27 April 2010, Beijing - PetroChina Company Limited ("PetroChina" or “the Company", HKSE: 0857; NYSE: PTR; SSE: 601857) achieved significant growth in operating results in the first quarter of 2010 compared with last year, amid rising international oil prices and increased demand for petroleum and petrochemical products in the domestic market. During the period, PetroChina was able to sustain strong growth momentum in its production and operations, as a result of execution of its strategy of resources, marketing and internationalization. The Company attained organized production and operations in a scientific manner. It also devoted strong efforts in quality and efficiency, realizing a comprehensive balance among production, transportation, sales and storage.
In the first quarter of 2010, net profit attributable to the Company’s shareholders was RMB32.492 billion under International Financial Reporting Standards, and the basic earnings per share was RMB0.18, up 71.2% year-on-year. According to China Accounting Standards, PetroChina’s net profit attributable to the Company’s shareholders was RMB32.449 billion, and the basic earnings per share was RMB0.18, up 72.7% year- on- year.
In respect of the exploration and production operations, the Company continued to place top priority on exploration for new resources. The Company aligned production and operations in an efficient manner, resulting in smooth and safe performance in the areas of production, transportation, marketing and storage. There was a steady rise in the production volume of crude oil while that of natural gas continued to keep rapid growth. In the first quarter of 2010, the Company produced 210 million barrels of crude oil, representing an increase of 2.1% as compared with the same period last year, and produced 609.9 billion cubic feet of marketable natural gas, representing an increase of 16.5% as compared with the same period last year.
In respect of the refining and chemicals operations, the Company benefited from its increased integration. By enhancing organization and coordination, optimizing the operation of production facilities, steadily raising processing workloads, actively optimizing product structures, pushing forward improvements in the quality of products and optimizing resource allocation, the Company achieved economies of scale. In the first quarter of 2010, the Company processed 215 million barrels of crude oil, representing an increase of 16.2% compared with the same period last year; produced 18.824 million tons of gasoline, diesel and kerosene, representing an increase of 15.0% as compared with the same period last year; and produced 0.908 million tons of ethylene, representing an increase of 37.0% as compared with the same period last year.
In respect of the marketing operations, the Company adopted flexible and effective marketing strategies and strengthened its efforts in the development and expansion of its distribution network, in order to ensure stable market supply. In the first quarter of 2010, the Company sold 27.05 million tons of gasoline, diesel and kerosene, representing an increase of 27.3% as compared with the same period last year.
In respect of the natural gas and pipeline operations, the Company focused on safe and efficient transmission, while significantly increasing the supply capacity of oil and gas. With construction of key projects progressing smoothly and upgrading of our management capabilities, the natural gas business continued to record more rapid growth.
The Company accelerated the development of international operations and continued to expand its operational scale, realizing fast growth in overseas oil and gas operations. The Company has signed a development and production agreement for the Halfaya Oilfield in Iraq, completed the acquisition of the Canadian oil sands project, and reached an agreement with Arrow Energy Limited for the proposed acquisition with Shell.
Looking ahead, as a Company committed to stability, efficiency and co-ordination, PetroChina will continuously strengthen the management of its production and improve the operational efficiency of its overall operations so that it can achieve the development targets for 2010.
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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
Hong Kong
Mao Zefeng
Fax: (852) 2899 2390
Tel: (852) 2899 2010
E-mail: hko@petrochina.com.hk
General Administration Department (original PR Department):
Yuan Xinxiang
Fax: (8610) 6209 9558
Tel: (8610) 5998 6037
E-mail: yuanxx@petrochina.com.cn
PR Agency (Overseas media):
Hill & Knowlton Public Relations
Shirley Lo
Fax: (852) 2576 3551
Tel: (852) 2894 6214
E-mail: shirley.lo@hillandknowlton.com.hk
PR Agency (Domestic media):
EverBloom Investment Consulting Lt. Co.
Shen Di
Fax: (8610) 5977 6211
Tel: (8610) 5166 3828
E-mail: di,shen@everbloom.com.cn