PETROCHINA(00857)2020-09-18 08:38Financial Performance - Operating revenue for the first half of 2020 was RMB 929,045 million, down 22.3% year-on-year[16]. - The net loss attributable to shareholders of the parent company was RMB 29,986 million, representing a decline of 205.5% compared to a profit of RMB 28,420 million in the same period last year[17]. - The basic earnings per share were RMB (0.164), a decline of 205.5% from RMB 0.155 in the same period last year[17]. - The total interim dividend declared was RMB 16 billion, based on a total share capital of 183,020,977,818 shares as of June 30, 2020[10]. - The company reported a total comprehensive loss of RMB 23,760 million for the six months ended June 30, 2020, compared to a comprehensive income of RMB 20,721 million in the same period of 2019[138]. - The company reported a decrease in retained earnings, with a reduction of RMB 16,472 million during the period[143]. Cash Flow and Liquidity - The net cash flow from operating activities was RMB 79,080 million, a decrease of 41.2% compared to RMB 134,425 million in the previous year[17]. - The net cash flow used in investment activities for the first half of 2020 was RMB 110.776 billion, a decrease of 14.8% compared to RMB 129.973 billion in the first half of 2019, primarily due to reduced capital expenditures[55]. - The net cash flow from financing activities was RMB 34,629 million, compared to RMB 0.033 billion in the same period of 2019[54]. - The company's cash and cash equivalents were RMB 113,749 million, compared to RMB 110,665 million at the end of 2019, indicating a growth of 2.0%[135]. - The total cash inflow from financing activities was RMB 576,381 million, an increase of 20.6% from RMB 478,033 million in the same period of 2019[140]. Assets and Liabilities - Total assets as of June 30, 2020, were RMB 2,677,624 million, a decrease of 2.0% compared to the previous year[16]. - The total liabilities as of June 30, 2020, were RMB 1,276.952 billion, a decrease of 0.9% from RMB 1,288.605 billion at the end of 2019[52]. - The company's total equity was RMB 1,400,665 million, down from RMB 1,444,578 million as of December 31, 2019[136]. - The debt-to-capital ratio as of June 30, 2020, was 27.4%, an increase from 24.4% on December 31, 2019[59]. - The company's current ratio as of June 30, 2020, is 0.71, unchanged from December 31, 2019[131]. Production and Operations - The company's crude oil production reached 475.4 million barrels, a year-on-year increase of 5.2%[36]. - The total production of marketable natural gas was 2,149.1 billion cubic feet, up 9.4% year-on-year[36]. - The company processed 568.2 million barrels of crude oil, a decrease of 4.9% compared to the same period last year[37]. - The production of refined oil products was 5,208.5 million tons, down 8.2% year-on-year[37]. - Domestic crude oil production was 96.5 million tons, an increase of 1.5% year-on-year[31]. Shareholder Information - As of June 30, 2020, the total number of shareholders was 751,689, including 745,316 domestic A-share shareholders and 6,373 overseas H-share shareholders[22]. - The largest shareholder, China National Petroleum Corporation, held 146,882,339,136 shares, representing 80.25% of the total shares[23]. - The company did not experience any changes in its controlling shareholder or actual controller during the reporting period[29]. - The company’s major shareholders did not have any known relationships or agreements that would classify them as acting in concert, except for the two Hong Kong Central Clearing entities[25]. Market Conditions and Risks - The average spot price of WTI crude oil was $36.59 per barrel, a decrease of 36.3% compared to the same period last year[31]. - Oil and gas product price fluctuations pose a risk, as domestic prices are linked to international market prices[103]. - The COVID-19 pandemic significantly impacted market demand for refined oil and natural gas, leading to a complex operational environment[112]. - Climate change poses risks, with potential legal and regulatory requirements leading to increased costs and reduced profitability[109]. Governance and Compliance - The company has complied with the Corporate Governance Code and has not identified any insider trading violations during the reporting period[72]. - The company has increased its board members from 9 to 11 during the reporting period, enhancing governance and oversight[72]. - The company emphasizes its commitment to safety and environmental standards, as evidenced by the allocation to the special reserve for safety production[143]. - The company has faced significant losses in the first half of 2020 due to the pandemic and low oil prices, yet remains committed to shareholder returns[75]. Future Outlook and Strategy - The company aims to maintain strategic focus and high-quality development amidst global economic uncertainties and oil market volatility[68]. - The exploration and production segment will focus on increasing gas output and enhancing exploration efficiency, particularly in key basins[68]. - The company plans to expand its natural gas production capacity by 10% in 2020, aiming to meet increasing domestic demand[97]. - The company intends to strengthen its international operations by enhancing exploration and resource assessment in strategic areas[70].