2024-04-25 11:02Financial Performance - In Q1 2024, the company achieved a record net profit attributable to shareholders of RMB 39,719 million, up 23.6% from RMB 32,113 million in the same period last year[10][18]. - The company reported a total revenue of RMB 111.468 billion for Q1 2024, representing a year-on-year increase of 14.1%[26]. - Net profit attributable to shareholders was RMB 39.719 billion, up 23.7% compared to the same period last year[26]. - Oil and gas sales revenue reached RMB 89,977 million in Q1 2024, up 21.3% from RMB 74,196 million in the same period last year[50]. - The company reported a basic earnings per share of RMB 0.84 in Q1 2024, up from RMB 0.68 in Q1 2023, reflecting a growth of 23.5%[53]. Production and Exploration - The company reported a steady growth in oil and gas net production, supported by enhanced exploration and development efforts[9]. - The total net production reached 180.1 million barrels of oil equivalent, a 9.9% increase year-on-year, with domestic production rising by 6.9% and overseas production increasing by 16.9%[31]. - The company achieved two new discoveries and successfully evaluated four oil and gas structures in Q1 2024, expanding exploration in the Bohai Sea and offshore Guyana[51]. - The company’s total oil and gas production in Q1 2024 was 140.7 million barrels of oil equivalent, compared to 180.1 million barrels in Q1 2023[57]. Capital Expenditures - Capital expenditures for Q1 2024 were approximately RMB 29.01 billion, representing a 17.3% increase year-on-year due to increased project work and adjustments[12]. - Capital expenditures for Q1 2024 totaled RMB 28,520 million, an increase of 18.5% compared to RMB 24,095 million in Q1 2023[50]. Assets and Liabilities - Total assets increased by 4.9% year-on-year to RMB 1,055,179 million, while equity attributable to shareholders rose by 6.0% to RMB 706,483 million[4]. - The company's total assets amounted to RMB 1,055.179 billion, an increase from RMB 1,005.598 billion at the end of the previous year[37][44]. - The company’s total liabilities were RMB 347.1 billion, compared to RMB 337.722 billion at the end of the previous year[44]. - The company’s cash and cash equivalents at the end of the period were RMB 158.407 billion, up from RMB 133.439 billion at the beginning of the period[26]. Cash Flow - The company achieved a net cash flow from operating activities of RMB 59.978 billion, reflecting a 15.4% increase from the previous year[26]. - In Q1 2024, the company reported a net cash flow from operating activities of RMB 59,978 million, an increase of 15.4% compared to RMB 51,968 million in Q1 2023[47]. - The company’s cash inflow from operating activities was RMB 113,816 million, compared to RMB 103,925 million in Q1 2023, indicating a growth of 9.1%[47]. - The company’s cash outflow from operating activities was RMB 53,838 million in Q1 2024, slightly higher than RMB 51,957 million in Q1 2023[47]. - The net cash flow from investing activities was negative RMB 33,884 million in Q1 2024, an improvement from negative RMB 42,935 million in Q1 2023[47]. Market Conditions - The average Brent crude oil price for Q1 2024 was USD 81.76 per barrel, remaining stable compared to the previous year[9]. - The average realized oil price was USD 78.75 per barrel, an increase of 6.2% year-on-year, while the average realized gas price was USD 7.69 per thousand cubic feet, down 7.7%[29][33]. Shareholder Information - The total number of ordinary shareholders reached 151,765, with the top ten shareholders holding 93.43% of the shares[8]. Operational Efficiency - The company is focused on enhancing cost competitiveness and efficiency improvements in its operations[9]. - The company maintained a stable health, safety, and environmental performance during the reporting period[12]. - The company’s operating costs for Q1 2024 were RMB 59.520 billion, an increase from RMB 55.891 billion in the same period last year[39]. Return on Equity - The weighted average return on equity was 5.79%, an increase of 0.54 percentage points compared to the previous year[26].