion, with a forecast of RMB 195.50 billion for 2023[155] - The capital expenditure for refining, chemicals, and new materials in 2022 was RMB 41.77 billion, with a projected expenditure of RMB 34.00 billion for 2023[155] - The natural gas sales segment's capital expenditure in 2022 was RMB 4.94 billion, focusing on pipeline construction and market expansion[158] - The forecast for capital expenditures in 2023 for oil and gas and new energy is RMB 195,500 million, representing 80.29% of total expected expenditures[181] Market Strategy and Future Outlook - The company aims to strengthen its core business and enhance management, innovation, and digital transformation to create value for shareholders[35] - The company anticipates a recovery in domestic refined oil market demand in 2023, despite ongoing competition[35] - The company plans to enhance its marketing strategies and expand its non-oil sales business to improve revenue generation and operational efficiency[87] - The company will continue to focus on high-quality development and innovation as part of its five development strategies[35] Risk Management and Sustainability - The company emphasizes the importance of risk prevention and management in its strategic planning for future growth[35] - The company is committed to green and low-carbon transformation, integrating oil, gas, and new energy development[34] Assets and Liabilities - Total liabilities amounted to RMB 1,135,632 million, growing by 3.9% from RMB 1,093,393 million at the end of 2021[143] - The company's equity attributable to shareholders increased by 8.4% to RMB 1,369,576 million from RMB 1,263,815 million in the previous year[188] - As of December 31, 2022, total assets increased by 6.8% to RMB 2,673,751 million compared to RMB 2,502,533 million in 2021[188] Employee and Exploration Expenses - Employee expenses totaled RMB 163,073 million, reflecting a 5.3% increase from RMB 154,835 million year-on-year[131] - Exploration expenses were RMB 27,074 million, an increase of 11.7% from RMB 24,248 million year-on-year, driven by rising oil and gas prices[131]

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]