PETROCHINA(00857)2024-08-26 11:08Financial Performance - In the first half of 2024, the company achieved operating revenue of RMB 155.39 billion, a 5.0% increase from RMB 147.99 billion in the same period last year[10]. - Net profit attributable to shareholders was RMB 88.61 billion, up 3.9% from RMB 85.27 billion year-on-year[10]. - The company’s operating profit reached RMB 91.66 billion, reflecting a 7.2% increase compared to RMB 85.52 billion in the previous year[17]. - The total operating expenses amounted to RMB 1,428,940 million, up from RMB 1,359,254 million in the previous year, reflecting a year-on-year increase of approximately 5.1%[67]. - The total profit for the first half of 2024 was RMB 129.14 billion, compared to RMB 121.75 billion for the same period in 2023, reflecting a year-on-year increase of 6.5%[97]. - The net profit for the period was RMB 99,614 million, representing a growth of 5.4% from RMB 94,579 million in the same period last year[67]. - The company's basic earnings per share for the first half of 2024 was RMB 0.48, compared to RMB 0.47 in the same period of 2023[97]. - The company reported a pre-tax profit of RMB 129,139 million, an increase from RMB 121,755 million in the previous year, indicating a growth of approximately 6.1%[67]. Assets and Liabilities - The total assets of the company amounted to RMB 2768.04 billion, a 0.6% increase from RMB 2752.45 billion at the end of the previous year[21]. - Total liabilities decreased by 2.8% to RMB 1090.13 billion from RMB 1122.08 billion at the end of the previous year[22]. - The company's cash and cash equivalents as of June 30, 2024, were RMB 192.10 billion, down from RMB 249.00 billion at the end of 2023[50]. - The total liabilities as of June 30, 2024, were RMB 1,090,144 million, down from RMB 1,122,089 million as of December 31, 2023[78]. - The equity attributable to shareholders of the parent company increased to RMB 1,489,904 million from RMB 1,446,410 million[78]. - The company's current assets totaled RMB 672,371 million, an increase from RMB 658,520 million in the previous period[68]. Capital Expenditure and Investments - Capital expenditure for the oil and gas and new energy division was RMB 67.41 billion, primarily focused on key basins in China and unconventional resource development[27]. - The company plans to allocate RMB 6.00 billion for capital expenditure in the natural gas sales division for the full year of 2024[29]. - The company plans to allocate RMB 3.00 billion for capital expenditures in 2024[56]. - The company reported investment income of RMB 1.14 billion for the first half of 2024, down from RMB 6.70 billion in the same period of 2023[97]. Production and Sales - The company achieved a domestic crude oil production of 392.8 million barrels in the first half of 2024, a slight increase of 0.1% from 392.3 million barrels in the previous year[139]. - The company reported a natural gas production of 2,486.8 billion cubic feet, reflecting a 2.9% increase from 2,417.3 billion cubic feet year-on-year[139]. - The total oil and gas equivalent production reached 905.5 million barrels, up 1.3% from 893.8 million barrels in the previous year[141]. - The company processed 693.3 million barrels of crude oil, a 3.0% increase from 673.0 million barrels in the previous year, and produced 60.12 million tons of refined oil, up 2.1% from 58.86 million tons[186]. - The company achieved a natural gas sales volume of 1,472.17 billion cubic meters, representing a 12.9% increase compared to 1,303.52 billion cubic meters in the previous year[165]. - The company's total sales of gasoline, kerosene, and diesel amounted to 79,053 thousand tons, a decrease of 2.0% from 80,668 thousand tons in the previous year[164]. Research and Development - The company reported a significant increase in research revenue, contributing to the growth in the main business income[33]. - The company's research and development expenses for the first half of 2024 were RMB 9.66 million, slightly up from RMB 9.65 million in the same period last year[97]. - Research and development expenses remained stable at RMB 9,657 million, slightly up from RMB 9,651 million year-over-year[88]. - The company is actively developing new chemical products and materials, establishing a new subsidiary focused on advanced materials[186]. Market and Strategic Initiatives - The company aims to enhance the production of high-end, high-value-added refining products and new chemical materials, while optimizing production processes and product structures[45]. - The company is focusing on market expansion strategies, including enhancing online trading and developing new customer segments in the natural gas sales business[58]. - The company is actively participating in the development of hydrogen energy and geothermal heating markets, as well as advancing CCUS-EOR demonstration projects[57]. - The company is enhancing its marketing network and service capabilities, focusing on green and low-carbon transformation initiatives, including the expansion of integrated energy stations[187]. Dividends and Shareholder Returns - The company declared an interim dividend of RMB 40,265 million for the first half of 2024, compared to no dividend in the same period of 2023[72]. - The company plans to distribute an interim dividend of RMB 0.22 per share, amounting to approximately RMB 40.27 billion based on the total share capital as of June 30, 2024[109].