2022-08-25 16:00Financial Performance - Operating revenue for the reporting period was RMB 1,614,621 million, representing a 34.9% increase year-on-year[9]. - Net profit attributable to shareholders of the parent company was RMB 82,391 million, up 55.3% from the same period last year[9]. - Basic earnings per share increased to RMB 0.45, a 55.3% rise compared to RMB 0.29 in the previous year[9]. - Net cash flow from operating activities was RMB 196,061 million, reflecting a 69.0% increase year-on-year[9]. - Total profit for the period was RMB 118,332 million, representing a 35.9% increase from RMB 87,015 million in the first half of 2021[154]. - The company reported a total comprehensive income of RMB 103,520 million, up 60.1% from RMB 64,634 million in the first half of 2021[154]. - The company's operating profit decreased to RMB 349 million, down 24.3% from RMB 461 million in the first half of 2021[154]. - EBITDA for the first half of 2022 reached RMB 230,839 million, an increase of 12.3% compared to RMB 205,564 million in the first half of 2021[150]. Assets and Liabilities - Total assets reached RMB 2,772,369 million, an increase of 10.8% compared to the previous year[9]. - The group's total liabilities increased by 16.8% to RMB 1,276.857 billion compared to the end of 2021[53]. - The company's equity attributable to shareholders reached RMB 1,334,868 million, an increase of 5.6% from RMB 1,263,815 million at the end of 2021[153]. - The asset-liability ratio increased to 46.05% as of June 30, 2022, compared to 43.69% at the end of 2021[149]. - The current ratio improved to 1.00 as of June 30, 2022, up from 0.93 at the end of 2021[149]. - The quick ratio also increased to 0.71 as of June 30, 2022, compared to 0.65 at the end of 2021[149]. Shareholder Information - The company declared an interim dividend of RMB 0.20258 per share, totaling RMB 37.076 billion based on the total share capital of 183,020,977,818 shares[2]. - As of June 30, 2022, the total number of shareholders is 598,182, with 592,279 domestic A-share shareholders and 5,903 overseas H-share shareholders[15]. - The largest shareholder, China National Petroleum Corporation, holds 146,882,339,136 shares, representing 80.25% of the total shares[15]. - The company has maintained a cash dividend policy of at least 30% of the net profit attributable to the parent company, provided that cash flow supports sustainable operations[80]. Operational Highlights - In the first half of 2022, the company's crude oil production reached 451.9 million barrels, a 2.0% increase year-on-year, while domestic production rose by 3.4% to 387.7 million barrels[32][33]. - The total sales of gasoline, kerosene, and diesel amounted to 71.43 million tons, a decrease of 11.1% compared to the previous year, with domestic sales down 6.1%[37]. - The company achieved a natural gas production of 2,358.2 billion cubic feet, reflecting a 4.4% year-on-year growth, with domestic production also increasing by 4.4%[32][33]. - The refining business processed 597.5 million barrels of crude oil, a decline of 1.4% year-on-year, while the production of refined oil products decreased by 6.2% to 5.151 million tons[34][35]. Capital Expenditures and Investments - Capital expenditures for the first half of 2022 amounted to RMB 92.312 billion, a 24.9% increase year-on-year, with a full-year forecast of RMB 242.0 billion[61]. - The company expects full-year capital expenditures for the exploration and production segment to be RMB 181,200 million, reflecting a focus on unconventional resource development and clean energy projects[63]. - The refining and chemical segment anticipates full-year capital expenditures of RMB 44,500 million, aimed at transformation and upgrading projects[64]. Environmental and Social Responsibility - The company is actively promoting the "carbon peak and carbon neutrality" initiative, focusing on greenhouse gas emission reduction measures[115]. - The company has publicly disclosed environmental information in compliance with regulations, including penalties for environmental issues[114]. - The company is enhancing its existing pollution control facilities and accelerating upgrades for wastewater treatment and air pollution control[115]. - The company has committed to enhancing rural living environments through the "Oil Happiness Village" initiative and other community support programs[115]. Governance and Compliance - The company has held various governance meetings, including one shareholders' meeting and three board meetings, ensuring compliance with regulatory requirements[78]. - The company confirmed compliance with the standards for securities transactions by directors during the reporting period[105]. - The financial statements were approved by the board on August 25, 2022, indicating timely reporting practices[161]. Risks and Challenges - The company faces risks from industry regulation and tax policy changes, which could impact operational activities and financial performance[19]. - The company is exposed to oil and gas price volatility, influenced by global political and economic conditions, as well as supply and demand dynamics[20]. - The company has significant foreign currency exposure due to its operations and imports, which may affect financial results due to exchange rate fluctuations[21].