Petrochina’s Green and Low-Carbon Transformation Continued to Gain Steam in the First Quarter of 2022

April 30, 2022
Petrochina’s Green and Low-Carbon Transformation Continued to Gain Steam in the First Quarter of 2022
In the first quarter of 2022, the Company recorded a revenue of RMB779.37 billion and net profit attributable to owners of the Company of RMB39.06 billion, continuing solid growth in production and operation.

PetroChina Company Limited (“PetroChina” or “the Company”, HKSE:00857; NYSE: PTR; SSE:601857) announced today that in the first quarter of 2022, the Company placed stable development as a top priority and achieved a steady increase in its operating results while maintaining smooth and efficient operation in its oil and gas industrial chains. Through the integration of production and operation, market supply, technological innovation, management enhancement, safety and environmental protection, and epidemic prevention and control, the Company had consistently accelerated green and low-carbon transformation, improved quality and efficiency, and further strengthened ESG management. Meanwhile, it also committed to satisfying gas demand in peak season and provided clean energy to the “Green Winter Olympics”. In the first quarter of 2022, the Company recorded a revenue of RMB779.37 billion and net profit attributable to owners of the Company of RMB39.06 billion, continuing solid growth in production and operation.

The Company’s exploration and development business achieved steady growth in crude output and a rapid increase in natural gas output, resulting in an expanded ratio of gas in its overall production output which in fact enables the Company’s underlying capacity of provide clean energy. In the first quarter of 2022, the Company reached a domestic oil and gas equivalent output of 389.8 million boe, up 4.5% year-on-year, a domestic crude oil output of 192.6 million barrels, up 3.7% year-on-year, and a domestic marketable natural gas output of 1,182.6 bcf, up 5.4% year-on-year. The exploration and production business realized an operating profit of RMB38.8 billion.

The Company constantly promoted the transformation and upgrading of the refining and chemical business by optimizing product structure and increasing the production of high value-added refining and chemical products in line with market demand, thereby ensuring market supply and increasing profitability. The Company also became more cost-competitive by adhering to lean management of the production process and improving cost control. In the first quarter of 2022, the Company processed 302.4 million barrels of crude oil, up 1.5% year-on-year, produced 1.959 million tons of ethylene, up 21.8% year-on-year, and 8.207 million tons of chemical commodity products, up 11.2% year-on-year. The refining and chemical business realized an operating profit of RMB10.77 billion.

The Company constantly implemented refined marketing strategies by closely monitoring the market and coordinating production and sales, in order to ensure smooth operation of the industrial chain. In addition, the Company carried out various marketing activities to secure supplies for spring farming. In the first quarter of 2022, the Company’s domestic sales of refined oil products were 24.919 million tons, up 3.0% year-on-year, of which diesel sales were 10.683 million tons, up 16.3% year-on-year. The marketing business realized an operating profit of RMB4.56 billion.

The Company continued optimizing gas resource structure and made efforts to control the procurement cost. Moreover, the Company strengthened its marketing strategies, vigorously developed the retail market, and continuously improved customer service quality. In the first quarter of 2022, the Company’s domestic sales of natural gas reached 60.615 billion cubic meters, up 10.9% year on year. The natural gas marketing business realized an operating profit of RMB8.95 billion.

The Company will continue to adhere to its five main strategies with respect to innovation, resources, market, internationalization and green, and low-carbon. It will also implement four strategic measures, namely, talent project, quality improvement and profitability enhancement, low-cost development, and cultural leadership. While focusing on the development of core businesses such as oil, gas, and new energy, the Company will put continuous emphasis on corporate governance, reform, innovation, green transformation, digitization, and risk management, so as to strive for excellent performance to reward the shareholders.