Superb Functionality of Oil & Gas Enterprise Along with Refining & Chemical substances Enterprise Transformation at Complete Steam PetroChina Delivered Record Operating Final results in 2022

HONG KONG / ACCESSWIRE / March 29, 2023 / PetroChina Corporation Restricted [“PetroChina” or the “Company”, (HKSE:00857; SSE:601857)] announced that the Corporation delivered record income, net profit and absolutely free money flow in 2022, underpinned by effective and smooth operation of its oil and gas industrial chain. The Corporation accomplished fantastic functionality of oil and gas business enterprise, expedited transformation of refining and chemical compounds business enterprise across the board, and registered fast improvement of new energies and new components business enterprise. According to IFRS, the Corporation realized a income of RMB three.two trillion in 2022, representing a 23.9% year-on-year enhance its net profit attributable to the parent firm surged by 62.1% year-on-year to RMB 149.38 billion. Furthermore, it maintained a sound monetary position with absolutely free money flow soared by 88.four% year-on-year to RMB 150.42 billion.

Final results Assessment

Oil and organic gas production hit historical higher. The Corporation stepped up efforts in oil and gas exploration and improvement and produced a quantity of significant breakthroughs and discoveries to additional consolidate its resource base. In 2022, the output of oil and gas in terms of oil equivalent hit historical higher at 1.685 billion barrels (“bbl”), up by three.7% year-on-year, in which crude oil output reached 906 million bbl, up by two.1% year-on-year marketable organic gas output was four,680 billion cubic feet (“bcf”), up by five.eight% year-on-year. Domestically, the output of oil and gas in terms of oil equivalent was 1.513 billion bbl, up by three.eight% year-on-year, in which crude oil output was 767 million bbl, up by 1.9% year-on-year, and domestic marketable organic gas output reached four,470 bcf, up by five.9% year-on-year. In addition, new breakthroughs had been produced in the strategic business enterprise layout of new energies and huge-scale production gained steam. A quantity of important projects had been completed and place into operation. The installed capacity of wind and solar energy generation projects exceeded 1,400 MW, and the total volume of new energies created and utilized by the Corporation reached eight million tons of typical coal / year. In 2022, the oil, gas and new energies business enterprise generated an operating profit of RMB 165.75 billion.

Story continues

Transformation and upgrading on refining and chemical compounds business enterprise had been expedited across the board. The Corporation accelerated the transformation from “fuels oriented” towards “chemical compounds and organic components oriented”. Important achievements had been produced in strategic business enterprise layout as properly as transformation and upgrading. Guangdong Integrated Petrochemical and Refining Project was completed and place into operation, and the building of Jilin Petrochemical and Guangxi Petrochemical Ethylene projects was underway. The Corporation expedited the adjustment of item mix, adhered to a market place-oriented strategy, targeted production by sales and promoted sales primarily based on production, coordinated and optimized sources, utilization and item mix, elevated production of specialty and very-lucrative solutions, and elevated the output of low-sulfur ship fuel, paraffin and low-sulfur petroleum coke by 31.two% year-on-year. The output of new components recorded a 56.three% year-on-year development, new chemical solutions with 119 grades had been created, and sales of chemical solutions hit a record higher. The refining, chemical compounds and new components business enterprise realized an operating profit of RMB 40.57 billion.

Refined solutions advertising business enterprise continued to strengthen in each high-quality and profitability. The Corporation adhered to the market place-oriented and profit-centered strategy, emphasizing the integration of wholesale and retail operations, mutual market place promotion of oil and non-oil solutions, on the net and offline integration, and the coordinated advertising of gasoline, kerosene and diesel. It explored the “oil + commodity + solutions” advertising model, actively expanded market place attain and enhanced profitability, top to a steady development in its share in refined solutions market place. Though the quantity of complete power service stations elevated swiftly, the very first domestic intelligent refueling robot was place into industrial operation. Each gross profit and profit of non-oil business enterprise hit record highs. The international trade business enterprise additional optimized imported sources, enhanced expense handle and profitability, and realized a trade volume of 380 million tons in 2022, rendering efficient service to the industrial chain. In 2022, the Corporation newly created 140 service stations and place 187 service stations into operation. It operated a total of 22,586 service stations, 416 charging and battery-swap stations and 542 photovoltaic stations. The advertising business enterprise realized an operating profit of RMB 14.37 billion.

Clean and low carbon power accounted for larger share in the Company’s total output. The oil and gas production mix has been additional optimized. All-natural gas advertising registered fast development with sales of 260.three billion cubic meters (“bcm”), in which domestic sales amounted to record higher of 207.1 bcm, exceeding 200 bcm for the very first time, up six.four% year-on-year, with domestic market place share exceeding 60%. It is equivalent to replacing 275 million tons of typical coal and decreasing 268 million tons of carbon dioxide. The Corporation kept optimizing scale and mix of imported organic gas, and managed to maximize profitability by optimizing advertising method and market place layout. It stepped up efforts to create very lucrative market place and direct sales customers, expand finish-user market place, carry out on the net trading and accomplished exceptional benefits in enhancing sales volume and profitability. The organic gas sales operation generated an operating profit of RMB 12.96 billion.

Outlook

In 2023, the Company’s oil, gas and new energies business enterprise will continue to boost sources exploration and improvement to enhance reserves and production, and assure sustainable improvement with properly-balanced reserves and recovery. It will press ahead with huge integrated new energies base as properly as centralized integrated projects of wind, solar and gas energy generation, so as to consolidate and expand new energies business enterprise. For refining, chemical compounds and new components business enterprise, it will continue to market the transformation and upgrading, expedite the improvement of new components, preserve functioning on “cutting down fuels and adding chemical compounds and specialty solutions” as properly as “much less carbon and additional green”, and additional boost item competitiveness. The Corporation will step up advertising efforts and optimize sources allocation to boost its general profitability. It will unswervingly market green and low-carbon transition, give complete play to the benefits on technologies, business and integrated business enterprise, preserve optimizing power production and provide structure, strengthen power conservation and effective use of sources, and present additional low-carbon and zero-carbon power to society. Furthermore, the Corporation will continue to strengthen corporate governance and management, strengthen ESG management, operate with stakeholders to generate extended-term worth, share corporate improvement achievements, and give back to shareholders and investors with outstanding benefits.

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Added details on PetroChina is accessible at the Company’s web-site: http://www.petrochina.com.cn

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