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In the first three quarters of 2011, the sales of imported crude oil, natural gas, gasoline and diesel grew relatively stronger to reach a record high in revenue. In the third quarter, under Chinese Accounting Standards, net profit attributable to equity holders of the Company was 7.9% higher year-on-year at RMB37.431 billion. Basic earnings per share were RMB0.20, under International Financial Reporting Standards, net profit attributable to owners of the Company was up 7.8% to RMB37.399 billion over the same period last year. Basic earnings per share were RMB0.20. In respect of its exploration and production operations, the Company continued to pay high attention to increasing its efforts in oil exploration and gas exploration, adhered to conduct comprehensive and precise research on geology and intensively implemented integrated exploration and development. As a result, the Company achieved significant results in major exploration sites such as Northern China, Erdos, Tarim and Qinghai as well as distinctive results in the “Peak Growth in Oil and Gas Reserves” Program, which further reinforced the resources base of the Company. The overseas oil and gas business was developed in an orderly manner and the key cooperation projects progressed steadily. The overseas upstream business achieved a growth in both volume and profitability and its contribution to the Company’s revenue and profits continued to increase. In the first three quarters of 2011, crude oil output reached 670.1 million barrels, representing a 4.8% increase from the same period in the previous year. The output of marketable natural gas reached 1,734.8 billion cubic feet, an increase of 5.9% from the same period last year. Total oil and gas output amounted to 959.3 million barrels-of-oil equivalent, representing a year-on-year increase of 5.1%, of which, overseas oil and gas output was 92.9 million barrels, representing a 22.6% increase from the same period last year. The exploration and production segment generated an operating profit of RMB160.791 billion during the reporting period, representing an increase of 40.4% from the same period of last year. In respect of refining and chemicals operations, the Company placed emphasis on market orientation, optimised its products structure, strengthened management in production and operation, and adopted measures to save energy and reduce costs and as a result, its operations were conducted effectively, safely and steadily on a large scale. Progress was made in optimizing the structure of the Refining & Chemicals segment with the completion of the transformation of a 10-million-ton refinery at Liaoyang Petrochemical while the construction of a 10-million-ton refinery in Fushun Petrochemical was basically completed. Meanwhile, projects such as the large scale ethylene projects at Fushun Petrochemical, Sichuan Petrochemical and Daqing Petrochemical and the reconstruction and expansion projects at Ningxia Petrochemical, Huhhot Petrochemical and Urumqi Petrochemical all progressed as planned. In the first three quarters of 2011, the Company processed 725.2 million barrels of crude oil, representing an increase of 10.3% from the same period last year. 64.302 million tons of gasoline, kerosene and diesel were produced, representing an increase of 11.3% year-on-year. As a result of high international crude oil prices and stronger control over domestic prices for refined oil, the refining and chemicals segment incurred a loss of RMB38.403 billion, including a loss of RMB41.539 billion from the refining business, which was partially offset by an operating profit of RMB3.136 billion from the chemicals business. In respect of marketing operations, the Company accelerated its sales network expansion by devoting more efforts into resource allocation and by proactively improving the marketing structure and marketing strategies. As a result, improvements were made in both the sales of oil products and efficiency. In addition, the Company implemented measures to boost service quality and enhance management efficiency, pushed forward meticulous management and strived to focus on quality and profitability. The Company’s capacity in allocating international resources kept growing and the contribution rate by the international trading business to the Company continued to grow. In the first three quarters of 2011, the Company sold 107.247 million tons of gasoline, kerosene and diesel, representing an increase of 18% from the same period last year. The marketing segment achieved an operating profit of RMB18.021 billion during the period, representing an increase of 59.5% from the same period last year. In respect of the natural gas and pipeline operations, the Company strengthened the coordination among production, transportation and marketing and the running of production and operation in a controlled manner. The construction of oil and gas strategic pathway and the key pipeline networks progressed in an orderly manner and sales of natural gas maintained a fast growth rate. Construction of the trunk of the Second West-East Gas Pipeline was completed and put into operation, and has been linked up to a number of established pipelines, forming a natural gas transmission artery for the Company. In addition, a series of underground gas storage projects such as Liao He and Hua Bei have commenced construction, vastly enhancing the Company’s capacity in gas distribution and allocation. In the first three quarters of 2011, the natural gas and pipeline operations realised operating profit of RMB13.233 billion. However, due to the increase in loss caused by the imported natural gas, profit from operations decreased 17.1% as compared with the same period of last year. Looking into the fourth quarter, the Company will proactively respond to changes in the domestic and international economic environment. It will continue to adhere to its principle of being “stable, balanced, efficient, controlled and coordinated”, and stick to its development strategy with focus on strategic goals, while making sure the stable operation and controllable management so as to ensure its annual production and operation targets are met. This will not only further improve the profitability and risk management capability of the Company but will also help to strengthen the foundation for its sustainable development going forward. PetroChina Company Limited, press release |
