2022-04-29 16:00Financial Performance - Operating revenue for the period was RMB 779,368 million, representing a 41.2% increase year-on-year[5] - Net profit attributable to shareholders of the parent company was RMB 39,060 million, up 40.9% from the same period last year[5] - Basic and diluted earnings per share were both RMB 0.21, reflecting a 40.9% increase compared to RMB 0.15 in the prior year[5] - The return on equity (ROE) increased to 3.0%, up 0.8 percentage points from 2.2% in the previous year[5] - The company reported a weighted average ROE of 3.0% under international financial reporting standards, compared to 2.3% under Chinese accounting standards[6] - The net profit calculated under international financial reporting standards was RMB 43,636 million, slightly higher than RMB 43,635 million under Chinese accounting standards[8] - The company's net profit attributable to shareholders was RMB 39.059 billion, a 40.9% increase year-over-year[21] - Operating profit for the same period was RMB 57,262 million, up 27.9% from RMB 44,780 million year-over-year[26] - The overall operating profit for the company reached RMB 57,262 million, an increase of 27.8% compared to RMB 44,780 million in the first quarter of 2021[30] Cash Flow and Assets - The net cash flow from operating activities was RMB 84,425 million, a significant improvement from a negative RMB 1,800 million in the previous year[5] - Cash generated from operating activities was RMB 91,742 million, significantly higher than RMB 1,276 million in the same quarter last year[28] - The company's cash and cash equivalents at the end of Q1 2022 amounted to RMB 170,528 million, up from RMB 111,798 million at the end of Q1 2021[25] - Total assets at the end of the reporting period reached RMB 2,610,802 million, an increase of 4.3% compared to the previous year[5] - Total assets of the company as of March 31, 2022, were RMB 2.611 trillion, an increase from RMB 2.503 trillion at the end of 2021[22] - Total liabilities increased to RMB 1,158,502 million as of March 31, 2022, compared to RMB 1,093,409 million at the end of 2021, reflecting a growth of 5.9%[23] - Total equity attributable to shareholders of the parent company increased to RMB 1,304,053 million, up from RMB 1,263,815 million at the end of 2021, representing a growth of 3.2%[23] Production and Sales - The total oil and gas equivalent production reached 430.9 million barrels, a 3.3% increase year-on-year[12] - Domestic oil and gas equivalent production was 389.8 million barrels, reflecting a 4.5% year-on-year growth[15] - The company reported a total crude oil production of 224.9 million barrels, a 1.6% increase from the previous year[13] - The production of refined oil was 26.25 million tons, a decrease of 2.6% compared to the same period last year[17] - The company's total sales of refined oil reached 35.282 million tons, down 2.7% from the previous year[18] - Domestic sales of refined oil increased by 3.0% year-over-year to 24.919 million tons[18] - Natural gas sales reached 60.615 billion cubic meters, a 10.9% increase year-over-year[19] Market Conditions - In Q1 2022, the average realized price of crude oil was $86.29 per barrel, an increase of 54.9% year-on-year[11] - The average realized price of domestic natural gas was $7.52 per thousand cubic feet, a 16.5% increase year-on-year after excluding exchange rate effects[11] - The average price of Brent crude oil was $102.23 per barrel, up 67.3% year-on-year[10] - The total market demand for refined oil products in China showed growth in January and February, but declined in March due to the pandemic[10] Segment Performance - Exploration and production segment reported external revenue of RMB 32,706 million, up 28.5% from RMB 25,495 million year-over-year[30] - Refining and chemical segment achieved external revenue of RMB 83,509 million, a rise of 6.4% compared to RMB 78,255 million in the previous year[30] - Sales segment generated external revenue of RMB 525,220 million, increasing by 55.7% from RMB 337,530 million year-over-year[30] - Natural gas sales segment reported external revenue of RMB 137,636 million, up 24.5% from RMB 110,523 million in the same quarter of 2021[30] - Operating profit for the exploration and production segment was RMB 38,798 million, significantly higher than RMB 12,882 million in the same quarter of the previous year[30] - The refining and chemical segment's operating profit decreased to RMB 10,765 million from RMB 14,675 million year-over-year[30] - The sales segment's operating profit increased to RMB 4,556 million, up from RMB 3,315 million in the same period last year[30] - The natural gas sales segment's operating profit fell to RMB 8,946 million from RMB 18,519 million year-over-year[30] Research and Development - Research and development expenses for Q1 2022 were RMB 4,918 million, slightly higher than RMB 4,534 million in Q1 2021, indicating continued investment in innovation[24] Strategic Focus - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and profitability[4] - The company is focusing on green and low-carbon transformation while enhancing ESG management[11]