2023-03-29 16:00Financial Performance - The company's operating revenue for 2022 was RMB 3,239,167 million, representing a 23.9% increase from RMB 2,614,349 million in 2021[24]. - The operating profit for 2022 was RMB 242,564 million, up 33.1% from RMB 182,180 million in 2021[24]. - The net profit attributable to shareholders of the parent company for 2022 was RMB 149,375 million, a 62.1% increase from RMB 92,161 million in 2021[24]. - The cash flow from operating activities for 2022 was RMB 393,768 million, reflecting a 15.3% increase from RMB 341,469 million in 2021[24]. - The total assets at the end of 2022 were RMB 2,673,751 million, a 6.8% increase from RMB 2,502,533 million at the end of 2021[24]. - The return on equity for 2022 was 11.3%, an increase of 3.9 percentage points from 7.4% in 2021[24]. - The basic earnings per share for 2022 were RMB 0.82, a 62.1% increase from RMB 0.50 in 2021[24]. - The free cash flow increased by 88.4% compared to the previous year, indicating strong cash flow management[84]. - The company's financial reports for 2022 were audited by PwC and received standard unqualified opinions[36]. Production and Sales - The domestic crude oil production in 2022 was 204.67 million tons, a year-on-year increase of 2.9%[68]. - The company's crude oil production in 2022 was 906.2 million barrels, a year-on-year increase of 2.1%, and marketable natural gas production was 4,675.0 billion cubic feet, up 5.8% year-on-year[103]. - The total oil and gas equivalent production was 1,512.6 million barrels, reflecting a 3.8% increase year-on-year[121]. - The total sales volume of gasoline, kerosene, and diesel was 150.65 million tons, down 7.8% from 163.31 million tons in 2021[130]. - Natural gas sales in 2022 totaled 260.28 billion cubic meters, a 5.0% decrease year-on-year, while domestic sales increased by 6.4% to 207.10 billion cubic meters[157]. - The refining and chemical segment's operating profit in 2022 was RMB 40.57 billion, an 18.4% decrease from RMB 49.74 billion in 2021, primarily due to increased raw material costs[169]. - The refining, chemical, and new materials segment reported capital expenditures of RMB 41.771 billion, primarily for transformation projects and new materials R&D[186]. Market and Economic Conditions - In 2022, China's GDP grew by 3.0%, while the demand for refined oil remained weak and natural gas consumption slightly decreased[60]. - The company expects the global economy to continue slow growth in 2023, with increased volatility in international oil prices[61]. - The average price of Brent crude oil in 2022 was $101.32 per barrel, an increase of 42.9% year-on-year, while the average price of West Texas Intermediate crude oil was $94.54 per barrel, up 38.8% year-on-year[90]. - The average realized price of crude oil in 2022 was USD 92.12 per barrel, a 40.5% increase from USD 65.58 per barrel in 2021[143]. - The average realized price of domestic natural gas increased by 27.6% year-on-year, significantly impacting revenue growth[159]. Strategic Initiatives - The company aims to enhance shareholder value by focusing on innovation, resource management, market expansion, internationalization, and green transformation[61]. - The company plans to adjust land lease areas and rents approximately every three years based on operational needs[2]. - The company plans to enhance its overseas business capabilities and optimize asset structures to improve overall efficiency[168]. - The company is committed to expanding its renewable energy projects, including offshore wind power and carbon capture initiatives, as part of its carbon peak action plan[86]. - The company is focusing on high-efficiency exploration and development in oil and gas, particularly in six major areas including marine carbonate rocks and shale gas[85]. - The company plans to process 1,293.1 million barrels of crude oil in 2023[63]. - The company aims to enhance the sales ratio in the terminal market by developing the urban gas market and optimizing marketing strategies[65]. - The company is enhancing its marketing strategies by developing a wholesale and retail integrated marketing system to improve market share and sales efficiency[87]. Financial Position and Investments - The total debt as of December 31, 2022, consisted of approximately 34.9% fixed-rate loans and 65.1% floating-rate loans, with RMB debt accounting for 67.7% and USD debt for 30.2%[183]. - Capital expenditures in the oil and gas and new energy segment amounted to RMB 221.592 billion, focusing on exploration and development in key basins and new energy projects[185]. - The company has established a robust international trade system to increase trade scale and enhance operational flexibility and stability[87]. - The company engaged in currency financial derivative transactions amounting to $398.4 million to hedge against market risks[93]. - The company is optimizing its investment direction by enhancing the construction of gas stations and energy service stations, while also focusing on non-oil sales[87]. Shareholder and Governance - The company’s major shareholder, China National Petroleum Corporation, holds 147,103,617,108 A shares, representing a significant portion of the company's equity[52]. - The company’s stock structure includes significant holdings by state-owned entities, with China Petroleum Group being the largest shareholder[52]. - The company completed the delisting of its 2018 exchangeable bonds, transferring 3,820,000,000 shares to a dedicated account[31]. - The company has established a comprehensive internal control system to enhance risk management and compliance, focusing on a risk-oriented approach[107]. - The net profit attributable to non-controlling interests in 2022 was RMB 14.602 billion, a decrease of 35.2% from RMB 22.526 billion in 2021, mainly due to the impact of asset transaction gains in 2021[191].