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    Nai Di Zhao

    Research Analyst at Everbright Securities

    Nai Di Zhao's questions to PETROCHINA CO (PCCYF) leadership

    Nai Di Zhao's questions to PETROCHINA CO (PCCYF) leadership • Q2 2022

    Question

    Nai Di Zhao from Everbright Securities asked for PetroChina's outlook on China's economic development and its impact on oil and gas demand, as well as for details on the company's reserve situation in H1 and expectations for major discoveries for the full year.

    Answer

    President Huang Yongzhang expressed confidence in China's economic recovery, projecting a 1.6% YoY increase in refined oil consumption and a 5.5% rise in natural gas consumption in H2 2022. He detailed significant exploration progress, with 14 major discoveries in key basins. For H1, the company added 83.74 million tonnes of crude oil and 200 Bcm of natural gas in proven recoverable reserves, with full-year targets exceeding 100 million tonnes and 300 Bcm, respectively.

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    Nai Di Zhao's questions to PETROCHINA CO (PCCYF) leadership • Q1 2022

    Question

    Nai Di Zhao from Everbright Securities inquired about the drivers behind the increase in crude and natural gas production and requested a breakdown of the net profit increase across the company's business segments for Q1 2022.

    Answer

    President Yongzhang Huang attributed the production growth to enhanced management of existing fields, targeted measures in maturing blocks, and profitable capacity building in key areas like Changqing and Tarim. CFO Shouping Chai explained that the 40.9% year-over-year net profit increase to RMB 39 billion was driven by higher oil and gas prices and efficiency improvements, noting that all four business segments were profitable, with the E&P segment being the main contributor.

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