PetroChina Achieved Another Record Annual Results - Seite 2

Results Review

Achieving another record oil and natural gas equivalent output with more solid foundation for future development. The Company continued to promote efficient exploration and strived hard to ramp up economically recoverable reserves. A number of major breakthroughs and important discoveries were made in key basins such as Ordos, the Tarim Basin, Sichuan and Bohai Bay. As stepped-up efforts were made to secure the stable production of mature oil and gas fields and the cost-effective development of new fields, the crude oil output steadily increased. Meanwhile, the natural gas output grew fast and accounted for a greater proportion of the Company's output in oil equivalent terms. Overseas operations maintained healthy growth in conjunction with ever-improving asset quality and increasingly internationalized operational standards. In 2023, the Company's oil and natural gas output grew by 4.4% year-on-year to 1.76 billion barrels of oil equivalent. Domestic oil and natural gas output increased by 3.4% year-on-year to 1.56 billion barrels of oil equivalent. Crude oil output edged up 0.8% year-on-year to 770 million barrels, and marketable natural gas output grew by 6.0% year-on-year to 4.7 trillion cubic feet. The new energies business experienced leap-frog development, with new energies development and utilization capacity reaching 11.5 million tons of standard coal per year, up 44% from the previous year. The oil, gas and new energies business generated an operating profit of RMB 148.70 billion.

Deepening transition and upgrading of refining and chemicals business towards medium-and-high-end of industrial chain and value chain. The Company rode on the market recovery to boost the utilization rate of facilities and further optimize the product structure. As a result, the proportion of refining specialty products and high-end chemical products increased. Enhanced efforts were carried out to promote the R&D of new materials, and the Company saw significant increase in the output of petroleum coke, lubricant base oil and new materials. Meanwhile, the output of ethylene and PX products continued to grow, along with increased output of general materials such as linear polyethylene film materials and best-selling special materials such as metallocene polyethylene film materials and medical materials. The development of key projects proceeded in an orderly manner, with Guangdong Petrochemical's refining and chemical integration project was successfully put into production and started commercial operation. At the same time, the construction of key ethylene projects such as Jilin Petrochemical, Guangxi Petrochemical, the Tarim Phase II of Dushanzi Petrochemical progressed smoothly. In 2023, the Company processed 1.4 billion barrels of crude oil, up 15.3% year-on-year; the output of refined products increased by 16.5% year-on-year to 120 million tons; the commodity volume of chemical products amounted to 34.3 million tons, an increase of 8.7% year-on-year, and the output of new materials surged by 60% year-on-year to 1.37 million tons. The refining, chemicals and new materials business generated an operating profit of RMB 36.94 billion.