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    Xin Hu

    Research Analyst at Haitong Securities

    Xin Hu's questions to PETROCHINA CO (PCCYF) leadership

    Xin Hu's questions to PETROCHINA CO (PCCYF) leadership • Q3 2022

    Question

    Xin Hu of Haitong Securities inquired about adjustments to PetroChina's CapEx plan in response to market changes, specifically the allocation between traditional oil and gas versus new energy, and asked for an update on the company's green and low-carbon transition progress.

    Answer

    An executive from the Planning Department stated that the CapEx plan for the year has been increased, with more investment in E&P to consolidate the resource base. The investment allocation is approximately 75% to Oil & Gas and New Energy, 15% to Refining & Chemicals, and 7-8% to Marketing. Regarding the green transition, she highlighted accelerated efforts in securing wind and solar resources, the profitability of the Jilin photovoltaic project, geothermal development in Bohai Bay, and the establishment of CCUS demonstration bases targeting over 1 million tons of CO2 sequestration for the year.

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    Xin Hu's questions to PETROCHINA CO (PCCYF) leadership • Q2 2022

    Question

    Xin Hu of Haitong Securities asked for an explanation of the company's substantial year-over-year performance growth, its outlook for the full year, and details on its interim dividend policy and expectations for the annual dividend.

    Answer

    CFO and Board Secretary Wang Hua attributed the record H1 results to higher crude prices and successful quality and efficiency enhancement initiatives. He highlighted a 3.9% YoY increase in domestic oil and gas production and effective cost controls. For the interim dividend, the Board approved a 45% payout ratio of net income, resulting in a dividend of CNY 0.20258 per share, the highest ever. He stated the annual dividend would balance shareholder returns with the company's sustainable development.

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