PETROCHINA(00857)2023-08-30 08:38Capital Expenditure - In the first half of 2023, the group's sales division capital expenditure was RMB 722 million, primarily for domestic oil, gas, hydrogen, and non-integrated energy station construction, with an expected total for the year of RMB 7 billion[2]. - The natural gas sales division anticipates a capital expenditure of RMB 6 billion for the entire year of 2023[3]. - The group allocated RMB 330 million for headquarters and other capital expenditures in the first half of 2023, mainly for research facilities and information systems, with a projected total of RMB 1 billion for the year[4]. - Capital expenditure for the natural gas sales segment in the first half of 2023 amounted to RMB 988 million, primarily for the construction of the Fujian LNG receiving station and natural gas branch lines[27]. - Capital expenditures for the oil and gas and new energy segment are projected to be RMB 195.5 billion for the full year of 2023[144]. - The expected capital expenditure for the refining, chemical, and new materials segment in 2023 is RMB 34,000 million[182]. Revenue and Profit - In the first half of 2023, the main business revenue for oil and gas and new energy was RMB 416.84 billion, with a gross margin of 25.5%, reflecting a year-on-year decrease of 5.1%[10]. - The refining, chemical, and new materials segment reported a main business revenue of RMB 571.63 billion, with a gross margin of 6.5%, down 1.6% year-on-year[10]. - Total sales revenue reached RMB 1,207.13 billion in the first half of 2023, with a gross margin of 3.0%, a decrease of 10.1% compared to the previous year[10]. - The natural gas sales segment generated RMB 273.82 billion in revenue, with a gross margin of 3.9%, showing a year-on-year increase of 9.4%[10]. - The company's operating revenue for the reporting period was RMB 1,479,871 million, representing a decrease of 8.3% compared to the same period last year[45]. - Net profit attributable to shareholders of the parent company was RMB 85,272 million, an increase of 4.5% year-on-year[45]. - The company's net profit for the first half of 2023 was RMB 94.579 billion, an increase of 4.0% compared to RMB 90.953 billion in the same period last year[127]. - The operating profit for the first half of 2023 was RMB 120.62 billion, a growth of 1.3% from RMB 119.02 billion year-on-year[99]. Dividends - The board has proposed a mid-year dividend of RMB 0.21 per share, totaling approximately RMB 38.43 billion, to be distributed in September and October 2023[13]. - The company announced an interim dividend of HKD 0.22907 per H share, with a tax rate of 10% for non-resident corporate shareholders[16]. - The interim dividend for H shareholders will be paid around October 30, 2023, via mail, with postal risks borne by the shareholders[17]. - The company declared an interim dividend of RMB 0.21 per share, totaling approximately RMB 38.434 billion based on the total share capital as of June 30, 2023[44]. Production and Operations - In the first half of 2023, the company's crude oil production reached 474.3 million barrels, a 5.0% increase from 451.9 million barrels in the same period last year[61]. - The company's marketable natural gas production was 2,517.1 billion cubic feet, up 6.7% from 2,358.2 billion cubic feet year-on-year[61]. - The total oil and gas equivalent production was 893.8 million barrels, reflecting a 5.8% increase compared to 845.0 million barrels in the previous year[61]. - The company processed 673.0 million barrels of crude oil, a 12.6% increase from 597.5 million barrels in the same period last year[63]. - The production of refined oil products was 5,885.6 million tons, up 14.3% from 5,151.0 million tons year-on-year[63]. - The company achieved a significant increase in new materials production, which rose by 56.0% to 62.4 million tons compared to the previous year[63]. Financial Performance - The average exchange rate for RMB to HKD prior to the dividend declaration was 0.91674 RMB to 1.00 HKD[16]. - The debt-to-asset ratio improved to 41.60% as of June 30, 2023, down from 42.54% at the end of 2022[79]. - The company reported a decrease in procurement and service costs to RMB 1,004.82 billion, down 9.6% from RMB 1,111.53 billion last year[95]. - The average oil and gas operating cost was $10.82 per barrel, a decrease of 6.8% from $11.61 per barrel in the previous year[103]. - The foreign exchange net gain for the first half of 2023 was RMB 0.058 billion, a significant improvement from a net loss of RMB 0.515 billion in the same period last year[145]. Strategic Initiatives - The group plans to enhance domestic oil and gas exploration efforts and improve resource management to achieve significant strategic discoveries[5]. - The company aims to optimize its sales strategies and enhance retail capabilities, particularly in gasoline and diesel markets, while expanding non-oil product offerings[8]. - The company is actively pursuing digital transformation and the construction of smart oil and gas fields to enhance operational efficiency[60]. - The company is enhancing its overseas business development concentration, particularly in the Middle East, Central Asia, Americas, and Asia-Pacific regions[166]. - The company plans to increase the acquisition of quality projects while continuously optimizing asset and business structures[166].