PETROCHINA(00857)2022-09-19 08:39Financial Performance - Operating revenue for the first half of 2022 was RMB 1,614,621 million, representing a growth of 34.9% year-on-year[8]. - Net profit attributable to shareholders of the parent company was RMB 82,391 million, a significant increase of 55.3% compared to the same period last year[8]. - Basic earnings per share for the reporting period was RMB 0.45, up 55.3% from RMB 0.29 in the previous year[8]. - Net cash flow from operating activities amounted to RMB 196,061 million, reflecting a 69.0% increase year-on-year[8]. - The return on equity (ROE) for the reporting period was 6.2%, an increase of 2.0 percentage points compared to the previous year[8]. - The company achieved a significant improvement in free cash flow due to the substantial rise in international oil prices[24]. - The company reported a total revenue of RMB 1,633,397 million from sales of goods and services, representing a 17.3% increase from RMB 1,392,189 million in the same period last year[121]. - The total profit for the period was RMB 118,332 million, a 35.9% increase from RMB 87,015 million in the same period last year[119]. - The company’s total comprehensive income for the six months ended June 30, 2022, was RMB 69,548 million, compared to RMB 34,076 million for the same period in 2021, indicating a significant increase of approximately 104.5%[124]. Assets and Liabilities - Total assets as of June 30, 2022, reached RMB 2,772,369 million, an increase of 10.8% compared to the previous year[8]. - Total liabilities reached RMB 1,276.86 billion, a 16.8% increase from the end of 2021, with current liabilities rising by 45.2%[47]. - The company's equity attributable to shareholders was RMB 1,334.62 billion, reflecting a 5.6% increase from the end of 2021, mainly due to retained earnings growth[47]. - The net debt as of June 30, 2022, was RMB 114.55 billion, down from RMB 203.66 billion at the end of 2021[51]. - Current assets amounted to RMB 752.63 billion, up 56.5% from the end of 2021, primarily due to increases in cash, inventory, accounts receivable, and derivative financial assets[46]. - The debt-to-capital ratio as of June 30, 2022, was 18.3%, a decrease from 19.5% at the end of 2021[53]. Shareholder Information - As of June 30, 2022, the total number of shareholders is 598,182, with 592,279 domestic A-share shareholders and 5,903 overseas H-share shareholders[16]. - The largest shareholder, China National Petroleum Corporation, holds 146,882,339,136 shares, representing 80.25% of the total shares[16]. - The company declared an interim dividend of RMB 0.20258 per share, totaling RMB 37.076 billion based on the total share capital of 183,020,977,818 shares as of June 30, 2022[4]. - The company distributed RMB 17,610 million to shareholders during the six months ended June 30, 2022, up from RMB 16,000 million in the same period of 2021[124]. Production and Sales - In the first half of 2022, the company's domestic crude oil production reached 387.7 million barrels, a year-on-year increase of 3.4%[30]. - The company's total oil and gas equivalent production was 845.0 million barrels, an increase of 3.1% compared to the same period last year[30]. - The average price of Brent crude oil in the first half of 2022 was $107.94 per barrel, up 66.1% year-on-year[25]. - The sales volume of gasoline, kerosene, and diesel was 7,143.3 million tons, a decline of 11.1% year-on-year[34]. - The company's sales of marketable natural gas reached 2,358.2 billion cubic feet, a year-on-year increase of 4.4%[29]. - Domestic sales of natural gas amounted to 103.719 billion cubic meters, representing a 7.8% increase from the previous year[36]. Expenses and Costs - The company's operating expenses rose to RMB 1,495.606 billion, a 35.0% increase year-on-year, driven by higher procurement costs[39]. - Employee costs rose by 12.1% to RMB 74.927 billion, linked to performance-based salary adjustments[39]. - Exploration expenses increased by 15.2% to RMB 12.839 billion, as the company intensified oil and gas exploration efforts[40]. - The average realized price of crude oil increased by 60.1% to RMB 4,807 per ton, despite a 17.2% decrease in sales volume[38]. Strategic Initiatives - The company is actively promoting the development of new energy and new materials, including the construction of a CCUS demonstration project[28]. - The company plans to continue optimizing its product structure and enhancing market marketing efforts to increase sales revenue[24]. - The company aims to enhance exploration efficiency and focus on strategic areas to achieve significant discoveries and breakthroughs in oil and gas reserves[60]. - The company is focusing on international business by enhancing exploration efforts in Kazakhstan and Oman, with a goal of achieving more significant oil and gas discoveries[63]. - The company is accelerating the development of renewable energy projects, including solar and wind power, to support its green low-carbon transition[63]. Regulatory and Compliance - The company has not faced any investigations or legal actions from authorities during the reporting period[81]. - The company has complied with all provisions of the standards for securities trading by directors during the reporting period[81]. - The company is subject to regulatory risks related to the oil and gas industry, which may impact its operations and financial performance[89]. Financial Instruments and Accounting - The company classifies financial assets into categories based on their management business model, including those measured at amortized cost and those measured at fair value with changes recognized in other comprehensive income[136]. - Financial assets measured at fair value with changes recognized in profit or loss include trading financial liabilities and derivatives, with gains or losses recognized in the current period[140]. - The company recognizes impairment losses based on expected credit losses for financial assets measured at amortized cost and certain debt investments[144]. - The group recognizes revenue when the customer obtains control of the relevant goods or services, indicating that the customer can direct the use and obtain almost all economic benefits from the goods[195].