PetroChina Achieved Better-than-Expected Annual Results

On March 25, PetroChina Company Limited released its 2020 annual results. In 2020, despite challenges brought by COVID-19 and plummeted international oil price, the Company adhered to quality development and coordinated efforts on all fronts including COVID-19 prevention and control, work and production resumption, as well as reform and innovation. It vigorously implemented green and low-carbon transition and maintained a stable production and operation.

The Company’s oil and natural gas equivalent output was 1,409.7 million barrels, representing an increase of 4.8% year-on-year; with marketable natural gas output reaching 3,993.8 billion cubic feet, an increase of 9.9% year-on-year. The proportion of natural gas output continued to grow, further optimized the oil and gas production mix and led to major progress in green and low-carbon transition. The Company successfully completed the spin-off of its pipeline assets based on market principles winning high recognition from the capital market. The transaction was approved in the General Meeting, with 99.99% votes in favor.

Seizing the opportunity of China being the first major economy with positive economic growth and giving full play to the synergy along the oil and gas industrial chain, the Company vigorously implemented measures to enhance quality and profitability and achieved better-than-expected operating results with extraordinary efforts combating the pandemic and low oil price.

Under the International Financial Reporting Standards, PetroChina registered a revenue of RMB 1,933.84 billion and the net profit attributable to parent company was RMB 19.01 billion. The oil and gas lifting cost was US$11.1 per barrel, representing a decrease of 8.3% year-on-year. The financial status remained healthy with asset-liability ratio down by 2.1 percentage points year-on-year. The Company’s cash flow is sound with net cash flow generated from operating activities amounting to RMB 318.58 billion, and free cash flow RMB 70.2 billion, representing an increase of 75.8% year-on-year.

As the Company attaches great importance to shareholder’s return, the Board of Directors recommended a final dividend of RMB 0.08742 per share, totaling RMB 16 billion. The total amount of dividend payout for the full year will be RMB 32 billion, representing an increase of 21.7% year-on-year.

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