Petrochina Co Ltd 6-K, filed Apr 28, 2023
Petrochina Co Ltd (PCCYF)
About this 6-K
Petrochina Co Ltd filed this 6-K on April 28, 2023.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of April 2023
Commission File Number: 001-15006
PETROCHINA COMPANY LIMITED
9 Dongzhimen North Street, Dongcheng District
Beijing, The People’s Republic of China, 100007
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
EXHIBITS
| Exhibit Number |
||
| 99.1 | The first quarterly report. |
FORWARD-LOOKING STATEMENTS
This announcement contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual results may differ materially from information contained in these forward-looking statements as a result of a number of factors.
We do not intend to update or otherwise revise the forward-looking statements in this announcement, whether as a result of new information, future events or otherwise. Because of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this announcement might not occur in the way we expect, or at all.
You should not place undue reliance on any of these forward-looking statements.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this announcement to be signed on its behalf by the undersigned, thereunto duly authorized.
| PetroChina Company Limited | ||||||
| Dated: April 28, 2023 | By: | /s/ WANG Hua | ||||
| Name: | WANG Hua | |||||
| Title: | CFO and Secretary to the Board of Directors | |||||
Exhibit 99.1
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
中國石油天然氣股份有限公司
PETROCHINA COMPANY LIMITED
(A joint stock limited company incorporated in the People’s Republic of China with limited liability)
(Hong Kong Stock Exchange Stock Code: 857;
Shanghai Stock Exchange Stock Code: 601857)
ANNOUNCEMENT
FIRST QUARTERLY REPORT OF 2023
Important Notice
| • | The board of directors, the supervisory committee and the directors, supervisors and senior management of PetroChina Company Limited (the “Company”) warrant the truthfulness, accuracy and completeness of the information contained in this quarterly report and that there are no misrepresentation or misleading statements contained in or material omissions from this quarterly report, and they jointly and severally accept full responsibility thereof. |
| • | This quarterly report has been approved at the 21st meeting of the eighth session of the board of directors of the Company. All directors of the Company have attended this board meeting. |
| • | Mr. Dai Houliang, chairman of the Company, Mr. Huang Yongzhang, director and president of the Company, and Mr. Wang Hua, chief financial officer of the Company, warrant the truthfulness, accuracy and completeness of the financial information set out in this quarterly report. |
| • | The financial statements of the Company and its subsidiaries (the “Group”) have been prepared in accordance with the China Accounting Standards (“CAS”) and the International Financial Reporting Standards (“IFRS”), respectively. The financial statements set out in this quarterly report are unaudited. |
| 1. | Key Financial Data |
| 1.1 | Key Accounting Data and Financial Indicators Prepared under IFRS |
| Unit: RMB Million |
||||||||||||||||
| Items |
From the beginning of the year to the end of the reporting period |
From the beginning of the preceding year to the end of the preceding reporting period (after retrospective adjustment)(a) |
From the beginning of the preceding year to the end of the preceding reporting period (before retrospective adjustment) |
Changes over the same period of the preceding year (%) |
||||||||||||
| Revenue |
732,471 | 779,368 | 779,368 | (6.0 | ) | |||||||||||
| Profit attributable to owners of the Company |
43,624 | 38,899 | 39,060 | 12.1 | ||||||||||||
| Return on net assets (%) |
3.1 | 3.0 | 3.0 | |
0.1 percentage point |
| ||||||||||
| Basic earnings per share (RMB/share) |
0.24 | 0.21 | 0.21 | 12.1 | ||||||||||||
| Diluted earnings per share (RMB/share) |
0.24 | 0.21 | 0.21 | 12.1 | ||||||||||||
| Net cash flows from operating activities |
126,382 | 84,425 | 84,425 | 49.7 | ||||||||||||
| Unit: RMB Million |
||||||||||||||||
| Items |
As of the end of the reporting period |
As of the end of the preceding year (after retrospective adjustment) |
As of the end of the preceding year (before retrospective adjustment) |
Changes from the end of the preceding year to the end of the reporting period (%) |
||||||||||||
| Total assets |
2,710,608 | 2,670,746 | 2,673,485 | 1.5 | ||||||||||||
| Equity attributable to owners of the Company |
1,408,507 | 1,366,574 | 1,369,327 | 3.1 | ||||||||||||
| 1.2 | Key Accounting Data and Financial Indicators Prepared under CAS |
| 1.2.1 | Key Accounting Data and Financial Indicators |
| Unit: RMB Million |
||||||||||||||||
| Items |
From the beginning of the year to the end of the reporting period |
From the beginning of the preceding year to the end of the preceding reporting period (after retrospective adjustment) |
From the beginning of the preceding year to the end of the preceding reporting period (before retrospective adjustment) |
Changes over the same period of the preceding year (%) |
||||||||||||
| Operating income |
732,471 | 779,368 | 779,368 | (6.0 | ) | |||||||||||
| Net profit attributable to equity holders of the Company |
43,630 | 38,898 | 39,059 | 12.2 | ||||||||||||
| Net profit after deducting non-recurring profit/loss items attributable to equity holders of the Company |
44,121 | 39,477 | 39,638 | 11.8 | ||||||||||||
| Weighted average return on net assets (%) |
3.1 | 3.0 | 3.0 | |
0.1 percentage point |
| ||||||||||
| Basic earnings per share (RMB/share) |
0.24 | 0.21 | 0.21 | 12.2 | ||||||||||||
| Diluted earnings per share (RMB/share) |
0.24 | 0.21 | 0.21 | 12.2 | ||||||||||||
| Net cash flows from operating activities |
126,382 | 84,425 | 84,425 | 49.7 | ||||||||||||
| Unit: RMB Million |
||||||||||||||||
| Items |
As of the end of the reporting period |
As of the end of the preceding year (after retrospective adjustment) |
As of the end of the preceding year (before retrospective adjustment) |
Changes from the end of the preceding year to the end of the reporting period (%) |
||||||||||||
| Total assets |
2,710,874 | 2,671,012 | 2,673,751 | 1.5 | ||||||||||||
| Equity attributable to owners of the Company |
1,408,762 | 1,366,823 | 1,369,576 | 3.1 | ||||||||||||
| (a) | The Ministry of Finance issued the Notice on Issuing Interpretation No. 16 of Accounting Standards for Business Enterprises (《關於印發<企業會計準則解釋第16 號>的通知》 (“Interpretation No. 16”) in 2022. From January 1, 2023, the Group and the Company have implemented the relevant provisions of Interpretation No.16 regarding accounting treatment for the deferred income tax related to the assets and liabilities arising from an individual transaction that were not applicable to the initial recognition exemption, and the accumulative effect is adjusted to the initial retained earnings and other relevant financial statement items of the earliest period presented in the financial statements. The Group and the Company made retrospective adjustments to the individual transactions that existed between January 1, 2022 and the effective date that meet the requirements of Interpretation No. 16, and the comparative financial statements for 2022 have been restated accordingly. Except for the above impact, the above amendments have no material impact on the financial statements of the Group and the Company. |
| 1.2.2 | Non-Recurring Profits/Loss Items and Amounts |
| Unit: RMB Million |
||||
| Items |
Profit/(loss) from the beginning of the year to the end of the reporting period |
|||
| Net loss on disposal of non-current assets |
(276 | ) | ||
| Government grants recognized in the current period |
268 | |||
| Reversal of provisions for bad debts against receivables |
60 | |||
| Net profit/loss on disposal of associates and joint ventures |
55 | |||
| Net profit/loss on disposal of subsidiaries |
20 | |||
| Net profit on holding and disposal of other investments |
395 | |||
| Other non-operating income and expenses |
(1,117 | ) | ||
|
|
|
|||
| Sub-total |
(595 | ) | ||
|
|
|
|||
| Tax impact of non-recurring profit/loss items |
121 | |||
| Impact of non-controlling interests |
(17 | ) | ||
|
|
|
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| Total |
(491 | ) | ||
|
|
|
|||
| 1.2.3 | Changes in Key Accounting Data and Financial Indicators and the Reasons thereof |
| Unit: RMB Million | ||||||||||||||
| Item |
For the three months ended on March 31, |
Changes (%) |
Main reasons for the changes | |||||||||||
| 2023 | 2022 | |||||||||||||
| Net cash flows from operating activities |
126,382 | 84,425 | 49.7 | Mainly due to the increase in the net profit and the changes of working capitals including receivables, inventories and payable | ||||||||||
| 1.3 | Differences between CAS and IFRS |
The consolidated net profit for the reporting period under IFRS and CAS were RMB48,503 million and RMB48,509 million, respectively, with a difference of RMB6 million; the consolidated shareholders’ equity as of the end of the reporting period under IFRS and CAS were RMB1,580,738 million and RMB1,580,994 million, respectively, with a difference of RMB256 million. These differences under the different accounting standards were primarily due to the valuation for assets other than fixed assets and oil and gas properties in 1999. During the restructuring in 1999, a valuation was carried out for assets and liabilities injected by China National Petroleum Corporation (its Chinese name 中國石油天然氣集團公司was changed into 中國石油天然氣集團有限公司 on December 19, 2017, abbreviated as “CNPC” before and after the change of name). The valuation results on assets other than fixed assets and oil and gas properties were not recognized in the financial statements prepared under IFRS.
| 2. | Information on Shareholders |
| 2.1 | Total Number of Shareholders Holding Ordinary Shares and Shareholdings of the Top Ten Shareholders |
| Total number of shareholders holding ordinary shares as of the end of the reporting period |
533,299 shareholders including 527,621 holders of A shares and 5,678 holders of H shares |
| ||||||||||||||||||||
| Shareholdings of the top ten shareholders |
||||||||||||||||||||||
| Name of shareholders |
Nature of shareholder |
Percentage of Shareholdings (%) |
Number of shares held |
Number of shares with selling restrictions |
Pledged, marked or frozen shares |
|||||||||||||||||
| Condition of shares |
Number of shares |
|||||||||||||||||||||
| CNPC |
State-owned legal person | 82.46 | 150,923,565,570 | (1) | 0 | 0 | ||||||||||||||||
| HKSCC Nominees Limited(2) |
Overseas legal person | 11.42 | 20,900,296,782 | (3) | 0 | 0 | ||||||||||||||||
| China Petrochemical Corporation |
State-owned legal person | 1.00 | 1,830,210,000 | 0 | 0 | |||||||||||||||||
| Hong Kong Securities Clearing Company Limited(4) |
Overseas legal person | 0.59 | 1,073,298,946 | 0 | 0 | |||||||||||||||||
| China Securities Finance Corporation Limited |
State-owned legal person | 0.56 | 1,020,165,128 | 0 | 0 | |||||||||||||||||
| China Metallurgical Group Corporation |
State-owned legal person | 0.31 | 560,000,000 | 0 | 0 | |||||||||||||||||
| Central Huijin Asset Management Ltd. |
State-owned legal person | 0.11 | 201,695,000 | 0 | 0 | |||||||||||||||||
| Bosera Fund—Ansteel Group Corporation -Bosera Fund Xin’an No.1—Asset Management Plan |
State-owned legal person | 0.09 | 172,052,500 | 0 | 0 | |||||||||||||||||
| Bank of Communication Co., Ltd.—E Fund SSE 50 Index Enhanced Securities Investment Fund |
State-owned legal person | 0.04 | 81,201,401 | 0 | 0 | |||||||||||||||||
| Shi Aizhong |
Domestic natural person | 0.04 | 78,131,044 | 0 | 0 | |||||||||||||||||
| Shareholdings of the top ten shareholders of shares without selling restrictions | ||||||
| Name of shareholders |
Number of shares held | Type of | ||||
| CNPC |
150,923,565,570 | A shares | ||||
| HKSCC Nominees Limited |
20,900,296,782 | H shares | ||||
| China Petrochemical Corporation |
1,830,210,000 | A shares | ||||
| Hong Kong Securities Clearing Company Limited |
1,073,298,946 | A shares | ||||
| China Securities Finance Corporation Limited |
1,020,165,128 | A shares | ||||
| China Metallurgical Group Corporation |
560,000,000 | A shares | ||||
| Central Huijin Asset Management Ltd. |
201,695,000 | A shares | ||||
| Bosera Fund—Ansteel Group Corporation—Bosera Fund Xin’an No.1—Asset Management Plan |
172,052,500 | A shares | ||||
| Bank of Communication Co., Limited—E Fund SSE 50 Index Enhanced Securities Investment Fund |
81,201,401 | A shares | ||||
| Shi Aizhong |
78,131,044 | A shares | ||||
Statement on the connection or activities acting in concert among the above-mentioned shareholders:
Except for HKSCC Nominees Limited and Hong Kong Securities Clearing Company Limited that are wholly-owned subsidiaries of Hong Kong Exchanges and Clearing Limited, the Company is not aware of any connection among or between the other top ten shareholders or that they are persons acting in concert as provided for in the “Measures for the Administration of Acquisitions by Listed Companies”.
| (1) | Such figure excludes the H shares indirectly held by CNPC through Fairy King Investments Limited, an overseas wholly-owned subsidiary of CNPC. |
| (2) | HKSCC Nominees Limited is a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited and acts as nominee on behalf of other corporate or individual shareholders to hold the H shares of the Company. |
| (3) | 291,518,000 H shares were indirectly held by CNPC through Fairy King Investments Limited, an overseas wholly-owned subsidiary of CNPC, representing 0.16% of the total issued shares of the Company. These shares were held in the name of HKSCC Nominees Limited. |
| (4) | Hong Kong Securities Clearing Company Limited is a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited and acts as the nominee on behalf of investors of The Stock Exchange of Hong Kong Limited to hold the A shares of the Company listed on Shanghai Stock Exchange. |
| 2.2 | Number of Shareholders Holding Preferred Shares and Shareholdings of Top Ten Shareholders Holding Preferred Shares of the Company |
Inapplicable.
| 3. | Business Review |
In the first quarter of 2023, while the world economy maintained slow recovery, the PRC economy continued to recover steadily, market expectations improved significantly and the gross domestic product (“GDP”) increased by 4.5% year-on-year. International oil price experienced downward fluctuation, the average spot price of North Sea Brent crude oil was US$81.17 per barrel, representing a decrease of 20.6% as compared with US$102.23 per barrel for the same period of last year. The average spot price of the West Texas Intermediate crude oil was US$75.97 per barrel, representing a decrease of 20.1% as compared with US$95.04 per barrel for the same period of last year. The demand of the domestic refined oil market recovered steadily, while that of the natural gas market kept increasing.
Seizing the opportunity of steady growth of PRC economy, the Group implemented high-quality development requirements, coordinated production and operation, safety and environmental protection, quality and profitability improvement, reform and innovation and green transformation. The Group continuously optimized production operation and product structure, vigorously strengthened its efforts in marketing, strictly controlled the investment and cost and expenses, efficiently maintained stable and profitable production operation. The Group’s operating results maintained growth and its financial condition stayed healthy although the international oil price decreased as compared with the same period of last year. In the first quarter of 2023, the average realized price for crude oil of the Group was US$75.98 per barrel, representing a decrease of 11.9% as compared with US$86.29 per barrel for the same period of last year. The Group achieved a revenue of RMB732,471 million under IFRS, representing a decrease of 6.0% as compared with RMB779,368 million for the same period of last year. The net profit attributable to owners of the Company amounted to RMB43,624 million, representing an increase of 12.1% as compared with RMB38,899 million for the same period of last year, which was primarily due to the increase in domestic sales volume of major oil and gas products as well as the Group’s deepening of its endeavor in quality and profitability improvement.
In respect of oil, gas and new energy business, the Group persisted with fine exploration and high-profitability development, steadily increased reserves and output, continuously promoted “stabilizing oil output and increasing gas output”, enhanced domestic natural gas development and maintained rapid growth of domestic natural gas output. The Group solidly promoted the integrated development of oil, gas and new energy business and the scale of new energy business continued to grow. In the first quarter of 2023, the oil and gas equivalent output of the Group was 452.0 million barrels, representing an increase of 4.9% as compared with 430.9 million barrels for the same period of last year, of which the domestic oil and gas equivalent output was 402.6 million barrels, representing an increase of 3.3% as compared with 389.8 million barrels for the same period of last year, and the overseas oil and gas equivalent output was 49.4 million barrels, representing an increase of 20.1% as compared with 41.1 million barrels for the same period of last year. The oil, gas and new energy business realized an operating profit of RMB40,996 million, representing an increase of 5.7% as compared with RMB38,798 million for the same period of last year, which was mainly due to the increase in sales volume of crude oil and natural gas. The unit oil and gas lifting costs were US$10.57 per barrel, representing a decrease of 2.3% as compared with US$10.82 for the same period of last year, which was primarily due to the combined effects such as the fluctuation in exchange rate and increase in the costs of fuel and power.
Key Figures for the Oil, Gas and New Energy Business
| Operating Figures |
Unit |
For the three months ended March 31, |
Changes over the same period of the preceding year (%) |
|||||||||||
| 2023 | 2022 | |||||||||||||
| Crude oil output |
Million barrels | 236.3 | 224.9 | 5.1 | ||||||||||
| of which: domestic |
Million barrels | 195.5 | 192.6 | 1.5 | ||||||||||
| overseas |
Million barrels | 40.8 | 32.3 | 26.3 | ||||||||||
| Marketable natural gas output |
Billion cubic feet | 1,294.1 | 1,235.5 | 4.7 | ||||||||||
| of which: domestic |
Billion cubic feet | 1,242.7 | 1,182.6 | 5.1 | ||||||||||
| overseas |
Billion cubic feet | 51.4 | 52.8 | (2.7 | ) | |||||||||
| Oil and natural gas equivalent output |
Million barrels | 452.0 | 430.9 | 4.9 | ||||||||||
| of which: domestic |
Million barrels | 402.6 | 389.8 | 3.3 | ||||||||||
| overseas |
Million barrels | 49.4 | 41.1 | 20.1 | ||||||||||
| Note: | Figures have been converted at the rate of 1 ton of crude oil = 7.389 barrels and 1 cubic meter of natural gas = 35.315 cubic feet. |
In respect of the refining, chemicals and new materials business, the Group, by adhering to the market-oriented approach, timely optimized product structure based on market demand, continuously promoted the reduction of refining products and increase in chemical products and the reduction of traditional refining products and increase in special petroleum products (减油增化、减油增特) and vigorously developed high-end and high value-added products. The Group continued to strengthen the control of costs and expenses, enhanced competitiveness of refining and chemical products and promoted the construction of ethylene projects and other transformation and upgrading projects. In the first quarter of 2023, the Group processed a total amount of 326.9 million barrels of crude oil, representing an increase of 8.1% as compared with 302.4 million barrels for the same period of last year; the Group produced 27.754 million tons of refined products, representing an increase of 5.7% as compared with 26.250 million tons for the same period of last year; the Group produced 2.000 million tons of ethylene, representing an increase of 2.1% as compared with 1.959 million tons for the same period of last year. The outputs of chemical commodity products reached 8.491 million tons, representing an increase of 3.5% as compared with 8.207 million tons for the same period of last year. The profit from operations of refining, chemicals and new materials business amounted to RMB8,470 million, representing a decrease of 21.3% as compared with RMB10,765 million for the same period of last year, among which, the profit from operations in the refining business amounted to RMB9,396 million, representing a decrease of 12.6% as compared with RMB 10,748 million for the same period of last year, mainly due to the combined effect of the decrease in gross profit margin of refined oil and the increase in sales volume; the operating loss from the chemicals business amounted to RMB926 million, representing a decrease of RMB943 million as compared with the operating profit of RMB17 million for the same period of last year, which was primarily due to the decrease in chemical materials’ prices and the decrease in gross profit margin.
Key Figures for the Refining, Chemicals and New Materials Business
| Operating Figures |
Unit | For the three months ended March 31, |
Changes over the same period of the preceding year (%) |
|||||||||||||
| 2023 | 2022 | |||||||||||||||
| Processed crude oil |
Million barrels | 326.9 | 302.4 | 8.1 | ||||||||||||
| Gasoline, kerosene, diesel output |
’000 ton | 27,754 | 26,250 | 5.7 | ||||||||||||
| of which: Gasoline |
’000 ton | 11,256 | 11,780 | (4.4 | ) | |||||||||||
| Kerosene |
’000 ton | 2,920 | 2,201 | 32.7 | ||||||||||||
| Diesel |
’000 ton | 13,578 | 12,269 | 10.7 | ||||||||||||
| Output of key chemical products |
||||||||||||||||
| Ethylene |
’000 ton | 2,000 | 1,959 | 2.1 | ||||||||||||
| Synthetic resin |
’000 ton | 3,089 | 3,091 | (0.1 | ) | |||||||||||
| Synthetic fiber materials and polymers |
’000 ton | 268 | 301 | (11.1 | ) | |||||||||||
| Synthetic rubber |
’000 ton | 257 | 293 | (12.2 | ) | |||||||||||
| Urea |
’000 ton | 445 | 730 | (39.0 | ) | |||||||||||
| Note: | Figures have been converted at the rate of 1 ton of crude oil = 7.389 barrels. |
In respect of the marketing business, the Group seized the opportunity of demand recovery in the domestic refined oil market, strived to enhance the precise marketing, devoted efforts in market expansion, inventories reduction, and increase in profitability. The Group well organized international trade, effectively controlled market risks and continuously increased the profitability of the whole industry chain. In the first quarter of 2023, the Group sold 37.575 million tons of refined oil, representing an increase of 6.5% as compared with 35.282 million tons for the same period of last year, of which 27.290 million tons of refined oil was sold domestically, representing an increase of 9.5% as compared with 24.919 million tons for the same period of last year. The profit from operations of marketing business amounted to RMB8,156 million, representing an increase of 79.0% as compared with RMB4,556 million for the same period of last year. This was primarily due to the Group’s active study and judgment on market price trend in international trade business which caused the significant increase in the trading profit.
Key Figures for the Marketing Business
| Operating Figures |
Unit | For the three months ended March 31, |
Changes over the same period of the preceding year (%) |
|||||||||||||
| 2023 | 2022 | |||||||||||||||
| Total sales volume of gasoline, kerosene and diesel |
’000 ton | 37,575 | 35,282 | 6.5 | ||||||||||||
| of which: Gasoline |
’000 ton | 15,686 | 15,567 | 0.8 | ||||||||||||
| Kerosene |
’000 ton | 3,900 | 3,502 | 11.4 | ||||||||||||
| Diesel |
’000 ton | 17,989 | 16,213 | 11.0 | ||||||||||||
| Domestic sales volume of gasoline, kerosene and diesel |
’000 ton | 27,290 | 24,919 | 9.5 | ||||||||||||
| of which: Gasoline |
’000 ton | 12,472 | 12,553 | (0.6 | ) | |||||||||||
| Kerosene |
’000 ton | 2,187 | 1,683 | 29.9 | ||||||||||||
| Diesel |
’000 ton | 12,631 | 10,683 | 18.2 | ||||||||||||
| Number of gas stations and convenience stores |
Unit | As of March 31, 2023 |
As of December 31, 2022 |
Changes (%) |
||||||||||||
| Number of gas stations |
Unit | 22,441 | 22,586 | (0.6 | ) | |||||||||||
| Among which: Self-operated gas stations |
Unit | 20,419 | 20,564 | (0.7 | ) | |||||||||||
| Number of convenience stores |
Unit | 19,700 | 20,600 | (4.4 | ) | |||||||||||
In respect of the natural gas sales business, the Group continuously optimized the resource structure and strived to control procurement costs of imported natural gas. The Group strived to promote marketing, actively expanded the high-end and high-profit markets and direct end-customers, strengthened the construction of terminal retail sales network and continuously increased sales profitability. In the first quarter of 2023, the Group’s domestic natural gas sales volume reached 62.392 billion cubic meters, representing an increase of 2.9% as compared with 60.615 billion cubic meters for the same period of last year. The natural gas sales business achieved an operating profit of RMB10,136 million, representing an increase of 13.3% as compared with RMB8,946 million for the same period of last year, which was mainly due to the increase in the profit of domestic natural gas sales and terminal retail business.
| 4. | Other Matters |
Inapplicable.
| 5. | Quarterly Financial Statements |
| 5.1 | Quarterly financial statements prepared in accordance with CAS |
| 1. | Consolidated Balance Sheet |
| ASSETS |
March 31, 2023 | December 31, 2022 | ||||||
| RMB million | RMB million | |||||||
| Current assets |
||||||||
| Cash at bank and on hand |
296,060 | 225,049 | ||||||
| Financial assets at fair value through profit or loss |
2,684 | 3,876 | ||||||
| Derivative financial assets |
17,218 | 21,133 | ||||||
| Accounts receivable |
82,578 | 72,028 | ||||||
| Receivables financing |
7,749 | 4,376 | ||||||
| Advances to suppliers |
30,384 | 13,920 | ||||||
| Other receivables |
36,911 | 45,849 | ||||||
| Inventories |
155,183 | 167,751 | ||||||
| Other current assets |
48,521 | 59,885 | ||||||
|
|
|
|
|
|||||
| Total current assets |
677,288 | 613,867 | ||||||
|
|
|
|
|
|||||
| Non-current assets |
||||||||
| Investments in other equity instruments |
908 | 950 | ||||||
| Long-term equity investments |
274,070 | 269,671 | ||||||
| Fixed assets |
462,683 | 463,027 | ||||||
| Oil and gas properties |
812,984 | 832,610 | ||||||
| Construction in progress |
184,649 | 196,876 | ||||||
| Right-of-use assets |
130,778 | 132,735 | ||||||
| Intangible assets |
92,242 | 92,960 | ||||||
| Goodwill |
7,246 | 7,317 | ||||||
| Long-term prepaid expenses |
11,878 | 10,388 | ||||||
| Deferred tax assets |
16,531 | 16,960 | ||||||
| Other non-current assets |
39,617 | 33,651 | ||||||
|
|
|
|
|
|||||
| Total non-current assets |
2,033,586 | 2,057,145 | ||||||
|
|
|
|
|
|||||
| TOTAL ASSETS |
2,710,874 | 2,671,012 | ||||||
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| Chairman | Director and President | Chief Financial Officer | ||
| Dai Houliang | Huang Yongzhang | Wang Hua | ||
| 1. | Consolidated Balance Sheet (Continued) |
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
March 31, 2023 | December 31, 2022 | ||||||
| RMB million | RMB million | |||||||
| Current liabilities |
||||||||
| Short-term borrowings |
55,285 | 38,375 | ||||||
| Financial liabilities at fair value through profit or loss |
— | 1,698 | ||||||
| Derivative financial liabilities |
9,976 | 11,146 | ||||||
| Notes payable |
15,747 | 15,630 | ||||||
| Accounts payable |
256,467 | 289,117 | ||||||
| Contract liabilities |
74,249 | 77,337 | ||||||
| Employee compensation payable |
14,289 | 9,385 | ||||||
| Taxes payable |
53,756 | 53,514 | ||||||
| Other payables |
68,153 | 41,542 | ||||||
| Current portion of non-current liabilities |
118,994 | 70,561 | ||||||
| Other current liabilities |
11,162 | 15,958 | ||||||
|
|
|
|
|
|||||
| Total current liabilities |
678,078 | 624,263 | ||||||
|
|
|
|
|
|||||
| Non-current liabilities |
||||||||
| Long-term borrowings |
132,892 | 169,630 | ||||||
| Debentures payable |
26,923 | 52,848 | ||||||
| Lease liabilities |
116,963 | 118,200 | ||||||
| Provisions |
143,702 | 142,081 | ||||||
| Deferred tax liabilities |
23,174 | 21,046 | ||||||
| Other non-current liabilities |
8,148 | 7,594 | ||||||
|
|
|
|
|
|||||
| Total non-current liabilities |
451,802 | 511,399 | ||||||
|
|
|
|
|
|||||
| Total liabilities |
1,129,880 | 1,135,662 | ||||||
|
|
|
|
|
|||||
| Shareholders’ equity |
||||||||
| Share capital |
183,021 | 183,021 | ||||||
| Capital surplus |
123,613 | 123,612 | ||||||
| Special reserve |
9,668 | 8,490 | ||||||
| Other comprehensive income |
(21,978 | ) | (19,062 | ) | ||||
| Surplus reserve |
224,957 | 224,957 | ||||||
| Undistributed profits |
889,481 | 845,805 | ||||||
|
|
|
|
|
|||||
| Equity attributable to equity holders of the Company |
1,408,762 | 1,366,823 | ||||||
|
|
|
|
|
|||||
| Non-controlling interests |
172,232 | 168,527 | ||||||
|
|
|
|
|
|||||
| Total shareholders’ equity |
1,580,994 | 1,535,350 | ||||||
|
|
|
|
|
|||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
2,710,874 | 2,671,012 | ||||||
|
|
|
|
|
|||||
|
|
|
| ||
| Chairman | Director and President | Chief Financial Officer | ||
| Dai Houliang | Huang Yongzhang | Wang Hua | ||
| 2. | Company Balance Sheet |
| ASSETS |
March 31, 2023 | December 31, 2022 | ||||||
| RMB million | RMB million | |||||||
| Current assets |
||||||||
| Cash at bank and on hand |
132,965 | 72,308 | ||||||
| Derivative financial assets |
143 | 192 | ||||||
| Accounts receivable |
14,586 | 17,969 | ||||||
| Receivables financing |
7,506 | 4,164 | ||||||
| Advances to suppliers |
21,575 | 9,365 | ||||||
| Other receivables |
12,078 | 9,410 | ||||||
| Inventories |
100,143 | 109,354 | ||||||
| Other current assets |
35,270 | 45,204 | ||||||
|
|
|
|
|
|||||
| Total current assets |
324,266 | 267,966 | ||||||
|
|
|
|
|
|||||
| Non-current assets |
||||||||
| Investments in other equity instruments |
226 | 333 | ||||||
| Long-term equity investments |
478,083 | 471,795 | ||||||
| Fixed assets |
310,123 | 307,660 | ||||||
| Oil and gas properties |
616,515 | 628,338 | ||||||
| Construction in progress |
110,349 | 123,486 | ||||||
| Right-of-use assets |
56,967 | 58,000 | ||||||
| Intangible assets |
69,552 | 70,193 | ||||||
| Goodwill |
69 | 52 | ||||||
| Long-term prepaid expenses |
8,936 | 7,384 | ||||||
| Deferred tax assets |
— | 803 | ||||||
| Other non-current assets |
13,595 | 11,701 | ||||||
|
|
|
|
|
|||||
| Total non-current assets |
1,664,415 | 1,679,745 | ||||||
|
|
|
|
|
|||||
| TOTAL ASSETS |
1,988,681 | 1,947,711 | ||||||
|
|
|
|
|
|||||
|
|
|
| ||
| Chairman | Director and President | Chief Financial Officer | ||
| Dai Houliang | Huang Yongzhang | Wang Hua | ||
| 2. | Company Balance Sheet (Continued) |
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
March 31, 2023 | December 31, 2022 | ||||||
| RMB million | RMB million | |||||||
| Current liabilities |
||||||||
| Short-term borrowings |
17,892 | 17,255 | ||||||
| Derivative financial liabilities |
23 | — | ||||||
| Notes payable |
15,511 | 15,213 | ||||||
| Accounts payable |
105,477 | 121,220 | ||||||
| Contract liabilities |
56,119 | 55,861 | ||||||
| Employee compensation payable |
11,424 | 6,817 | ||||||
| Taxes payable |
32,133 | 34,512 | ||||||
| Other payables |
144,854 | 99,302 | ||||||
| Current portion of non-current liabilities |
93,427 | 53,157 | ||||||
| Other current liabilities |
5,607 | 10,572 | ||||||
|
|
|
|
|
|||||
| Total current liabilities |
482,467 | 413,909 | ||||||
|
|
|
|
|
|||||
| Non-current liabilities |
||||||||
| Long-term borrowings |
57,951 | 90,743 | ||||||
| Debentures payable |
23,500 | 49,380 | ||||||
| Lease liabilities |
44,004 | 44,700 | ||||||
| Provisions |
105,802 | 104,553 | ||||||
| Deferred tax liabilities |
749 | — | ||||||
| Other non-current liabilities |
4,089 | 4,302 | ||||||
|
|
|
|
|
|||||
| Total non-current liabilities |
236,095 | 293,678 | ||||||
|
|
|
|
|
|||||
| Total liabilities |
718,562 | 707,587 | ||||||
|
|
|
|
|
|||||
| Shareholders’ equity |
||||||||
| Share capital |
183,021 | 183,021 | ||||||
| Capital surplus |
123,487 | 123,486 | ||||||
| Special reserve |
5,547 | 4,620 | ||||||
| Other comprehensive income |
596 | 720 | ||||||
| Surplus reserve |
213,865 | 213,865 | ||||||
| Undistributed profits |
743,603 | 714,412 | ||||||
|
|
|
|
|
|||||
| Total shareholders’ equity |
1,270,119 | 1,240,124 | ||||||
|
|
|
|
|
|||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
1,988,681 | 1,947,711 | ||||||
|
|
|
|
|
|||||
|
|
|
| ||
| Chairman | Director and President | Chief Financial Officer | ||
| Dai Houliang | Huang Yongzhang | Wang Hua | ||
| 3. | Consolidated Income Statement |
| Item |
Three months ended March 31 | |||||||
| 2023 | 2022 | |||||||
| RMB million | RMB million | |||||||
| Operating income |
732,471 | 779,368 | ||||||
| Less: Cost of sales |
(577,013 | ) | (623,635 | ) | ||||
| Taxes and surcharges |
(63,281 | ) | (67,611 | ) | ||||
| Selling expenses |
(15,927 | ) | (16,064 | ) | ||||
| General and administrative expenses |
(14,294 | ) | (12,172 | ) | ||||
| Research and development expenses |
(5,934 | ) | (4,918 | ) | ||||
| Finance expenses |
(4,609 | ) | (4,045 | ) | ||||
| Including: Interest expenses |
(6,139 | ) | (4,859 | ) | ||||
| Interest income |
1,434 | 554 | ||||||
| Add: Other income |
4,729 | 3,346 | ||||||
| Investment income |
3,496 | 3,517 | ||||||
| Including: Income from investment in associates and joint ventures |
4,590 | 3,395 | ||||||
| Gains from changes in fair value |
4,032 | — | ||||||
| Credit impairment reversal/(losses) |
25 | (282 | ) | |||||
| Asset impairment losses |
4 | 11 | ||||||
| Gains on asset disposal |
45 | 119 | ||||||
|
|
|
|
|
|||||
| Operating profit |
63,744 | 57,634 | ||||||
|
|
|
|
|
|||||
| Add: Non-operating income |
497 | 364 | ||||||
| Less: Non-operating expenses |
(1,667 | ) | (1,229 | ) | ||||
|
|
|
|
|
|||||
| Profit before taxation |
62,574 | 56,769 | ||||||
|
|
|
|
|
|||||
| Less: Taxation |
(14,065 | ) | (13,295 | ) | ||||
|
|
|
|
|
|||||
| Net profit |
48,509 | 43,474 | ||||||
|
|
|
|
|
|||||
| Classified by continuity of operations: |
||||||||
| Net profit from continuous operation |
48,509 | 43,474 | ||||||
| Net profit from discontinued operation |
— | — | ||||||
| Classified by ownership: |
||||||||
| Shareholders of the Company |
43,630 | 38,898 | ||||||
| Non-controlling interests |
4,879 | 4,576 | ||||||
| Earnings per share |
||||||||
| Basic earnings per share (RMB Yuan) |
0.24 | 0.21 | ||||||
| Diluted earnings per share (RMB Yuan) |
0.24 | 0.21 | ||||||
|
|
|
|
|
|||||
| Other comprehensive income, net of tax |
(3,547 | ) | (1,015 | ) | ||||
| Other comprehensive income (net of tax) attributable to equity holders of the Company |
(2,834 | ) | (8 | ) | ||||
| (1) Items that will not be reclassified to profit or loss: |
||||||||
| Changes in fair value of investments in other equity instruments |
(52 | ) | (54 | ) | ||||
| (2) Items that may be reclassified to profit or loss: |
||||||||
| Other comprehensive income recognized under equity method |
(133 | ) | (264 | ) | ||||
| Cash flow hedges |
(1,495 | ) | — | |||||
| Translation differences arising from translation of foreign currency financial statements |
(1,154 | ) | 310 | |||||
| Other comprehensive income (net of tax) attributable to non-controlling interests |
(713 | ) | (1,007 | ) | ||||
|
|
|
|
|
|||||
| Total comprehensive income |
44,962 | 42,459 | ||||||
|
|
|
|
|
|||||
| Attributable to: |
||||||||
| Equity holders of the Company |
40,796 | 38,890 | ||||||
| Non-controlling interests |
4,166 | 3,569 | ||||||
|
|
|
|
|
|||||
|
|
|
| ||
| Chairman | Director and President | Chief Financial Officer | ||
| Dai Houliang | Huang Yongzhang | Wang Hua | ||
| 4. | Income Statement |
| Item |
Three months ended March 31 | |||||||
| 2023 | 2022 | |||||||
| RMB million | RMB million | |||||||
| Operating income |
447,279 | 406,502 | ||||||
| Less: Cost of sales |
(347,656 | ) | (305,848 | ) | ||||
| Taxes and surcharges |
(48,469 | ) | (51,926 | ) | ||||
| Selling expenses |
(11,182 | ) | (11,218 | ) | ||||
| General and administrative expenses |
(9,450 | ) | (7,630 | ) | ||||
| Research and development expenses |
(5,306 | ) | (4,208 | ) | ||||
| Finance expenses |
(3,488 | ) | (3,600 | ) | ||||
| Including: Interest expenses |
(3,767 | ) | (3,668 | ) | ||||
| Interest income |
415 | 178 | ||||||
| Add: Other income |
4,437 | 3,198 | ||||||
| Investment income |
7,949 | 7,176 | ||||||
| Including: Income from investment in associates and joint ventures |
3,147 | 2,668 | ||||||
| Credit impairment losses |
(18 | ) | (66 | ) | ||||
| Asset impairment losses |
1 | — | ||||||
| Losses from changes in fair value |
(48 | ) | — | |||||
| Gains on asset disposal |
46 | 100 | ||||||
|
|
|
|
|
|||||
| Operating profit |
34,095 | 32,480 | ||||||
|
|
|
|
|
|||||
| Add: Non-operating income |
338 | 304 | ||||||
| Less: Non-operating expenses |
(1,556 | ) | (1,059 | ) | ||||
|
|
|
|
|
|||||
| Profit before taxation |
32,877 | 31,725 | ||||||
|
|
|
|
|
|||||
| Less: Taxation |
(3,732 | ) | (4,080 | ) | ||||
|
|
|
|
|
|||||
| Net profit |
29,145 | 27,645 | ||||||
|
|
|
|
|
|||||
| Classified by continuity of operations: |
||||||||
| Net profit from continuous operation |
29,145 | 27,645 | ||||||
| Net profit from discontinued operation |
— | — | ||||||
| Earnings per share |
||||||||
| Basic earnings per share (RMB Yuan) |
0.16 | 0.15 | ||||||
| Diluted earnings per share (RMB Yuan) |
0.16 | 0.15 | ||||||
| Other comprehensive income, net of tax |
(124 | ) | (246 | ) | ||||
| Other comprehensive income (net of tax) attributable to equity holders of the Company |
(124 | ) | (246 | ) | ||||
| (1) Items that will not be reclassified to profit or loss: |
||||||||
| Changes in fair value of investments in other equity instruments |
(74 | ) | (20 | ) | ||||
| (2) Items that may be reclassified to profit or loss: |
||||||||
| Other comprehensive income recognized under equity method |
(61 | ) | (226 | ) | ||||
| Cash flow hedges |
11 | — | ||||||
|
|
|
|
|
|||||
| Total comprehensive income |
29,021 | 27,399 | ||||||
|
|
|
|
|
|||||
|
|
|
| ||
| Chairman | Director and President | Chief Financial Officer | ||
| Dai Houliang | Huang Yongzhang | Wang Hua | ||
| 5. | Consolidated Cash Flow Statement |
| Item |
Three months ended March 31 | |||||||
| 2023 | 2022 | |||||||
| RMB million | RMB million | |||||||
| Cash flows from operating activities |
||||||||
| Cash received from sales of goods and rendering of services |
801,094 | 831,182 | ||||||
| Cash received relating to other operating activities |
33,548 | 32,951 | ||||||
|
|
|
|
|
|||||
| Sub-total of cash inflows |
834,642 | 864,133 | ||||||
|
|
|
|
|
|||||
| Cash paid for goods and services |
(570,340 | ) | (592,875 | ) | ||||
| Cash paid to and on behalf of employees |
(35,067 | ) | (31,750 | ) | ||||
| Payments of various taxes |
(76,312 | ) | (107,318 | ) | ||||
| Cash paid relating to other operating activities |
(26,541 | ) | (47,765 | ) | ||||
|
|
|
|
|
|||||
| Sub-total of cash outflows |
(708,260 | ) | (779,708 | ) | ||||
|
|
|
|
|
|||||
| Net cash flows from operating activities |
126,382 | 84,425 | ||||||
|
|
|
|
|
|||||
| Cash flows from investing activities |
||||||||
| Cash received from disposal of investments |
910 | 10,414 | ||||||
| Cash received from returns on investments |
2,101 | 2,117 | ||||||
| Net cash received from disposal of fixed assets, oil and gas properties, intangible assets and other long-term assets |
165 | 141 | ||||||
| Net cash received from disposal of subsidiaries and other business units |
2 | — | ||||||
|
|
|
|
|
|||||
| Sub-total of cash inflows |
3,178 | 12,672 | ||||||
|
|
|
|
|
|||||
| Cash paid to acquire fixed assets, oil and gas properties, intangible assets and other long-term assets |
(50,897 | ) | (51,891 | ) | ||||
| Cash paid to acquire investments |
(23,234 | ) | (5,546 | ) | ||||
| Net cash paid to acquire subsidiaries and other business units |
(18 | ) | — | |||||
|
|
|
|
|
|||||
| Sub-total of cash outflows |
(74,149 | ) | (57,437 | ) | ||||
|
|
|
|
|
|||||
| Net cash flows used for investing activities |
(70,971 | ) | (44,765 | ) | ||||
|
|
|
|
|
|||||
| Cash flows from financing activities |
||||||||
| Cash received from capital contributions |
40 | 44 | ||||||
| Including: Cash received from non-controlling interests’ capital contributions to subsidiaries |
40 | 44 | ||||||
| Cash received from borrowings |
200,402 | 243,705 | ||||||
|
|
|
|
|
|||||
| Sub-total of cash inflows |
200,442 | 243,749 | ||||||
|
|
|
|
|
|||||
| Cash repayments of borrowings |
(195,913 | ) | (241,543 | ) | ||||
| Cash payments for interest expenses and distribution of dividends or profits |
(5,072 | ) | (4,332 | ) | ||||
| Including: Subsidiaries’ cash payments for distribution of dividends or profits to non-controlling interests |
(385 | ) | (512 | ) | ||||
| Cash payments relating to other financing activities |
(3,095 | ) | (3,432 | ) | ||||
|
|
|
|
|
|||||
| Sub-total of cash outflows |
(204,080 | ) | (249,307 | ) | ||||
|
|
|
|
|
|||||
| Net cash flows used for financing activities |
(3,638 | ) | (5,558 | ) | ||||
|
|
|
|
|
|||||
| Effect of foreign exchange rate changes on cash and cash equivalents |
(720 | ) | (363 | ) | ||||
|
|
|
|
|
|||||
| Net increase in cash and cash equivalents |
51,053 | 33,739 | ||||||
| Add: Cash and cash equivalents at beginning of the period |
191,190 | 136,789 | ||||||
|
|
|
|
|
|||||
| Cash and cash equivalents at the end of the period |
242,243 | 170,528 | ||||||
|
|
|
|
|
|||||
|
|
|
| ||
| Chairman | Director and President | Chief Financial Officer | ||
| Dai Houliang | Huang Yongzhang | Wang Hua |
| 6. | Company Cash Flow Statement |
| Item |
Three months ended March 31 | |||||||
| 2023 | 2022 | |||||||
| RMB million | RMB million | |||||||
| Cash flows from operating activities |
||||||||
| Cash received from sales of goods and rendering of services |
486,219 | 447,612 | ||||||
| Cash received relating to other operating activities |
4,530 | 3,414 | ||||||
|
|
|
|
|
|||||
| Sub-total of cash inflows |
490,749 | 451,026 | ||||||
|
|
|
|
|
|||||
| Cash paid for goods and services |
(298,368 | ) | (290,044 | ) | ||||
| Cash paid to and on behalf of employees |
(25,180 | ) | (24,108 | ) | ||||
| Payments of various taxes |
(55,556 | ) | (83,985 | ) | ||||
| Cash paid relating to other operating activities |
(5,492 | ) | (8,094 | ) | ||||
|
|
|
|
|
|||||
| Sub-total of cash outflows |
(384,596 | ) | (406,231 | ) | ||||
|
|
|
|
|
|||||
| Net cash flows from operating activities |
106,153 | 44,795 | ||||||
|
|
|
|
|
|||||
| Cash flows from investing activities |
||||||||
| Cash received from disposal of investments |
3,556 | 1,632 | ||||||
| Cash received from returns on investments |
12,727 | 11,850 | ||||||
| Net cash received from disposal of fixed assets, oil and gas properties, intangible assets and other long-term assets |
138 | 135 | ||||||
|
|
|
|
|
|||||
| Sub-total of cash inflows |
16,421 | 13,617 | ||||||
|
|
|
|
|
|||||
| Cash paid to acquire fixed assets, oil and gas properties, intangible assets and other long-term assets |
(31,527 | ) | (20,771 | ) | ||||
| Cash paid to acquire investments |
(6,020 | ) | (4,302 | ) | ||||
|
|
|
|
|
|||||
| Sub-total of cash outflows |
(37,547 | ) | (25,073 | ) | ||||
|
|
|
|
|
|||||
| Net cash flows used for investing activities |
(21,126 | ) | (11,456 | ) | ||||
|
|
|
|
|
|||||
| Cash flows from financing activities |
||||||||
| Cash received from borrowings |
19,240 | 61,470 | ||||||
|
|
|
|
|
|||||
| Sub-total of cash inflows |
19,240 | 61,470 | ||||||
|
|
|
|
|
|||||
| Cash repayments of borrowings |
(37,104 | ) | (64,069 | ) | ||||
| Cash payments for interest expenses and distribution of dividends or profits |
(3,351 | ) | (3,823 | ) | ||||
| Cash payments relating to other financing activities |
(1,655 | ) | (1,880 | ) | ||||
|
|
|
|
|
|||||
| Sub-total of cash outflows |
(42,110 | ) | (69,772 | ) | ||||
|
|
|
|
|
|||||
| Net cash flows used for financing activities |
(22,870 | ) | (8,302 | ) | ||||
|
|
|
|
|
|||||
| Net increase in cash and cash equivalents |
62,157 | 25,037 | ||||||
| Add: Cash and cash equivalents at beginning of the period |
68,808 | 31,955 | ||||||
|
|
|
|
|
|||||
| Cash and cash equivalents at the end of the period |
130,965 | 56,992 | ||||||
|
|
|
|
|
|||||
|
|
|
| ||
| Chairman | Director and President | Chief Financial Officer | ||
| Dai Houliang | Huang Yongzhang | Wang Hua |
5.2 Quarterly financial statements prepared in accordance with IFRS
| 1. | Consolidated Statement of Comprehensive Income |
| Three months ended March 31 | ||||||||
| 2023 | 2022 | |||||||
| RMB million | RMB million | |||||||
| REVENUE |
732,471 | 779,368 | ||||||
|
|
|
|
|
|||||
| OPERATING EXPENSES |
||||||||
| Purchases, services and other |
(497,580 | ) | (551,079 | ) | ||||
| Employee compensation costs |
(38,594 | ) | (35,376 | ) | ||||
| Exploration expenses, including exploratory dry holes |
(4,176 | ) | (4,569 | ) | ||||
| Depreciation, depletion and amortization |
(56,107 | ) | (51,899 | ) | ||||
| Selling, general and administrative expenses |
(16,712 | ) | (13,979 | ) | ||||
| Taxes other than income taxes |
(63,457 | ) | (67,892 | ) | ||||
| Other income net |
6,551 | 2,688 | ||||||
|
|
|
|
|
|||||
| TOTAL OPERATING EXPENSES |
(670,075 | ) | (722,106 | ) | ||||
|
|
|
|
|
|||||
| PROFIT FROM OPERATIONS |
62,396 | 57,262 | ||||||
|
|
|
|
|
|||||
| FINANCE COSTS |
||||||||
| Exchange gain |
7,816 | 3,274 | ||||||
| Exchange loss |
(7,523 | ) | (2,856 | ) | ||||
| Interest income |
1,434 | 554 | ||||||
| Interest expense |
(6,139 | ) | (4,859 | ) | ||||
|
|
|
|
|
|||||
| TOTAL NET FINANCE COSTS |
(4,412 | ) | (3,887 | ) | ||||
|
|
|
|
|
|||||
| SHARE OF PROFIT OF ASSOCIATES AND JOINT VENTURES |
4,590 | 3,395 | ||||||
|
|
|
|
|
|||||
| PROFIT BEFORE INCOME TAX EXPENSE |
62,574 | 56,770 | ||||||
| INCOME TAX EXPENSE |
(14,071 | ) | (13,295 | ) | ||||
|
|
|
|
|
|||||
| PROFIT FOR THE PERIOD |
48,503 | 43,475 | ||||||
|
|
|
|
|
|||||
| OTHER COMPREHENSIVE INCOME |
||||||||
| (1) Item that will not be reclassified to profit or loss: |
||||||||
| Fair value changes in equity investment measured at fair value through other comprehensive income |
(19 | ) | (116 | ) | ||||
| Currency translation differences |
(746 | ) | (945 | ) | ||||
| (2) Item that are or may be reclassified subsequently to profit or loss: |
||||||||
| Cash flow hedging reserve |
(1,495 | ) | — | |||||
| Currency translation differences |
(1,154 | ) | 310 | |||||
| Share of the other comprehensive income of associates and joint ventures accounted for using the equity method |
(133 | ) | (264 | ) | ||||
|
|
|
|
|
|||||
| OTHER COMPREHENSIVE INCOME, NET OF TAX |
(3,547 | ) | (1,015 | ) | ||||
|
|
|
|
|
|||||
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
44,956 | 42,460 | ||||||
|
|
|
|
|
|||||
| PROFIT FOR THE PERIOD ATTRIBUTABLE TO: |
||||||||
| Owners of the Company |
43,624 | 38,899 | ||||||
| Non-controlling interests |
4,879 | 4,576 | ||||||
|
|
|
|
|
|||||
| 48,503 | 43,475 | |||||||
|
|
|
|
|
|||||
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD ATTRIBUTABLE TO: |
||||||||
| Owners of the Company |
40,790 | 38,891 | ||||||
| Non-controlling interests |
4,166 | 3,569 | ||||||
|
|
|
|
|
|||||
| 44,956 | 42,460 | |||||||
|
|
|
|
|
|||||
| BASIC AND DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY (RMB YUAN) |
0.24 | 0.21 | ||||||
|
|
|
|
|
|||||
| 2. | Consolidated Statement of Financial Position |
| March 31, 2023 | December 31, 2022 | |||||||
| RMB million | RMB million | |||||||
| NON-CURRENT ASSETS |
||||||||
| Property, plant and equipment |
1,460,316 | 1,492,513 | ||||||
| Investments in associates and joint ventures |
273,968 | 269,569 | ||||||
| Equity investments measured at fair value through other comprehensive income |
901 | 943 | ||||||
| Right-of-use assets |
200,703 | 203,065 | ||||||
| Intangible and other non-current assets |
75,218 | 69,813 | ||||||
| Deferred tax assets |
16,531 | 16,960 | ||||||
| Time deposits with maturities over one year |
5,683 | 4,016 | ||||||
|
|
|
|
|
|||||
| TOTAL NON-CURRENT ASSETS |
2,033,320 | 2,056,879 | ||||||
|
|
|
|
|
|||||
| CURRENT ASSETS |
||||||||
| Inventories |
155,183 | 167,751 | ||||||
| Accounts receivable |
82,578 | 72,028 | ||||||
| Derivative financial assets |
17,218 | 21,133 | ||||||
| Prepayments and other current assets |
115,816 | 119,654 | ||||||
| Financial assets at fair value through other comprehensive income |
7,749 | 4,376 | ||||||
| Financial assets at fair value through profit or loss |
2,684 | 3,876 | ||||||
| Time deposits with maturities over three months but within one year |
53,817 | 33,859 | ||||||
| Cash and cash equivalents |
242,243 | 191,190 | ||||||
|
|
|
|
|
|||||
| TOTAL CURRENT ASSETS |
677,288 | 613,867 | ||||||
|
|
|
|
|
|||||
| CURRENT LIABILITIES |
||||||||
| Accounts payable and accrued liabilities |
365,834 | 372,369 | ||||||
| Contract liabilities |
74,249 | 77,337 | ||||||
| Income taxes payable |
9,913 | 16,471 | ||||||
| Other taxes payable |
43,843 | 37,043 | ||||||
| Short-term borrowings |
166,735 | 100,639 | ||||||
| Derivative financial liabilities |
9,976 | 11,146 | ||||||
| Lease liabilities |
7,528 | 7,560 | ||||||
| Financial liabilities at fair value through profit or loss |
— | 1,698 | ||||||
|
|
|
|
|
|||||
| TOTAL CURRENT LIABILITIES |
678,078 | 624,263 | ||||||
|
|
|
|
|
|||||
| NET CURRENT LIABILITIES |
(790 | ) | (10,396 | ) | ||||
|
|
|
|
|
|||||
| TOTAL ASSETS LESS CURRENT LIABILITIES |
2,032,530 | 2,046,483 | ||||||
|
|
|
|
|
|||||
| EQUITY |
||||||||
| EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY: |
||||||||
| Share capital |
183,021 | 183,021 | ||||||
| Retained earnings |
894,502 | 850,832 | ||||||
| Reserves |
330,984 | 332,721 | ||||||
|
|
|
|
|
|||||
| TOTAL EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY |
1,408,507 | 1,366,574 | ||||||
| NON-CONTROLLING INTERESTS |
172,231 | 168,526 | ||||||
|
|
|
|
|
|||||
| TOTAL EQUITY |
1,580,738 | 1,535,100 | ||||||
|
|
|
|
|
|||||
| NON-CURRENT LIABILITIES |
||||||||
| Long-term borrowings |
159,815 | 222,478 | ||||||
| Asset retirement obligations |
143,702 | 142,081 | ||||||
| Lease liabilities |
116,963 | 118,200 | ||||||
| Deferred tax liabilities |
23,164 | 21,030 | ||||||
| Other long-term obligations |
8,148 | 7,594 | ||||||
|
|
|
|
|
|||||
| TOTAL NON-CURRENT LIABILITIES |
451,792 | 511,383 | ||||||
|
|
|
|
|
|||||
| TOTAL EQUITY AND NON-CURRENT LIABILITIES |
2,032,530 | 2,046,483 | ||||||
|
|
|
|
|
|||||
| 3. | Consolidated Statement of Cash Flows |
| Three months ended March 31 | ||||||||
| 2023 | 2022 | |||||||
| RMB million | RMB million | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES |
||||||||
| Profit for the period |
48,503 | 43,475 | ||||||
| Adjustments for: |
||||||||
| Income tax expense |
14,071 | 13,295 | ||||||
| Depreciation, depletion and amortization |
56,107 | 51,899 | ||||||
| Capitalized exploratory costs charged to expense |
2,461 | 2,113 | ||||||
| Safety fund reserve |
1,246 | 1,378 | ||||||
| Share of profit of associates and joint ventures |
(4,590 | ) | (3,395 | ) | ||||
| Accrual of provision for impairment of receivables, net |
(25 | ) | 282 | |||||
| Write down in inventories, net |
(6 | ) | (11 | ) | ||||
| Loss/(gain) on disposal and scrap of property, plant and equipment |
79 | (50 | ) | |||||
| Loss/(gain) on disposal and scrap of other non-current assets |
197 | (89 | ) | |||||
| Gain on disposal of subsidiaries |
(20 | ) | — | |||||
| Fair value gain |
(4,032 | ) | — | |||||
| Dividend income |
(14 | ) | (2 | ) | ||||
| Interest income |
(1,434 | ) | (554 | ) | ||||
| Interest expense |
6,139 | 4,859 | ||||||
| Changes in working capital: |
||||||||
| Accounts receivable, prepayments and other current assets |
(20,117 | ) | (74,627 | ) | ||||
| Inventories |
12,574 | (30,239 | ) | |||||
| Accounts payable and accrued liabilities |
30,350 | 86,570 | ||||||
| Contract liabilities |
(3,088 | ) | (3,162 | ) | ||||
|
|
|
|
|
|||||
| CASH FLOWS GENERATED FROM OPERATIONS |
138,401 | 91,742 | ||||||
| Income taxes paid |
(12,019 | ) | (7,317 | ) | ||||
|
|
|
|
|
|||||
| NET CASH FLOWS FROM OPERATING ACTIVITIES |
126,382 | 84,425 | ||||||
|
|
|
|
|
|||||
| 3. | Consolidated Statement of Cash Flows (Continued) |
| Three months ended March 31 | ||||||||
| 2023 | 2022 | |||||||
| RMB million | RMB million | |||||||
| CASH FLOWS FROM INVESTING ACTIVITIES |
||||||||
| Capital expenditures |
(50,853 | ) | (51,812 | ) | ||||
| Acquisition of investments in associates and joint ventures |
(1,090 | ) | (167 | ) | ||||
| Acquisition of intangible assets and other non-current assets |
(44 | ) | (79 | ) | ||||
| Acquisition of subsidiaries |
(18 | ) | — | |||||
| Proceeds from disposal of property, plant and equipment |
126 | 118 | ||||||
| Proceeds from disposal of other non-current assets |
432 | 159 | ||||||
| Interest received |
1,851 | 643 | ||||||
| Dividends received |
250 | 1,474 | ||||||
| (Increase) /decrease in time deposits with maturities over three months |
(21,625 | ) | 4,899 | |||||
|
|
|
|
|
|||||
| NET CASH FLOWS USED FOR INVESTING ACTIVITIES |
(70,971 | ) | (44,765 | ) | ||||
|
|
|
|
|
|||||
| CASH FLOWS FROM FINANCING ACTIVITIES |
||||||||
| Repayments of short-term borrowings |
(187,804 | ) | (169,897 | ) | ||||
| Increase in short-term borrowings |
185,260 | 184,032 | ||||||
| Repayments of long-term borrowings |
(8,109 | ) | (71,646 | ) | ||||
| Increase in long-term borrowings |
15,142 | 59,673 | ||||||
| Repayments of lease liabilities |
(3,095 | ) | (3,432 | ) | ||||
| Interest paid |
(4,687 | ) | (3,820 | ) | ||||
| Dividends paid to non-controlling interests |
(385 | ) | (512 | ) | ||||
| Cash contribution from non-controlling interests |
40 | 44 | ||||||
|
|
|
|
|
|||||
| NET CASH FLOWS USED FOR FINANCING ACTIVITIES |
(3,638 | ) | (5,558 | ) | ||||
|
|
|
|
|
|||||
| TRANSLATION OF FOREIGN CURRENCY |
(720 | ) | (363 | ) | ||||
|
|
|
|
|
|||||
| Increase in cash and cash equivalents |
51,053 | 33,739 | ||||||
| Cash and cash equivalents at beginning of the period |
191,190 | 136,789 | ||||||
|
|
|
|
|
|||||
| Cash and cash equivalents at end of the period |
242,243 | 170,528 | ||||||
|
|
|
|
|
|||||
| 4. | Segment Information |
| Three months ended March 31 | ||||||||
| 2023 | 2022 | |||||||
| RMB million | RMB million | |||||||
| Revenue |
||||||||
| Oil, Gas and New Energy Resource |
||||||||
| Intersegment sales |
181,584 | 176,735 | ||||||
| Revenue from external customers |
35,118 | 32,706 | ||||||
|
|
|
|
|
|||||
| 216,702 | 209,441 | |||||||
| Refining, Chemicals and New Material |
||||||||
| Intersegment sales |
200,350 | 191,099 | ||||||
| Revenue from external customers |
78,017 | 83,509 | ||||||
|
|
|
|
|
|||||
| 278,367 | 274,608 | |||||||
| Marketing |
||||||||
| Intersegment sales |
122,675 | 111,269 | ||||||
| Revenue from external customers |
465,446 | 525,220 | ||||||
|
|
|
|
|
|||||
| 588,121 | 636,489 | |||||||
| Natural Gas Sales |
||||||||
| Intersegment sales |
6,806 | 5,165 | ||||||
| Revenue from external customers |
153,443 | 137,636 | ||||||
|
|
|
|
|
|||||
| 160,249 | 142,801 | |||||||
| Head Office and Other |
||||||||
| Intersegment sales |
83 | 25 | ||||||
| Revenue from external customers |
447 | 297 | ||||||
|
|
|
|
|
|||||
| 530 | 322 | |||||||
| Total revenue from external customers |
732,471 | 779,368 | ||||||
|
|
|
|
|
|||||
| Profit/(loss) from operations |
||||||||
| Oil, Gas and New Energy Resource |
40,996 | 38,798 | ||||||
| Refining, Chemicals and New Material |
8,470 | 10,765 | ||||||
| Marketing |
8,156 | 4,556 | ||||||
| Natural Gas Sales |
10,136 | 8,946 | ||||||
| Head Office and Other |
(5,362 | ) | (5,803 | ) | ||||
|
|
|
|
|
|||||
| 62,396 | 57,262 | |||||||
|
|
|
|
|
|||||
| 5.3 | Auditor’s Opinion Type and Auditor’s Report |
Inapplicable.
By Order of the Board of Directors
PetroChina Company Limited
Dai Houliang
Chairman
Beijing, the PRC
April 28, 2023
As of the date of this announcement, the Board of Directors of the Company comprises Mr. Dai Houliang as the Chairman; Mr. Hou Qijun as Vice Chairman and non-executive Director; Mr. Duan Liangwei and Mr. Xie Jun as non-executive Directors; Mr. Jiao Fangzheng, Mr. Huang Yongzhang and Mr. Ren Lixin as executive Directors; and Ms. Elsie Leung Oi-sie, Mr. Tokuchi Tatsuhito, Mr. Cai Jinyong and Mr. Jiang, Simon X. as independent non-executive Directors.
This announcement is published in English and Chinese. In the event of any inconsistency between the two versions, the Chinese version shall prevail.