PETROCHINA(00857)2024-04-29 08:44Financial Performance - Operating revenue for the first quarter reached RMB 812,184 million, an increase of 10.9% compared to RMB 732,471 million in the same period last year[11] - Net profit attributable to shareholders of the parent company was RMB 45,683 million, reflecting a growth of 4.7% from RMB 43,624 million year-on-year[11] - Basic and diluted earnings per share were both RMB 0.25, up 4.7% from RMB 0.24 in the previous year[11] - The company reported a total comprehensive income of RMB 49,020 million for the first quarter of 2024, compared to RMB 44,962 million in the same period of 2023, representing an increase of about 9.1%[42] - Net profit for the same period was RMB 51,283 million, up 5.8% from RMB 48,503 million year-over-year[58] - Operating profit increased to RMB 64,541 million, compared to RMB 62,396 million in the previous year, reflecting a growth of 3.4%[61] Cash Flow and Assets - Net cash flow from operating activities was RMB 111,077 million, a decrease of 12.1% from RMB 126,382 million at the end of the previous year[11] - Cash received from sales of goods and services was RMB 879,183 million, up 9.7% from RMB 801,094 million year-over-year[45] - Cash and cash equivalents at the end of the period were RMB 232,017 million, down from RMB 242,243 million at the end of the same period last year[45] - The company’s cash and cash equivalents increased significantly to RMB 99,054 million from RMB 62,807 million, marking a growth of approximately 57.7%[36] - The total amount of cash and cash equivalents decreased to RMB 232,017 million from RMB 249,001 million, reflecting cash flow dynamics during the period[65] Production and Sales - The company’s oil and gas equivalent production reached 463.7 million barrels, a 2.6% increase from 452.0 million barrels in the same period last year[21] - Domestic oil and gas equivalent production was 413.0 million barrels, also up 2.6% from 402.6 million barrels year-on-year[21] - Sales of refined oil products amounted to 39,258 thousand tons, a 4.5% increase from 37,575 thousand tons year-over-year[27] - Natural gas sales increased to 83.369 billion cubic meters, a 14.2% rise from 73.008 billion cubic meters year-over-year[26] Assets and Liabilities - Total assets at the end of the reporting period amounted to RMB 2,753,922 million, a slight increase of 0.1% from RMB 2,752,448 million year-on-year[11] - The total liabilities decreased to RMB 677,819 million as of March 31, 2024, from RMB 689,466 million at the end of 2023, a reduction of about 1.0%[39] - The total equity attributable to shareholders of the parent company rose to RMB 1,326,339 million as of March 31, 2024, compared to RMB 1,291,608 million at the end of 2023, reflecting an increase of about 2.7%[39] - The total liabilities and equity combined reached RMB 2,004,158 million as of March 31, 2024, compared to RMB 1,981,074 million at the end of 2023, indicating a growth of approximately 1.2%[39] Operational Efficiency - The company continues to focus on innovation, resource optimization, market expansion, and green low-carbon strategies to enhance operational efficiency and financial health[20] - The company aims to enhance market analysis and strengthen sales efforts to improve operational efficiency[26] - Operating profit from oil and gas and new energy businesses was RMB 42.965 billion, a 4.8% increase from RMB 40.996 billion year-on-year, mainly due to increased domestic natural gas sales[21] Research and Development - Research and development expenses for the first quarter of 2024 were RMB 5,998 million, slightly up from RMB 5,934 million in the same period of 2023[42] Other Financial Metrics - The weighted average return on net assets remained stable at 3.1%, unchanged from the previous year[11] - The company processed 353.8 million barrels of crude oil, an 8.2% increase from 326.9 million barrels year-over-year[24] - Operating profit from refining and chemical business was RMB 8.115 billion, a 4.2% decrease from RMB 8.470 billion year-over-year[23] - Operating profit from the chemical business turned around to RMB 1.145 billion from a loss of RMB 0.926 billion year-over-year[23]