PETROCHINA(00857)2024-03-25 09:39Shareholder Information - As of December 31, 2023, the total number of shareholders was 479,245, with domestic A-share shareholders accounting for 473,714 and overseas H-share shareholders for 5,531[1]. - The largest shareholder, China National Petroleum Corporation, holds 82.46% of the shares, equating to 150,923,565,570 shares[2]. - BlackRock, Inc. holds 1,472,617,558 H-shares, representing a significant stake in the company[6]. Financial Performance - The company's operating revenue for 2023 was RMB 3,011.01 billion, down 7.0% from RMB 3,239.17 billion year-on-year, with a decline smaller than the drop in oil prices[19]. - Net profit attributable to shareholders reached RMB 161.15 billion, an increase of 8.3% from RMB 148.74 billion in the previous year, marking a historical high[19]. - Free cash flow for 2023 was RMB 176.12 billion, up 17.1% from RMB 150.42 billion year-on-year, also a historical high[19]. - The company reported a net profit attributable to non-controlling interests of RMB 19.147 billion, a 31.1% increase from RMB 14.605 billion year-on-year[84]. - The company's net profit for 2023 was RMB 180.29 billion, an increase of 10.4% from RMB 163.35 billion in the previous year[109]. - The company achieved operating profit for 2023 of RMB 43.044 billion, an increase of RMB 30.087 billion compared to RMB 12.957 billion in the same period last year, reflecting a significant growth in profitability[143]. Debt and Assets - The company's debt-to-asset ratio improved to 40.76% in 2023 from 42.55% in 2022[15]. - Total assets at the end of 2023 were RMB 2,752.71 billion, representing a 3.1% increase from RMB 2,670.67 billion at the end of 2022[62]. - The company's total liabilities decreased by 1.2% to RMB 1,122.075 billion from RMB 1,136.234 billion at the end of the previous year[94]. - The company's total debt as of December 31, 2023, included fixed-rate loans of RMB 138.029 billion (47.3%) and floating-rate loans of RMB 153.949 billion (52.7%)[150]. - The total equity attributable to shareholders increased by 5.9% to RMB 1,446.163 billion, mainly due to an increase in retained earnings[146]. Production and Sales - Domestic crude oil production was 773.7 million barrels, a 0.8% increase from 767.4 million barrels in the previous year[22]. - The company achieved a total oil and gas equivalent production of 1,759.2 million barrels, a 4.4% increase from 1,685.4 million barrels year-on-year[24]. - The overseas oil production increased by 17.7% to 163.4 million barrels from 138.8 million barrels in the previous year[24]. - The total sales of natural gas reached 4,932.4 billion cubic feet, a 5.5% increase from 4,675.0 billion cubic feet year-on-year[27]. - The company sold 165.80 million tons of gasoline, kerosene, and diesel in 2023, a 10.1% increase from 150.65 million tons in 2022[59]. - Natural gas sales reached 273.548 billion cubic meters, up 5.1% from 260.284 billion cubic meters year-on-year, with domestic sales increasing by 6.1%[76]. Operational Efficiency - EBITDA to total debt ratio increased to 1.67 in 2023, up from 1.39 in 2022[15]. - EBITDA interest coverage ratio was 35.86 in 2023, compared to 38.25 in 2022[15]. - The company achieved a crude oil processing load rate of 85.6%, an increase of 4.7 percentage points from 80.9% in the previous year[36]. - The company processed 1,398.8 million barrels of crude oil in 2023, a 15.3% increase from 1,212.7 million barrels in the previous year[36]. New Energy and Sustainability - New energy projects saw significant development with wind and solar power generation reaching 2.2 billion kWh and an installed capacity of 3.7 million kW added in 2023[25]. - The company is actively pursuing green and low-carbon transformation, with a notable acceleration in the development of new energy and new materials[19]. - The company plans to increase natural gas sales capital expenditure to RMB 6 billion in 2024, focusing on LNG infrastructure and market expansion[132]. Dividends and Shareholder Returns - The company plans to distribute a year-end dividend of RMB 0.23 per share, totaling approximately RMB 42.095 billion based on a total share capital of 183,020,977,818 shares as of December 31, 2023[68]. - A cash dividend of RMB 0.23 per share is proposed for the year-end 2023, totaling approximately RMB 42.095 billion[163]. Compliance and Regulatory Changes - The company will ensure compliance with new government regulations regarding mineral rights transfer revenue collection, effective from May 1, 2023[169]. - The company is required to confirm the residency status of H-share individual shareholders based on their registered addresses by June 19, 2024[188]. - The company will strictly comply with tax regulations as of June 25, 2024, for H-share shareholders[187]. Future Outlook - The forecast for total revenue in 2024 is RMB 258 billion, with the oil and gas and new energy segment expected to maintain a significant contribution[128]. - The company anticipates a 5% GDP growth in China for 2024, with a competitive domestic refined oil market and rapid growth in natural gas demand[134]. - The company aims to achieve an oil production target of 909.2 million barrels and natural gas sales of 5,142.6 billion cubic feet in 2024[134].