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PetroChina Company Limited (PTR) Q4 2021 Results - Earnings Call Transcript

Apr. 01, 2022 12:02 AM ETPetroChina Company Limited (PCCYF)
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PetroChina Company Limited (PTR) Q4 2021 Earnings Conference Call March 31, 2022 5:00 AM ET

Company Participants

Chai Shouping - Chief Financial Officer and Board Secretary

Dai Houliang - Chairman

Ren Lixin - Executive Director and Senior Vice President

Tian Jinghui - Vice President

Yang Jigang - Vice President and Chief Engineer

Zhang Minglu - Chief HSE Supervisor

Chai Shouping

Ladies and gentlemen, good afternoon. I am PetroChina’s CFO and Board Secretary, Chai Shouping. I would like to welcome you to our 2021 Annual Results Announcement. First, allow me to introduce the board members and top management present today. Chairman, Mr. Dai Houliang; Executive Director and Senior Vice President, Ren Lixin; Vice President, Tian Jinghui; Vice President and Chief Engineer, Mr. Yang Jigang; Chief HSE Supervisor, Mr. Zhang Minglu.

The presentation today includes four parts: first, review and analysis of 2021 financial performance; next, overview of operational performance; then remarks from the Chairman followed by a Q&A session.

Now, I will walk you through our financial performance of 2021. Last year, we are driving oil prices, steady recovery of Chinese economy and booming demand for oil and gas that followed through on high-quality development requirements and make coordinated progress on business development going at low-carbon transition, reform and innovation, quality and efficiency, HSE and COVID response. Oil and gas industry maintained stable operation. Operation performance was 7-year high.

Realized oil price averaged $55.56 per barrel, up 62.6% year-on-year or up 7.6% versus 2019, with a 2-year average growth of 3.7%; revenue, CNY2.6 trillion, up 35.2% year-on-year, marking a new record high; operating profit, CNY161.15 billion, up 112.2%; net profit attributable to the parent CNY92.17 billion, up 385% year-on-year, up 111.8% versus 2019 with a 2-year average growth of 42%; earnings per share, CNY0.50. We remain committed to prudent, targeted and profitable investments based on oil price changes, operational performance and cash flow. We just did an optimized investment finance structure further enhance investment management

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