PetroChina Posts Record Annual Results for Second Consecutive Year

PetroChina Company Limited announced remarkable growth in its 2023 annual results, marking the second consecutive year of record performance despite a 16.8% decline in the realized oil price. The company increased its oil and gas exploration and development, further transitioning and upgrading its refining and chemical operations. It also advanced in its green and low-carbon transition initiatives, achieving a significant across-the-board improvement in key production indicators.

In the financial sphere, PetroChina reported a revenue of RMB 3 trillion in 2023, with a net profit attributable to shareholders rising by 8.3% year-on-year to RMB 161.15 billion. The company's financial health remained steadfast, boasting a debt-to-asset ratio of 40.8%, the lowest in 13 years. Furthermore, net cash flow from operating activities and free cash flow both reached historic highs, enabling a final dividend payment of RMB 0.23 per share for 2023.

On the operational front, PetroChina achieved a 4.4% year-on-year growth in oil and natural gas output, with significant breakthroughs in major basins and overseas operations. The refining, chemicals, and new materials business also saw substantial growth, benefiting from the market recovery and optimized product structure. The marketing business capitalized on the demand recovery, resulting in significant sales growth of gasoline, kerosene, and diesel.

Looking ahead, PetroChina is committed to adhering to its development strategies focusing on innovation, resource optimization, market expansion, internationalization, and green & low-carbon development. The company aims to further promote high-quality and efficient development to ensure the safe, stable, and profitable operation of its oil and gas business.