PETROCHINA(00857)2024-09-19 08:52Financial Performance - The total revenue for the reporting period was RMB 1,553,869 million, representing a 5.0% increase compared to RMB 1,479,871 million in the same period last year[11]. - The net profit attributable to shareholders of the parent company was RMB 88,607 million, up 3.9% from RMB 85,276 million year-on-year[11]. - The basic earnings per share for the reporting period was RMB 0.48, reflecting a 3.9% increase from RMB 0.47 in the same period last year[11]. - The company achieved a gross profit of RMB 1,249.29 billion, up 3.6% from RMB 1,206.17 billion year-on-year[45]. - The operating profit for the first half of 2024 reached RMB 105.03 billion, a 5.9% increase from RMB 99.25 billion in the same period last year, driven by rising crude oil prices and increased natural gas sales[46]. - The net profit for the first half of 2024 was RMB 99.61 billion, a 5.3% increase from RMB 94.58 billion year-on-year[46]. - The total comprehensive income for the six months ended June 30, 2024, was RMB 83,393 million, a decrease from RMB 86,385 million in the same period last year, indicating a decline of about 3.4%[116]. Cash Flow and Investments - The net cash flow from operating activities was RMB 217,329 million, a decrease of 2.0% from RMB 221,706 million in the previous year[11]. - The net cash flow used in investing activities increased by 17.5% to RMB 140.29 billion from RMB 119.41 billion year-on-year[54]. - The net cash flow used in financing activities rose significantly by 69.0% to RMB 133.01 billion from RMB 78.69 billion in the previous year[55]. - The capital expenditure for the first half of 2024 was RMB 78.94 billion, a decrease of 7.3% from RMB 85.14 billion in the same period last year, with a full-year forecast of RMB 258.00 billion[59]. - The total cash outflow from investing activities was RMB 172,778 million, compared to RMB 149,756 million in the same period last year, reflecting an increase of approximately 15.4%[115]. - The cash inflow from financing activities totaled RMB 288,192 million, down from RMB 345,321 million in the same period last year, representing a decrease of approximately 16.5%[115]. Assets and Liabilities - The total assets at the end of the reporting period were RMB 2,768,297 million, a 0.6% increase from RMB 2,752,710 million at the end of the previous year[11]. - The total liabilities decreased by 2.8% to RMB 1,090.13 billion from RMB 1,122.08 billion at the end of 2023[51]. - The company's total equity attributable to shareholders increased to RMB 1,489,904 million as of June 30, 2024, from RMB 1,446,410 million at the end of 2023, reflecting a growth of approximately 3%[112]. - The company's debt-to-asset ratio improved to 39.38% as of June 30, 2024, down from 40.76% at the end of 2023[109]. Shareholder Information - The company declared an interim dividend of RMB 0.22 per share, amounting to approximately RMB 402.65 million based on the total share capital as of June 30, 2024[10]. - The largest shareholder, China National Petroleum Corporation, holds 150,923,565,570 shares, representing 82.46% of the total shares[17]. - The company has a cash dividend policy that mandates a minimum distribution of 30% of the net profit attributable to shareholders of the parent company, provided cash flow supports it[71]. Operational Highlights - In the first half of 2024, the company's crude oil production reached 474.8 million barrels, a 0.1% increase from 474.3 million barrels in the same period last year[32]. - The company achieved a sales volume of natural gas of 2,584.2 billion cubic feet, up 2.7% from 2,517.1 billion cubic feet year-on-year[32]. - The total oil and gas equivalent production was 905.5 million barrels, reflecting a 1.3% increase from 893.8 million barrels in the previous year[32]. - The company reported a significant increase in wind and solar power generation, reaching 2.17 billion kilowatt-hours, a 154.5% increase from 850 million kilowatt-hours in the same period last year[33]. Environmental and Social Responsibility - The company has implemented a three-step strategy focusing on "clean alternatives, strategic replacements, and green transformation" to reduce carbon emissions and enhance energy efficiency[92]. - The company has maintained a strong commitment to environmental protection, with no significant environmental pollution incidents reported during the period[92]. - The company has actively engaged in rural revitalization initiatives, including the "Happy Village" project to improve living conditions in rural areas[93]. Regulatory and Compliance - The financial statements were prepared in accordance with the accounting standards set by the Ministry of Finance of China, ensuring compliance and transparency[120]. - The company has maintained compliance with corporate governance standards and has not encountered any insider trading violations[71]. - The company is subject to various regulatory risks, including changes in government policies regarding exploration and production licenses, special taxes, and environmental standards[98]. Future Outlook - The company expects moderate global economic growth in the second half of 2024, with domestic demand for natural gas continuing to grow rapidly[68]. - The company plans to increase investment in unconventional resources and clean energy projects, with a focus on enhancing exploration and development capabilities[61]. - The company aims to enhance its market share and operational capabilities in both domestic and international markets[47].