(March 25, 2024) China National Petroleum Corporation [referred to as the "Company",(HKEX ticker code:0857; Shanghai Stock Exchange Stock Code:601857)]It was announced that in 2023, the company will vigorously strengthen oil and gas exploration and development, further promote the transformation and upgrading of refining and chemical, further increase marketing efforts, steadily implement green and low-carbon transformation, and promote the integrated development of oil and gas and new energy. The development of new energy and new materials business will accelerate., major production indicators have increased across the board. While oil prices have dropped significantly by 16.8% year-on-year, the company's operating results have continued to grow, hitting a record high for two consecutive years. The resilience of the industrial chain to respond to changes in macro factors such as oil prices has been significantly enhanced.

In 2023, in accordance with International Financial Reporting Standards, the company will achieve operating income of 3.0 trillion yuan (RMB, the same below); net profit attributable to shareholders of the parent company will be 161.15 billion yuan, a year-on-year increase of 8.3%, return on net assets will be 11.1%, and average return on investment capital will be 10.4%. The company's asset-liability structure has been further optimized and its financial position continues to be stable. The asset-liability ratio was 40.8%, down 1.7 percentage points from the end of the previous year, the lowest in nearly 13 years; the capital-liability ratio was 15.2%, down 2.2 percentage points from the end of the previous year, the lowest in nearly 15 years. Net cash flow from operating activities was 456.60 billion yuan, a year-on-year increase of 16.0%; free cash flow was 176.12 billion yuan, a year-on-year increase of 17.1%, both reaching the best levels in the same period in history. In order to actively repay shareholders, the company's board of directors recommends the payment of a final dividend of 0.23 yuan per share (including applicable taxes) for 2023, a full-year dividend of 0.44 yuan per share (including applicable taxes), with a dividend payout ratio of 50%, and a total dividend amount of approximately 80.53 billion yuan., the final and full-year dividends per share both hit the best level for the same period in history.

results review

Oil and gas equivalent output reached a new high, and the foundation for development was further consolidated. 公司持续推进高效勘探，努力提升经济可采储量，在鄂尔多斯、塔里木、四川、渤海湾等重点盆地取得一批重大突破和重要发现。强化老油气田稳产和新区效益建产，原油产量保持稳中有增，天然气产量继续较快增长，占油气当量的比例持续提升。海外业务保持稳健发展，资产质量不断优化，国际化运营水平持续提升。2023年，公司油气当量产量17.6亿桶，同比增长4.4%。国内油气当量产量15.6亿桶，同比增长3.4%，其中原油产量7.7亿桶，同比增长0.8%；可销售天然气产量4.7万亿立方英尺，同比增长6.0%。新能源业务实现规模化跨越式发展，新能源开发利用能力达到1,150万吨标煤/年、同比增长44%。油气新能源业务实现经营利润1,487.0亿元。

Refining and chemical transformation and upgrading have been further advanced, moving towards the middle and high end of the industrial chain and value chain. 公司抢抓市场恢复有利时机，全力提升加工负荷，不断优化产品结构，提高炼油特色产品和高端化工产品比例，加大化工新材料研发力度，石油焦、润滑油基础油、化工新材料产量大幅增长，乙烯、PX产品产量持续提升，增产线性聚乙烯膜料等通用料和茂金属聚乙烯膜料、医用料等畅销专用料。重点项目建设有序推进，广东石化炼化一体化项目一次投产成功并投入商业运营，吉林石化、广西石化、独山子石化塔里木二期等重点乙烯项目建设进展顺利。2023年，公司加工原油14.0亿桶，同比增长15.3%；生产成品油1.2亿吨，同比增长16.5%；化工产品商品量3,430.8万吨，同比增长8.7%；化工新材料产量137.0万吨，同比增长60%。炼化新材料业务实现经营利润369.4亿元。

Sales business has achieved both volume and efficiency increases, and marketing capabilities have been greatly enhanced. 公司以市场为导向，以效益为中心，抓住国内成品油市场需求恢复的有利时机，大力加强市场营销，强化产销协同，优化资源配置，创新批发与零售一体化运作方式，努力提升成品油销量、市场占有率和价格到位率。稳步推进终端销售业务绿色低碳转型，成功收购普天新能源有限责任公司，积极开展充换电站、加氢站、光伏站等建设布局。大力发展非油业务，非油业务毛利继续大幅增长。国际贸易业务持续完善业务布局和网络建设，优化成品油和化工产品出口，努力推进产业链价值最大化。2023年，公司共销售汽油、煤油、柴油1.7亿吨，同比增长10.1%；国内销售汽油、煤油、柴油1.2亿吨，同比增长17.3%。销售业务实现经营利润239.6亿元。

Natural gas sales have achieved remarkable results in reducing costs and increasing efficiency, and the collaborative efficiency creation capabilities of the industrial chain have continued to increase. 公司统筹各类天然气资源采购，优化进口气资源池结构，合理安排天然气进口节奏，有效控制进口气成本。发挥产业链一体化优势，持续优化市场布局和销售流向，加大高端高效市场开发力度，坚持市场化、专业化营销，积极提升市场占有率，与城燃企业签署中长期购销合同，充分发挥线上交易价值发现作用，努力增销增效，持续做优做强天然气终端销售业务，完善终端营销网络，提升终端业务创效能力。2023年，公司销售天然气2,735.5亿立方米，同比增长5.1%；国内销售天然气2,197.6亿立方米，同比增长6.1%，市场份额继续保持60%以上。天然气销售业务实现经营利润430.4亿元。

future prospects

In 2024, the company will adhere to the five development strategies of innovation, resources, market, internationalization, and green and low-carbon, continue to optimize production and operation, further promote quality improvement and efficiency improvement, and maintain the safe, stable and efficient operation of the two major oil and gas industrial chains; further Increase efforts in oil and gas exploration and development, continue to promote the increase of reserves and production, and continuously consolidate the foundation of the company's development; Actively respond to energy transformation and changes in market demand, steadily promote green and low-carbon strategic transformation, optimize and adjust business layout, accelerate the development of new energy and new materials business, enhance the company's sustainable development capabilities, and continue to create value for shareholders and society

edit:Editor in charge of Yao Jiena:He Li reviewed:Li Xiangyang

past review

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