PetroChina’s Business Results Hit another Record in First Half of 2021

Source: www.gulfoilandgas.com 8/26/2021, Location: Asia

PetroChina Company Limited announced that in the first half of 2021, riding on rapid economic recovery in China, a rebound in demand, and rise in international oil prices, the Company focused on optimizing production and operation, and continued to enhance quality and profitability. Oil and gas industrial chain operated steadily with the operation quality and efficiency significantly improved, helping the Company to achieve the best interim performance in the past seven years. Domestic oil and gas equivalent output was 735 million barrels, up 3.5% yoy. Marketable natural gas output was 2.16 trillion cubic feet, up 6.7% yoy. All segments achieved profits. The development of the new energy and new materials business was accelerated. The green and low-carbon transformation achieved positive progress, further enhanced the Company's value.

Under the IFRS, PetroChina achieved a revenue of RMB1,196.58 billion in the first half of 2021 while net profit attributable to owners of the Company amounted to RMB53.04 billion. Compared with the same period in 2019, net profit increased by RMB24.62 billion even with the realized oil price decreased by 5.4% The financial position of the Company remained stable with its gearing ratio decreasing by 0.1% compared with the end of last year. The Company achieved strong cash flow with free cash flow increased by RMB30.98 billion and EPS coming at RMB0.29. By attaching importance towards ensuring a return for shareholders, the Board decided an interim cash dividend of RMB0.13 per share while the total amount of cash dividend of RMB23.866 billion, the highest since 2015.

PetroChina Company Limited is a joint stock limited company incorporated on November 5, 1999, upon the restructuring of China National Petroleum Corporation (CNPC).


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