(April 29, 2024) PetroChina Natural Gas Co., Ltd. [referred to as the "Company"（ Hong Kong Stock Exchange Stock code: 0857; Shanghai Stock Exchange stock code: 601857)] announced that in the first quarter of 2024, the company will coordinate production and operation, safety and environmental protection, improve quality and efficiency, reform and innovation, and green transformation, continue to optimize production and operation and product structure, vigorously strengthen marketing, strictly control costs and expenses, and the oil and gas industry chains will operate safely, stably and efficiently, New energy, new materials and other emerging industries maintained a rapid development momentum, and their business performance hit a new high in the same period of history. In accordance with the International Financial Reporting Standards, the Company achieved an operating revenue of 812.18 billion yuan (RMB, the same below), up 10.9% year on year, and a net profit attributable to shareholders of the parent company of 45.68 billion yuan, up 4.7% year on year, achieving a high-quality start in 2024.
Performance review
Insist on stabilizing oil and increasing gas, and the oil and gas production will grow steadily. The company continued to increase oil and gas exploration and development, increase reserves and production, and continuously optimized the structure of overseas oil and gas assets, resulting in a steady increase in oil and gas equivalent production; Strengthen cost management and control, and constantly raise Gao Cheng Local competitiveness; Promote the rapid development of new energy businesses such as wind power generation, geothermal energy and hydrogen energy. In the first quarter of 2024, the company's oil and gas equivalent output will be 464 million barrels, up 2.6% year on year; The crude oil output was 240 million barrels, up 1.4% year on year; The saleable natural gas output was 1.34 trillion cubic feet, up 3.9% year on year. Domestic oil and gas equivalent output was 413 million barrels, up 2.6% year on year; The crude oil output was 197 million barrels, up 0.9% year on year; The saleable natural gas output was 1.29 trillion cubic feet, up 4.2% year on year. The operating profit of oil and gas and new energy business was 42.97 billion yuan.
Adhere to the green and intelligent development direction, and achieve remarkable results in transformation and upgrading. The company continued to promote business restructuring, transformation and upgrading, and its development momentum continued to increase; Strengthen production and operation organization to ensure safe, stable, long-term and optimized operation of production devices; Efforts should be made to increase the processing load of the unit, continue to optimize the product mix based on market demand, and increase the production of oil refining featured and efficient products, new chemical products and new materials. In the first quarter of 2024, the company processed 354 million barrels of crude oil, up 8.2% year on year, and produced 30.482 million tons of refined oil, up 9.8% year on year; 2.27 million tons of ethylene production, up 13.5% year on year; The commodity volume of chemical products was 9.908 million tons, up 16.7% year on year. Refining and chemical industry and new materials business realized an operating profit of 8.12 billion yuan.
Strengthen the connection between production and marketing, and effectively operate the industrial chain. The company plans the domestic and international markets, strengthens market analysis, research and judgment, completes the connection of supply, production and marketing, and ensures the efficient operation of the industrial chain; Continue to increase marketing efforts, optimize network layout, strengthen high-end and efficient market development, and strive to improve marketing quality. In the first quarter of 2024, the company will sell 39.258 million tons of refined oil products, up 4.5% year on year; Among them, 28.545 million tons of refined oil were sold domestically, up 4.6% year on year. The sales of refined oil products and international trade realized an operating profit of 6.76 billion yuan.
Continue to control the capital and expand the market, and the sales volume of natural gas increases simultaneously. The company continues to optimize the structure of imported natural gas resource pool, effectively control the procurement cost, vigorously develop high-end and efficient markets, and strive to increase the proportion of direct supply customers and terminal market sales, so as to achieve simultaneous growth of natural gas sales. In the first quarter of 2024, the company sold 83.369 billion cubic meters of natural gas, up 14.2% year on year; Among them, 67102 million cubic meters of natural gas was sold domestically, up 7.5% year on year. The operating profit of natural gas sales business was 12.32 billion yuan.
Future Outlook
The company will continue to adhere to the five major development strategies of innovation, resources, market, internationalization and green low-carbon, continue to optimize production and operation, deeply promote quality and efficiency improvement, realize the safe, stable and efficient operation of the two major industrial chains of oil and gas, maintain the rapid development trend of new energy and new materials and other emerging industries, create long-term value with stakeholders, and share the development achievements of enterprises, Give back to shareholders and investors with excellent performance.
