Constantly Enhanced Exploration and Development Accelerated Green and Low-Carbon Transformation PetroChina Continued Positive Momentum in First Quarter of 2022

Rhea-AI Summary

PetroChina reported steady growth in Q1 2022, achieving revenues of RMB 779.37 billion and a net profit of RMB 39.06 billion. The company saw a 4.5% year-on-year increase in oil and gas equivalent output, with natural gas output rising by 5.4%. Significant advancements in refining produced 1.959 million tons of ethylene, up 21.8% year-on-year. The natural gas marketing sector also performed well, with 60.615 billion cubic meters sold, a 10.9% increase. PetroChina aims to enhance corporate governance and green transformation moving forward.

Positive

• Revenue of RMB 779.37 billion in Q1 2022, up year-on-year.
• Net profit attributable to owners of the Company was RMB 39.06 billion.
• Oil and gas equivalent output increased by 4.5% year-on-year.
• Crude oil output rose by 3.7% year-on-year to 192.6 million barrels.
• Natural gas output increased by 5.4% year-on-year to 1,182.6 bcf.
• Operating profit for exploration and production reached RMB 38.8 billion.
• Ethylene production surged by 21.8% year-on-year to 1.959 million tons.
• Sales of natural gas reached 60.615 billion cubic meters, up 10.9%.

Negative

• None.

BEIJING, CHINA / ACCESSWIRE / April 29. 2022 / 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 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 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 "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 a 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 providing 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 transformation and upgrading of refining and chemical business by optimizing product structure and increasing 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 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 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 supply 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, made efforts to control the procurement cost. Moreover, the Company strengthened marketing strategies, vigorously developed 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 business such as oil, gas and new energy, the Company will put continuous emphasis on corporate governance, reform and innovation, green transformation, digitization and risk management, so as to strive for excellent performance to reward the shareholders.

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):
PRChina Limited
Fax: (852) 2521 9955

Joanne Liu
Tel: (852) 2522 1838
Email: petrochina@prchina.com .hk

PR Agency (Domestic media):
EverBloom Investment Consulting Co., Ltd
Fax: (8610) 8562 3181
Di Shen
Tel: (8610) 5166 3828
Email: zhongshiyou.list@everbloom.com.cn

SOURCE: PetroChina

View source version on accesswire.com:
https://www.accesswire.com/699443/Constantly-Enhanced-Exploration-and-Development-Accelerated-Green-and-Low-Carbon-Transformation-PetroChina-Continued-Positive-Momentum-in-First-Quarter-of-2022

FAQ

What were PetroChina's revenue and net profit in Q1 2022?

In Q1 2022, PetroChina recorded revenues of RMB 779.37 billion and a net profit of RMB 39.06 billion.

How much did PetroChina's oil and gas output increase in Q1 2022?

PetroChina's oil and gas equivalent output increased by 4.5% year-on-year in Q1 2022.

What was the percentage increase in PetroChina's natural gas output in Q1 2022?

PetroChina's natural gas output increased by 5.4% year-on-year in Q1 2022.

How much ethylene did PetroChina produce in Q1 2022?

PetroChina produced 1.959 million tons of ethylene in Q1 2022, a 21.8% increase year-on-year.

What were PetroChina's natural gas sales in Q1 2022?

In Q1 2022, PetroChina's domestic sales of natural gas reached 60.615 billion cubic meters, up 10.9% year-on-year.