PetroChina Company Limited - PCCYF STOCK NEWS

PetroChina Company announced significant achievements in 2023, with a revenue of RMB 3 trillion and a net profit increase of 8.3% year-on-year. The Company saw improvements in key production indicators and achieved record annual results for two consecutive years. Despite a 16.8% drop in realized oil prices, PetroChina's financial position remained strong, with optimized asset-liability structure and sound debt-to-asset ratios. The Company's operating results continued to grow, with historic highs in net cash flow and free cash flow. The Board of Directors recommended a final dividend of RMB 0.23 per share for 2023, marking a dividend payout ratio of 50%. PetroChina also reported record oil and natural gas equivalent output, enhanced quality and profitability of marketing business, and remarkable achievements in reducing costs and enhancing profitability of natural gas marketing business.

PetroChina Company Limited announced its intention to deregister with the SEC and terminate its reporting obligations under the U.S. Securities Exchange Act of 1934. The company delisted its American depositary shares from the NYSE and terminated its ADS program, and now plans to file a Form 15F with the SEC to deregister the ADSs and the underlying H shares of the Company. The deregistration and termination of reporting obligations are expected to become effective 90 days after filing, and the company will continue to comply with its information disclosure and other obligations as a listed company under the relevant rules of The Stock Exchange of Hong Kong Limited and the Shanghai Stock Exchange.

PetroChina achieved another record interim results with a net profit of RMB 85.27 billion, up 4.5% YoY. Free cash flow exceeded RMB 100 billion for the first time, reaching RMB 110.35 billion, a 17.6% increase from last year. Debt-to-asset ratio decreased by 0.9 percentage points to 41.6% and debt-to-capital ratio reduced by 1.4 percentage points to 16.0%. The Company will focus on increasing domestic oil and gas reserves, expanding new energies business, optimizing refining and chemicals production, and strengthening natural gas sales and marketing capabilities.

PetroChina announced positive Q1 2023 results with revenue of RMB 732.47 billion and net profit growth of 12.1% YoY. The company saw growth in oil and gas output, refining and chemicals business, refined products profitability, and natural gas sales. PetroChina plans to focus on core businesses and continue with innovation, green development, and corporate culture.