PetroChina Kicked Off Q1 2023 With High-Quality Development - Seite 2

Significant growth in refined products profitability. The Company grasped the opportunities arising from a revival in market demand and leveraged the strengths of its integrated industrial chain incorporating production, marketing, storage and trade to boost sales, control costs, reduce inventories and enhance profitability. It meticulously coordinated international trade, effectively managed market risks and continuously enhanced the overall profitability of the industrial chain. In the first quarter of 2023, the Company sold a total of 37.575 million tons of gasoline, kerosene and diesel products, up 6.5% year-on-year. A total of 27.29 million tons of refined oil products were sold domestically, up 9.5% year-on-year. The refined product marketing and international trade business realized an operating profit of RMB 8.16 billion.

Natural gas sales climbed in tandem with profit growth. In respect of the natural gas sales business, the Company continuously optimized the resource structure and strived to control procurement costs. It stepped up efforts to enhance marketing, actively expanded the high-end and high-profit markets, improved access to direct end-customers, strengthened the development of terminal retail sales network and persistently increased sales profitability. In the first quarter of 2023, the Company's domestic natural gas sales volume reached 62.39 billion cubic meters, up 2.9% year-on-year. The natural gas sales business generated an operating profit of RMB 10.14 billion.

Outlook

The Company will proceed with the five core strategies in respect of innovation, resources, market, internationalization and green and low-carbon development. Furthermore, it will proceed with the implementation of four strategic measures of developing a quality workforce, improving development quality and efficiency, promoting low-cost development and fostering corporate culture. The Company will focus on core businesses and forge ahead prudently. In cooperation with related stakeholders, it will create long-term value and share the fruits of development with them, thereby delivering outstanding results to reward its shareholders and investors.