2023-04-27 08:35Financial Performance - The company's operating revenue for Q1 2023 was RMB 97,711 million, representing a 7.5% increase compared to the same period last year[2]. - Net profit attributable to shareholders decreased by 6.38% to RMB 32,113 million, while the net profit excluding non-recurring gains and losses was RMB 31,460 million, down 7.45%[2]. - Operating profit for Q1 2023 was RMB 43,347 million, a decrease of 3.6% from RMB 45,954 million in Q1 2022[15]. - Net profit attributable to shareholders for Q1 2023 was RMB 32,113 million, down from RMB 34,301 million in Q1 2022, representing a decline of 6.4%[16]. - Basic and diluted earnings per share for Q1 2023 were both RMB 0.68, down from RMB 0.77 in Q1 2022[17]. Revenue and Sales - The company reported a decrease in oil and gas sales revenue to RMB 74,196 million, down 9.9% year-on-year, with liquid petroleum sales dropping by 13.6%[6]. - The company's unaudited oil and gas sales revenue for Q1 2023 was approximately RMB 74.2 billion, a decrease of 9.9% year-on-year due to lower realized prices despite increased sales volume[10]. - The average realized price for liquid petroleum was USD 74.17 per barrel, a decrease of 23.9% from the previous year[6]. - The average realized price for natural gas was USD 8.33 per thousand cubic feet, showing a slight decrease of 0.2% year-on-year[6]. Production and Exploration - In Q1 2023, the company's total net production reached 163.9 million barrels of oil equivalent, an increase of 8.6% year-on-year[10]. - Domestic net production was 115.3 million barrels of oil equivalent, up 5.5% year-on-year, primarily due to contributions from new projects[10]. - International net production rose to 48.6 million barrels of oil equivalent, a 16.6% increase year-on-year, driven by production increases in Guyana and Brazil[10]. - The company achieved two new discoveries and successfully evaluated six oil and gas structures in Q1 2023[10]. - The company plans to advance new projects smoothly for production within the year[10]. Assets and Liabilities - Total assets at the end of Q1 2023 were RMB 961,159 million, a 3.46% increase from the end of the previous year[2]. - Total liabilities as of March 31, 2023, were RMB 334,222 million, slightly up from RMB 330,648 million at the end of 2022[14]. - The total equity attributable to shareholders increased by 4.78% to RMB 625,740 million from RMB 597,182 million at the end of the previous year[2]. - The total equity attributable to shareholders increased to RMB 625,740 million as of March 31, 2023, from RMB 597,182 million at the end of 2022, reflecting a growth of 4.7%[14]. Cash Flow - The net cash flow from operating activities increased significantly by 31.84% to RMB 51,968 million, driven by higher cash inflows from oil and gas sales[4]. - In Q1 2023, the cash inflow from operating activities was RMB 103,925 million, an increase of 26.2% compared to RMB 82,416 million in Q1 2022[18]. - The net cash flow from operating activities for Q1 2023 was RMB 51,968 million, up 31.8% from RMB 39,416 million in Q1 2022[18]. - Cash outflow from investment activities in Q1 2023 was RMB 67,622 million, significantly higher than RMB 43,219 million in Q1 2022, resulting in a net cash flow from investment activities of RMB -42,935 million[19]. - The cash received from sales of goods and services in Q1 2023 was RMB 103,753 million, a rise from RMB 82,180 million in Q1 2022[18]. Capital Expenditures - Capital expenditures for Q1 2023 totaled RMB 24,736 million, a substantial increase of 46.1% compared to RMB 16,931 million in the same period last year[6]. - Capital expenditures for Q1 2023 were approximately RMB 24.74 billion, an increase of 46.1% year-on-year due to increased exploration and project work[10]. Research and Development - Research and development expenses for Q1 2023 were RMB 351 million, up from RMB 225 million in Q1 2022, indicating a 56% increase[15]. Other Financial Metrics - The company had a weighted average return on equity of 5.25%, down 1.64 percentage points compared to the previous year[2]. - The company reported a decrease in other comprehensive income, with a net amount of RMB -3,560 million in Q1 2023 compared to RMB 18 million in Q1 2022[16]. - Cash and cash equivalents increased to RMB 142,271 million as of March 31, 2023, compared to RMB 121,387 million at the end of 2022, reflecting a growth of 17.2%[14]. - The ending balance of cash and cash equivalents as of Q1 2023 was RMB 92,600 million, compared to RMB 57,497 million at the end of Q1 2022[19].