In the early spring of March, on the bank of Xiangjiang, the annual China National Petroleum Corporation's performance conference arrived in Hong Kong as scheduled.

"In 2023, while oil prices dropped by 16.8% year-on-year, operating results hit a record high. The company's operating income exceeded 3 trillion yuan for two consecutive years, operating profit was 235.47 billion yuan, and net profit attributable to shareholders of the parent company was 161.15 billion yuan." On the afternoon of March 27, PetroChina's outstanding report card attracted the attention of all sectors of society.

In the past year, PetroChina has vigorously strengthened oil and gas exploration and development, further promoted the transformation and upgrading of refining and chemical industries, further increased marketing efforts, steadily implemented green and low-carbon transformation, and promoted the integrated development of oil and gas and new energy. The development of new energy and new materials business has accelerated. Speed, major production indicators have increased comprehensively, and the resilience of the industrial chain to changes in oil prices and other factors has been significantly enhanced... These achievements have been highly recognized by the capital market. Investors focused on operating performance, Questions were raised about increasing reserves and increasing production, green and low-carbon, and new energy, and the atmosphere at the scene was warm.

"To last a long-term foundation, we must adhere to long-term principles"

"May I ask what is the reason for the year-on-year increase in profits when the company achieved a year-on-year decline in oil prices?" This is one of the hot issues that investors are most concerned about at the performance conference.

Dai Houliang, Chairman of the Joint Stock Company