On October 27, PetroChina Company Limited announced that in the first three quarters of 2022, despite complex and severe external environment, the Company overcame the challenges arising from lower crude oil demand and natural disasters such as flooding. Coordinated efforts were made to maintain stable production and operations, promote business reform and innovation, and respond to COVID-19. Meanwhile, the Company vigorously expanded its exploration and development efforts, and optimized the operation of its oil and gas industrial chains to ensure the stable oil and gas supply.
In the first three quarters of 2022, the Company continued to deliver record financial results for the same period. In accordance with IFRS, the Company achieved revenue of RMB2,460 billion, up 30.6% year-on-year. Net profit attributable to parent company was RMB120.271 billion, up 60.1% year-on-year. Net cash inflow from operating activities increased by 38.3% year-on-year and free cash flow increased significantly. The Company maintained a sound financial position.
PetroChina Company Limited is a joint stock limited company incorporated on November 5, 1999, upon the restructuring of China National Petroleum Corporation (CNPC).
Results Review
Steady growth in oil and gas production amid persistent efforts in expanding exploration and development. The Company stepped up investment in exploration and development, actively expanded oil and gas production capacity, and strived to increase reserves and production. It also promoted the new energies business with solid steps and continued to increase capex to promote the integrated development of oil, gas and new energies. The Company attached equal importance to production volume and profitability, and kept working on cost control. For overseas business, the Company forged ahead with key projects and further optimized its business layout and asset structure. In the first three quarters of 2022, crude oil output reached 677 million barrels, of which domestic crude oil output reached 577 million barrels, up 2.7% year-on-year. The marketable natural gas output reached 3,445 bcf, of which domestic marketable natural gas output reached 3,296 bcf, up 5.1% year-on-year. The oil equivalent of oil and gas output was 1.25 billion barrels, of which domestic oil and gas output reached 1.13 billion barrels of oil equivalent, up 3.9% year-on-year. The oil, gas and new energies segment achieved an operating profit of RMB138.93 billion.