PetroChina Kicked Off Q1 2024 With High-Quality and Profitable Growth

HONG KONG, CHINA / ACCESSWIRE / April 29, 2024 / PetroChina Company Limited ["PetroChina" or the "Company", (HKSE:00857)(SSE:601857)] announced that the Company's operating results for the first quarter of 2024 hit another historic high for the same period, as it coordinated the production and operation, promoted work safety and environmental protection, enhanced operational quality and profitability, and pursued reform, innovation and green transition. While persistent efforts were made to optimize the production, operation and product structure, the Company stepped up marketing efforts and carried out stringent cost control. Both of its oil and natural gas industrial chains ran in a safe, smooth and profitable manner along with rapid growth in emerging businesses including new energies and new materials. In accordance with IFRS, the Company's revenue for the first quarter grew by 10.9% year-on-year to RMB 812.18 billion. Its net profit attributable to owners of the Company grew by 4.7% year-on-year to RMB 45.68 billion. The Company kicked off the year 2024 with high-quality and profitable growth.

Results Review

Steady growth in oil and gas output on the initiatives to stabilize oil output and boost gas production. The Company stepped up efforts in expanding oil and gas exploration and development to boost its reserves and output, with continuing efforts in optimizing overseas oil and gas asset structure, the oil and gas output grew steadily. With greater efforts to rein in costs and expenses, it further sharpened the cost competitiveness. Moreover, the development of wind and photovoltaic power, geothermal heating and hydrogen business gained steam. In the first quarter of 2024, the Company's oil and gas output grew by 2.6% year-on-year to 464 million BOE; of which the crude oil output increased by 1.4% year-on-year to 240 million barrels and the marketable natural gas output advanced by 3.9% year-on-year to 1.34 trillion cubic feet. Domestic oil and gas output grew by 2.6% year-on-year to 413 million BOE; of which crude oil output edged up 0.9% year-on-year to 197 million barrels and the marketable natural gas output expanded by 4.2% year-on-year to 1.29 trillion cubic feet. The oil, gas and new energies business realized an operating profit of RMB 42.97 billion.