PetroChina Achieved Another Record Annual Results

Enhanced Competence from Integrated Industrial Chain with Ever-Increasing Resilience

HONG KONG, CHINA / ACCESSWIRE / March 25, 2024 / PetroChina Company Limited ["PetroChina" or the "Company", (HKSE:00857)(SSE:601857)] announced that the Company boosted oil and gas exploration and development in 2023 and further propelled the transition and upgrading of refining and chemical operations. While stepping up marketing efforts, it pushed for the green and low-carbon transition in a steady manner and promoted the integrated development of oil, gas and new energies businesses. While the development of new energies and new materials businesses gained steam, the Company saw across-the-board improvement in key production indicators. Despite the realized oil price dropped by 16.8% year-on-year, the Company's operating results continued to grow, and achieved record annual results for two consecutive years, underpinned by strengthened resilience of its industrial chain against the changes of macro-factors such as the oil price.

In accordance with IFRS, the Company realized a revenue of RMB 3 trillion in 2023. Net profit attributable to shareholders of the Company increased by 8.3% year-on-year to RMB 161.15 billion, with the return on equity reached 11.1% and the return on invested capital amounted to 10.4%. The Company's asset-liability structure was further optimized and its financial position continued to be sound. The debt-to-asset ratio was 40.8%, dropped by 1.7 percentage points from the end of last year, the lowest level in 13 years. The debt-to-capital ratio was 15.2%, dropped by 2.2 percentage points from the end of last year, the lowest level in 15 years. Net cash flow from operating activities climbed 16.0% year-on-year to RMB 456.60 billion and free cash flow grew by 17.1% year-on-year to RMB 176.12 billion. Both reached historic highs. In order to return to shareholders, the Board of Directors recommended the payment of a final dividend of RMB 0.23 per share for 2023 (tax inclusive). The annual dividend for the year was RMB 0.44 per share (tax inclusive), representing a dividend payout ratio of 50% with annual dividend payment of approximately RMB 80.53 billion. Both the final dividend and the annual dividend hit historic highs.