PetroChina Achieved Another Record Interim Results on Superior Integrated Value Chain

HONG KONG, CHINA / ACCESSWIRE / August 30, 2023 / PetroChina Company Limited ["PetroChina" or the "Company"], (HKSE:00857)(SSE:601857) announced that the Company proactively grasped market opportunities in the first half of 2023. It took coordinated steps for advancing business development, reform and innovation, operational quality and profitability, as well as QHSE work. While relentless efforts were made to explore and develop oil and gas resources and to boost the reserves and production, it persistently deepened the transformation and upgrading of refining and chemical operations. Meanwhile, the Company further enhanced the marketing business along with smooth progress in the green and low-carbon transition and continued expansion of new energies, new materials and new businesses. It sustained stable and profitable operation of core oil and gas businesses with key production indicators improved across the board. Although the Company's realized oil price dropped by 21.7% year-on-year, it achieved another record interim results.

In accordance with IFRS, the net profit attributable to the parent company amounted to RMB 85.27 billion in the first half of 2023, representing 4.5% year-on-year growth. Its free cash flow exceeded RMB 100 billion for the first time and reached RMB 110.35 billion, up 17.6% from a year ago. The debt-to-asset ratio decreased by 0.9 percentage points from the beginning of this year to 41.6%; and the debt-to-capital ratio reduced by 1.4 percentage points from the beginning of this year to 16.0%. The Company retained a sound financial position. In order to reward the shareholders, the Board resolved to distribute an interim dividend for 2023 of RMB 0.21 per share. Total interim dividend payment hit a record high at RMB 38.43 billion.

Results Review

Outstanding results from the integration of new energies business with oil and gas operation. The Company reinforced domestic oil and gas exploration and development, increased the reserves and production, and actively promoted profitable exploration and development. At the same time, it enhanced cooperation on overseas oil and gas business, and signed a number of energy cooperation agreements. As for the oil and gas exploration, the Company achieved 16 major discoveries and significant progress in 25 areas in the first half of 2023. The oil and gas equivalent output hit record half-year high and reached 894 million barrels ("bbls"), representing 5.8% year-on-year growth. Crude oil output amounted to 474 million bbls, up by 5.0% year-on-year; and marketable natural gas output grew by 6.7% year-on-year to 2.52 trillion cubic meters. While the new energies business development plan was further optimized, the Company worked on the integrated development of oil and gas operation with new energies business. It actively expanded clean power and geothermal energy business, and made relentless efforts to ensure the completion of new energies projects with aggregate capacity of 10 GW. It newly obtained the clean power grid connection approval with installed capacity of 12.58 million kW, newly signed the geothermal heating area of 26.33 million square meters, and completed wind and photovoltaic power generation of 850 GWh. The oil, gas and new energies segment generated an operating profit of RMB 85.52 billion.