2023-04-27 16:00Financial Performance - Operating revenue for Q1 2023 was RMB 791,331 million, representing a 2.59% increase year-on-year[3] - Net profit attributable to shareholders of the parent company decreased to RMB 20,102 million, down 11.83% compared to the same period last year[3] - Basic earnings per share for Q1 2023 were RMB 0.168, a decrease of 10.64% from RMB 0.187 in the same period last year[3] - The weighted average return on equity was 2.52%, down 0.38 percentage points from the previous year[3] - Net profit for the first quarter of 2023 was RMB 22,864 million, down from RMB 26,690 million in the first quarter of 2022, reflecting a decrease of about 14.0%[22] - The company's net profit attributable to shareholders for the first quarter of 2023 was RMB 20,740 million, compared to RMB 23,533 million in the same period of 2022, reflecting a decrease of about 12%[32] - The total comprehensive income for Q1 2023 was 8,224 million RMB, compared to 7,553 million RMB in Q1 2022, indicating a growth of 8.9%[24] - The net profit for the period ending March 31, 2023, was RMB 23,557 million, a decrease of 14.4% from RMB 27,543 million in the same period of 2022[33] Cash Flow and Liquidity - The net cash flow from operating activities was negative at RMB (18,397) million, an improvement from RMB (46,781) million in the previous year[3] - Cash received from borrowings increased by 65.44% to RMB 228,360 million, reflecting a strategy to enhance liquidity and fund investment projects[7] - The company's total cash inflow from financing activities in Q1 2023 was 228,468 million RMB, compared to 138,837 million RMB in Q1 2022, showing a substantial increase of 64.5%[26] - Cash flow from operating activities showed a net outflow of 18,397 million RMB in Q1 2023, an improvement from a net outflow of 46,781 million RMB in Q1 2022[25] - The company's operating cash flow for the three months ended March 31, 2023, was RMB 23,881 million, a significant improvement from a cash outflow of RMB 5,161 million in the same period of 2022[27] Assets and Liabilities - Total assets increased to RMB 2,011,153 million, up 3.08% from the end of 2022[3] - Current assets totaled RMB 584,769 million as of March 31, 2023, up from RMB 523,140 million at the end of 2022, marking a growth of about 11.8%[18] - Total liabilities as of March 31, 2023, were RMB 1,050,940 million, compared to RMB 1,010,664 million at the end of 2022, showing an increase of about 4.0%[17] - The company's long-term borrowings rose to RMB 129,943 million from RMB 94,964 million, representing an increase of approximately 36.8%[17] - The total equity attributable to shareholders of the parent company was RMB 806,963 million as of March 31, 2023, compared to RMB 788,471 million at the end of 2022, indicating a growth of about 2.3%[17] Production and Sales - The total oil and gas equivalent production reached 124.60 million barrels, a year-on-year increase of 2.6%[10] - Natural gas production was 3,304.7 billion cubic feet, reflecting a year-on-year growth of 5.3%[10] - The refining segment processed 62.24 million tons of crude oil, a decrease of 3.0% compared to the same period last year[11] - Total sales volume of refined oil reached 56.16 million tons, an increase of 10.1% year-on-year[12] - The exploration and development segment generated revenue of RMB 52,585 million, slightly up from RMB 52,455 million in the same period last year[30] - The refining segment's revenue decreased to RMB 367,382 million from RMB 384,300 million year-over-year, indicating a decline of approximately 4.8%[30] - The marketing and distribution segment saw a revenue increase to RMB 416,526 million, compared to RMB 372,799 million in the previous year, marking a growth of about 11.7%[30] Investment and Expenditures - Capital expenditures for Q1 amounted to RMB 23.40 billion, with RMB 14.98 billion allocated to exploration and development[15] - The company is focusing on optimizing its investment projects and enhancing the quality and efficiency of its capital expenditures[15] - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and profitability[41] Segment Performance - The marketing and distribution segment achieved a pre-tax profit of RMB 8.475 billion[12] - The chemical segment reported a pre-tax loss of RMB 3.022 billion, with ethylene production at 3.347 million tons, down 7.2% year-on-year[14] - The exploration and development segment reported an operating profit of RMB 12,847 million, up from RMB 10,429 million in the same period last year, indicating a growth of 23.0%[41] - The refining segment's operating profit decreased significantly to RMB 10,403 million from RMB 22,493 million, reflecting a decline of 53.8%[41] - The marketing and distribution segment achieved an operating profit of RMB 7,921 million, slightly down from RMB 8,564 million, a decrease of 7.5%[41] - The chemical segment reported an operating loss of RMB 1,780 million, compared to a profit of RMB 1,325 million in Q1 2022, marking a significant downturn[41] Other Financial Metrics - Non-recurring losses totaled RMB (492) million, impacting net profit attributable to shareholders by RMB (386) million[4] - The average realized price of crude oil was $75.21 per barrel, a decrease of 15.5% compared to the previous year[10] - The gross profit margin for the first quarter of 2023 was impacted by increased procurement costs, with operating expenses totaling RMB 760,241 million, up from RMB 738,426 million in the previous year[32] - The company recognized government subsidies of RMB 7 million in Q1 2023, compared to RMB 5 million in Q1 2022, indicating a slight increase[44]