03/26/2020 | 05:58am EDT
P e t r o C h i n a C o m p a n y L i m i t e d
Press Release
9
9 Dongzhimen North Street, Dongcheng
100007
District, Beijing,100007,P.R.China
86-10-59986266
TEL:86-10-59986266
86-10-62099559FAX:86-10-62099559
Focuses on quality-based growth while transforming through
innovation
PetroChina's Oil and Gas Business Maintains
Positive Growth Momentum in 2019
(Beijing, 26 March 2020) - PetroChina Company Limited ("PetroChina" or "the Company", HKSE: 0857; NYSE: PTR; SSE: 601857) announced today that in 2019, amid the complicated and severe softening global economic growth, wide swings in international oil prices, fiercer competition in the domestic oil and gas market, and the significant increase of risks and challenges, the Company adhered to its guidelines of quality-based business growth, optimized production organizations, promoted structural adjustment of its business, fostered reform and innovation, and strengthened risk control; while continuously reducing expenditures, cutting costs as well as enhancing efficiency. Major production indicators recorded stable growth and the operating results were in line with expectations, with efforts of growing upstream reserve and production especially effective. Under the International Financial Reporting Standards (IFRS), PetroChina recorded a revenue of RMB2,520 billion in 2019, representing an increase of 6.0% compared with the same period last year. Operating profit was RMB121.762 billion. Net Profit Attributable to Shareholders of the Company was RMB45.682 billion, and basic earnings per share was RMB0.25. To deliver better returns for shareholders, the Company recommended a final dividend of RMB0.06601, representing a 70.0% dividend ratio. The cash dividend consists of a dividend of RMB0.04243 per share (based on 45% of the net profit
1
attributable to owners of the Company for the second half of 2019 under IFRS)
together with an additional special dividend of RMB0.02358 per share.
Annual Results Review
Strengthened risk exploration to secure prominent position in oil and gas
supply. In 2019, PetroChina adhered to the strategy of efficiency-oriented exploration and development, with domestic risk exploration achieving three strategic breakthroughs and four important discoveries. Measures to increase reserves and production achieved significant results with output rebounding in crude oil, output in natural gas also recorded the largest increase in five years. Significant progress was made in risk exploration and progressive exploration of regions overseas, leading to an increase in both the output and effectiveness in the oil and gas business. In 2019, the Company's total crude oil output amounted to 909 million barrels, representing an increase of 2.1% compared with last year. The marketable natural gas output reached 3,910 billion cubic feet, representing an increase of 8.3% compared with last year. The oil and natural gas equivalent output amounted to 1,561 million barrels, representing an increase of 4.6% compared with last year. The Company strengthened cost control of investments from its origin, and reinforced the precise management for its production and operation. The Exploration and Production segment realized an operating profit of RMB96,097 million, an increase of 30.7%, continuing to be the major contributor to the profit of the Company. The oil and gas lifting cost was US$12.11 per barrel, representing a decrease of 1.6% year on year.
Proactively developed highly efficient markets, accelerated transition and
upgrade. The Refining and Chemicals segment actively controlled the volume of refined products and increased the production of chemicals, and propelled the transition and upgrade of refining and chemicals business. In 2019, the Company processed 1,228 million barrels of crude oil; the production of refined oil products was 118 million tons; the chemical products output was 25.756 million tons, up 5.5% year-on-year, and output of ethylene was 5.863 million tons, up 5.3% year-on-year. The Company continued to strengthen its benchmarking in management, enhanced
2
cost control, and the Refining and Chemicals segment achieved an operating profit of RMB13.764 billion. The Marketing segment actively responded to the challenges of severe refined products surplus and fiercer market competition, by utilizing and driving synergies from domestic and international resources, enhancing precise and strategic marketing, and adopting differentiated marketing strategies. The annual sales of refined oil products reached 188 million tons, up 5.1% year-on-year. The Marketing segment realized an operating loss of RMB565 million, representing a decrease of loss of RMB5.885 billion year-on-year. The Natural Gas and Pipeline segment optimized domestic and international resources, implemented state price policy, expanded the development of end-user marketing and raised efficiency, prioritized goals to ensure the full sales of domestic production, and worked hard in increasing the price and raising efficiency. The Company carried out construction of key projects in an orderly manner, including the completion and operation of the northern section of China-RussiaEast-Route Natural Gas Pipeline. In 2019, sales of natural gas was 259.091 billion cubic meters, up 19.5% year-on-year, including domestic sales of natural gas of 171.381 billion cubic meters, up 7.4% year-on-year. The Natural Gas and Pipeline segment achieved an operating profit of RMB26.108 billion, up 2.3% year-on-year.
Continuously deepened reform while driving business development
through innovation. The Company insisted on driving innovation and pushing advances in technologies to assist the development of its oil and gas business. The Exploration and Production segment worked on complex geological structures, and discovered the Qingcheng oilfield in Changqing, and two gas fields including the shale gas blocks in Sichuan and Bozi-Dabei gas area in Tarim, which consolidated the Company's resources base. The 100-million-ton production capacity and efficient development of carbonate reservoir in the Middle East won first prize of the National Award for Science and Technology Progress. The refining business implemented and executed a high-quality development plan, and outputs of high value-added products increased significantly. The refinery renovation project of Huabei Petrochemical was put into operation. The orderly construction of important projects included the
3
integration project of refining and chemicals of Guangdong Petrochemical, the Tarim and Changqing ethane-to-ethylene projects and the structural adjustment of Daqing Petrochemical. The Company continuously deepened the application of information technology in the industrial chain, accelerated advances in the construction of digital oilfields, intelligent refineries and intelligent pipelines, digital gas stations and the Internet of Things, which all upgraded the operational efficiency and reliability of the Company.
Fulfilled social responsibilities while promoting the transformation
towards green development. The Company proactively explored the low carbon transition in the oil and gas industry, fostered green energy production and the advancement of green technologies. On the one hand, the efforts of domestic natural gas exploration will be further strengthened, and both multi-national and domestic pipeline infrastructure construction will speed up. On the other hand, the Company formulated and implemented its action plan for new energy development, explored the utilization of new energies like geothermal, solar, wind and gas hydrate, by accelerating the formation of a green development pattern which oil and gas remained as major energy complemented by other energy sources. For the full year, nearly 70 aid projects were implemented, the targeted poverty alleviation funds raised 73% more than 2018; the localization strategy was also widely executed overseas, with a localization rate above 90%. Recently, facing the sudden and fierce situation of the COVID-19, the Company is fully committed to ensuring the production of oil and gas, increasing the supply of resources for epidemic prevention, and resolutely fighting against and containing the epidemic.
Outlook
Looking forward in 2020, amid geopolitical tensions, uncertainties about the global oil price, climate change and the COVID-19 pandemic in various countries, the global economy is facing downward risks. Yet, China's economic momentum will ensure the growth trend remains stable and favorable in the mid to long term. The Company will adhere to executing the strategies of resource, marketing,
4
internationalization and innovation, while focusing on efficiency and fostering high-quality developments, as well as maintaining steady advances in its oil and gas business. The Company will also deepen reform and innovation, attach great
importance to the research and development of new energy and renewable energy,
to fuel the growth of the Company and effectively enhance value creation. These
measures will help the Company transform its status as a top-class international
energy company to a new level, bringing fruitful value and returns to shareholders
associated with the growth of PetroChina.
###
Additional information on PetroChina is available at the Company's website: http://www.petrochina.com.cn
Issued by PetroChina Company Limited
For further information, please contact:
PetroChina Company Limited
PR Agency (Overseas media):
Hill+Knowlton Strategies
Fax: (852) 2576 1990
Doris Zhao
Tel: (852) 2894 6231
Email: doris.zhao@hkstrategies.com
PR Agency (Domestic media):
EverBloom Investment Consulting Lt. Co.
Fax: (8610) 8562 3181
Liu Ping
Tel: (8610) 5166 3828
Email: ping.liu@everbloom.com.cn
5
Disclaimer
PetroChina Company Ltd. published this content on 26 March 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 March 2020 09:57:07 UTC
Technical analysis trends PETROCHINA COMPANY LIMITED
Income Statement Evolution
Read this article:
PetroChina : Oil and Gas Business Maintains Positive Growth Momentum in 2019 - Marketscreener.com
- QazInnovations: Kazakhstan seeks to bring volume of innovative ... - inform.kz/en - April 23rd, 2023 [April 23rd, 2023]
- World Earth Day: What is green finance, and why do we need it so much? - The Economic Times - April 23rd, 2023 [April 23rd, 2023]
- Netarts Bay cleanup scheduled for Earth Day with SOLVE and ... - Tillamook Headlight-Herald - April 23rd, 2023 [April 23rd, 2023]
- Shaping humanitarian and ethical governance in Pakistan - The Express Tribune - April 23rd, 2023 [April 23rd, 2023]
- Remarks by Secretary of the Treasury Janet L. Yellen on the U.S. ... - Treasury - April 23rd, 2023 [April 23rd, 2023]
- Investing in nature: Building local economies through conservation - McKinsey - April 23rd, 2023 [April 23rd, 2023]
- Lalith's economic vision for Lanka: Export or perish - The Sunday Times Sri Lanka - April 23rd, 2023 [April 23rd, 2023]
- Alliance for an Energy Efficient Economy to help A.P. govt. implement energy-efficiency projects - The Hindu - April 23rd, 2023 [April 23rd, 2023]
- President Biden Announces Key Appointments to Boards and ... - The White House - April 23rd, 2023 [April 23rd, 2023]
- A Restraint Approach to U.S.China Relations: Reversing the Slide ... - Quincy Institute for Responsible Statecraft - April 23rd, 2023 [April 23rd, 2023]
- Carrollton Mayor and City Council Election Preview 2023: Meet your ... - Star Local Media - April 23rd, 2023 [April 23rd, 2023]
- Governor Kelly Signs Bipartisan Bill to Expand Teacher Workforce in ... - Kansas Governor - April 23rd, 2023 [April 23rd, 2023]
- Indigenous Peoples Must Have Full Representation, Participation in ... - United Nations - April 23rd, 2023 [April 23rd, 2023]
- The EPA Region 6 Announces a Total of $23 Million to ... - U.S. EPA.gov - April 23rd, 2023 [April 23rd, 2023]
- Kansas governor strikes funding for anti-abortion pregnancy centers ... - Kansas Reflector - April 23rd, 2023 [April 23rd, 2023]
- Can You Fight for Climate Justice Without Being Antiwar? - Common Dreams - April 23rd, 2023 [April 23rd, 2023]
- Sustainable Tourism: A World leading to the road of Environment consciousness - Nomad Lawyer - NomadLawyer - April 23rd, 2023 [April 23rd, 2023]
- Atlanta's Cop City and the Struggle for Climate Justice - Resilience - April 23rd, 2023 [April 23rd, 2023]
- Jaishankars visit to Uganda, Mozambique went almost unnoticed but it indicated Indias bold gambit in Africa - Firstpost - April 23rd, 2023 [April 23rd, 2023]
- Natural resource - Wikipedia - October 30th, 2022 [October 30th, 2022]
- Non-renewable resource - Wikipedia - October 30th, 2022 [October 30th, 2022]
- Minister Wilkinson Launches Phase 2 of the Regional Energy and Resource Tables - Canada NewsWire - October 13th, 2022 [October 13th, 2022]
- Executive Secretary participates in Russian Energy Week to advocate for decarbonization in the UNECE region ahead of COP27 - UNECE - October 13th, 2022 [October 13th, 2022]
- Renault Group: The Future Is NEUTRAL: The circular economy is stepping into a new era! - Yahoo Finance - October 13th, 2022 [October 13th, 2022]
- Economy Expected to Contract Further in 2023, as the Fed Appears Resolved to Tame Inflation - PR Newswire - October 13th, 2022 [October 13th, 2022]
- Brazils Runoff Election Will Have Enormous Effects on the Global Climate Crisis - Truthout - October 13th, 2022 [October 13th, 2022]
- Health disparities and health inequalities: applying All Our Health - GOV.UK - October 13th, 2022 [October 13th, 2022]
- Opinion: Biopolitics is the invisible hand shaping mental health - The Connecticut Mirror - October 13th, 2022 [October 13th, 2022]
- Avaaz urges Georgieva and Trudeau to lasso-in commitments from IMF to attend December's vital UN Biodiversity Talks in Montreal - GlobeNewswire - October 13th, 2022 [October 13th, 2022]
- Kochi as a global city? Why not, asks the man behind Ahmedabads mega city story | Manorama English - Onmanorama - October 13th, 2022 [October 13th, 2022]
- Hennessy and Thurgood Marshall College Fund Announce partnership with Group Black and The Bishop Gallery to make "America's Most Influential... - October 13th, 2022 [October 13th, 2022]
- Pollution Prevention Week highlights ways to reduce, reuse and recycle waste - Michigan (.gov) - September 22nd, 2022 [September 22nd, 2022]
- England headed for incineration overcapacity, warns UKWIN - Resource Magazine - September 22nd, 2022 [September 22nd, 2022]
- 3 years of the Principles for Responsible Banking: our vision for change United Nations Environment Finance Initiative - UNEP Finance Initiative - September 22nd, 2022 [September 22nd, 2022]
- Isn't It Time To Challenge The Growth Paradigm? OpEd - Eurasia Review - September 22nd, 2022 [September 22nd, 2022]
- Coalition of Nearly 50 Organizations Launches 'Tear the Paper Ceiling' Campaign to Raise Awareness Around the 70+ Million Workers in the U.S. Skilled... - September 22nd, 2022 [September 22nd, 2022]
- Remote work can actually be more productive: More Hub readers respond to the work-from-home phenomenon - The Hub - September 22nd, 2022 [September 22nd, 2022]
- Mendocino Public Health on record-setting Sept. heat: We can't just treat this as a once-in-15-years occurrence - The Mendocino Voice - September 22nd, 2022 [September 22nd, 2022]
- Carbon Ridge Secures $6 Million Investment from Leading Climate Investors and Maritime Industry Leaders - Business Wire - September 22nd, 2022 [September 22nd, 2022]
- Regenerative Travel Is the Next Phase of Responsible Tourism - Outside Online - Outside - September 22nd, 2022 [September 22nd, 2022]
- NNPC: Between rebranding and reforms, By Tijah Bolton-Akpan - Premium Times - September 22nd, 2022 [September 22nd, 2022]
- Embodying the spirit of Malaysia - The Edge Markets MY - September 22nd, 2022 [September 22nd, 2022]
- Nonprofit executive takes on state-appointed economic development role - MiBiz: West Michigan Business News - August 29th, 2022 [August 29th, 2022]
- Noble Mineral Exploration Signs Exploration Agreement with the Constance Lake First Nation - Junior Mining Network - August 29th, 2022 [August 29th, 2022]
- China and the Democratic Republic of the Congo: A Progressively Deepening Bilateral Partnership - The Geopolitics - August 29th, 2022 [August 29th, 2022]
- Oil money is flooding into Guyana. Who will benefit? - Reuters - August 29th, 2022 [August 29th, 2022]
- Remote-work revolution exposes need for better data, tracking tools to evaluate workforce, pay and economy - The Spokesman Review - August 29th, 2022 [August 29th, 2022]
- We need rare earth elements for a greener future, but there's a catch - CBC.ca - August 29th, 2022 [August 29th, 2022]
- BRNHA the steward of the living traditions of WNC: Opinion - Citizen Times - August 29th, 2022 [August 29th, 2022]
- The Fiji Times Back in history: Future of forestry sector - Fiji Times - August 29th, 2022 [August 29th, 2022]
- Hochul announces grand opening of Capital Region BOCES Career and Technical Education Center - Troy Record - August 29th, 2022 [August 29th, 2022]
- Predicting the Future of Greenhouse Gas Emissions - Columbia University - August 15th, 2022 [August 15th, 2022]
- JD.com Ranks 46th on 2022 Fortune Global 500 - Yahoo Finance - August 15th, 2022 [August 15th, 2022]
- Minister Wilkinson Releases New Report Showing the Impacts of Climate Change and Necessity of Climate Adaptation in Ontario - Canada NewsWire - August 15th, 2022 [August 15th, 2022]
- Do Armenians have a future as an independent nation? Part 4 - Armenian Weekly - August 15th, 2022 [August 15th, 2022]
- Getting the diagnostics right 2 - BusinessWorld Online - August 15th, 2022 [August 15th, 2022]
- GrammaTech and T.E.N. Announce Call for Nominations for Product Security Executive of the Year Awards - Business Wire - August 15th, 2022 [August 15th, 2022]
- Energy Vault and Jupiter Power Announce Agreement for Battery Energy Storage Projects in Texas and California Totaling 220 MWh - Business Wire - August 15th, 2022 [August 15th, 2022]
- The North East LEP: Thinking bigger and planning together for the future - Bdaily - August 15th, 2022 [August 15th, 2022]
- It's not enough to buy American. You also need to sell American all around the world. - The Ripon Society - July 27th, 2022 [July 27th, 2022]
- Bid to designate 50k acres in UP as wilderness highlights tension over public lands - MLive.com - July 27th, 2022 [July 27th, 2022]
- A 'Living Wall' At Texas A&M Could Be The Key To Smarter Cities - Texas A&M University Today - July 27th, 2022 [July 27th, 2022]
- Architects and designers must embrace the circular economy - Project Scotland - July 27th, 2022 [July 27th, 2022]
- Strategic Minerals increases Tin and Tantalum production in June and Q2 2022 at its Penouta Mine - Yahoo Finance - July 27th, 2022 [July 27th, 2022]
- Issues of the Environment: Improving recycling rates and quality of recycling materials in Washtenaw County - WEMU - July 27th, 2022 [July 27th, 2022]
- Joe Oliver: The Liberal Cabinet Needs an Intervention - The Epoch Times - July 27th, 2022 [July 27th, 2022]
- SDG&E and Cajon Valley Union School District Flip the Switch on Region's First Vehicle-to-Grid Project Featuring Local Electric School Buses Capable... - July 27th, 2022 [July 27th, 2022]
- Reimagining business: The greatest debt of all time - Newsroom - July 13th, 2022 [July 13th, 2022]
- Moody's affirms A1 rating of Newfoundland and Labrador, changes outlook to stable - Moody's - July 13th, 2022 [July 13th, 2022]
- New Mexico's oil and gas revenues are breaking records and complicating budgets - New Mexico Political Report - July 13th, 2022 [July 13th, 2022]
- FACT SHEET: White House Announces over $40 Billion in American Rescue Plan Investments in Our Workforce With More Coming - The White House - July 13th, 2022 [July 13th, 2022]
- The Class of 2022 Is Ready to Workon Their Terms - SHRM - July 13th, 2022 [July 13th, 2022]
- Faraday Copper Announces Updated Mineral Resource Estimate for the Copper Creek Project in Arizona; Measured and Indicated Mineral Resources Exceed... - July 13th, 2022 [July 13th, 2022]
- Inside the Triangle's latest job opening data: What boards are showing and who's hiring - WRAL TechWire - July 13th, 2022 [July 13th, 2022]
- Reserve Bank keeps blinkers on inflation, raising OCR to 2.5% - Stuff - July 13th, 2022 [July 13th, 2022]
- Abe's drive to bring back Japan | The Interpreter - The Interpreter - July 13th, 2022 [July 13th, 2022]
- UCF Hospitality Researchers Expertise Is Tapped for Global Sustainable Tourism Report - UCF - June 30th, 2022 [June 30th, 2022]
- Feminist Economics and the Fight for Human Rights - OHCHR - June 30th, 2022 [June 30th, 2022]
- Biden Administration announces historic coastal and climate resilience funding - National Oceanic and Atmospheric Administration - June 30th, 2022 [June 30th, 2022]
- Why green ammonia will be the workhorse of EU's future hydrogen economy - EURACTIV - June 30th, 2022 [June 30th, 2022]