PETROCHINA(00857)2022-04-27 08:51Financial Performance - The company's operating revenue for 2021 was RMB 2,614,349 million, representing a 35.2% increase compared to RMB 1,933,836 million in 2020[17]. - The net profit attributable to shareholders of the parent company for 2021 was RMB 92,161 million, a significant increase from RMB 19,002 million in 2020[17]. - The basic and diluted earnings per share for 2021 were RMB 0.50, up from RMB 0.10 in 2020[17]. - The total assets at the end of 2021 were RMB 2,502,533 million, a slight increase of 0.6% from RMB 2,488,400 million at the end of 2020[17]. - The net cash flow from operating activities for 2021 was RMB 341,469 million, reflecting a 7.2% increase from RMB 318,575 million in 2020[17]. - The company reported a weighted average return on equity of 7.4% for 2021, up from 1.6% in 2020, indicating improved profitability[17]. - The total liabilities decreased to RMB 1,093,393 million in 2021 from RMB 1,121,505 million in 2020, showing a reduction in financial leverage[17]. - The company incurred non-recurring losses totaling RMB 7,370 million in 2021, primarily due to asset disposals and other adjustments[21]. - The company reported a free cash flow growth of 13.8% compared to the previous year[48]. - The company's operating profit was RMB 1,611.53 billion, reflecting a 112.2% increase year-on-year[79]. Shareholder Information - PetroChina proposed a final dividend of RMB 0.09622 per share, totaling RMB 17.61 billion based on a total share capital of 183,020,977,818 shares as of December 31, 2021[9]. - The company maintained a total share capital of 1,830.21 billion shares throughout 2021, with no new shares issued[17]. - As of December 31, 2021, the total number of shareholders was 618,008, with a mix of domestic and international investors[31]. - The largest shareholder, China National Petroleum Corporation, holds 80.25% of the shares, totaling 146,882,339,136 shares[32]. - The company distributed a cash dividend of RMB 41,476 million in 2021, which accounted for 45% of the net profit attributable to the parent company[124]. - The cash dividend policy stipulates a minimum distribution of 30% of the net profit attributable to the parent company, provided that the cash flow supports sustainable operations[121]. - The company has maintained a stable and positive dividend policy, which has been well received by shareholders[122]. Operational Highlights - The company plans to produce 898.6 million barrels of crude oil and 4,625.1 billion cubic feet of marketable natural gas in 2022[50]. - The domestic crude oil production in 2021 was 19.898 million tons, a year-on-year increase of 2.4%[55]. - The company processed 1,225.0 million barrels of crude oil, a year-on-year increase of 4.0%[68]. - The company’s total proven oil reserves increased by 16.5% to 6,064 million barrels[64]. - The company’s total proven natural gas reserves decreased by 2.0% to 74,916 billion cubic feet[64]. - The company’s sales of marketable natural gas reached 4,420.0 billion cubic feet, a year-on-year increase of 4.7%[63]. - The company’s refining and chemical products sales volume increased by 6.7% year-on-year[65]. - The total sales of gasoline, kerosene, and diesel reached 163.3 million tons, a year-on-year increase of 1.3%[70]. Strategic Initiatives - The company is committed to building a world-class comprehensive international energy company and implementing high-quality development strategies[43]. - The company has implemented strategies focusing on innovation, resource management, market expansion, internationalization, and green low-carbon initiatives[43]. - The company will focus on green and low-carbon transformation, emphasizing clean production and energy consumption control[53]. - The company will continue to optimize its overseas asset structure and improve investment efficiency[53]. - The company is exploring strategic investments in innovative and green low-carbon industries through Kunlun Capital, aiming to foster new technologies and business models[163]. Governance and Compliance - The board of directors confirmed the accuracy and completeness of the annual report, ensuring no major omissions or misleading statements[8]. - The company has established and effectively operates an internal control system in compliance with regulatory requirements[196]. - The internal control system was evaluated by the board and deemed effective as of December 31, 2021, ensuring reasonable assurance against material misstatements[200]. - The company emphasizes transparency in information disclosure, adhering to regulatory requirements and ensuring timely and accurate reporting to shareholders[195]. - The company has restructured its board committees to strengthen ESG oversight by renaming the Health, Safety, and Environmental Committee to the Sustainable Development Committee[194]. Related Party Transactions - The company continues to engage in ongoing related party transactions with China National Petroleum Corporation (CNPC), with a proposed transaction cap for the period from January 1, 2021, to December 31, 2023[164]. - The total agreement for mutual supply of products and services between the company and CNPC is effective from January 1, 2021, for a duration of three years[165]. - The company provided RMB 69,058 million in sales to China Petroleum Group and its subsidiaries, accounting for 3% of total sales transactions[190]. - The company’s independent non-executive directors confirmed that all related party transactions were conducted in the ordinary course of business and on fair terms[186]. - The company’s auditors confirmed that all related party transactions were approved by the board and conducted according to the group’s pricing policy[188].