Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

中国石油天然气股份有限公司

PetroChina Company Limited

中國石油天然氣股份有限公司

PETROCHINA COMPANY LIMITED

(a joint stock limited company incorporated in the People's Republic of China with limited liability)

(Hong Kong Stock Exchange Stock Code: 857;

Shanghai Stock Exchange Stock Code: 601857)

RESULTS ANNOUNCEMENT FOR THE YEAR ENDED DECEMBER 31, 2024 (SUMMARY OF THE 2024 ANNUAL REPORT)

1 Important Notice

1.1 This Results Announcement is a summary of the full version of the 2024 Annual Report. To get a full understanding of the operating results, financial position and future development plans of PetroChina Company Limited (the "Company"), investors should read the full version of the 2024 Annual Report carefully. The full version of the 2024 Annual Report is published on the websites of the Shanghai Stock Exchange (website: http://www.sse.com.cn), "HKExnews" of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange") (website: http://www.hkexnews.hk) and the Company (website: http://www.petrochina.com.cn).

1.2 The board of directors of the Company (the "Board" or "Board of Directors"), the supervisory committee of the Company (the "Supervisory Committee") and all the directors (the "Directors"), supervisors (the "Supervisors") and senior management of the Company warrant the truthfulness, accuracy and completeness of the information contained in the annual report and that there are no misrepresentation, misleading statements contained in, or material omissions from, the annual report, and jointly and severally accept full responsibility thereof.

1.3 Except that Mr. Hou Qijun, the vice chairman and non-executive Director of the Company, Mr. Zhang Daowei, an executive Director and Mr. Yan, Andrew Y, an independent non-executive Director were absent from the meeting due to work arrangement, other members of the Board have attended the eleventh meeting of the ninth session of the Board.

1.4 The financial statements of the Company and its subsidiaries (the "Group") have been prepared in accordance with China Accounting Standards ("CAS") and IFRS Accounting Standards, respectively. The financial statements of the Group for 2024, which have been prepared in accordance with CAS and IFRS Accounting Standards, have been audited by KPMG Huazhen LLP and KPMG, respectively. Both firms have issued unqualified opinions on the financial statements.

1.5 Corporate Information

The Company was established as a joint stock company with limited liability under the Company Law of the People's Republic of China (the "PRC" or "China") on November 5, 1999 as part of the restructuring of China National Petroleum Corporation (its Chinese name 中國石油天然氣集團公司 having been changed into 中國石油天然氣集團有限公司, abbreviated as "CNPC" before and after the change of name). The Group is the largest oil and gas producer and seller occupying a leading position in the oil and gas industry in the PRC and one of the largest companies in the PRC in terms of revenue and one of the largest oil companies in the world. The Group principally engages in, among other things, the exploration, development, production, transportation and marketing of crude oil and natural gas, and new energy business; the refining of crude oil and petroleum products; the production and marketing of primary petrochemical products, derivative petrochemical products and other chemical products, and new materials business; the marketing of refined products and non-oil products and trading business; and the transportation and sale of natural gas business.

The H shares and A shares of the Company were listed on the Hong Kong Stock Exchange and Shanghai Stock Exchange on April 7, 2000 and November 5, 2007, respectively.

Stock name	PetroChina	PetroChina
Stock code	857	601857
Place of listing	Hong Kong Stock Exchange	Shanghai Stock Exchange
Contact persons and means of communication	Secretary to the Board of Directors	Representative on Securities Matters
---	---	---
Name	Wang Hua	Liang Gang
Address	No. 9 Dongzhimen North Street, Dongcheng District, Beijing, PRC	No. 9 Dongzhimen North Street, Dongcheng District, Beijing, PRC
Postal code	100007	100007
Telephone	86 (10) 5998 2622	86 (10) 5998 2622
Facsimile	86 (10) 6209 9557	86 (10) 6209 9557
Email address	[email protected]	[email protected]

1.6 In overall view of the operating results, financial position and cash flows, to procure return for the shareholders, the eleventh meeting of the ninth session of the Board recommends a final cash dividend of RMB0.25 (inclusive of applicable tax) per share for 2024 to all shareholders, based on the total share capital of the Company as of December 31, 2024, namely 183,020,977,818 shares. The total amount of cash dividend reaches approximately RMB45.755 billion. The proposed final dividends are subject to shareholders' review and approval at the 2024 annual general meeting.

2 KEY FINANCIAL DATA AND CHANGES IN SHAREHOLDERS

2.1 Key Financial Data Prepared under IFRS Accounting Standards

Unit: RMB million

Items	For the year 2024	For the year 2023 (after retrospective adjustments) (a)	For the year 2023 (before retrospective adjustments)	Changes from the preceding year to this year (%)	For the year 2022(after retrospective adjustments) (a)	For the year 2022 (before retrospective adjustments)
Revenue	2,937,981	3,012,812	3,011,012	(2.5)	3,240,951	3,239,167
Profit attributable to owners of the Company	164,684	161,416	161,146	2.0	148,888	148,743
Net cash flows from operating activities	406,532	456,847	456,596	(11.0)	393,246	393,768
Basic earnings per share (RMB)	0.90	0.88	0.88	2.0	0.81	0.81
Diluted earnings per share (RMB)	0.90	0.88	0.88	2.0	0.81	0.81
Return on net assets (%)	10.9	11.1	11.1	(0.2) percentage point	10.9	10.9
Items	As of the end of 2024	As of the end of 2023 (after retrospective adjustments) (a)	As of the end of 2023 (before retrospective adjustments)	Changes from the end of the preceding year to the end of this year (%)	As of the end of 2022 (after retrospective adjustments) (a)	As of the end of 2022 (before retrospective adjustments)
Total assets	2,752,751	2,758,975	2,752,448	(0.2)	2,676,845	2,670,400
Equity attributable to owners of the Company	1,515,132	1,451,086	1,446,163	4.4	1,370,532	1,365,617

2.2 Key Financial Data Prepared under CAS

Unit: RMB million

Items	For the year 2024	For the year 2023 (after retrospective adjustments) (a)	For the year 2023 (before retrospective adjustments)	Changes from the preceding year to this year (%)	For the year 2022 (after retrospective adjustments) (a)	For the year 2022 (before retrospective adjustments)
Operating income	2,937,981	3,012,812	3,011,012	(2.5)	3,240,951	3,239,167
Operating profit	255,286	253,522	253,024	0.7	242,823	242,564
Net profit attributable to shareholders of the Company	164,676	161,414	161,144	2.0	148,883	148,738
Net profit after deducting non-recurring profit/loss items attributable to shareholders of the Company	173,287	187,389	187,130	(7.5)	170,460	170,260
Net cash flows from operating activities	406,532	456,847	456,596	(11.0)	393,246	393,768
Weighted average returns on net assets (%)	11.1	11.4	11.4	(0.3) percentage point	11.3	11.3
Total share capital at the end of the period (hundred million share)	1,830.21	1,830.21	1,830.21	-	1,830.21	1,830.21
Basic earnings per share (RMB)	0.90	0.88	0.88	2.0	0.81	0.81
Diluted earnings per share (RMB)	0.90	0.88	0.88	2.0	0.81	0.81
Items	As of the end of 2024	As of the end of 2023 (after retrospective adjustments) (a)	As of the end of 2023 (before retrospective adjustments)	Changes from the end of the preceding year to the end of this year (%)	As of the end of 2022 (after retrospective adjustments) (a)	As of the end of 2022 (before retrospective adjustments)
Total assets	2,753,007	2,759,237	2,752,710	(0.2)	2,677,110	2,670,666
Equity attributable to owners of the Company	1,515,371	1,451,333	1,446,410	4.4	1,370,781	1,365,866

Unit: RMB million

Items	First Quarter of 2024	Second Quarter of 2024	Third Quarter of 2024	Fourth Quarter of 2024
Operating income	812,801	742,172	702,721	680,287
Net profit attributable to shareholders of the Company	45,766	43,036	43,982	31,892
Net profit after deducting non-recurring profit/loss items attributable to shareholders of the Company	45,874	45,912	43,706	37,795
Net cash flows from operating activities	111,186	107,068	121,628	66,650

(a) In 2024, Daqing Oilfield Company Limited ("Daqing Oilfield"), a wholly-owned subsidiary of the Company, acquired $100\%$ interest in China Petroleum Electric Energy Co., Ltd. ("CNPC Electric Energy") from Daqing Petroleum Administration Bureau Co., Ltd. ("Daqing Petroleum Administration Bureau"). The financial statements of CNPC Electric Energy have been consolidated into the financial statements of the Group since October 29, 2024. The Group has made retrospective adjustments in relation to relevant financial data of the

comparative periods when preparing consolidated financial statements according to the accounting treatment requirement for business combinations involving entities under common control. Relevant financial data of the comparative periods in the following parts of this announcement refers to the data after retrospective adjustments.

2.3 Number of Shareholders and Shareholdings

2.3.1 Total Number of Shareholders Holding Ordinary Shares and Shareholdings of the Top Ten Shareholders

The total number of shareholders of the Company as of December 31, 2024 was 491,311, consisting of 486,082 holders of A shares and 5,229 registered holders of H shares. As of February 28, 2025 (the end of the month prior to the disclosure of this announcement), the total number of shareholders of the Company was 547,674. The minimum public float requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Hong Kong Listing Rules") and Stock Listing Rules of the Shanghai Stock Exchange are satisfied.

As of December 31, 2024, the shareholdings of the top ten shareholders are shown in the table below:

Name of shareholders	Nature of shareholders	Percentage of shareholding (%)	Number of shares held
CNPC	State-owned legal person	82.46	150,923,565,570 (1)
HKSCC Nominees Limited(2)	Overseas legal person	11.43	20,919,164,608 (3)
China Petrochemical Corporation	State-owned legal person	1.00	1,830,210,000
China Securities Finance Corporation Limited	State-owned legal person	0.56	1,020,165,128
Hong Kong Securities Clearing Company Limited(4)	Overseas legal person	0.49	891,439,225
ICBC –SSE 50 Exchange Traded Open-ended Securities Investment Fund	State-owned legal person	0.12	212,946,963
Central Huijin Asset Management Ltd.	State-owned legal person	0.11	201,695,000
Industrial and Commercial Bank of China Limited - Huatai-Pinebridge CSI 300 Exchange Traded Open-ended Index Securities Investment Fund	Others	0.11	195,659,448
China Life Insurance Company Limited – Traditional – Ordinary Insurance Products – 005L-CT001 Shanghai	Others	0.10	188,928,762
Bank of Communications Co., Ltd. - E Fund SSE 50 Index Enhanced Securities Investment Fund	Others	0.10	184,523,601

(1) Such figure excludes the H shares indirectly held by CNPC through Fairy King Investments Ltd., an overseas wholly-owned subsidiary of CNPC.
(2) HKSCC Nominees Limited is a wholly-owned subsidiary of the Hong Kong Exchanges and Clearing Limited and it acts as a nominee on behalf of other corporate or individual shareholders to hold the H shares of the Company.

(3) 291,518,000 H shares were indirectly held by CNPC through Fairy King Investments Ltd., an overseas wholly-owned subsidiary of CNPC, representing 0.16% of the total share capital of the Company. These shares were held in the name of HKSCC Nominees Limited.

(4) Hong Kong Securities Clearing Company Limited is a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited and acts as the nominee on behalf of investors of Hong Kong Stock Exchange to hold the A shares of the Company listed on Shanghai Stock Exchange.

Description on the special repurchase accounts under the above-mentioned shareholders: there is no special repurchase account among the above-mentioned shareholders.

Description on the voting rights entrusted by or to, or waived by the above-mentioned shareholders: the Company is not aware of any voting rights entrusted by or to, or waived by the above-mentioned shareholders.

Description on related parties or parties acting in concert among the above-mentioned shareholders: except for the fact that HKSCC Nominees Limited and Hong Kong Securities Clearing Company Limited are wholly-owned subsidiaries of Hong Kong Exchanges and Clearing Limited, the Company is not aware of any other connection among or between the above top ten shareholders or that they are parties acting in concert as provided for in the Measures for the Administration of Acquisitions by Listed Companies.

Description on participation of margin financing and securities lending and refinancing business by the above-mentioned shareholders during the Reporting Period: the above-mentioned shareholders did not participate in margin financing and securities lending business during the Reporting Period. Please refer to the "2.3.2 Participation of lending of shares under refinancing business by top ten shareholders" below for details of refinancing business.

2.3.2 Participation of lending of shares under refinancing business by top ten shareholders

Unit: share

Participation of lending of shares under refinancing business by top ten shareholders
Name of shareholders (Full name)	Shareholding of ordinary account and credit account at the beginning of the Reporting Period		Shares lent under refinancing business and not yet returned at the beginning of the Reporting Period		Shareholding of ordinary account and credit account at the end of the Reporting Period		Shares lent under refinancing business and not yet returned at the end of the Reporting Period
	Total number	Percentage of Shares in the total share capital	Total number	Percentage of Shares in the total share capital	Total number	Percentage of Shares in the total share capital	Total number	Percentage of Shares in the total share capital
Industrial and Commercial Bank of China Limited - Huatai-Pinebridge CSI 300 Exchange Traded Open-ended Index Securities Investment Fund	84,693,914	0.05%	77,900	0.00004%	195,659,448	0.11%	0	0

2.3.3 Changes in the top ten shareholders from the previous period due to the shares lent/returned under refinancing business

☐ Applicable √ Not Applicable

2.4 Disclosure of Substantial Shareholders under the Securities and Futures Ordinance of Hong Kong

As of December 31, 2024, so far as the Directors are aware, persons other than a Director, Supervisor or senior management of the Company who had interests or short positions in the shares or underlying shares of the Company which are disclosable under Divisions 2 and 3 of Part XV of the Securities and Futures Ordinance are as follows:

Name of shareholders	Nature of shareholding	Number of shares	Capacity	Percentage of such shares in the same class of the issued share capital (%)	Percentage of total share capital (%)
CNPC	A Shares	150,923,565,570 (L)	Beneficial Owner	93.21	82.46
	H Shares	291,518,000 (L) (1)	Interest of Corporation Controlled by the Substantial Shareholder	1.38	0.16
BlackRock, Inc. (2)	H Shares	1,436,473,492 (L)	Interest of Corporation Controlled by the Substantial Shareholder	6.81	0.78
		98,000 (S)		0.00046	0.00005

(L) Long position
(S) Short position

(1) 291,518,000 H shares (long position) were held by Fairy King Investments Ltd., an overseas wholly-owned subsidiary of CNPC. CNPC is deemed to be interested in the H shares held by Fairy King Investments Ltd.
(2) BlackRock, Inc., through various subsidiaries, had an interest in the H shares of the Company and 1,436,473,492 H shares (long position) and 98,000 H shares (short position) were held in the capacity as interest of corporation controlled by the substantial shareholder, including 34,988,000 underlying shares (long position) and 98,000 underlying shares (short position) through its holding of certain unlisted derivatives (cash settled).

As of December 31, 2024, so far as the Directors are aware, save as disclosed above, no person (other than a Director, Supervisor or senior management of the Company) had an interest in the shares of the Company according to the register of interests in shares and short positions kept by the Company pursuant to Section 336 of the Securities and Futures Ordinance.

2.5 Ownership and Controlling Relationship between the Company and its Ultimate Controller

(a) Such figure includes the 291,518,000 H shares held by CNPC through its overseas wholly-owned subsidiary, Fairy King Investments Ltd.

2.6 Bonds Issued But Not Yet Overdue

RMB 100 million

Bond Name	Abbreviation	Code	Issue Date	Value Date	Due Date	Bond Balance	Rate (%)
2012 Corporate Bond (First Tranche) (15-year term)	12 PetroChina 03	122211.SH	2012-11-22	2012-11-22	2027-11-22	20	5.04
2016 Corporate Bond (First Tranche) (10-year term)	16 PetroChina 02	136165.SH	2016-01-18	2016-01-19	2026-01-19	47	3.50
2016 Corporate Bond (Second Tranche) (10-year term)	16 PetroChina 04	136254.SH	2016-03-01	2016-03-03	2026-03-03	23	3.70
2016 Corporate Bond (Third Tranche) (10-year term)	16 PetroChina 06	136319.SH	2016-03-22	2016-03-24	2026-03-24	20	3.60
2022 First Tranche Medium-term Green Note	22 PetroChina GN001	132280041.IB	2022-04-27	2022-04-28	2025-04-28	5	2.26
2022 Second Tranche Medium-term Green Note	22 PetroChina GN002	132280055.IB	2022-06-15	2022-06-16	2025-06-16	20	2.19
2024 First Tranche Lvseliangxin^{(a)} Medium-term Note	24 PetroChina MTN001 (Lvseliangxin)	102484131.IB	2024-09-13	2024-09-14	2034-09-14	30	2.24
2024 Second Tranche Medium-term Note	24 PetroChina MTN002	102484130.IB	2024-09-13	2024-09-14	2029-09-14	100	2.08

(a) Lvseliangxin refers to green bonds for large-scale equipment renewal and consumer goods trade-in.

Interest Payment and Redemption of Bonds

For the year ended December 31, 2024 (the “Reporting Period”), the principal and interest of 19 PetroChina MTN001, 19 PetroChina MTN002, 19 PetroChina MTN003, 19 PetroChina MTN004 and 19 PetroChina MTN005 were duly paid; the interest of 12 PetroChina 03, 16 PetroChina 02, 16 PetroChina 04, 16 PetroChina 06, 22 PetroChina GN001, 22 PetroChina GN002, 24 PetroChina MTN001 (Lvseliangxin) and 24 PetroChina MTN002 were duly paid.

Information on Follow-up Credit Rating of Bonds

During the Reporting Period, there were no adjustments to the credit rating results of the Company or the bonds issued by the Company made by credit rating agencies.

Indicators Reflecting the Solvency of the Issuer

Main Indicator	As of the end of 2024	As of the end of 2023
Asset-liability Ratio (%)	37.89	40.72
Main Indicator	2024	2023
Debt-to-EBITDA Ratio	2.08	1.67
EBITDA Interest Coverage Ratio	46.29	35.91

Note on Overdue Debts

☐ Applicable √ Not Applicable

3 Directors' Report

3.1 Discussion and Analysis of Operations

In 2024, the world economy experienced a moderate growth; the PRC economy was overall stable and steadily progressed, with a year-on-year increase of 5.0% in the gross domestic product (“GDP”). The international crude oil market remained generally loose in terms of supply and demand, and the international crude oil prices first rose and then dropped, with a small decline for the average price compared to the same period of the previous year; the international natural gas prices further dropped. The competition in domestic refined oil products market became fiercer, and the consumption in the natural gas market maintained a rapid growth.

Proactively reacting to the international and domestic macroeconomics conditions and the change of market conditions of the oil and gas market and chemical products market, the Group vigorously strengthened exploration and development, endeavored to achieve an increase in reserves and production, further enhanced the transformation and upgrading of refining and chemical business, timely adjusted the production plan, continuously optimized the product structure. The Group kept increasing the quality of its marketing efforts, strived to market expansion, deeply promoted improvements in both quality and profitability, continuously strengthened the profit-making capacity of the production chains of oil and gas. The Group steadily implemented green and low carbon transformation, proactively strategized business layout in emerging industries, continued to strengthen quality and effectiveness of environmental, social and governance (“ESG”) initiatives. In 2024, the average realized price for crude oil of the Group was USD74.70 per barrel, representing a decrease of 2.5% as compared with USD76.60 per barrel for last year; the Group achieved a revenue of RMB2,937.981 billion; through enhancing the output and sales volume of oil and natural gas, improving the product structure of refined oil and chemicals, refining market strategies, insisting on adopting low-cost strategic development measures, and continuously enhancing the resilience of industrial chains, the profit attributable to owners of the Company was RMB164.684 billion, representing an increase of 2.0% as compared with RMB161.416 billion for last year and reaching a historical high again; the Group realized free cash flows of RMB104.352 billion, maintaining a high level above 100 billion; the structure of assets and liabilities was further optimized, and the financial position of the Group remained healthy and stable.

3.1.1 Market Review

(1) Crude Oil Market

In 2024, the continuous conflicts featuring in geopolitics, the slowing economic growth and the accelerated development of alternative new energy led to a weak demand, thus the international oil prices moderately decreased as compared with last year. The annual average spot price of North Sea Brent crude oil was USD80.76 per barrel, representing a decrease of 2.3% as compared with last year; the annual average spot price of West Texas Intermediate crude oil was USD75.87 per barrel, representing a decrease of 2.3% compared with last year.

Statistics from the National Bureau of Statistics showed that the domestic crude oil production of industrial enterprises above designated scale was 212.82 million tons in 2024, representing an

increase of 1.8% as compared with last year.

(2) Refined Oil Products Market

In 2024, new energy vehicles, liquefied natural gas (“LNG”) heavy trucks created substitution effects on consumption pattern of domestic refined oil products. The demand and supply of the refined oil products market was loose, and the market competition became fiercer. Supervision on the industry strengthened and market conditions improved continuously.

Statistics from the National Bureau of Statistics showed that in 2024, the domestic crude oil processing volume of industrial enterprises above designated scale was 708.43 million tons, representing a decrease of 1.6% as compared with last year. The price trend of domestic refined oil products remained consistent with the changes in the international oil prices. The PRC adjusted the domestic prices of gasoline and diesel 18 times in 2024. The prices of gasoline and diesel standard products decreased, in aggregate, by RMB130 per ton and by RMB125 per ton, respectively.

(3) Chemical Products Market

In 2024, the demand for chemical products in the market experienced a steady recovery, while the growth of the supply remained rapid, the supply and demand were loose and production profits shrunk. The chemical products industry remained in a period of low level of the business cycle.

(4) Natural Gas Market

In 2024, the demand for the global natural gas market resumed growth with ample resource supply, and the basic factors of supply and demand tended to be loose continuously. Geopolitical and conflict risks remained but exerted weaker effect. International gas prices further dropped. Domestic natural gas consumption maintained a rapid growth.

Statistics from National Bureau of Statistics and National Development and Reform Commission (“NDRC”) showed that in 2024, the output of domestic natural gas was 246.4 billion cubic meters, representing an increase of 6.2% as compared with last year; the import volume of natural gas was 131.69 million tons (1 ton approximately equals to 1,380 cubic meters), representing an increase of 9.9% as compared with last year; and the apparent consumption of natural gas was 426.05 billion cubic meters, representing an increase of 8% as compared with last year.

3.1.2 Business Review

(1) Oil, Gas and New Energy

Domestic Oil and Gas

In 2024, the Group proactively promoted increase in reserves and production, enhanced the comprehensive research on basins and the comprehensive deployment thereof, placed high-efficient exploration in the centerpiece, striving to enhance large scale economically recoverable reserves and the reserve replacement ratio. Numerous significant breakthroughs and important discoveries were achieved in Tarim Basins, Sichuan Basins, Junggar Basins, Ordos Basins and Songliao Basins. The Group persisted on high-profitable development, systematically promoted the capacity project construction in Bayan, Sulige, etc., overall strategized and ensured profitable production in new areas, alongside the efficient, steady production, lean management, and expansion of production in old areas, and strenuously strengthened the development of shale oil and shale gas. In 2024, the domestic oil and gas business achieved crude oil output of 777.0 million barrels, representing an increase of 0.4% as compared with 773.7 million barrels for last year, the marketable natural gas output of 4,956.8 billion cubic feet, representing an increase of 4.6% as compared with 4,739.0 billion cubic feet for last year, and the oil and natural gas equivalent output of 1,603.2 million barrels, representing an increase of 2.5% as compared with 1,563.5 million barrels for last year.

Overseas Oil and Gas

In 2024, the Group proactively strengthened its high-quality development in overseas oil and gas business and achieved breakthroughs in exploration of projects in Aktobe, Indonesia, etc. and achieved high-yield oil gas flow in the exploration of projects such as Chad thereof. The Group proactively acquired new high-quality projects, successfully completed the signing regarding Blocks 14/15 in Suriname and Block 15 in Oman. The Group optimized the operation of in-process projects, and commenced production of key capacity projects such as the Halfaya gas processing plant in Iraq. The Group continuously optimized asset structure and improved the concentration and return on investment of the overseas oil and gas businesses and assets. In 2024, the crude oil output from overseas oil and gas business amounted to 164.8 million barrels, representing an increase of 0.8% as compared with 163.4 million barrels for last year; the output of marketable natural gas amounted to 177.0 billion cubic feet, representing a decrease of 8.5% as compared with 193.4 billion cubic feet for last year, and the oil and natural gas equivalent output was 194.2 million barrels, representing a decrease of 0.7% as compared with 195.7 million barrels for last year, accounting for 10.8% of the oil and natural gas equivalent output of the Group.

In 2024, the Group's crude oil output amounted to 941.8 million barrels, representing an increase of 0.5% as compared with 937.1 million barrels for last year; the marketable natural gas output reached 5,133.8 billion cubic feet, representing an increase of 4.1% as compared with 4,932.4 billion cubic feet for last year; the oil and natural gas equivalent output amounted to 1,797.4 million barrels, representing an increase of 2.2% as compared with 1,759.2 million barrels for last year. As of the end of the Reporting Period, the total area to which the Group had the right of prospecting and mining of oil and natural gas (including coalbed methane) amounted to 236.7

million acres, among which the area of prospecting was 193.0 million acres and the area of mining was 43.7 million acres; the net number of wells in the process of being drilled was 487. The number of multiple completion wells completed during the Reporting Period was 5,783.

New Energy

The Group actively promoted green and low-carbon transformation, relied on favorable conditions, concentrated advantageous forces to accelerate the development of new energy business. In 2024, the Group's wind and photovoltaic power generation was 4.72 billion kilowatt-hours, representing an increase of 116.2% as compared with 2.18 billion kilowatt-hours; there were 4.954 million kilowatts of newly-added wind and photovoltaic power installation and new geothermal heating contracts covered areas of 75.12 million square meters. The following projects were interconnected to the grid and commenced generating power: the first large-scale centralized wind power project in Jilin Oilfield and the first million-kilowatt photovoltaic power station in Golmud, Qinghai. The following projects commenced the construction progress: the wind and photovoltaic power generation in Lindian, Daqing and the 2.64 million kilowatts of new energy and supporting coal-fired power carbon capture integration project in Karamay. The Group accelerated the development of industry-wide carbon capture, utilization and storage ("CCUS") business.

Key Figures for the Oil, Gas and New Energy Segment

	Unit	2024	2023	Year-on-year change (%)
Crude oil output(a)	Million barrels	941.8	937.1	0.5
of which: domestic	Million barrels	777.0	773.7	0.4
overseas	Million barrels	164.8	163.4	0.8
Marketable natural gas output(a)	Billion cubic feet	5,133.8	4,932.4	4.1
of which: domestic	Billion cubic feet	4,956.8	4,739.0	4.6
overseas	Billion cubic feet	177.0	193.4	(8.5)
Oil and natural gas equivalent output	Million barrels	1,797.4	1,759.2	2.2
of which: domestic	Million barrels	1,603.2	1,563.5	2.5
overseas	Million barrels	194.2	195.7	(0.7)
	100 million kilowatt-hours	47.2	21.8	116.2
Energy output from wind and power plants
Proved reserves of crude oil	Million barrels	6,183	6,219	(0.6)
Proved reserves of natural gas	Billion cubic feet	72,814	72,794	0.03
Proved developed reserves of crude oil	Million barrels	4,991	5,240	(4.8)
Proved developed reserves of natural gas	Billion cubic feet	41,588	41,381	0.5

(a) Figures have been converted at the rate of 1 ton of crude oil = 7.389 barrels and 1 cubic meter of natural gas = 35.315 cubic feet.

(2) Refining, Chemicals and New Materials

In 2024, the Group's refining and chemicals business proactively moved towards the intermediate and high end of the industrial chain. The transformation and upgrading key projects, such as Jilin Petrochemical Company's and Guangxi Petrochemical Company's ethylene project, advanced in an orderly manner, and the Blue Ocean New Material project was officially launched.

The Group insisted on a market-oriented and profitability-centered approach to optimize and adjust the load of devices and product structure, deepened the implementation of the reduction of refined oil products and increase of chemical products (減油增化) and the reduction of traditional refined oil products and increase of featured refined products (減油增特), and continuously enhanced the production yield of high value-added products. The Group strengthened the unified marketing efforts of featured refined products and the market share of bonded marine fuel oil, paraffin, low-sulphur petroleum coke, special asphalt and other products ranked first in the domestic market. The Group strengthened the analysis, study and judgment of the chemical products market and enhanced its marketing capacity, significantly increasing the sales volume of chemical products. In 2024, the Group processed 1,378.4 million barrels of crude oil, representing a decrease of $1.5\%$ as compared with 1,398.8 million barrels for last year, among which 700.1 million barrels of crude oil were produced from the Group's oil and gas business, accounting for $50.8\%$ of the total amount; the Group produced 119.867 million tons of refined oil products, representing a decrease of $2.3\%$ as compared with 122.736 million tons for last year; the volume of chemical products output of the Group was 38.981 million tons, representing an increase of $13.6\%$ as compared with 34.308 million tons last year; the output of ethylene and synthetic resin increased by $8.1\%$ and $5.7\%$ as compared with last year, respectively; the volume of chemical new materials output of the Group was 2.045 million tons, representing an increase of $49.3\%$ as compared with 1.370 million tons last year.

Key Figures for the Refining, Chemicals and New Materials Segment

	Unit	2024	2023	Year-on-year change (%)
Processed crude oil(a)	Million barrels	1,378.4	1,398.8	(1.5)
Gasoline, kerosene and diesel output	’000 tons	119,867	122,736	(2.3)
of which: gasoline	’000 tons	48,077	49,776	(3.4)
kerosene	’000 tons	17,354	14,561	19.2
diesel	’000 tons	54,436	58,399	(6.8)
Crude oil processing load	%	84.7	85.6	(0.9) percentage point
Light products yield	%	76.9	76.1	0.8 percentage point
Refining yield	%	94.9	93.4	1.5 percentage points
Ethylene	’000 tons	8,652	8,001	8.1
Synthetic Resin	’000 tons	13,293	12,579	5.7
Synthetic fiber materials and polymers	’000 tons	1,165	1,098	6.1
Synthetic rubber	’000 tons	1,007	966	4.2
Urea	’000 tons	2,930	2,300	27.4

(a) Figures have been converted at the rate of 1 ton of crude oil $= 7.389$ barrels.

(3) Marketing

Domestic Operations

In 2024, the Group actively adapted to changes in market demands, strengthened the linkage between production and sales, refined the marketing strategies, fully motivated the enthusiasm and creativity of the terminal sales, stabilized market shares, and ensured the smooth operation of the industry chain. The Group proactively carried out marketing activities for non-oil product

business with the gross profits of non-oil business steadily growing. The Group continuously improved the terminal network construction, enhanced the layout of comprehensive energy service stations and charging facilities, and continuously optimized the comprehensive energy supply network for customers.

International Trading Operations

In 2024, the Group coordinated international and domestic markets, continuously optimized the export of refined oil products and trade of crude oil, natural gas and chemical products, and made efforts to enhance the overall profitability of the industrial chain.

In 2024, the sales volume of gasoline, kerosene and diesel of the Group reached a total of 159.000 million tons, representing a decrease of $4.1\%$ as compared with 165.798 million tons for last year, among which, the domestic sales of gasoline, kerosene and diesel were 119.103 million tons, representing a decrease of $3.5\%$ as compared with 123.386 million tons for last year.

Key Figures for the Marketing Segment

	Unit	2024	2023	Year-on-year change (%)
Total sales volume of gasoline, kerosene and diesel	‘000 tons	159,000	165,798	(4.1)
of which: gasoline	‘000 tons	64,147	67,136	(4.5)
kerosene	‘000 tons	20,662	18,962	9.0
diesel	‘000 tons	74,191	79,700	(6.9)
Domestic sales volume of gasoline, kerosene and diesel	‘000 tons	119,103	123,386	(3.5)
of which: gasoline	‘000 tons	49,389	51,541	(4.2)
kerosene	‘000 tons	10,917	9,955	9.7
diesel	‘000 tons	58,797	61,890	(5.0)
Market share in domestic sales market	%	31.3	31.1	0.2 percentage point
Sales volume per gas station	Ton/day	9.05	9.57	(5.3)
	Unit	December 31, 2024	December 31, 2023	Year-on-year change (%)
---	---	---	---	---
Number of gas stations	Unit	22,441	22,755	(1.4)
Among which:
Self-operated gas stations	Unit	20,429	20,367	0.3
Number of convenience stores	Unit	19,700	19,583	0.6

(4) Natural Gas Sales

In 2024, the Group continued to optimize the business layout and marketing strategy of natural gas business, reasonably allocated domestic and imported resources, overall strategized long-term purchase and spot purchase, as well as endeavored to expand the gross profits of the wholesale business of natural gas. The Group devoted more efforts to exploiting the markets of direct sales and end-users, strengthened the development of natural gas power generation business and continuously improved on the quality of marketing.

In 2024, the Group sold 287.753 billion cubic meters of natural gas, representing an increase of $5.2\%$ as compared with 273.548 billion cubic meters for last year, among which 227.833 billion cubic meters were sold in the domestic market, representing an increase of $3.7\%$ as compared with 219.757 billion cubic meters for last year.

3.1.3 Review of Operating Results

The following discussions and analysis should be read in conjunction with the audited financial statements of the Group and the notes set out thereto in the annual report and other sections hereof. The financial data set out below is extracted from the audited financial statements of the Group prepared under IFRS Accounting Standards.

(1) Consolidated Operating Results

In 2024, the Group achieved a revenue of RMB2,937.981 billion, representing a decrease of $2.5\%$ as compared with RMB3,012.812 billion for last year; profit attributable to owners of the Company was RMB164.684 billion, representing an increase of $2.0\%$ as compared with RMB161.416 billion for last year; basic earnings per share were RMB0.90, representing an increase of RMB0.02 as compared with RMB0.88 for last year.

Revenue The revenue of the Group was RMB2,937.981 billion for 2024, representing a decrease of $2.5\%$ as compared with RMB3,012.812 billion for last year. This was primarily due to the decrease in the prices of oil and gas products such as crude oil, natural gas and refined oil products and the decrease in sales volume of gasoline and diesel. The table below sets out external sales volume and average realized prices for major products sold by the Group in 2024 and 2023 and their respective percentage of change:

	Sales Volume (’000 tons)			Average Realized Price (RMB/ton)
	2024	2023	Percentage of Change (%)	2024	2023	Percentage of Change (%)
Crude oil(a)	155,569	149,936	3.8	3,876	4,030	(3.8)
Natural gas (hundred million cubic meters, RMB/’000 cubic meter)(b)	2,877.53	2,735.48	5.2	2,277	2,336	(2.5)
Gasoline	64,147	67,136	(4.5)	8,155	8,205	(0.6)
Diesel	74,191	79,700	(6.9)	6,632	7,064	(6.1)
Kerosene	20,662	18,962	9.0	5,554	5,982	(7.2)
Polyethylene	6,377	6,001	6.3	7,448	7,398	0.7
Polypropylene	3,783	3,700	2.2	6,827	6,838	(0.2)
Lubricant	1,890	1,659	13.9	8,330	8,853	(5.9)

(a) The crude oil listed above represents all the external sales volume of crude oil of the Group.
(b) The natural gas listed above represents all the external sales volume of natural gas of the Group. The average realized price was the external sales price, of which the decrease was mainly due to a decrease in sales price of international trade.

Operating Expenses Operating expenses for 2024 was RMB2,704.027 billion, representing a decrease of 2.6% as compared with RMB2,776.950 billion for last year, among which:

Purchases, Services and Other Purchases, services and other for 2024 was RMB1,938.093 billion, representing a decrease of 1.7% as compared with RMB1,972.238 billion for last year. This was primarily due to the decreased expenses in purchasing oil and gas products and trading expenses.

Employee Compensation Costs Employee compensation costs (including salaries of employees and cost of various market-oriented temporary and seasonal contractors, social insurance, housing provident fund, training costs and other additional costs) for 2024 was RMB179.257 billion, representing an increase of 2.9% as compared with RMB174.248 billion for last year. This was primarily due to the change of the employee's compensation of the Group in tandem with the operating results of the Group.

Exploration Expenses Exploration expenses for 2024 was RMB20.862 billion, representing an increase of 0.5% as compared with RMB20.764 billion for last year. This was primarily due to the Group's increased efforts devoted to oil and gas exploration work deployment.

Depreciation, Depletion and Amortization Depreciation, depletion and amortization for 2024 was RMB243.209 billion, representing a decrease of 1.8% as compared with RMB247.756 billion for last year. This was primarily due to the decrease in the impairment in long-term assets, such as oil and gas properties and fixed assets.

Selling, General and Administrative Expenses Selling, general and administrative expenses for 2024 was RMB59.749 billion, representing a decrease of 6.9% as compared with RMB64.211 billion for last year. This was primarily due to the Group's persistence on developing with low costs and continuous reduction in expenses of non-production nature.

Taxes other than Income Taxes Taxes other than income taxes for 2024 was RMB267.261 billion, representing a decrease of 9.8% as compared with RMB296.317 billion for last year, among which: the consumption tax was RMB177.024 billion, representing a decrease of 3.5% as compared with RMB183.360 billion for last year, mainly due to the decrease in sales of domestic refined oil products; the resource tax was RMB30.188 billion, representing an increase of 1.7% as compared with RMB29.674 billion for last year; crude oil special gain levy was RMB14.318 billion, representing a decrease of 16.3% as compared with RMB17.108 billion for last year, mainly due to the decrease in price of crude oil; the levy for mineral rights concessions was RMB4.602 billion, representing a decrease of RMB19.083 billion as compared with RMB23.685 billion for last year, mainly due to the accrual of mineral rights concessions for previous years made in accordance with relevant PRC regulations in 2023.

Other Income/(Expenses), net Other income, net for 2024 was RMB4.404 billion, representing an increase of RMB5.820 billion as compared with the other expense, net of RMB1.416 billion for last year. This was primarily due to the reduction in asset disposal losses and the impact of disposal in gains or losses from derivative financial instruments.

Profit from Operations The profit from operations for 2024 was RMB233.954 billion, representing a decrease of 0.8% as compared with RMB235.862 billion for last year.

Net Exchange Gain/(Loss) Net exchange gain for 2024 was RMB0.842 billion, representing an increase of RMB1.586 billion as compared with the net exchange loss of RMB0.744 billion for last year. This was primarily due to the impact of fluctuations in the exchange rate of US Dollar against RMB.

Net Interest Expense Net interest expense for 2024 was RMB11.932 billion, representing a decrease of 24.4% as compared with RMB15.775 billion for last year, mainly due to the Group's reduction of interest-bearing debt scale and the optimization of its debt structure.

Profit Before Income Tax Expense Profit before income tax expense for 2024 was RMB241.508 billion, representing an increase of 1.5% as compared with RMB237.881 billion for last year.

Income Tax Expense The income tax expense for 2024 was RMB57.753 billion, representing an increase of 0.8% as compared with RMB57.318 billion for last year. This was primarily due to the increase in the Group's profit before income tax expense.

Profit for the Year Profit for the year for 2024 was RMB183.755 billion, representing an increase of 1.8% as compared with RMB180.563 billion for last year.

Profit Attributable to Non-controlling Interests Profit attributable to non-controlling interests for 2024 was RMB19.071 billion, representing a decrease of 0.4% as compared with RMB19.147 billion for last year. This was primarily due to the decrease in net profits from certain non-wholly owned subsidiaries of the Group.

Profit Attributable to Owners of the Company Profit attributable to owners of the Company for 2024 was RMB164.684 billion, representing an increase of 2.0% as compared with RMB161.416 billion for last year.

(2) Segment Results

Oil, Gas and New Energy

Revenue The revenue of the Oil, Gas and New Energy segment for 2024 was RMB906.813 billion, representing an increase of 1.3% as compared with RMB894.847 billion for last year, which was primarily due to the increase in the sales volume of crude oil and natural gas under Oil, Gas and New Energy segment and the increase in the prices of natural gas.

The average realized price for crude oil of the Group in 2024 was USD74.70 per barrel, representing a decrease of 2.5% as compared with USD76.60 per barrel for last year.

Operating Expenses Operating expenses of the Oil, Gas and New Energy segment for 2024 was RMB747.068 billion, representing an increase of 0.2% as compared with RMB745.756 billion for last year, which was primarily due to the combined effect of increase in expenses for procuring

fuel, materials, etc. and the decrease in crude oil special gain levy and levy for mineral rights concessions.

In 2024, the unit oil and gas lifting costs of the Group was USD12.05 per barrel, representing an increase of 0.8% as compared with USD11.95 per barrel for last year.

Profit from Operations In 2024, the Oil, Gas and New Energy segment, guided by the goal of improving efficiency and profitability, persisted in high-efficient exploration and high-profitable development. The Group made great efforts to control investments and cost expenses, continuously strengthened the management and control of oil and gas discovery costs and production costs, and endeavored to promote the increase of production and profitability. The Oil, Gas and New Energy segment realized profit from operations of RMB159.745 billion, representing an increase of 7.1% as compared with RMB149.091 billion for last year.

Refining, Chemicals and New Materials

Revenue The revenue of the Refining, Chemicals and New Materials segment for 2024 was RMB1,192.589 billion, representing a decrease of 2.3% as compared with RMB1,221.161 billion for last year, primarily due to the decrease in output and price of the refined oil products.

Operating Expenses Operating expenses of the Refining, Chemicals and New Materials segment for 2024 was RMB1,171.203 billion, representing a decrease of 1.1% as compared with RMB1,184.225 billion for last year, primarily due to the decrease in the procurement costs of crude oil and feedstock and consumption tax.

In 2024, the unit cash processing costs of refineries of the Group was RMB224.30 per ton, representing a decrease of 2.8% as compared with RMB230.74 per ton for last year, primarily due to the decrease in the cost of fuel.

Profit from Operations In 2024, the Refining, Chemicals and New Materials segment continuously optimized the feedstock structure and products structure, strengthened inventory management and strictly controlled production costs and expenses. The Refining, Chemicals and New Materials segment in 2024 realized profit from operations of RMB21.386 billion, representing a decrease of 42.1% as compared with RMB36.936 billion for last year, among which, the refining business recorded profit from operations of RMB18.230 billion, representing a decrease of 49.7% as compared with RMB36.252 billion for last year, primarily due to the narrowing profit margins in the refining business and decreases in production and sales volume; the chemical products business recorded profit from operations of RMB3.156 billion, representing an increase of RMB2.472 billion as compared with RMB0.684 billion for last year, primarily due to an improvement in the demand of chemical products in domestic market and increase in marketing efforts of high-value added chemical products and new materials.

Marketing

Revenue The revenue of the Marketing segment for 2024 was RMB2,454.546 billion, representing a decrease of 2.9% as compared with RMB2,527.059 billion for last year, primarily due to the decrease in the sales volume and the price of refined oil products and the revenue of

international trading operations.

Operating Expenses Operating expenses of the Marketing segment for 2024 was RMB2,438.052 billion, representing a decrease of 2.6% as compared with RMB2,503.097 billion for last year, primarily due to the decrease in the expenditure arising from the purchase of refined oil products and trading expenses.

Profit from Operations In 2024, the Marketing segment strengthened the study and analysis on the market conditions, adopted a flexible marketing strategy targeting the market trend of competition growing fiercer in domestic refined oil products market, strived to expand sales and decrease inventories, increased market share, simultaneously improved on its capacity to engage in international trade insofar as ensuring the smooth and stable operation of the industrial chain. The Marketing segment recorded profit from operations of RMB16.494 billion, representing a decrease of 31.2% as compared with RMB23.962 billion for last year, primarily due to the decrease in sales volume in the refined oil products and the gross profits of international trade.

Natural Gas Sales

Revenue The revenue of the Natural Gas Sales segment amounted to RMB592.690 billion for 2024, representing an increase of 5.6% as compared with RMB561.191 billion for last year, primarily due to the increase in both sales volume and price of domestic natural gas.

Operating Expenses Operating expenses of the Natural Gas Sales segment amounted to RMB538.680 billion for 2024, representing an increase of 4.0% as compared with RMB518.147 billion for last year, primarily due to the increase in the expenditure of natural gas purchase.

Profit from Operations In 2024, the Natural Gas Sales segment exploited the advantageous moment of price decrease in the international natural gas market, strived to control the procurement costs of natural gas, optimized the customers structure continuously, strenuously expanded the markets of direct sales and end-use sales, proactively developed the marketisation trade and increased the profitability continuously. The Natural Gas Sales segment recorded profit from operations of RMB54.010 billion, representing an increase of 25.5% as compared with RMB43.044 billion for last year.

In 2024, the Group’s overseas operations(a) realized a revenue of RMB963.781 billion, accounting for 32.8% of the Group’s total revenue; profit before income tax expense amounted to RMB38.033 billion, accounting for 15.7% of the Group’s total profit before income tax expense. The Group’s overseas operations maintained a stable development with continuous improvement in its international operation abilities.

(a) Overseas operations do not constitute a separate operating segment of the Group. The financial data of overseas operations are included in the financial data of respective operating segments mentioned above.

(3) Assets, Liabilities and Equity

The following table sets out the key items in the consolidated statement of financial position of the Group:

	As of December 31, 2024	As of December 31, 2023	Percentage of Change
	RMB million	RMB million	%
Total assets	2,752,751	2,758,975	(0.2)
Current assets	590,844	663,098	(10.9)
Non-current assets	2,161,907	2,095,877	3.2
Total liabilities	1,043,128	1,123,679	(7.2)
Current liabilities	637,317	690,597	(7.7)
Non-current liabilities	405,811	433,082	(6.3)
Equity attributable to owners of the Company	1,515,132	1,451,086	4.4
Share capital	183,021	183,021	-
Reserves	344,840	348,365	(1.0)
Retained earnings	987,271	919,700	7.3
Total equity	1,709,623	1,635,296	4.5

Total assets amounted to RMB2,752.751 billion, representing a decrease of $0.2\%$ as compared with RMB2,758.975 billion as of the end of last year, of which:

Current assets amounted to RMB590.844 billion, representing a decrease of $10.9\%$ as compared with RMB663.098 billion as of the end of last year, primarily due to the decrease in cash and cash equivalents and inventories.

Non-current assets amounted to RMB2,161.907 billion, representing an increase of $3.2\%$ as compared with RMB2,095.877 billion as of the end of last year, primarily due to the increase in the property, plant and equipment.

Total liabilities amounted to RMB1,043.128 billion, representing a decrease of $7.2\%$ as compared with RMB1,123.679 billion as of the end of last year, of which:

Current liabilities amounted to RMB637.317 billion, representing a decrease of $7.7\%$ as compared with RMB690.597 billion as of the end of last year, primarily due to the decrease in the short-term borrowings and accounts payable.

Non-current liabilities amounted to RMB405.811 billion, representing a decrease of $6.3\%$ as compared with RMB433.082 billion as of the end of last year, primarily due to the decrease in the long-term borrowings.

Equity attributable to owners of the Company amounted to RMB1,515.132 billion, representing an increase of $4.4\%$ as compared with RMB1,451.086 billion as of the end of last year, primarily due to the increase in retained earnings.

(4) Cash Flows

As of December 31, 2024, the primary sources of funds of the Group were cash from operating activities and short-term and long-term borrowings. The funds of the Group were mainly used for operating activities, capital expenditures, repayment of short-term and long-term borrowings as well as distribution of dividends to shareholders.

The table below sets out the net cash flows of the Group for 2024 and 2023 respectively and the amount of cash and cash equivalents as of the end of each year:

	Year ended December 31
	2024	2023
	RMB million	RMB million
Net cash flows from operating activities	406,532	456,847
Net cash flows used for investing activities	(307,347)	(255,750)
Net cash flows used for financing activities	(178,876)	(146,862)
Translation of foreign currency	3,167	3,576
Cash and cash equivalents at the end of the year	172,477	249,001

Net Cash Flows from Operating Activities

The net cash flows from operating activities of the Group in 2024 amounted to RMB406.532 billion, representing a decrease of $11.0\%$ as compared with RMB456.847 billion for last year, primarily due to the combined impact from the increase in profit and the change in working capital during the Reporting Period. As of December 31, 2024, the Group had cash and cash equivalents of RMB172.477 billion. The cash and cash equivalents were mainly denominated in Renminbi and US Dollar (approximately $57.2\%$ were denominated in US Dollar, approximately $35.3\%$ were denominated in Renminbi, approximately $5.1\%$ were denominated in HK Dollar and approximately $2.4\%$ were denominated in other currencies).

Net Cash Flows Used for Investing Activities

The net cash flows used for investing activities of the Group in 2024 amounted to RMB307.347 billion, representing an increase of $20.2\%$ as compared with RMB255.750 billion for last year, primarily due to the increase in the capital expenditure.

Net Cash Flows Used for Financing Activities

The net cash flows used for financing activities of the Group in 2024 was RMB178.876 billion, representing an increase of $21.8\%$ as compared with RMB146.862 billion for last year, primarily due to the Group's control of debt size and the optimization of the debt structure, and the repayment of long-term and short-term borrowings.

The net borrowings of the Group as of December 31, 2024 and December 31, 2023, respectively, were as follows:

	As of December 31, 2024	As of December 31, 2023
	RMB million	RMB million
Short-term borrowings (including current portion of long-term borrowings)	138,783	148,780
Long-term borrowings	98,072	143,198
Total borrowings	236,855	291,978
Less: Cash and cash equivalents	172,477	249,001
Net borrowings	64,378	42,977

The following table sets out the remaining contractual maturities of borrowings at the date of the consolidated statement of financial position, which are based on contractual undiscounted cash flows including principal and interest, and the earliest contractual maturity date:

	As of December 31, 2024	As of December 31, 2023
	RMB million	RMB million
Within 1 year	143,250	160,305
Between 1 and 2 years	30,656	93,927
Between 2 and 5 years	42,314	36,931
After 5 years	46,005	22,961
	262,225	314,124

Of the total borrowings of the Group as of December 31, 2024, borrowings at fixed rates loans were RMB109.092 billion, accounting for $46.1\%$ ; and borrowings at floating-rate were RMB127.763 billion, accounting for $53.9\%$ . Of the borrowings as of December 31, 2024, approximately $57.0\%$ were denominated in Renminbi, approximately $40.7\%$ were denominated in US Dollar and approximately $2.3\%$ were denominated in other currencies.

As of December 31, 2024, the gearing ratio of the Group (gearing ratio = interest-bearing borrowings/ (interest-bearing borrowings + total equity), interest-bearing borrowings include various short-term and long-term borrowings) was $12.2\%$ (15.1% as of December 31, 2023).

(5) Capital Expenditures

In 2024, the Group, by adhering to the principle of profitability, focused on the increase of reserves and production of oil and gas, the transformation and upgrading of refining and chemical business, the construction of marketing capacity and the business layout of new energy, new materials and new business, and continuously improved investment structure and level of return. In 2024, the capital expenditures of the Group amounted to RMB275.849 billion, representing an increase of $0.2\%$ as compared with RMB275.393 billion for last year. The table below sets out the capital expenditures of the Group for 2024 and 2023 and estimated capital expenditure of each business segment for 2025.

	2024		2023		Estimated amount for 2025
	RMB million	%	RMB million	%	RMB million	%
Oil, Gas and New Energy	227,633	82.52	248,433	90.21	210,000	80.09
Refining, Chemicals and New Materials	33,489	12.14	16,383	5.95	36,500	13.92
Marketing	7,188	2.61	4,673	1.70	7,600	2.90
Natural Gas Sales	4,300	1.56	4,050	1.47	5,500	2.10
Head Office and Other	3,239	1.17	1,854	0.67	2,600	0.99
Total	275,849	100.00	275,393	100.00	262,200	100.00

Oil, Gas and New Energy

Capital expenditures for the Oil, Gas and New Energy segment for 2024 amounted to RMB227.633 billion, which were primarily used for the exploration and development with scale benefit and profitability in key domestic basins such as Songliao, Ordos, Junggar, Tarim, Sichuan and Bohai Bay, devoting greater efforts in the exploration of unconventional resources such as shale gas and shale oil, accelerating the construction of gas storage capacity, promoting new energy projects, such as clean power, utilization of geothermal waste heat, and CCUS, and focusing on profitable exploration and expansion of reserves of designated scale in overseas operations, and promoting existing key projects in cooperation areas such as the Middle East, Central Asia, Africa, the Americas, the Asia-Pacific region and etc.

It is estimated that the capital expenditures for the Oil, Gas and New Energy segment for 2025 will be RMB210.000 billion, which will be primarily for the continuous concentration of exploration and development with scale benefit and profitability in key domestic basins such as Songliao, Ordos, Junggar, Tarim, Sichuan and Bohai Bay. The Company will devote greater efforts in the exploration of unconventional resources such as shale gas and shale oil, accelerate the construction of gas storage capacity, promote new energy demonstration projects, such as clean power, utilization of geothermal waste heat, CCUS and hydrogen energy. The Group will adhere to the principle of concentrated and profitable development in overseas operations, promote the self-exploration projects, steadily promote the exploration of new projects, continuously optimize asset structure, business structure and regional layout while continuing operating existing projects in cooperation areas such as the Middle East, Central Asia, the

Americas and the Asia Pacific region.

Refining, Chemicals and New Materials

Capital expenditures for the Refining, Chemicals and New Materials segment for 2024 amounted to RMB33.489 billion, which were primarily used for refining and chemical transformation and upgrading project of Jilin Petrochemical Company's and Guangxi Petrochemical Company's integration of refining and petrochemical transformation and upgrading project, and the commencement of construction of Dushanzi Petrochemical Company's Tarim 1.2 million tons per year phase II ethylene project.

It is estimated that the capital expenditures for the Refining, Chemicals and New Materials segment for 2025 will be RMB36.500 billion, mainly allocated for the completion and commencement of production of refining and chemical transformation and upgrading project of Jilin Petrochemical Company's and Guangxi Petrochemical Company's integration of refining and petrochemical transformation and upgrading project. It will also be used to implement the Dushanzi Petrochemical Company's Tarim 1.2 million tons per year phase II ethylene project, the high-end polyolefin new material project of Blue Ocean New Material Company and steadily promote with the transformation and upgrading projects such as project of Fushun Petrochemical Company.

Marketing

Capital expenditures for the Marketing segment for 2024 amounted to RMB7.188 billion, which were primarily used for the construction of domestic integrated energy stations covering "oil, gas, hydrogen, power and non-oil products" and charging and swapping stations, and optimization of terminal network layout.

It is estimated that the capital expenditures for the Marketing segment for 2025 will amount to RMB7.600 billion which will be primarily used for the construction of domestic integrated energy stations covering "oil, gas, hydrogen, power and non-oil products", enhancing the efforts devoted to the construction of charging and swapping stations, optimization of terminal network layout and the equipment construction of overseas oil and gas storage and transportation and sales.

Natural Gas Sales

Capital expenditures for the Natural Gas Sales segment for 2024 amounted to RMB4.300 billion, which were primarily used for construction of projects including Fujian LNG receiving terminal, outgoing pipeline, natural gas branch lines and market development projects for urban gas terminal market.

It is estimated that capital expenditures for the Natural Gas Sales segment for 2025 will be RMB5.500 billion, which will be used primarily for construction of projects including Fujian

LNG terminals and the supporting pipelines, expansion of Jiangsu LNG storage tanks, natural gas branch lines and market development projects for urban gas end market.

Head Office and Other

Capital expenditures for the Head Office and Other segment for 2024 were RMB3.239 billion, which were primarily used for construction of scientific research facilities and IT systems.

It is estimated that the capital expenditures for the Head Office and Other segment of the Group for 2025 will be RMB2.600 billion, which will be primarily used for construction of scientific facilities and IT systems.

3.1.4 Future Prospects

In 2025, it is expected that the world economy will maintain growth, the inflation level will decline continuously but there may be an increase in policy uncertainty. The supply and demand in the international oil and gas market will continue to be loose and the median of international crude oil price is estimated to have certain decline. The growth of the PRC economy will maintain stable, and its GDP growth expected target will be approximately 5.0%. The domestic oil and gas market and chemical products market will have ample potential, especially the demand for natural gas will maintain a rapid growth momentum, yet meanwhile there will be fiercer competition in the domestic refined oil products market. The Group will adhere to the overall principle of steadily making progress and strenuously implementing the five development strategies of innovation, resources, market, internationalization and green and low-carbon, actively studying and analyzing the market, proactively adapting to market changes, continuing to optimize production and operation, strengthening cost management, and continuing to improve the quality and profitability of the operation of major industry chains of oil and gas. The Group will fully exploit its advantages, develop new productivity based on the geographical locations, accelerate its strategizing of the business layout of emerging industries such as new energy and new materials business, and focus on enhancing the Company's capacity in value-creation, risk-handling and sustainable development.

In terms of Oil, Gas and New Energy Business, the Group will adhere to the target of increasing reserves and production. Domestically, the Group will strengthen high-profitable exploration and development projects, focus on three strategic directions (i.e., marine carbonate rocks, foreland structural belt and the unconventional resources), improve risk exploration and step-out preliminary prospecting, carry out concentrated exploration in the large-scale reserves increasing fields, deepen fine exploration of oil and gas-rich zones in mature blocks, strive to increase the large scale economically recoverable reserves and the reserve replacement ratio, keep consolidating the resource base. The Group will promote the consolidation work on stabilizing the production of mature oil and gas fields, take various measures simultaneously to increase the recovery ratio and control the decline ratio, control the progress of capacity construction projects such as those in Fuman in Tarim Basin and Mahu in Xinjiang. The Group will speed up the

exploration and development of shale oil and gas, and complete the high-quality construction of two national demonstration zones in Jimsar and Gulong and production base in Qingcheng. In overseas, the Group will accelerate the risk exploration projects such as the one in Suriname, intensify the concentrated exploration such as the one in Aktobe, and endeavoring to achieve increase in economics of scale and reserves; the Group will focus on the countries along the "Belt and Road" and strategize the promotion of new overseas oil and gas projects, ensure the accurate development of projects such as the one in Rumaila, continuously optimize the regional layout and asset structure, and continuously improve the concentration and return on investment of the overseas oil and gas businesses and assets. The Group will accelerate to the acquisition and transformed implementation of wind and photovoltaic power generation quota, strategize the promotion of wind and photovoltaic power generation, geothermal energy, hydrogen energy and CCUS/CCS. In 2025, the Group plans to reach the crude oil output of 936.2 million barrels, the marketable natural gas output of 5,341.0 billion cubic feet and the oil and natural gas equivalent output of 1,826.6 million barrels.

In terms of Refining, Chemicals and New Materials Business, the Group will continuously promote the transformation and upgrading. Based on a market-oriented and profitability-centered approach, the Group will further implement the reduction of refined oil products and increase of chemical products (滅油增化), the reduction of traditional refined oil products and increase of featured refined products (滅油增特), give priority of crude oil resources to enterprises with integrated refining and chemical processes and producing high yield of featured refined products, increase production of high value-added products such as aviation kerosene, high-grade gasoline and diesel with low pour point. The Group will increase the production of paraffin, low-sulphur marine fuel oil and other featured products, aim at the high-end olefins, special rubber and frontier materials, vigorously develop the new material business. The Group will vigorously develop high-end chemical products market, and promote branding of basic chemicals and bulk commodities. The Group will complete the construction of and commence production of projects with high-quality standard, including Jilin Petrochemical Company's and Guangxi Petrochemical Company's ethylene transformation and upgrading projects. The Group will accelerate the construction of Blue Sea New Materials and other projects, cultivate and develop fine chemicals and biofuel industries, build biological manufacturing and other incubation platforms, and promote the industrial chain to move toward medium-high end. In 2025, the Group estimates that the processed crude oil will reach 1,330.9 million barrels.

In terms of Marketing Business, the Group will proactively adapt to the changes in market conditions, strengthen the coordination of production and marketing of refined oil products, adjust resource allocation and marketing strategy flexibly, develop differentiating marketing based on different categories of products, strive to stabilize the market share, and increase sales profitability. The Group will actively build comprehensive energy service stations, continue to improve the business layout of gas filling and charging networks, and strive to increase the market share. The Group will strengthen the study and judgment of the international market situation and continuously enhance the profitability in international trade.

In terms of Natural Gas Sales Business, the Group will ensure the seamless connection of demand and supply of resources, continuously optimize the resource structure and direction sales, proactively expand the high-end and profitable market, direct sales customers and industrial customers, and enhance the ratio of high-end sales volume. The Group will continuously implement sales strategies such as proxy procurement and online sales and employ market-oriented means to improve the profit-making capacity of the natural gas industrial chain.

3.2 Other Financial Information

(1) Financial data prepared under CAS

	As of December 31, 2024	As of December 31, 2023	Percentage of Change
	RMB million	RMB million	%
Total assets	2,753,007	2,759,237	(0.2)
Current assets	590,844	663,098	(10.9)
Non-current assets	2,162,163	2,096,139	3.1
Total liabilities	1,043,144	1,123,693	(7.2)
Current liabilities	637,317	690,597	(7.7)
Non-current liabilities	405,827	433,096	(6.3)
Total equity attributable to owners of the Company	1,515,371	1,451,333	4.4
Total equity	1,709,863	1,635,544	4.5

See section (3) in 3.1.3 for an analysis of the reasons for the change.

(2) Principal operations by segment under CAS

	Income from principal operations for the year 2024	Cost of principal operations for the year 2024	Margin (a)	Year-on-year change in income from principal operations	Year-on-year change in cost of principal operations	Increase or decrease in margin
	RMB million	RMB million	%	%	%	Percentage points
Oil, Gas and New Energy	884,057	592,607	26.2	1.2	6.3	(0.5)
Refining, Chemicals and New Materials	1,186,722	936,048	4.5	(2.2)	(0.3)	(1.4)
Marketing	2,425,427	2,344,501	3.3	(2.7)	(2.5)	(0.1)
Natural Gas Sales	585,991	536,316	8.4	5.7	4.2	1.3
Head Office and Other	1,064	381	-	(15.4)	(54.3)	-
Inter-segment Elimination	(2,212,771)	(2,210,480)	-	-	-	-
Total	2,870,490	2,199,373	14.4	(2.4)	(1.2)	(0.1)

(a) Margin = Profit from principal operations / Income from principal operations.

(3) Principal subsidiaries and associates of the Group under CAS

Name of company	Registered capital		Amount of total assets	Amount of total liabilities	Amount of total net assets/ (liabilities)	Net profit/ (loss)
	RMB million	%	RMB million	RMB million	RMB million	RMB million
Daqing Oilfield	47,500	100.00	389,640	154,037	235,603	7,283
CNPC Exploration and Development Company Limited	16,100	50.00	224,913	25,272	199,641	16,871
PetroChina Hong Kong Limited	HKD7,592 million	100.00	167,418	53,400	114,018	9,508
PetroChina International Investment Company Limited	31,314	100.00	105,033	198,810	(93,777)	(8,181)
PetroChina International Co., Ltd.	18,096	100.00	302,383	193,197	109,186	11,960
PetroChina Sichuan Petrochemical Co., Ltd.	10,000	90.00	28,482	3,001	25,481	929
Guangdong Petrochemical Company	20,000	90.00	70,982	41,768	29,214	19
China Oil & Gas Pipeline Network Corporation	500,000	29.90	928,214	330,508	597,706	34,010
China Petroleum Finance Co., Ltd.	16,395	32.00	515,731	428,632	87,099	6,040
CNPC Captive Insurance Co., Ltd.	6,000	49.00	10,930	3,286	7,644	236
China Marine Bunker (PetroChina) Co., Ltd.	1,000	50.00	12,356	9,685	2,671	236
Mangistau Investment B.V.	USD131 million	50.00	11,836	3,742	8,094	538
Trans-Asia Gas Pipeline Co., Ltd.	5,000	50.00	52,279	6,035	46,244	3,964

3.3 Distribution Plan for the Final Dividend for 2024

After overall consideration of the Company’s operating results, financial position and cash flows, etc. and in return for the shareholders, the Board recommends a final cash dividend of RMB0.25 (inclusive of applicable tax) per share for 2024 to all shareholders of the Company. The total amount of cash dividends reaches approximately RMB45.755 billion. The proposed final dividend is subject to shareholders’ review and approval at the 2024 annual general meeting. The final dividend of H shares will be paid to all shareholders of H shares whose names appear on the register of members of the Company at the close of trading on June 24, 2025. The register of members of H shares will be closed from June 19, 2025 to June 24, 2025 (both days inclusive) during which period no transfer of H shares will be registered. In order to qualify for the final dividend, holders of H shares must lodge all transfer documents together with the relevant share certificates at Computershare Hong Kong Investor Services Limited, Shops 1712-1716, 17th Floor, Hopewell Center, 183 Queen’s Road East, Wanchai, Hong Kong, at or before 4:30 p.m. on June 18, 2025. Holders of A shares whose names appear on the register of members of the Company maintained at China Securities Depository and Clearing Corporation Limited (“CSDC”) at the close of trading on the Shanghai Stock Exchange in the afternoon of June 24, 2025 are

eligible for the final dividend. The final dividend of A shares and H shares for 2024 will be paid on or about June 25, 2025 and July 24, 2025, respectively.

In accordance with the relevant provisions of the Articles of Association of the Company and relevant laws and regulations, dividends payable to the Company's shareholders shall be declared in Renminbi. Dividends payable to the holders of A shares shall be paid in Renminbi, and for the A shares of the Company listed on the Shanghai Stock Exchange and invested by the investors through the Hong Kong Stock Exchange, dividends shall be paid in Renminbi to the accounts of the nominal shareholders through CSDC. Save for the H shares of the Company listed on the Hong Kong Stock Exchange and invested by the investors through the Shanghai Stock Exchange and the Shenzhen Stock Exchange (the "H Shares under the Southbound Trading Link"), dividends payable to the holders of H shares shall be paid in Hong Kong Dollar. The applicable exchange rate shall be the average of the medium exchange rate for Renminbi to Hong Kong Dollar as announced by the People's Bank of China for the week prior to the declaration of the dividends at the 2024 annual general meeting. Dividends payable to the holders of H Shares under the Southbound Trading Link shall be paid in Renminbi. In accordance with the Agreement on Payment of Cash Dividends on the H Shares under the Southbound Trading Link (《港股通H股股票现金紅利派發協議》) between the Company and CSDC, CSDC will receive the dividends payable by the Company to holders of the H Shares under the Southbound Trading Link as a nominal holder of the H Shares under the Southbound Trading Link on behalf of investors and assist the payment of dividends on the H Shares under the Southbound Trading Link to investors thereof.

In relation to individual shareholders and securities investment funds holding A shares of the Company, according to the Notice on the Implementation of Differential Individual Income Tax Policies on Dividends and Bonuses of Listed Companies (Cai Shui [2012] No.85) (《關於實施上市公司股息紅利差別化個人所得稅政策有關問題的通知》(財稅[2012] 85 號)) and the Notice on Issues concerning Differentiated Individual Income Tax Policies on Dividends and Bonuses of Listed Companies (Cai Shui [2015] No.101) (《關於上市公司股息紅利差別化個人所得稅政策有關問題的通知》(財稅[2015] 101號)), when the Company distributes dividends, investors holding the shares of the Company for more than one year shall be temporarily exempted from individual income tax; investors holding the shares of the Company within one year (including one year) shall be temporarily exempted from paying individual income tax. When individual shareholders and securities investment funds holding A shares of the Company transfer their shares after the equity registration date, the Shanghai Branch of CSDC will calculate the actual tax payable based on the period of their shareholding, and securities companies and other share custodians will withhold the amount of tax payable from their respective accounts transfer to the Shanghai Branch of CSDC. The actual tax payable is calculated as follows: if the shareholding period (meaning the duration from the date of public offering or acquiring the Company's shares from the market to the day before the date of transfer and delivery of the stock) is within one month (including one month), the dividends and bonuses will be fully considered as taxable income, and the actual tax payable will be $20\%$ of the dividends and bonuses; if the shareholding period is more than one month to one year (including one year), $50\%$ of the

dividends and bonuses will be considered as taxable income, and the actual tax payable will be 10% of the dividends and bonuses; if the shareholding period exceeds one year, the dividends and bonuses are temporarily exempted from individual income tax.

In relation to Qualified Foreign Institutional Investors (“QFII”) holding A shares of the Company, according to the Notice on Relevant Issues Concerning the Withholding of Enterprise Income Tax on Dividends, Bonuses and Interests Paid to QFII by Chinese Resident Enterprises (《關於中國居民企業向QFII支付股息、紅利、利息代扣代繳企業所得稅有關問題的通知》(國稅函[2009] 47號)) promulgated by the State Administration Taxation (“SAT”) on January 23, 2009 (“Letter No. 47 [2009] of the SAT”), the Company will withhold enterprise income tax at the rate of 10%; if the relevant shareholders consider that they are entitled to tax treatment under certain tax treaty (arrangement) in relation to the dividends, such shareholders may file an application for the tax treatment under the tax treaty (arrangement) with the competent tax authority after receiving dividends according to Letter No. 47 [2009] of the SAT.

According to the Law on Corporate Income Tax of the People’s Republic of China (《中華人民共和國企業所得稅法》) and the relevant implementing rules which came into effect on January 1, 2008, amended on February 24, 2017 and December 29, 2018, the Company is required to withhold corporate income tax at the rate of 10% before distributing dividends to non-resident enterprise shareholders whose names appear on the register of members of H shares of the Company. Any H shares registered in the name of non-individual shareholders, including HKSCC Nominees Limited, other nominees, trustees or other groups and organizations will be treated as being held by non-resident enterprise shareholders and therefore will be subject to the withholding of the corporate income tax. Should any holder of H shares wish to change his/her/its shareholder status, please consult his/her/its agent or trust institution over the relevant procedures. The Company will withhold payment of the corporate income tax strictly in accordance with the relevant laws or requirements of the relevant governmental departments and strictly based on the information registered on the Company’s H share register of members on June 24, 2025.

According to the Notice on Issues Concerning the Collection and Management of Individual Income Tax after the Abolition of Guo Shui Fa [1993] No. 045 (《關於國稅發 [1993] 045號文件廢止後有關個人所得稅征管問題的通知》(Guo Shui Han [2011] No.348)(國稅函[2011] 348號)) promulgated by the SAT, the Company is required to withhold and pay the individual income tax for its individual H shareholders and the individual H shareholders are entitled to certain tax preferential treatments according to the tax agreements between those countries where the individual H shareholders are residents and China and the provisions in respect of tax arrangements between the China’s Mainland and Hong Kong (Macau). The Company would withhold and pay the individual income tax at the tax rate of 10% on behalf of the individual H shareholders who are Hong Kong residents, Macau residents or residents of those countries having agreements with China for individual income tax rate in respect of dividend of 10%. For individual H shareholders who are residents of those countries having agreements with China for individual income tax rates in respect of dividend of lower than 10%, the Company would make applications on their behalf to seek entitlement of the relevant agreed preferential treatments

pursuant to the circular of SAT on Issuing Administrative Measures on Preferential Treatment Entitled by Non-residents Taxpayers under Tax Treaties (SAT Circular [2019] No.35) (《關於發布<非居民納稅人享受協定待遇管理辦法>的公告》(國家稅務總局公告2019年第35號)). For individual H shareholders who are residents of those countries having agreements with China for individual income tax rates in respect of dividend of higher than 10% but lower than 20%, the Company would withhold the individual income tax at the agreed-upon effective tax rate. For individual H shareholders who are residents of those countries without any taxation agreements with China or having agreements with China for individual income tax in respect of dividend of 20% or in other situations, the Company would withhold the individual income tax at a tax rate of 20%.

The Company will determine the country of domicile of the individual H shareholders based on the registered address as recorded in the register of members of the Company (the "Registered Address") on June 24, 2025 and will accordingly withhold and pay the individual income tax. If the country of domicile of an individual H shareholder is not the same as the Registered Address, the individual H shareholder shall notify the share registrar of the Company's H shares and provide relevant supporting documents on or before 4:30 p.m. on June 18, 2025 (address: Computershare Hong Kong Investor Services Limited, Shops 1712-1716, 17th Floor, Hopewell Center, 183 Queen's Road East, Wanchai, Hong Kong). If the individual H shareholder does not provide the relevant supporting documents to the share registrar of the Company's H shares within the time period stated above, the Company will determine the country of domicile of the individual H shareholder based on the recorded Registered Address on June 24, 2025.

The Company will not entertain any claims arising from and assume no liability whatsoever in respect of any delay in, or inaccurate determination of, the status of the shareholders of the Company or any disputes over the withholding and payment of tax.

In accordance with the Notice of Ministry of Finance, the SAT and the China Securities Regulatory Commission on Taxation Policies concerning the Pilot Program of an Interconnection Mechanism for Transactions in the Shanghai and Hong Kong Stock Markets (Cai Shui [2014] No.81) (《財政部、國家稅務總局、證監會關於滬港股票市場交易互聯互通機制試點有關稅收政策的通知》（財稅〔2014〕81號）) which became effective on November 17, 2014 and the Notice of the Ministry of Finance, the SAT and the China Securities Regulatory Commission on Taxation Policies concerning the Pilot Program of an Interconnection Mechanism for Transactions in the Shenzhen and Hong Kong Stock Markets (Cai Shui [2016] No. 127) (《財政部、國家稅務總局、證監會關於深港股票市場交易互聯互通機制試點有關稅收政策的通知》（財稅 [2016] 127號）) which became effective on December 5, 2016, with regard to the dividends obtained by China's mainland individual investors from investment in the H shares of the Company listed on the Hong Kong Stock Exchange through the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect, the Company will withhold their individual income tax at the rate of 20% in accordance with the register of China's mainland individual investors provided by CSDC. As to the withholding tax having been paid abroad, an individual investor may file an application for tax credit with the competent tax authority of CSDC with an effective credit document. With respect to the dividends obtained by China's mainland securities investment funds from investment in the H shares of the Company listed on the Hong Kong Stock Exchange through the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect, the Company will withhold tax with reference to the provisions concerning the collection of tax on individual investors. The Company will not withhold income tax on dividends obtained by China's mainland enterprise investors, and China's mainland enterprise investors shall file their income tax returns and pay tax themselves instead.

With regard to the dividends obtained by the investors (including enterprises and individuals) from investment in the A shares of the Company listed on Shanghai Stock Exchange through the Hong Kong Stock Exchange, the Company will withhold income tax at the rate of 10% and file tax withholding returns with the competent tax authority. Where there is any Hong Kong investor who is a tax resident of a foreign country and the rate of income tax on dividends is less than 10%, as provided for in the tax treaty between the country and the PRC, the enterprise or individual may personally, or entrust a withholding agent to, file an application for the tax treatment under the tax treaty with the competent tax authority of the Company. Upon approval, the competent tax authority will refund tax based on the difference between the amount of tax having been collected and the amount of tax payable calculated at the tax rate as set out in the tax treaty.

4 Significant Matters

4.1 The acquisition of CNPC Electric Energy

On August 26, 2024, Daqing Oilfield, a wholly-owned subsidiary of the Company, entered into an acquisition agreement with Daqing Petroleum Administration Bureau, a wholly-owned subsidiary of CNPC, and CNPC Electric Energy, a wholly-owned subsidiary of Daqing Petroleum Administration Bureau, pursuant to which Daqing Oilfield acquired 100% equity interests in CNPC Electric Energy held by Daqing Petroleum Administration Bureau (the “Transaction”). The consideration for this equity acquisition under the acquisition agreement was RMB5.979 billion (excluding tax). The Transaction constituted a connected transaction of the Company and has been considered and approved at the eighth meeting of the ninth session of the Board, details of which are set out in the Company’s announcement published on August 26, 2024 on the websites of the Hong Kong Stock Exchange and Shanghai Stock Exchange. The financial statements of CNPC Electric Energy have been consolidated into the financial statements of the Company since October 29, 2024, and the comparative financial information is adjusted as combination of entities under common control.

This event does not affect the continuity of the business and the stability of the management of the Group and is conducive to the sustainable and healthy development of and positive operating results of the business of the Group.

4.2 The Chinese Government reduced the export tax refund rate for refined oil products

On November 15, 2024, the Ministry of Finance and the State Taxation Administration publicly issued Announcement on Adjustments to Export Tax Refund Policies (Announcement [2024] No.15 of the Ministry of Finance and the State Taxation Administration)（《關於調整出口退稅政策的公告》（財政部稅務總局公告 2024 年第 15 號）），which clarified that the export tax refund rate for vehicle gasoline, aviation gasoline, aviation kerosene and diesel decreased from 13% to 9% from December 1, 2024.

This event did not affect the continuity of the business and the stability of management of the Group.

4.3 The Chinese Government updated the catalogue of encouraged industries in the western region

On November 29, 2024, the NDRC publicly promulgated the Catalogue of Encouraged Industries in the Western Region (2025) (National Development and Reform Commission of the People’s Republic of China No.28 Order)（《西部地區鼓勵類產業目錄（2025年本）》（中華人民共和國國家發展和改革委員會令第28號））effective on January 1, 2025. Some provinces and autonomous regions shall add “development and application of high-standard gasoline and diesel production technologies”, “R&D and production of petrochemical and chemical new material products”, “R&D and manufacturing of petroleum equipment” and other encouraged industries.

This event will not affect the continuity of the business and the stability of management of the Group and is conducive to the sustainable and healthy development and positive operating results of the Group.

4.4 Events after the Reporting Period

4.4.1 The Chinese Government promoted the high-quality development of refined oil products circulation

On February 5, 2025, the General Office of the State Council publicly promulgated the Notice on Promoting the High-quality Development of Refined Oil Products Circulation (Guo Ban Fa [2025] No. 5)（《關於推動成品油流通高質量發展的意見》（國辦發〔2025〕5號）), the gist of which is to continuously improve on the circulation management system for wholesale, storage and retail of refined oil products, improve the cross-departmental regulatory mechanism for the circulation of refined oil products, and strengthen key areas such as safety, environmental protection, quality and measurement, promote the optimization of the layout of retail outlets of refined oil products, improve the level of services and support the construction of rural gas stations, the chain operation and green and low-carbon transformation development of retail enterprises of refined oil products.

4.4.2 The Chinese Government deepened the market-oriented reform of on-grid price for new energy

On February 9, 2025, NDRC and the National Energy Administration Bureau publicly issued the Circular on Deepening the Market-oriented Reform of On-grid Price for New Energy to Promote the High-quality Development of New Energy (NDRC Price [2025] No.136)（《關於深化新能源上網電價市場化改革促進新能源高品質發展的通知》（发改价格〔2025〕136号）), which is concerned with deepening the market-oriented reform of the on-grid price for new energy and promoting the entry of the on-grid power generated by wind power, solar power and

other new energy into the electricity market, and the on-grid price shall be determined based on market exchanges. A price settlement mechanism shall be simultaneously established by distinguishing between stock items and incremental items, to support the sustainable development of new energy power generation industry.

5 Financial Report

5.1 Explanation for Changes in Accounting Policy, Accounting Estimate or Recognition Policy as Compared with those for Last Annual Report

☑ Applicable
☐ Not applicable

5.1.1 Major impact of changes in CAS

In 2024, the Group has adopted the following revised accounting requirements and guidance under CASs newly issued by the Ministry of Finance (“MOF”).

Classification of Liabilities as Current or Non-current in CAS Bulletin No. 17 (Caikuai [2023] No. 21) (“CAS Bulletin No. 17”).

According to CAS Bulletin No. 17, only the Group’s substantive right to defer the settlement of liabilities for more than one year after the balance sheet date (“the right to defer the settlement of liabilities”) is considered when classifying the liquidity of liabilities; the subjective possibility of exercising the above right is not considered.

For liabilities arising from the Group’s loan arrangements, if the Group’s right to defer the settlement of liabilities is subject to compliance with covenants specified in the loan arrangements (“covenants”), only the covenants on or before the balance sheet date when classifying the liquidity of liabilities are considered; the effect of covenants after the balance sheet date is not considered.

If the Group settles its liabilities by delivering its own equity instruments at the option of the counterparty and classifies the above options as equity instruments and recognizes them separately as the equity component of a compound financial instrument in accordance with CAS 37- Presentation of Financial Instruments, there will be no effect on the classification of the liquidity of the liabilities. However, there will be effects on the classification if the above options cannot be classified as equity instruments.

The adoption of this requirement does not have a significant effect on the financial position and financial performance of the Group.

5.1.2 Major impact of changes in IFRS Accounting Standards

The IASB has issued the following amendments to IFRS Accounting Standards that are first effective for the current accounting period of the Group:

Classification of Liabilities as Current or Non-current and Non-current liabilities with covenants – Amendments to IAS 1; and
Supplier Finance Arrangements – Amendments to IAS 7 and IFRS 7.

None of these amendments have had a material effect on how the Group’s results and financial position for the current or prior periods which have been prepared or presented in this financial statements.

5.2 Nature, Corrected Amount, Reason and Impact of Material Accounting Error

☐ Applicable ☑ Not applicable

5.3 Changes in the Scope of Consolidation as Compared with those for Last Annual Report

☑ Applicable ☐ Not applicable

Daqing Oilfield, a wholly-owned subsidiary of the Company, entered into an acquisition agreement with Daqing Petroleum Administration Bureau, a wholly-owned subsidiary of CNPC, and CNPC Electric Energy, a wholly-owned subsidiary of Daqing Petroleum Administration Bureau, pursuant to which Daqing Oilfield acquired 100% equity interests in CNPC Electric Energy held by Daqing Petroleum Administration Bureau (the “Transaction”). The consideration for this equity acquisition under the acquisition agreement was RMB5.979 billion (excluding tax). The Transaction constituted a connected transaction of the Company and has been considered and approved at the 8th meeting of the 9th session of the Board, details of which are set out in the Company’s announcement published on August 26, 2024 on the websites of the Hong Kong Stock Exchange and Shanghai Stock Exchange. The financial statements of CNPC Electric Energy have been consolidated into the financial statements of the Company since October 29, 2024, and the comparative financial information is adjusted as combination of entities under common control.

5.4 Statement of the Board of Directors and the Supervisory Committee on Issuance of a “Non-Standard Auditing Report” by the Auditor

☐ Applicable ☑ Not applicable

5.5 The Balance Sheets, Income Statements, with Comparatives

☑ Applicable ☐ Not applicable

5.5.1 Financial statements prepared in accordance with IFRS Accounting Standards

(1) Consolidated Statement of Comprehensive Income

Unit: RMB million

| | Notes | 2024
RMB | 2023
RMB |
| --- | --- | --- | --- |
| REVENUE | (i) | 2,937,981 | 3,012,812 |
| OPERATING EXPENSES | | | |
| Purchases, services and other | | (1,938,093) | (1,972,238) |
| Employee compensation costs | | (179,257) | (174,248) |
| Exploration expenses, including exploratory dry holes | | (20,862) | (20,764) |
| Depreciation, depletion and amortization | | (243,209) | (247,756) |
| Selling, general and administrative expenses | | (59,749) | (64,211) |
| Taxes other than income taxes | | (267,261) | (296,317) |
| Other income/(expenses), net | | 4,404 | (1,416) |
| TOTAL OPERATING EXPENSES | | (2,704,027) | (2,776,950) |
| PROFIT FROM OPERATIONS | | 233,954 | 235,862 |
| FINANCE COSTS | | | |
| Exchange gain | | 12,726 | 20,162 |
| Exchange loss | | (11,884) | (20,906) |
| Interest income | | 8,799 | 8,288 |
| Interest expense | | (20,731) | (24,063) |
| TOTAL NET FINANCE COSTS | | (11,090) | (16,519) |
| SHARE OF PROFIT OF ASSOCIATES AND JOINT VENTURES | | 18,644 | 18,538 |
| PROFIT BEFORE INCOME TAX EXPENSE | (ii) | 241,508 | 237,881 |
| INCOME TAX EXPENSE | (iii) | (57,753) | (57,318) |
| PROFIT FOR THE YEAR | | 183,755 | 180,563 |
| OTHER COMPREHENSIVE INCOME | | | |
| Items that will not be reclassified to profit or loss | | | |
| Fair value changes in equity investment measured at fair value through other comprehensive income | | (109) | 64 |
| Currency translation differences | | (137) | 1,515 |
| Items that are or may be reclassified subsequently to profit or loss | | | |
| Cash flow hedges | | (8,111) | (1,893) |
| Share of the other comprehensive income of associates and joint ventures accounted for using the equity method | | 212 | 76 |
| Currency translation differences | | (4,019) | 2,252 |
| OTHER COMPREHENSIVE INCOME, NET OF TAX | | (12,164) | 2,014 |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR | | 171,591 | 182,577 |
| PROFIT FOR THE YEAR ATTRIBUTABLE TO: | | | |
| Owners of the Company | | 164,684 | 161,416 |
| Non-controlling interests | | 19,071 | 19,147 |
| | | 183,755 | 180,563 |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO: | | | |
| Owners of the Company | | 152,660 | 161,896 |
| Non-controlling interests | | 18,931 | 20,681 |
| | | 171,591 | 182,577 |
| BASIC AND DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY (RMB) | (iv) | 0.90 | 0.88 |

(2) Consolidated Statement of Financial Position

Unit: RMB million

| | Notes | December 31, 2024
RMB | December 31, 2023
RMB |
| --- | --- | --- | --- |
| NON-CURRENT ASSETS | | | |
| Property, plant and equipment | | 1,570,810 | 1,523,802 |
| Investments in associates and joint ventures | | 289,970 | 280,870 |
| Equity investments measured at fair value through other comprehensive income | | 700 | 832 |
| Right-of-use assets | | 192,014 | 196,607 |
| Intangible and other non-current assets | | 76,690 | 71,709 |
| Deferred tax assets | | 26,765 | 18,127 |
| Time deposits with maturities over one year | | 4,958 | 3,930 |
| TOTAL NON-CURRENT ASSETS | | 2,161,907 | 2,095,877 |
| CURRENT ASSETS | | | |
| Inventories | | 168,338 | 180,639 |
| Accounts receivable | (vi) | 71,610 | 69,006 |
| Derivative financial instruments | | 9,020 | 16,939 |
| Prepayments and other current assets | | 114,290 | 111,032 |
| Financial assets at fair value through other comprehensive income | | 8,868 | 10,661 |
| Financial assets at fair value through profit or loss | | 2,816 | 7,404 |
| Time deposits with maturities over three months but within one year | | 43,425 | 18,416 |
| Cash and cash equivalents | | 172,477 | 249,001 |
| TOTAL CURRENT ASSETS | | 590,844 | 663,098 |
| CURRENT LIABILITIES | | | |
| Accounts payable and accrued liabilities | (vii) | 338,513 | 363,650 |
| Contract liabilities | | 80,266 | 83,940 |
| Income taxes payable | | 6,845 | 11,173 |
| Other taxes payable | | 53,400 | 62,818 |
| Short-term borrowings | | 138,783 | 148,780 |
| Derivative financial instruments | | 7,051 | 10,729 |
| Lease liabilities | | 8,651 | 7,780 |
| Financial liabilities at fair value through profit or loss | | 3,808 | 1,727 |
| TOTAL CURRENT LIABILITIES | | 637,317 | 690,597 |
| NET CURRENT LIABILITIES | | 46,473 | 27,499 |
| TOTAL ASSETS LESS CURRENT LIABILITIES | | 2,115,434 | 2,068,378 |
| EQUITY | | | |
| EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY: | | | |
| Share capital | | 183,021 | 183,021 |
| Retained earnings | | 987,271 | 919,700 |
| Reserves | | 344,840 | 348,365 |
| TOTAL EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY | | 1,515,132 | 1,451,086 |
| NON-CONTROLLING INTERESTS | | 194,491 | 184,210 |
| TOTAL EQUITY | | 1,709,623 | 1,635,296 |
| NON-CURRENT LIABILITIES | | | |
| Long-term borrowings | | 98,072 | 143,198 |
| Asset retirement obligations | | 162,019 | 144,299 |
| Lease liabilities | | 109,968 | 113,440 |
| Deferred tax liabilities | | 25,672 | 23,130 |
| Other long-term obligations | | 10,080 | 9,015 |
| TOTAL NON-CURRENT LIABILITIES | | 405,811 | 433,082 |
| TOTAL EQUITY AND NON-CURRENT LIABILITIES | | 2,115,434 | 2,068,378 |

(3) Selected notes from the financial statements prepared in accordance with IFRS Accounting Standards

(i) Revenue

Revenue represents revenues from the sale of crude oil, natural gas, refined products, chemical products, non-oil products, etc., and from the transportation of crude oil and natural gas. Revenue from contracts with customers is mainly recognized at a point in time.

(ii) Profit Before Income Tax Expense

	2024	2023
	RMB millions	RMB millions
Items credited and charged in arriving at the profit before income tax expense include:
Credited
Dividend income from equity investments measured at fair value through other comprehensive income	30	18
Reversal of provision for impairment of receivables	121	432
Reversal of write down in inventories	313	59
Gain on disposal of investment in subsidiaries	865	102
Gain from ineffective portion of cash flow hedges (a)	939	1,226
Charged
Amortization of intangible and other assets	3,823	4,923
Depreciation and impairment losses:
Property, plant and equipment	222,767	227,783
Right-of-use assets	16,619	15,050
Auditors' remuneration (b)	30	46
Cost of inventories recognized as expense	2,229,378	2,289,586
Provision for impairment of receivables	864	475
Loss on disposal and scrap of property, plant and equipment (a)	9,961	11,591
Variable lease payments, low-value and short-term lease payment not included in the measurement of lease liabilities	2,559	2,140
Research and development expenses	23,014	21,967
Write down in inventories	2,680	6,470
Investment loss from disposal of derivative financial instruments (a)	9,764	11,019
Impairment of other non-current assets	42	259

(a) Other income/(expenses), net primarily includes gain from ineffective portion of cash flow hedges, loss on disposal and scrap of property, plant and equipment, investment loss from disposal of derivative financial instruments, government grants, and refund of import value-added tax relating to the import of natural gas.

(b) The auditors' remuneration above represents the annual audit fees paid by the Company. This remuneration does not include fees paid by subsidiaries to the Company's current auditor and its network firms which primarily included audit fees of RMB32 million, non-audit assurance services fees of RMB1 million, tax services fees of RMB3 million, and other service fees of RMB3 million, respectively. (2023: RMB31 million, RMB2 million, RMB1 million, RMB1 million).

(iii) Income Tax Expense

	2024	2023
	RMB million	RMB million
Current taxes	63,730	57,762
Deferred taxes	(5,977)	(444)
	57,753	57,318

In accordance with the relevant PRC income tax rules and regulations, the PRC corporate income tax rate applicable to the Group is principally 25%. Operations of the Group in western regions in China qualified for certain tax incentives in the form of a preferential income tax rate of 15% through the year 2030.

The tax on the Group's profit before taxation differs from the theoretical amount that would arise using the corporate income tax rate in the PRC applicable to the Group as follows:

	2024	2023
	RMB millions	RMB millions
Profit before income tax expense	241,508	237,881
Tax calculated at a tax rate of 25%	60,377	59,470
Tax return true-up	3,392	(196)
Effect of income taxes from international operations different	4,118	4,560
Effect of preferential tax rate	(10,053)	(10,021)
Tax effect of income not subject to tax	(8,093)	(8,499)
Tax effect of expenses not deductible for tax purposes	8,184	8,721
Tax effect of temporary differences and losses not recognized as	(172)	3,283
Income tax expense	57,753	57,318

(iv) Basic and Diluted Earnings Per Share

Basic and diluted earnings per share for the years ended December 31, 2024 and 2023 have been computed by dividing profit for the year attributable to owners of the Company by 183,021 million shares issued and outstanding for the year.

There are no potentially dilutive ordinary shares.

(v) Dividends

	2024	2023
	RMB millions	RMB millions
Interim dividends attributable to owners of the Company for 2024 (a)	40,265	-
Proposed final dividends attributable to owners of the Company for 2024 (b)	45,755	-
Interim dividends attributable to owners of the Company for 2023 (c)	-	38,434
Final dividends attributable to owners of the Company for 2023 (d)	-	42,095
	86,020	80,529

(a) Interim dividends attributable to owners of the Company in respect of 2024 of RMB0.22 yuan (inclusive of applicable tax) per share, amounting to a total of RMB40,265 million, were paid on September 19, 2024 (A shares) and October 28, 2024 (H shares).
(b) At the eleventh meeting of the ninth session of the Board, the Board of Directors proposed final dividends attributable to owners of the Company in respect of 2024 of RMB0.25 yuan (inclusive of applicable tax) per share

amounting to a total of RMB45,755 million. These consolidated financial statements do not reflect this dividend payable as the final dividends were proposed after the Reporting Period and will be accounted for in equity as an appropriation of retained earnings during the year ending December 31, 2025 when approved at the forthcoming 2024 Annual General Meeting.

(c) Interim dividends attributable to owners of the Company in respect of 2023 of RMB0.21 yuan (inclusive of applicable tax) per share, amounting to a total of RMB38,434 million, were paid on September 20, 2023 (A shares) and October 30, 2023 (H shares).

(d) Final dividends attributable to owners of the Company in respect of 2023 of RMB0.23 yuan (inclusive of applicable tax) per share, amounting to a total of RMB42,095 million, were approved at the 2023 Annual General Meeting held on June 5, 2024 and were paid on June 26, 2024 (A shares) and July 29, 2024 (H shares).

(vi) Accounts Receivable

	December 31, 2024	December 31, 2023
	RMB millions	RMB millions
Accounts receivable	74,678	71,763
Less: Provision for impairment of accounts receivable	(3,068)	(2,757)
	71,610	69,006

The aging analysis of accounts receivable (net of impairment of accounts receivable) based on the date of revenue recognition, at December 31, 2024 and 2023 is as follows:

	December 31, 2024	December 31, 2023
	RMB millions	RMB millions
Within 1 year	68,565	67,222
Between 1 and 2 years	2,245	1,496
Between 2 and 3 years	719	150
Over 3 years	81	138
	71,610	69,006

(vii) Accounts Payable and Accrued Liabilities

	December 31, 2024	December 31, 2023
	RMB millions	RMB millions
Trade payable	160,002	170,441
Salaries and welfare payable	8,095	8,592
Dividends payable	265	470
Notes payable	14,895	20,731
Construction fee and equipment cost payable	112,783	119,492
Others (a)	42,473	43,924
	338,513	363,650

(a) Others consist primarily of deposit, earnest money, caution money and insurance payable, etc.

The aging analysis of trade payable at December 31, 2024 and 2023 is as follows:

	December 31, 2024	December 31, 2023
	RMB millions	RMB millions
Within 1 year	149,886	160,462
Between 1 and 2 years	2,565	2,738
Between 2 and 3 years	1,297	889
Over 3 years	6,254	6,352
	160,002	170,441

(viii) Segment Information

The Group is principally engaged in a broad range of petroleum and natural gas related products, services and activities. The Group’s operating segments comprise: Oil, Gas and New energy, Refining, Chemicals and New materials, Marketing, Natural Gas Sales and Head Office and Other. The segment information for the operating segments for the years ended December 31, 2024 and 2023 are as follows:

Year Ended December 31, 2024	Oil, Gas and New Energy	Refining, Chemicals and New Materials	Marketing	Natural Gas Sales	Head Office and Other	Total
	RMB millions	RMB millions	RMB millions	RMB millions	RMB millions	RMB millions
Revenue	906,813	1,192,589	2,454,546	592,690	7,483	5,154,121
Less: Intersegment sales	(751,951)	(848,369)	(576,084)	(35,583)	(4,153)	(2,216,140)
Revenue from external customers	154,862	344,220	1,878,462	557,107	3,330	2,937,981
Depreciation, depletion and amortization	(188,277)	(29,119)	(18,037)	(5,919)	(1,857)	(243,209)
Including: Impairment losses of property, plant and equipment	(9,214)	(1,378)	(225)	(960)	-	(11,777)
Profit/(loss) from operations	159,745	21,386	16,494	54,010	(17,681)	233,954
Year Ended December 31, 2023	Oil, Gas and New Energy	Refining, Chemicals and New Materials	Marketing	Natural Gas Sales	Head Office and Other	Total
---	---	---	---	---	---	---
	RMB millions	RMB millions	RMB millions	RMB millions	RMB millions	RMB millions
Revenue	894,847	1,221,161	2,527,059	561,191	7,039	5,211,297
Less: Intersegment sales	(748,315)	(884,978)	(534,421)	(27,249)	(3,522)	(2,198,485)
Revenue from external customers	146,532	336,183	1,992,638	533,942	3,517	3,012,812
Depreciation, depletion and amortization	(194,376)	(28,217)	(17,926)	(5,439)	(1,798)	(247,756)
Including: Impairment losses of property, plant and equipment	(21,793)	(32)	(85)	(368)	-	(22,278)
Profit/(loss) from operations	149,091	36,936	23,962	43,044	(17,171)	235,862

5.5.2 Financial statements prepared in accordance with CAS

(1) Consolidated and Company Balance Sheets

Unit: RMB million

| ASSETS | December 31, 2024
The Group | December 31, 2023
The Group | December 31, 2024
The Company | December 31, 2023
The Company |
| --- | --- | --- | --- | --- |
| Current assets | | | | |
| Cash at bank and on hand | 216,246 | 269,873 | 25,199 | 62,807 |
| Financial assets held for trading | 2,816 | 7,404 | - | - |
| Derivative financial assets | 9,020 | 16,939 | 15 | 33 |
| Accounts receivable | 71,610 | 69,006 | 7,219 | 8,474 |
| Receivables financing | 8,868 | 10,661 | 7,556 | 10,031 |
| Advances to suppliers | 14,192 | 13,915 | 8,734 | 6,266 |
| Other receivables | 34,387 | 32,163 | 8,454 | 15,235 |
| Inventories | 168,338 | 180,639 | 97,297 | 110,386 |
| Other current assets | 65,367 | 62,498 | 47,551 | 45,565 |
| Total current assets | 590,844 | 663,098 | 202,025 | 258,797 |
| Non-current assets | | | | |
| Investments in other equity instruments | 707 | 839 | 181 | 173 |
| Long-term equity investments | 290,077 | 280,972 | 541,146 | 510,328 |
| Fixed assets | 480,407 | 470,058 | 262,146 | 254,065 |
| Oil and gas properties | 875,436 | 856,256 | 669,677 | 652,256 |
| Construction in progress | 214,967 | 197,488 | 129,145 | 115,035 |
| Right-of-use assets | 120,865 | 125,436 | 49,817 | 53,675 |
| Intangible assets | 92,790 | 92,745 | 66,006 | 66,760 |
| Goodwill | 7,436 | 7,442 | 77 | 77 |
| Long-term prepaid expenses | 14,018 | 14,089 | 8,607 | 8,585 |
| Deferred tax assets | 26,765 | 18,127 | 5,045 | - |
| Other non-current assets | 38,695 | 32,687 | 65,944 | 61,323 |
| Total non-current assets | 2,162,163 | 2,096,139 | 1,797,791 | 1,722,277 |
| TOTAL ASSETS | 2,753,007 | 2,759,237 | 1,999,816 | 1,981,074 |

Unit: RMB million

	December 31,2024	December 31,2023	December 31,2024	December 31,2023
LIABILITIES AND SHAREHOLDERS' EQUITY	The Group	The Group	The Company	The Company
Current liabilities
Short-term borrowings	45,955	38,979	49,315	17,445
Financial liabilities held for trading	3,808	1,727	-	-
Derivative financial liabilities	7,051	10,729	-	33
Notes payable	14,895	20,731	13,785	20,006
Accounts payable	272,785	289,934	99,068	101,615
Contract liabilities	80,266	83,940	59,194	62,178
Employee compensation payable	8,095	8,592	5,884	6,159
Taxes payable	60,245	73,991	34,857	46,717
Other payables	24,198	28,585	133,888	119,258
Current portion of non-current liabilities	101,757	117,823	18,458	111,672
Other current liabilities	18,262	15,566	8,501	8,962
Total current liabilities	637,317	690,597	422,950	494,045
Non-current liabilities
Long-term borrowings	74,072	126,165	33,641	27,947
Debentures payable	24,000	17,033	23,300	13,500
Lease liabilities	109,968	113,440	38,622	41,795
Provisions	162,019	144,299	122,300	107,128
Deferred tax liabilities	25,688	23,144	-	325
Other non-current liabilities	10,080	9,015	5,116	4,726
Total non-current liabilities	405,827	433,096	222,979	195,421
Total liabilities	1,043,144	1,123,693	645,929	689,466
Shareholders' equity
Share capital	183,021	183,021	183,021	183,021
Capital surplus	121,812	127,678	122,368	122,678
Special reserve	6,747	6,885	3,648	3,945
Other comprehensive income	(30,748)	(18,724)	1,347	1,099
Surplus reserves	252,305	237,802	241,213	226,710
Undistributed profits	982,234	914,671	802,290	754,155
Equity attributable to equity holders of the Company	1,515,371	1,451,333	1,353,887	1,291,608
Non-controlling interests	194,492	184,211	-	-
Total shareholders' equity	1,709,863	1,635,544	1,353,887	1,291,608
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	2,753,007	2,759,237	1,999,816	1,981,074

(2) Consolidated and Company Income Statements
Unit: RMB million

| Items | 2024
The Group | 2023
The Group | 2024
The Company | 2023
The Company |
| --- | --- | --- | --- | --- |
| Operating income | 2,937,981 | 3,012,812 | 1,810,603 | 1,851,487 |
| Less: Cost of sales | (2,275,223) | (2,303,005) | (1,370,574) | (1,379,524) |
| Taxes and surcharges | (266,012) | (295,106) | (190,320) | (224,754) |
| Selling expenses | (63,190) | (70,260) | (42,795) | (48,552) |
| General and administrative expenses | (65,026) | (55,634) | (38,713) | (32,879) |
| Research and development expenses | (23,014) | (21,967) | (17,034) | (16,796) |
| Finance expenses | (12,552) | (18,091) | (9,960) | (13,582) |
| Including: Interest expenses | 20,731 | 24,063 | 12,359 | 14,912 |
| Interest income | 8,799 | 8,288 | 3,007 | 1,960 |
| Add: Other income | 20,122 | 21,704 | 18,348 | 19,621 |
| Investment income | 11,934 | 9,554 | 33,638 | 33,381 |
| Including: Income from investment in
associates and joint ventures | 18,644 | 18,538 | 12,726 | 12,877 |
| Gains from changes in fair value | 4,673 | 2,008 | 8 | (25) |
| Credit impairment losses | (742) | (35) | (114) | (346) |
| Asset impairment losses | (14,278) | (28,956) | (9,839) | (19,979) |
| Gains on asset disposal | 613 | 498 | 680 | 1,721 |
| Operating profit | 255,286 | 253,522 | 183,928 | 169,773 |
| Add: Non-operating income | 3,130 | 3,130 | 2,479 | 2,067 |
| Less: Non-operating expenses | (16,914) | (18,775) | (13,639) | (15,308) |
| Profit before taxation | 241,502 | 237,877 | 172,768 | 156,532 |
| Less: Taxation | (57,755) | (57,316) | (27,741) | (24,138) |
| Net profit | 183,747 | 180,561 | 145,027 | 132,394 |
| Classified by continuity of operations: | | | | |
| Net profit from continuous operation | 183,747 | 180,561 | 145,027 | 132,394 |
| Net profit from discontinued operation | - | - | - | - |
| Classified by ownership: | | | | |
| Shareholders of the Company | 164,676 | 161,414 | 145,027 | 132,394 |
| Non-controlling interests | 19,071 | 19,147 | - | - |
| Other comprehensive income, net of tax | (12,164) | 2,014 | 248 | 488 |
| Other comprehensive income (net of tax)
attributable to equity holders of the Company | (12,024) | 480 | 248 | 488 |
| (1) Item that will not be reclassified to profit
Changes in fair value of investments in
other equity instruments | (106) | 45 | (2) | 8 |
| (2) Items that may be reclassified to profit or
Other comprehensive income
recognized under equity method | 212 | 76 | 304 | 327 |
| Cash flow hedges | (8,111) | (1,893) | (54) | 153 |
| Currency translation differences | (4,019) | 2,252 | - | - |
| Other comprehensive income (net of tax)
attributable to non-controlling interests | (140) | 1,534 | - | - |
| Total comprehensive income | 171,583 | 182,575 | 145,275 | 132,882 |
| Attributable to: | | | | |
| Equity holders of the Company | 152,652 | 161,894 | 145,275 | 132,882 |
| Non-controlling interests | 18,931 | 20,681 | - | - |
| Earnings per share | | | | |
| Basic earnings per share (RMB Yuan) | 0.90 | 0.88 | 0.79 | 0.72 |
| Diluted earnings per share (RMB Yuan) | 0.90 | 0.88 | 0.79 | 0.72 |

6 Repurchase, Sale or Redemption of Securities

Save as described in section “2.6 Bonds Issued But Not Yet Overdue” of this results announcement, the Company and its subsidiaries did not repurchase, sell or redeem any of the Group’s listed securities during the 12 months ended December 31, 2024.

7 Compliance with the Model Code for Securities Transactions by Directors of Listed Issuers

The Company has adopted the provisions in relation to dealing in shares of the Company by Directors as set out in the Model Code for Securities Transactions by Directors of Listed Issuers contained in Appendix C3 to the Hong Kong Listing Rules (the “Model Code”). After specific enquiries being made to all the Directors and Supervisors, each of the Directors and Supervisors has confirmed to the Company that each of them has complied with the relevant requirements set out in the Model Code in the Reporting Period.

8 Compliance with the Corporate Governance Code

For the year ended December 31, 2024, except for the deviation from code provision C.5.1 of the Corporate Governance Code (the “CG Code”) set out in Appendix C1 to the Hong Kong Listing Rules, the Company has complied with all the code provisions of the CG Code.

According to code provision C.5.1 of the CG Code, the Board should meet regularly, the Board meeting should be held at least four times a year and regular Board meetings do not include obtaining Board consent through circulating written resolutions. During 2024, the Board held eight Board meetings, including two on-site and video meetings, one on-site meeting and five meetings by written resolutions. Although three Board meetings were non-written meetings, the Board of Directors Office of the Company updates the Directors for the Group’s business development and other significant matters every month; the independent non-executive Directors also actively learn about the Company’s operating status, financial performance and progress of significant projects through methods such as on-site research, attending conferences, engaging in high-level exchanges and corresponding through letters. Additionally, the Board of Directors Office of the Company provides relevant materials to each Director prior to each Board meeting (including meetings by written resolutions), inquires about their opinions on the relevant resolutions and answers Directors’ enquiries. As such, the Company considers that sufficient measures have been taken to ensure that the Company’s corporate governance practices are no less exacting than those in the CG Code.

9 Audit Committee

The Audit Committee of the Company comprises Ms. Liu Xiaolei, Mr. Duan Liangwei and Mr. Jiang, Simon X. The major responsibilities of the Audit Committee are to review and monitor the Group’s financial reporting procedures and internal control systems and to provide opinions

to the Board. The Audit Committee of the Company has reviewed and confirmed the annual results for the 12 months ended December 31, 2024.

The figures set out in the results announcement of the Group for the year ended December 31, 2024 have been reviewed by the Company’s auditors to be consistent with the figures set out in the Group’s audited consolidated financial statements for the year ended December 31, 2024.

By Order of the Board of Directors
PetroChina Company Limited
Dai Houliang
Chairman
Beijing, the PRC
March 28, 2025

As of the date of this announcement, the Board comprises Mr. Dai Houliang as Chairman; Mr. Hou Qijun as Vice Chairman and non-executive Director; Mr. Duan Liangwei and Mr. Xie Jun as non-executive Directors; Mr. Huang Yongzhang, Mr. Ren Lixin and Mr. Zhang Daowei as executive Directors; and Mr. Jiang, Simon X., Mr. Zhang Laibin, Mr. Ho Kevin King Lun, Mr. Yan, Andrew Y and Ms. Liu Xiaolei as independent non-executive Directors.

This announcement contains certain forward-looking statements with respect to the financial position, operating results and business of the Group. These forward-looking statements are, by their names, subject to significant risk and uncertainties because they relate to events and depend on circumstances that may occur in the future and are beyond our control. The forward-looking statements reflect the Group's current views with respect to future events and are not a guarantee of future performance. Actual results may differ from information contained in the forward-looking statements.

This announcement is published in English and Chinese. In the event of any inconsistency between the Chinese and English versions, the Chinese version shall prevail.

AI assistant

FIH Mobile Limited — Earnings Release 2024

50355_rns_2025-03-30_f6a38692-fc5d-409d-bb02-5eaafbc4e0ff.pdf

中國石油天然氣股份有限公司

PETROCHINA COMPANY LIMITED

RESULTS ANNOUNCEMENT FOR THE YEAR ENDED DECEMBER 31, 2024 (SUMMARY OF THE 2024 ANNUAL REPORT)

1 Important Notice

1.5 Corporate Information

2 KEY FINANCIAL DATA AND CHANGES IN SHAREHOLDERS

2.1 Key Financial Data Prepared under IFRS Accounting Standards

2.2 Key Financial Data Prepared under CAS

2.3 Number of Shareholders and Shareholdings

2.3.1 Total Number of Shareholders Holding Ordinary Shares and Shareholdings of the Top Ten Shareholders

2.3.2 Participation of lending of shares under refinancing business by top ten shareholders

2.5 Ownership and Controlling Relationship between the Company and its Ultimate Controller

Interest Payment and Redemption of Bonds

Information on Follow-up Credit Rating of Bonds

Indicators Reflecting the Solvency of the Issuer

Note on Overdue Debts

3 Directors' Report

3.1 Discussion and Analysis of Operations

3.1.1 Market Review

(1) Crude Oil Market

(2) Refined Oil Products Market

(3) Chemical Products Market

(4) Natural Gas Market

3.1.2 Business Review

Domestic Oil and Gas

Overseas Oil and Gas

New Energy

Key Figures for the Oil, Gas and New Energy Segment

(2) Refining, Chemicals and New Materials

(3) Marketing

Domestic Operations

International Trading Operations

(4) Natural Gas Sales

3.1.3 Review of Operating Results

(1) Consolidated Operating Results

(2) Segment Results

Oil, Gas and New Energy

Refining, Chemicals and New Materials

Marketing

Natural Gas Sales

(3) Assets, Liabilities and Equity

(4) Cash Flows

Net Cash Flows from Operating Activities

Net Cash Flows Used for Investing Activities

Net Cash Flows Used for Financing Activities

(5) Capital Expenditures

Oil, Gas and New Energy

Refining, Chemicals and New Materials

Marketing

Natural Gas Sales

Head Office and Other

3.1.4 Future Prospects

3.2 Other Financial Information

(1) Financial data prepared under CAS

(2) Principal operations by segment under CAS

3.3 Distribution Plan for the Final Dividend for 2024

4.1 The acquisition of CNPC Electric Energy

4.2 The Chinese Government reduced the export tax refund rate for refined oil products

4.3 The Chinese Government updated the catalogue of encouraged industries in the western region

4.4 Events after the Reporting Period

4.4.1 The Chinese Government promoted the high-quality development of refined oil products circulation

4.4.2 The Chinese Government deepened the market-oriented reform of on-grid price for new energy

5 Financial Report

5.1 Explanation for Changes in Accounting Policy, Accounting Estimate or Recognition Policy as Compared with those for Last Annual Report

5.1.1 Major impact of changes in CAS

5.1.2 Major impact of changes in IFRS Accounting Standards

5.2 Nature, Corrected Amount, Reason and Impact of Material Accounting Error

5.3 Changes in the Scope of Consolidation as Compared with those for Last Annual Report

5.4 Statement of the Board of Directors and the Supervisory Committee on Issuance of a “Non-Standard Auditing Report” by the Auditor

5.5 The Balance Sheets, Income Statements, with Comparatives

5.5.1 Financial statements prepared in accordance with IFRS Accounting Standards

6 Repurchase, Sale or Redemption of Securities

7 Compliance with the Model Code for Securities Transactions by Directors of Listed Issuers

8 Compliance with the Corporate Governance Code

9 Audit Committee

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