2019-03-21 16:00Financial Performance - The company reported a net profit attributable to shareholders of RMB 45% of the net profit for the second half of 2018, amounting to RMB 0.06271 per share[4]. - The company's operating revenue for 2018 was RMB 2,353,588 million, representing a 16.8% increase from RMB 2,015,890 million in 2017[11]. - The net profit attributable to shareholders of the parent company for 2018 was RMB 52,585 million, a 130.7% increase compared to RMB 22,793 million in 2017[11]. - The basic and diluted earnings per share for 2018 were RMB 0.29, up 130.7% from RMB 0.12 in 2017[11]. - The company recorded a net loss from non-recurring items of RMB 13,610 million in 2018, primarily due to non-operating expenses[14]. - The company achieved a crude oil production of 890.3 million barrels in 2018, a 0.4% increase year-on-year, while domestic production decreased by 1.3% to 733.7 million barrels[42]. - The company’s total oil and gas equivalent production in 2018 was 1,491.7 million barrels, reflecting a 2.3% increase year-on-year[43]. - The company achieved a revenue of RMB 2,353.588 billion, a 16.8% increase compared to RMB 2,015.890 billion in 2017[52]. - The net profit attributable to shareholders reached RMB 52.591 billion, marking a significant increase of 130.7% year-over-year[52]. Dividends and Shareholder Information - The board proposed a final dividend of RMB 0.09 per share based on a total share capital of 183,020,977,818 shares as of December 31, 2018, which includes a special dividend of RMB 0.02729 per share[4]. - The company plans to distribute a final dividend of RMB 0.09 per share, including a special dividend of RMB 0.02729 per share[84]. - As of February 28, 2019, the total number of shareholders was 522,571, with 516,033 domestic A-share shareholders and 6,538 overseas H-share shareholders[20]. - The largest shareholder, China National Petroleum Corporation, held 148,010,665,536 A-shares, representing approximately 80.87% of the total share capital[21]. - The report noted a decrease of 3,078,027,992 shares held by China National Petroleum Corporation during the reporting period[21]. Financial Position and Assets - The total assets at the end of 2018 were RMB 2,432,558 million, a 1.1% increase from RMB 2,404,910 million at the end of 2017[11]. - The total equity attributable to shareholders of the parent company at the end of 2018 was RMB 1,214,570 million, a 1.7% increase from RMB 1,193,810 million at the end of 2017[11]. - The total liabilities decreased slightly by 0.2% to RMB 1,021,615 million[76]. - The debt-to-capital ratio as of December 31, 2018, was 22.4%, down from 25.2% at the end of 2017[71]. - The total debt as of December 31, 2018, was RMB 444.70 billion, a decrease from RMB 520.27 billion at the end of 2017[70]. Operational Highlights - PetroChina is the largest oil and gas producer and seller in China, with significant operations in exploration, development, production, and sales of oil and gas[6]. - The company’s exploration expenses decreased by 21.6% to RMB 18.726 billion, down from RMB 23.884 billion in 2017[54]. - The company processed 1,122.8 million barrels of crude oil, a 10.4% increase from 1,016.9 million barrels in the previous year[46]. - The total sales of gasoline, diesel, and kerosene reached 177,498 thousand tons, up 4.7% from 169,466 thousand tons in 2017[49]. - Natural gas sales amounted to 216.754 billion cubic meters, representing an 8.9% increase from 198.959 billion cubic meters in the previous year[50]. Investments and Capital Expenditures - The total capital expenditure for 2018 was RMB 255,974 million, reflecting the company's ongoing investment in growth[10]. - The company plans to allocate RMB 228.20 billion for capital expenditures in the exploration and production segment in 2019[74]. - The company expects to invest RMB 388.00 billion in the refining and chemical segment in 2019[74]. Corporate Governance and Compliance - The company emphasizes its commitment to accurate and complete financial reporting, ensuring no significant omissions or misleading statements[4]. - The financial reports for 2018 were audited by KPMG Huazhen and KPMG, both issuing standard unqualified audit opinions[4]. - The company has established a comprehensive internal control system that effectively operates in compliance with regulatory requirements, ensuring the accuracy and reliability of financial reporting[127]. - The company has adhered to the Corporate Governance Code and the Listing Rules throughout the reporting period, demonstrating commitment to governance standards[133]. Market and Economic Environment - The company is exposed to price fluctuations in oil and gas products, which are influenced by global political and economic conditions[169]. - The company is subject to environmental regulations that may affect its operations and financial performance[174]. - The company believes that ongoing legal proceedings will not have a significant negative impact on its financial condition[175]. Research and Development - R&D investment reached RMB 21.045 billion in 2018, an increase of 13.1% year-on-year, representing 0.9% of total revenue, with 33.0% of R&D expenses capitalized[21]. - The company obtained 2,848 patents in China in 2018, with a total of approximately 15,800 patents held both domestically and internationally as of December 31, 2018[21]. Social Responsibility - The company invested RMB 216.21 million in poverty alleviation efforts during 2018, contributing to various projects[192]. - The company provided medical services to over 7,000 patients and trained more than 200 healthcare workers in impoverished areas[194]. - The company ensured stable supply of natural gas during the winter of 2018 amidst high domestic demand[191].