2019-08-29 16:00Financial Performance - Operating revenue rose by 6.8% to RMB 1,196,259 million year-on-year[8] - Net profit attributable to shareholders of the parent company increased by 3.6% to RMB 28,423 million[8] - Basic earnings per share rose by 3.6% to RMB 0.155[8] - The total revenue for the first half of 2019 was RMB 1,171.738 billion, representing a 7.2% increase compared to RMB 1,096.259 billion in the same period of 2018[65] - The total comprehensive income for the six months ended June 30, 2019, was RMB 42,142 million, compared to RMB 36,330 million for the same period in 2018, showing an increase of approximately 15.5%[141] - The company's net profit margin was approximately 2.1% for the first half of 2019, down from 3.1% in the same period of 2018[147] Assets and Liabilities - Total assets increased by 8.1% to RMB 2,637,490 million compared to the previous year[8] - Total liabilities increased by 17.4% to RMB 1,211.66 billion as of June 30, 2019, compared to RMB 1,031.99 billion at the end of 2018[50] - The total equity of the company as of June 30, 2019, was RMB 1,426,117 million, compared to RMB 1,409,176 million at the end of 2018, reflecting a slight increase of about 1.2%[139] - The company's debt-to-asset ratio increased to 45.93% as of June 30, 2019, compared to 42.27% at the end of 2018, primarily due to the implementation of new leasing standards[132] Cash Flow - Net cash flow from operating activities decreased by 9.1% to RMB 134,425 million[8] - The net cash flow used in investing activities was RMB 129.97 billion in the first half of 2019, an increase of 30.6% from RMB 99.51 billion in the same period of 2018[53] - Cash inflows from operating activities totaled RMB 1,362,497 million, compared to RMB 1,280,043 million in the previous year, reflecting a growth of approximately 6.4%[143] - The total cash outflow from operating activities was RMB 1,228,072 million, up from RMB 1,132,176 million in the prior year, indicating an increase of about 8.5%[143] Dividends - The company declared an interim dividend of RMB 0.06988 per share, totaling RMB 142.12 billion[3] - The mid-term dividend for 2019 is set at RMB 0.07765 per share, including a special dividend, based on 45% of the net profit attributable to the parent company for the first half of 2019[77] - The total dividend for the 2018 annual period was RMB 16.472 billion, with a per-share dividend of RMB 0.09[77] Shareholder Information - As of June 30, 2019, the total number of shareholders is 576,319, with 569,845 domestic A-share shareholders and 6,474 overseas H-share shareholders[15] - The largest shareholder, China National Petroleum Corporation, holds 147,597,442,436 A-shares, representing approximately 80.65% of the total share capital[16] - The company’s major shareholder, China National Petroleum Corporation, reduced its holdings by 413,223,100 shares during the reporting period[16] Production and Operations - In the first half of 2019, the company's domestic crude oil production reached 369.8 million barrels, an increase of 1.6% compared to the same period last year[28] - The company achieved a total oil and gas equivalent production of 779.4 million barrels in the first half of 2019, reflecting a growth of 5.9% year-on-year[30] - The company processed 597.4 million barrels of crude oil, which is a 3.1% increase from the previous year[33] Financial Management - The company has established a cash dividend policy, committing to a minimum of 30% of the net profit attributable to the parent company for cash dividends, with a current payout ratio of 45%[76] - The company has a total credit line of RMB 162 billion from various financial institutions, of which RMB 70.9 billion has been utilized, leaving RMB 91.1 billion available[134] - The company received a AAA credit rating from United Credit Rating Co., with a stable outlook, as disclosed in the 2019 tracking rating report[129] Compliance and Governance - The company has maintained compliance with the standards set forth in the Listing Rules regarding securities transactions by directors[92] - The audit committee consists of Mr. Lin Boqiang, Mr. Liu Yuezhen, and Mr. Zhang Biyi, responsible for reviewing the financial reporting procedures and internal control systems of the group[95] - The company has not faced any investigations or penalties from regulatory authorities during the reporting period[91] Market and Economic Outlook - The company expects global economic growth to continue in the second half of 2019, but with increased downward risks and a generally loose balance in the international crude oil market, leading to potential downward pressure on oil prices[69] - The company operates in a wide range of oil and gas-related businesses, with prices influenced by global political and economic changes, supply and demand conditions, and international events[106] Research and Development - The company's research and development expenses for the six months ended June 30, 2019, were RMB 7,687 million, compared to RMB 6,084 million for the same period in 2018, indicating an increase of about 26.4%[141] Environmental and Social Responsibility - The company is committed to fulfilling social responsibilities and adheres to environmental protection laws, with some subsidiaries classified as key pollutant dischargers[101] - The company is focused on maintaining compliance with environmental regulations and has publicly disclosed environmental information as required[101]