Petrochina Co., Ltd. Class A · SSE:601857
Petrochina Co., Ltd. Class A — H1 2024 Earnings Presentation
29 slides from Petrochina Co., Ltd. Class A's earnings presentation, Aug 28, 2024
Slide 1: 2024 Interim Results Presentation
2024 INTERIM RESULTS PRESENTATION AUGUST 28, 2024
Slide 2: Disclaimer
DISCLAIMER This presentation contains forward-looking statements that involve risks and uncertainties. These statements are generally indicated by the use of forward-looking terminology such as “believe”, “expect”, “anticipate”, “estimate”, “plan”, “project”, “target”, “may”, “will” or other similar
Slide 3: Board and Management
BOARD AND MANAGEMENT Mr. HUANG Yongzhang Executive Director & President Mr. LI Ruxin Mr. WANG Hua Mr. HE Jiangchuan Vice President CFO & Secretary to the Board Vice President 3
Slide 4: Agenda
AGENDA 01 FINANCIAL RESULTS 02 OPERATING RESULTS 03 REMARKS BY THE PRESIDENT 04 Q&A SESSION 4
Slide 5: Financial Results
FINANCIAL RESULTS Mr. WANG Hua CFO & Secretary to the Board 5
Slide 6: Record High First Half Financial Results
Record High First Half Financial Results RMB Million 1H 2022 1H 2023 1H 2024 YoY Change Average Realized Crude Oil Price (USD/bbl) 94.65 74.15 77.45 +4.5% Revenue 1,614,621 1,479,871 1,553,869 +5.0% Profit from Operations 119,015 120,617 124,929 +3.6% Net Profit Attributable to Owners of the Company
Slide 7: Disciplined, Targeted and Cost-effective Investment
Disciplined, Targeted and Cost-effective Investment 1H 2024 Capex 1H 2024 Capex on Oil, Gas and New Energies Business RMB 78.94 billion RMB 67.41 billion RMB Million 275,338 258,000 Oil,Gas and New Energies 85.40% Refining, Chemicals and New Materials 12.24% 190,201 179,058 Capex Breakdown Marketing
Slide 8: Effective Cost Control
Effective Cost Control Lifting Cost Cash Processing Cost Marketing Cost USD/bbl RMB/ton RMB/ton +1.9% -2.2% +3.0% 385.68 220.71 374.40 10.82 11.03 215.91 1H 2023 1H 2024 1H 2023 1H 2024 1H 2023 1H 2024 8
Slide 9: Sound Financial Position
Sound Financial Position Total Assets Debt-to-Asset Ratio Debt-to-Capital Ratio RMB Million +0.6% -1.4 p.p -3.9 p.p 2,752,448 2,768,039 40.8% 15.2% 39.4% 11.3% As of 31 Dec 2023 As of 30 Jun 2024 As of 31 Dec 2023 As of 30 Jun 2024 As of 31 Dec 2023 As of 30 Jun 2024 Average Return on Net Cash Flow
Slide 10: Oil, Gas and New Energies
Oil, Gas and New Energies Achieved an operating profit of RMB RMB Million 91.66 billion 21,359 1,600 -16,815 91,659 The change in price of oil and gas led to an increase in revenue by RMB 85,515 21.36 billion The change in sales volume of oil and gas led to an increase in revenue by RMB 1.6 billion
Slide 11: Refining, Chemicals & New Materials—Refining Business
Refining, Chemicals & New Materials—Refining Business RMB Million Achieved an operating 18,511 profit of RMB 10.5 billion -10,287 321 10,503 An increase in processing volume led to an increase in profit by RMB 1.96 1,958 billion Lower operating expenses and others led to an increase in profit by RMB
Slide 12: Refining, Chemicals & New Materials—Chemicals Business
Refining, Chemicals & New Materials—Chemicals Business RMB Million Achieved an operating profit of RMB Up by RMB 3.13 billion 3.29 billion 7,432 -19,128 The change in sales volume of chemical products led to an increase in revenue by RMB 14.98 billion 14,983 3,126 The change in price of chemical pro
Slide 13: Marketing
Marketing RMB Million Achieved an operating 10,945 profit of RMB -282 10.1 billion -435 -7 -117 10,104 Domestic marketing business recorded an operating profit of RMB 1.96 billion The international trade generated an operating profit of RMB 8.14 billion 1H 2023 Gross Sales Operating International 1H
Slide 14: Natural Gas Marketing
Natural Gas Marketing RMB Million Achieved an operating profit of RMB Up by RMB 16.81 billion 2.69 billion Profit from wholesale natural gas business was RMB 11.24 billion Profit from domestic natural gas sales was RMB 15.26 billion Profit from city gas and pipeline transportation business was RMB 7
Slide 15: Generous Return to Shareholders
Generous Return to Shareholders Interim Dividends Comparison Another record interim dividend payment RMB/Share The Board decides • Interim dividend of RMB 0.22 per share • Total interim dividend payment of RMB 40.26 billion, with payout ratio of 45.4% 0.22 0.21 • Interim dividend per share marked an
Slide 16: Operating Results
OPERATING RESULTS Mr. HE Jiangchuan Vice President 16
Slide 17: Major Breakthrough and Discoveries in Domestic Oil and Gas Exploration
Major Breakthrough and Discoveries in Domestic Oil and Gas Exploration Mahu Fengcheng Formation in Junggar Basin Daily Production • Fengtan-1 well 115m3 of oil and 10,000m3 of gas • Jinsha-1 well 56m3 of oil and 40,000m3 of gas Take 1 well Carboniferous-Permian of Taxinan, Tarim Basin Daily Producti
Slide 18: High Quality Development in Overseas Business
High Quality Development in Overseas Business Oman Newly added oil reserves in place of 22.16 million tons Chad Kazakhstan Newly added oil reserves in place of Iraq Suriname 5.20 million tons Chad Oman Peru Kazakhstan Newly added oil reserves in place of 2.00 Indonesia million tons Indonesia Newly a
Slide 19: Optimization of Oil and Gas Production Structure
Optimization of Oil and Gas Production Structure Oil & gas output reached 905.5 Mm boe Oil and Gas Output of Oil Equivalent Crude Oil Output Marketable Natural Gas Output Domestic oil and gas output was 807.3 Mm boe Domestic crude oil output was 392.8 Mm bbl Domestic marketable natural gas output wa
Slide 20: Transformation and Upgrading of Refining Business
Further Transformation and Upgrading on Refining & Chemicals Business – Refining Business Refined products yield Output of low-sulfur fuel oil, paraffin Up by Lubricant base oil Up by decreased by and low-sulfur petroleum coke reached production reached 0.8 p.p year-on-year 5.684 million tons +10 %
Slide 21: Transformation and Upgrading of Chemical Business
Further Transformation and Upgrading on Refining & Chemicals Business –Chemical Business Chemical commodity products was Up by Ethylene output Up by New Materials Output Up by 19,043 thousand tons +10.2 4,249 % thousand tons +6.5 1,074 % +72.0 thousand tons % Chemical Commodity Product Major Chemica
Slide 22: Continual Improvement in Marketing Capability for Marketing Business
Continual Improvement in Marketing Capability for Marketing Business Operated a total of 22,842 service stations Sales Volume of Refined Products 000 tons 1H 2023 1H 2024 Change Operated a total of Total number of charging guns 2,767 22,460 Sales of Refined 80,668 79,053 -2.0% Products charging and
Slide 23: Synergies and Profitability of Natural Gas Industrial Chain
Continued Enhancement of Synergies and Profitability of Natural Gas Industrial Chain Sales Volume of Natural Gas Domestic Sales Volume of Natural Gas bcm Sales of natural gas reached +5.8% 147.22 bcm Domestic natural gas sales amounted to Up by 114.94 +5.8 114.9 108.6 bcm % year-on-year End-user sal
Slide 24: Solid Progress in Green and Low-Carbon Transition
Solid Progress in Green and Low-Carbon Transition Energy output from wind and As the same period External power supply As the same period photovoltaic power plants last year last year 2,170 million KWH 2.5 times 950 million KWH 4.5 times Newly Installed capacity of Newly added area of geothermal Uti
Slide 25: Solid Progress in Green and Low-Carbon Transition
Solid Progress in Green and Low-Carbon Transition ➢ Acquisition of 100% equity of CNPC Electric Power • It contributes to the Company's green transition, and helps to enhance the core competitiveness of its new energies business and capabilities to generate profits ➢ Signed the Oil and Gas • It will
Slide 26: 2024 Operating Targets and 1H Completion
2024 Operating Targets and 1H Completion 1H 1H 2023 1H 2024 Change 2024 Target Completion Oil & Gas Output (MM boe) 893.8 905.5 +1.3% 1,766.3 51.3% Domestic Oil & Gas Output (MM boe） 795.1 807.3 +1.5% 1,599.9 50.5% Domestic Output of Crude Oil (MM bbl) 392.3 392.8 +0.1% 774.6 50.7% Domestic Marketab
Slide 27: Remarks by the President
REMARKS BY THE Mr. HUANG Yongzhang PRESIDENT Executive Director President 27
Slide 28: Q&A Session
Q&A Session 28
Slide 29: Investor Relations / Media Relations
Investor Relations Tel: (8610)5998-2622; (852)2899-2010 Email : ir@petrochina.com.cn hko@petrochina.com.hk Media Relations Tel: (8610) 5166-3828; (852)2522-1838 Email : zhongshiyou.list@everbloom.com.cn petrochina@prchina.com.hk 29