PetroChina Company (857) Q3 2024 earnings summary

Executive summary

• Revenue for Q1–Q3 2024 was RMB 2,256.3 billion, down 1.1% year-over-year; Q3 revenue was RMB 702.4 billion, down 12.4% year-over-year.

• Net profit attributable to owners for Q1–Q3 was RMB 132.5 billion, up 0.7%; Q3 net profit was RMB 43.9 billion.

• Oil and gas output increased 2.0% year-over-year to 1,342.3 MM boe for Q1–Q3 2024.

• Operating results reached the best historical level for the period, supported by stable oil and gas operations and rapid growth in new energy and materials.

• Average realized crude oil price rose 2.1% to US$76.88/bbl; domestic natural gas price up 1.0% to US$8.90/MCF.

Financial highlights

• Operating profit for Q1–Q3 2024 was RMB 187.9 billion, up 0.9% year-over-year.

• Basic EPS for Q1–Q3 2024 was RMB 0.724, up 0.7% year-over-year; Q3 EPS was RMB 0.240.

• Free cash flow reached RMB 152.0 billion as of September 30, 2024.

• Net cash flow from operating activities was RMB 338.9 billion as of September 30, 2024.

• Debt-to-asset ratio improved to 39.5% and debt-to-capital ratio to 11.4% as of September 30, 2024.

Outlook and guidance

• 2024 oil and gas output target set at 1,766.3 MM boe; Q1–Q3 progress at 1,342.3 MM boe.

• Domestic marketable natural gas output target for 2024 is 4,951.6 bcf; Q1–Q3 achieved 3,666.9 bcf.

• The company continues to focus on cost control, production efficiency, and green transformation.

• China's GDP grew 4.8% year-over-year in the first three quarters; international crude prices remained volatile but at medium-high levels.

• Domestic refined oil demand slowed, but natural gas demand maintained rapid growth.