Excellent Performance of Oil & Gas Business Along with Refining & Chemicals Business Transformation at Full Steam PetroChina Delivered Record Operating Results in 2022

HONG KONG / ACCESSWIRE / March 29, 2023 / PetroChina Company Limited ["PetroChina" or the "Company", (HKSE:00857; SSE:601857)] announced that the Company delivered record revenue, net profit and free cash flow in 2022, underpinned by efficient and smooth operation of its oil and gas industrial chain. The Company achieved excellent performance of oil and gas business, expedited transformation of refining and chemicals business across the board, and registered rapid development of new energies and new materials business. According to IFRS, the Company realized a revenue of RMB 3.2 trillion in 2022, representing a 23.9% year-on-year increase; its net profit attributable to the parent company surged by 62.1% year-on-year to RMB 149.38 billion. Moreover, it maintained a sound financial position with free cash flow soared by 88.4% year-on-year to RMB 150.42 billion.

Results Review

Oil and natural gas production hit historical high. The Company stepped up efforts in oil and gas exploration and development and made a number of major breakthroughs and discoveries to further consolidate its resource base. In 2022, the output of oil and gas in terms of oil equivalent hit historical high at 1.685 billion barrels ("bbl"), up by 3.7% year-on-year, in which crude oil output reached 906 million bbl, up by 2.1% year-on-year; marketable natural gas output was 4,680 billion cubic feet ("bcf"), up by 5.8% year-on-year. Domestically, the output of oil and gas in terms of oil equivalent was 1.513 billion bbl, up by 3.8% year-on-year, in which crude oil output was 767 million bbl, up by 1.9% year-on-year, and domestic marketable natural gas output reached 4,470 bcf, up by 5.9% year-on-year. In addition, new breakthroughs were made in the strategic business layout of new energies and large-scale production gained steam. A number of key projects were completed and put into operation. The installed capacity of wind and solar power generation projects exceeded 1,400 MW, and the total volume of new energies developed and utilized by the Company reached 8 million tons of standard coal / year. In 2022, the oil, gas and new energies business generated an operating profit of RMB 165.75 billion.