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EQS Newswire / 30/08/2023 / 17:46 UTC+8

PetroChina Achieved Another Record Interim Results
On Superior Integrated Value Chain

(Hong Kong, 30 August 2023) - PetroChina Company Limited ["PetroChina" or the "Company", (HKSE: 00857; SSE: 601857)]
announced that the Company proactively grasped market opportunities in the first half of 2023. It took coordinated
steps for advancing business development, reform and innovation, operational quality and profitability, as well as QHSE
work. While relentless efforts were made to explore and develop oil and gas resources and to boost the reserves and
production, it persistently deepened the transformation and upgrading of refining and chemical operations. Meanwhile,
the Company further enhanced the marketing business along with smooth progress in the green and low-carbon transition
and continued expansion of new energies, new materials and new businesses. It sustained stable and profitable operation
of core oil and gas businesses with key production indicators improved across the board. Although the Company's
realized oil price dropped by 21.7% year-on-year, it achieved another record interim results.

In accordance with IFRS, the net profit attributable to the parent company amounted to RMB 85.27 billion in the first
half of 2023, representing 4.5% year-on-year growth. Its free cash flow exceeded RMB 100 billion for the first time and
reached RMB 110.35 billion, up 17.6% from a year ago. The debt-to-asset ratio decreased by 0.9 percentage points from
the beginning of this year to 41.6%; and the debt-to-capital ratio reduced by 1.4 percentage points from the beginning
of this year to 16.0%. The Company retained a sound financial position. In order to reward the shareholders, the Board
resolved to distribute an interim dividend for 2023 of RMB 0.21 per share. Total interim dividend payment hit a record
high at RMB 38.43 billion.

Results Review
Outstanding results from the integration of new energies business with oil and gas operation. The Company reinforced
domestic oil and gas exploration and development, increased the reserves and production, and actively promoted
profitable exploration and development. At the same time, it enhanced cooperation on overseas oil and gas business, and
signed a number of energy cooperation agreements. As for the oil and gas exploration, the Company achieved 16 major
discoveries and significant progress in 25 areas in the first half of 2023. The oil and gas equivalent output hit
record half-year high and reached 894 million barrels ("bbls"), representing 5.8% year-on-year growth. Crude oil output
amounted to 474 million bbls, up by 5.0% year-on-year; and marketable natural gas output grew by 6.7% year-on-year to
2.52 trillion cubic meters. While the new energies business development plan was further optimized, the Company worked
on the integrated development of oil and gas operation with new energies business. It actively expanded clean power and
geothermal energy business, and made relentless efforts to ensure the completion of new energies projects with
aggregate capacity of 10 GW. It newly obtained the clean power grid connection approval with installed capacity of
12.58 million kW, newly signed the geothermal heating area of 26.33 million square meters, and completed wind and
photovoltaic power generation of 850 GWh. The oil, gas and new energies segment generated an operating profit of RMB
85.52 billion.

Remarkable synergies from the integration of supply, production, marketing and trading of refining, chemicals and new
materials business. With accurate market analysis in advance, the Company took pre-emptive measures to secure crude oil
resources and optimized crude oil procurement, thereby reducing import costs. The workload of production facilities was
coordinated and optimized according to the profitability, the yields of refined products were improved, and the product
mix was adjusted based on market demand. All of the processing volume of crude oil, the output of refined products, and
the production of paraffin and lubricant base oil hit half-year records. Meanwhile, the output of aviation kerosene and
featured refining products increased substantially. As the construction of key projects was accelerated, Guangdong
Petrochemical's refining and chemicals integrated project started full commercial operation, and the ethylene projects
in Jilin, Guangxi and Tarim were under construction in an orderly manner. New materials business was vigorously
promoted, with the successful launch of a number of new products such as high molecular weight polyethylene and high
flow polyethylene. Underpinned by 56.0% year-on-year growth in the output of new chemical materials, the refining,
chemicals and new materials segment generated an operating profit of RMB 18.35 billion.

Persistent improvement in quality and profitability of refined products sales. Guided by the principle of profit
maximization of the industrial chain, the Company captured the opportunities arising from economic recovery and
continuing improvement in the refined products market. It proceeded with the integration of wholesale and retail
operations, the cross-selling of refined products and non-oil products and the integration of online and offline
businesses. Through the implementation of differentiated marketing strategy, it drove the growth of sales and business
volume at key areas and key stations. As a result, the sales volume of domestic refined products surged by 17.9%
year-on-year and outstripped that in 2019, leading to a greater market share of the Company. The Company pursued the
development of end-user network, actively expanded oil and gas stations, comprehensive energy service stations and new
energies stations. With the introduction of innovative non-oil service model, both revenue and profitability of non-oil
business were increased. As for international trading operations, the Company continued to optimize the import
resources, enhanced its capability of reducing cost and improving profitability. The marketing segment generated an
operating profit of RMB 10.95 billion.

Continued improvement in profitability through collaborative development across the natural gas industrial chain. By
taking full advantages of domestic and international markets and the two types of resources, the Company implemented
various measures to secure resources. It strived to optimize the natural gas resource structure and control the
resource procurement cost. It gave full play to the integrated industrial chain where collaborative development is
enhanced, further optimized the market layout and the sales flow, and actively increased its share of the high-end and
high-efficiency market. Moreover, it strengthened market analysis, enhanced dynamic analysis of demand, continued to
improve marketing strategy and mechanism, actively promoted sales through online transactions etc., and continuously
improved marketing quality and profitability. In the first half of 2023, the Company sold 108.65 billion cubic meters
of natural gas in domestic market, up 4.8% year-on-year. The natural gas sales segment generated an operating profit of
RMB 14.12 billion.

Outlook
In the second half of 2023, the Company will adhere to the new development concept, actively assimilate into the new
development pattern, and promote high-quality development. It will vigorously implement the five development strategies
of innovation, resources, market, internationalization, and green & low-carbon. While making persistent efforts to
increase risk exploration of domestic oil and gas resources and enhance reserves, the Company will systematically
optimize the layout of new energies business, well manage the processing load of refining and chemicals production
facilities, and step up efforts to expand new materials business. It will further enhance the sales volume and market
share of the refined products, and continue to strengthen its marketing and service capability for the end-user market
of natural gas business, thereby creating greater value to shareholders.

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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):
Fax: (852) 2522 9955

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

PR Agency (Domestic media): Fax: (8610) 8562 3181
EverBloom Investment Consulting Co., Ltd. Tel: (8610) 5166 3828
Di Shen Email: zhongshiyou.list@everbloom.com.cn
File: PetroChina Achieved Another Record Interim Results On Superior Integrated Value Chain
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30/08/2023 Dissemination of a Financial Press Release, transmitted by EQS News. The issuer is solely responsible for the content of this announcement. Media archive at www.todayir.com

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END) Dow Jones Newswires

August 30, 2023 05:47 ET (09:47 GMT)