PETROCHINA(HK:00857)2025-04-23 09:21Dividend Distribution - The company plans to distribute a final dividend of RMB 0.25 per share, totaling approximately RMB 45.755 billion based on the total share capital of 183,020,977,818 shares as of December 31, 2024[12]. - The company emphasizes its commitment to shareholder returns through dividend distributions[12]. - Cash dividends for 2024 amounted to RMB 86.020 million, representing 52.2% of the net profit[118]. - The proposed final dividend is subject to approval at the 2024 annual general meeting of shareholders[120]. - The dividend for A-shares will be paid in RMB, while H-shares will be paid in HKD, with the applicable exchange rate based on the average midpoint rate published by the People's Bank of China one week prior to the dividend declaration[121]. - Individual shareholders holding A-shares for more than one year will be exempt from individual income tax on dividends, while those holding for one year or less will not have tax withheld[122]. - Qualified Foreign Institutional Investors (QFII) will have a 10% corporate income tax withheld on dividends received[123]. - Non-resident corporate shareholders will also have a 10% withholding tax on dividends distributed[124]. - H-share individual shareholders will have their income tax withheld at rates varying from 10% to 20% based on their residency status and applicable tax treaties[125]. - The company will determine the residency status of H-share individual shareholders based on the registered address as of June 24, 2025[126]. - The company will comply with tax regulations for dividends distributed to investors through the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, applying a 20% withholding tax for mainland individual investors[127]. Financial Performance - The company reported significant cash flow and financial performance, although specific figures were not detailed in the provided content[12]. - The company's revenue for 2024 was CNY 2,937,981 million, a decrease of 2.5% compared to CNY 3,012,812 million in 2023[17]. - Operating profit for 2024 was CNY 233,954 million, slightly down from CNY 235,862 million in 2023[17]. - Net profit attributable to shareholders for 2024 was CNY 164,684 million, representing a 2.0% increase from CNY 161,416 million in 2023[19]. - The total assets at the end of 2024 were CNY 2,753,007 million, a slight decrease of 0.2% from CNY 2,759,237 million in 2023[19]. - The company's cash flow from operating activities for 2024 was CNY 406,532 million, down 11.0% from CNY 456,847 million in 2023[19]. - The basic earnings per share for 2024 was CNY 0.90, an increase of 2.0% from CNY 0.88 in 2023[19]. - The company reported a net asset return rate of 10.9% for 2024, slightly down from 11.1% in 2023[17]. - Capital expenditures for 2024 were CNY 275,849 million, compared to CNY 275,393 million in 2023[17]. - Non-recurring losses for 2024 totaled CNY 8,611 million, primarily due to asset disposal losses and other non-operating expenses[22]. Market Position and Operations - The company is one of the largest oil and gas producers and sellers in China, with a dominant position in the industry[13]. - The company operates under both Chinese and International Financial Reporting Standards, ensuring comprehensive financial transparency[11]. - The company is involved in various sectors including exploration, production, refining, and sales of oil and gas, as well as new energy initiatives[13]. - The company has a robust market presence, being one of the largest revenue-generating companies in China[13]. - The company is focused on future growth and expansion in both domestic and international markets[12]. - The company achieved operating revenue of RMB 2,937.981 billion, driven by increased oil and gas production and optimized product structure[49]. - The company processed 1,378.4 million barrels of crude oil in 2024, a decrease of 1.5% from 1,398.8 million barrels in the previous year[65]. - The total sales volume of gasoline, kerosene, and diesel was 15,900.0 thousand tons in 2024, down 4.1% from 16,579.8 thousand tons in 2023[69]. - The company’s market share for gasoline, kerosene, and diesel increased to 31.3% in 2024, up from 31.1% in 2023[70]. Shareholder Information - As of December 31, 2024, the total number of shareholders was 491,311, with 486,082 domestic A-share shareholders and 5,229 overseas H-share shareholders[30]. - By February 28, 2025, the total number of shareholders increased to 547,674, with 542,478 domestic A-share shareholders and 5,196 overseas H-share shareholders[31]. - The largest shareholder, China National Petroleum Corporation, holds 82.46% of the shares, totaling 150,923,565,570 shares, with no changes during the reporting period[33]. - The second-largest shareholder, Hong Kong Central Clearing Limited, holds 11.43% of the shares, totaling 20,919,164,608 shares, with an increase of 11,598,632 shares during the reporting period[33]. - The company has no other shareholders holding 10% or more of the shares, apart from China National Petroleum Corporation[42]. - The actual controller of the company is the State-owned Assets Supervision and Administration Commission of the State Council[43]. Governance and Compliance - The financial reports have been audited by KPMG Huazhen and KPMG, both issuing unqualified audit opinions[11]. - The company has a strong governance structure with a board of directors ensuring the accuracy and completeness of financial reports[11]. - The company has established a comprehensive internal governance structure to ensure good corporate governance and internal control mechanisms[196]. - The board has evaluated the internal control and risk management system, deeming it effective and sufficient for the fiscal year ending December 31, 2024[186]. - The company has established a risk management system to identify, analyze, evaluate, and respond to risks that may materially impact its strategy, operations, compliance, and financial condition[186]. - The independent non-executive directors have a maximum term of six years, ensuring a rotation of perspectives[199]. - The company has received independence confirmation letters from 5 independent non-executive directors, confirming their full independence in accordance with the Hong Kong Listing Rules[197]. - The board has established 5 specialized committees: Nomination Committee, Audit Committee, Investment and Development Committee, Remuneration and Assessment Committee, and Sustainability Committee to support decision-making[197]. - The company has mechanisms in place to ensure the board receives independent opinions, including the establishment of management measures for independent directors and regular communication with auditors[198]. Future Plans and Investments - The company aims to build a world-class comprehensive international energy company and is focusing on high-quality development and innovation strategies[42]. - For 2025, the company plans to produce 936.2 million barrels of crude oil and 5,341.0 billion cubic feet of marketable natural gas[50]. - The company aims to process 1,330.9 million barrels of crude oil in 2025 as part of its refining and chemical business strategy[51]. - The company plans to strengthen its market position by expanding its comprehensive energy service stations and improving its marketing strategies[51]. - The company plans to allocate RMB 210.00 billion for oil and gas and new energy in 2025, representing 80.09% of total projected capital expenditures[104]. - The company expects capital expenditure for the oil and gas and new energy segment to decrease to RMB 210.000 billion in 2025, continuing to focus on key domestic basins[106]. Related Party Transactions - The group continues to engage in several ongoing related party transactions with China National Petroleum Corporation, with transaction limits approved for the period from January 1, 2024, to December 31, 2026[154]. - A total agreement for mutual supply of products and services has been established with China National Petroleum Corporation, effective from January 1, 2024, for a duration of three years[155]. - The group will provide various products and services to China National Petroleum Corporation, including crude oil, natural gas, and financial services[156]. - China National Petroleum Corporation is expected to provide more products and services to the group than the group provides to them, including engineering and production services[157]. - The company has confirmed that all related transactions for 2024 have been conducted under normal business terms and are in the overall interest of shareholders[175][176]. Environmental and Renewable Energy Initiatives - The company's renewable energy segment saw a significant increase in wind and solar power generation, reaching 4.72 billion kWh, a 116.2% increase from 2.18 billion kWh in 2023[63]. - The Chinese government is promoting high-quality development in refined oil circulation, which is expected to enhance the group's sustainable growth and operational results[150]. - The government is also deepening the market-oriented reform of renewable energy grid prices, aiming for all renewable energy generation to enter the electricity market, which will benefit the group's ongoing business[151].