PETROCHINA(00857)2025-03-30 10:04Financial Performance - The total revenue for 2024 is reported at RMB 2,937,981 million, a decrease of 2.5% compared to RMB 3,240,951 million in 2022[7]. - Net profit attributable to shareholders for 2024 is RMB 164,684 million, reflecting a 2.0% increase from RMB 148,888 million in 2022[7]. - The net cash flow from operating activities for 2024 is RMB 406,532 million, down 11.0% from RMB 393,246 million in 2022[7]. - Basic earnings per share for 2024 is RMB 0.90, up 2.0% from RMB 0.81 in 2022[7]. - The weighted average return on equity for 2024 is 10.9%, a decrease of 0.2 percentage points from the previous year[7]. - The company's net profit for 2024 was RMB 183.76 billion, an increase of 1.8% from RMB 180.56 billion in the previous year[54]. - The operating profit for 2024 was RMB 233,954 million, slightly decreased from RMB 235,862 million in 2023[109]. - The net profit attributable to shareholders was RMB 164.68 billion, a 2.0% increase from RMB 161.42 billion in the previous year[47]. - The company reported a pre-tax profit of RMB 241,508 million, an increase from RMB 237,881 million in 2023[109]. - The income tax expense for 2024 was RMB 57,753 million, slightly higher than RMB 57,318 million in 2023, indicating a year-over-year increase of 0.76%[114]. Assets and Liabilities - Total assets at the end of 2024 amount to RMB 2,752,751 million, a slight decrease of 0.2% from RMB 2,676,845 million in 2022[7]. - The total liabilities decreased by 7.2% to RMB 1,043.128 billion from RMB 1,123.679 billion year-on-year[63]. - The debt-to-asset ratio improved to 37.89% at the end of 2024, down from 40.72% at the end of 2023[27]. - The total amount of current liabilities was RMB 637,317 million in 2024, down from RMB 690,597 million in 2023, a decrease of 7.7%[123]. - The total liabilities decreased to RMB 1,043,144 million in 2024 from RMB 1,123,693 million in 2023, a reduction of 7.1%[123]. - The total equity attributable to shareholders of the parent company rose to RMB 1,515,132 million in 2024 from RMB 1,451,086 million in 2023, an increase of 4.41%[110]. Production and Sales - Domestic crude oil production reached 777.0 million barrels, a 0.4% increase from 773.7 million barrels in the previous year[33]. - The company reported a sales volume of natural gas at 4,956.8 billion cubic feet, up 4.6% from 4,739.0 billion cubic feet in the previous year[33]. - The overseas oil production was 164.8 million barrels, a 0.8% increase from 163.4 million barrels in the previous year[34]. - The company sold 5,133.8 billion cubic feet of marketable natural gas, up 4.1% from 4,932.4 billion cubic feet year-on-year[35]. - The total oil and gas equivalent production was 1,797.4 million barrels, reflecting a 2.2% increase from 1,759.2 million barrels in the previous year[35]. - The company’s total revenue from oil and gas and new energy reached RMB 884,057 million, with a gross margin of 26.2%[84]. - The oil and gas segment achieved operating revenue of RMB 906.81 billion in 2024, up 1.3% from RMB 894.85 billion in 2023, driven by increased sales volumes of crude oil and natural gas[55]. Dividends and Shareholder Information - The proposed final dividend for 2024 is RMB 0.25 per share, totaling approximately RMB 45.755 billion[6]. - As of December 31, 2024, the total number of shareholders was 491,311, with 486,082 domestic A-share shareholders and 5,229 overseas H-share shareholders[11]. - The largest shareholder, China Petroleum Group, holds 82.46% of the total shares, amounting to 150,923,565,570 shares[13]. - The company reported a mid-term dividend distribution of RMB 40,265 million for 2024 and a proposed final dividend of RMB 45,755 million, compared to a total of RMB 80,529 million in 2023[117]. Capital Expenditures and Investments - Capital expenditures for 2024 amount to RMB 275.85 billion, a slight increase of 0.2% from RMB 275.39 billion in 2023[71]. - The oil and gas and new energy segment's capital expenditure for 2024 is RMB 227.63 billion, accounting for 82.52% of total capital expenditures[72]. - The refining and chemical segment's capital expenditure for 2024 is RMB 33.49 billion, primarily for upgrading projects at Jilin Petrochemical and Guangxi Petrochemical[75]. - The company plans to continue expanding its market presence in the oil and gas sector, focusing on new technologies and product development[121]. Future Outlook and Strategy - The company plans to increase its crude oil production to 936.2 million barrels and natural gas sales to 5,341.0 billion cubic feet by 2025[80]. - The company anticipates a stable GDP growth of around 5.0% in China for 2025, with continued demand growth in the natural gas market[79]. - The company aims to enhance exploration efficiency and resource replacement rates in its oil and gas operations, focusing on unconventional resources[80]. - The company plans to process 1,330.9 million barrels of crude oil by 2025[82]. Operational Efficiency - The company maintained a free cash flow of RMB 104.35 billion, remaining above RMB 100 billion[30]. - The company's net interest expense decreased by 24.4% to RMB 11.93 billion in 2024, down from RMB 15.78 billion in the previous year, due to a reduction in interest-bearing debt[54]. - Operating expenses for 2024 were RMB 270.40 billion, a decrease of 2.6% from RMB 277.70 billion in the previous year, with procurement and service costs down by 1.7%[51]. Market Conditions and Regulatory Environment - The Chinese government announced a reduction in the export tax rebate rate for gasoline and diesel from 13% to 9%, effective December 1, 2024[98]. - The National Development and Reform Commission released the updated list of encouraged industries in the western region, effective January 1, 2025, including new technologies for gasoline and diesel production[99].