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Annual Report Contains Certain Forward-Looking Statements with Respect to the Financial Position, Operational Results and Business of the Group

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Annual Report Contains Certain Forward-Looking Statements with Respect to the Financial Position, Operational Results and Business of the Group 2011英文封面打样.pdf 1 12-3-30 下午6:42 C M Y CM MY CY CMY K 027 031 This annual report contains certain forward-looking statements with respect to the financial position, operational 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 of future events and are not a guarantee of future performance. Actual results may differ from information contained in the forward-looking statements. Contents Information on Crude Significant Events Important Notice Oil and Natural Gas Reserves 89 38 2 Connected Corporate Profile Transactions 43 2 Financial Statements Corporate Governance Summary of Financial Data and Financial Prepared in Accordance Indicators with China Accounting Standards 92 51 5 Financial Statements Shareholders’ Changes in Share Meetings Capital and Information Prepared in Accordance on Shareholders with International Financial Reporting Standards 160 58 9 Corporate Information Directors’ Report Chairman’s Report 221 59 15 Documents Available Report of the Business Operating for Inspection Supervisory Committee Review 225 71 18 Confirmation from the Directors, Supervisors, Management’s Directors and Senior Senior Management Discussion and Management and Employees Analysis of Financial Position and Results of Operations 226 75 25 Important Notice Important notIce The Board of Directors (the “Board” or the “Board of Directors”) of PetroChina Company Limited (the “Company”), the Supervisory Committee and the Directors, Supervisors and Senior Management of the Company warrant that there are no material omissions from, or misrepresentation or misleading statements contained in this annual report, and jointly and severally accept full responsibility for the truthfulness, accuracy and completeness of the information contained in this annual report. The 2011 Annual Report has been approved at the fourth meeting of the Fifth Session of the Board of Directors. Mr Yu Baocai, a non-executive Director of the Company, Mr Ran Xinquan, an executive Director of the Company, and Mr Franco Bernabè, an independent non-executive Director of the Company, were absent from the fourth meeting of the Fifth Session of the Board. Mr Yu Baocai authorised Mr Li Xinhua, a non-executive Director of the Company, in writing to attend the meeting by proxy and to exercise his voring rights on his behalf. Mr Ran Xinquan authorised Mr Wang Dongjin, a non-executive Director of the Company, in writing to attend the meeting by proxy and to exercise his voting rights on his behalf. Mr Bernabè authorised Mr Cui Junhui, an independent non-executive Director of the Company, in writing to attend the meeting by proxy and to exercise his voting rights on his behalf. Mr Jiang Jiemin, Chairman of the Board, Mr Zhou Jiping, Vice Chairman of the Board and President of the Company, and Mr Zhou Mingchun, Chief Financial Officer and Head of the Finance Department of the Company, warrant the truthfulness and completeness of the financial statements in this annual report. No substantial shareholder of the Company has utilised the funds of the Company for non-operating purposes. The financial statements of the Company and its subsidiaries (the “Group”) have been prepared in accordance with China Accounting Standards (“CAS”) and International Financial Reporting Standards (“IFRS”), respectively. The financial statements of the Group for 2011, which have been prepared in accordance with CAS and IFRS have been audited by PricewaterhouseCoopers Zhong Tian CPAs Limited Company and PricewaterhouseCoopers, respectively. Both firms have issued unqualified opinions on the financial statements. corporate profIle 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 the China National Petroleum Corporation (“CNPC”). 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 others, the exploration, development, production and sales of crude oil and natural gas; the refining of crude oil and petroleum products; the production and sales of basic and derivative chemical products and other chemical products; the marketing and trading of refined products; and the transmission of natural gas, crude oil and refined products, and the sales of natural gas. 002 2011 ANNUAL REPORT Corporate Profile The American Depositary Shares (the “ADSs”), H shares and A shares of the Company were listed on the New York Stock Exchange, The Stock Exchange of Hong Kong Limited (“HKEx” or “Hong Kong Stock Exchange”) and Shanghai Stock Exchange on April 6, 2000, April 7, 2000 and November 5, 2007 respectively. Registered Chinese Name of the Company: 中國石油天然氣股份有限公司 English Name of the Company: PetroChina Company Limited Legal Representative of the Company: Jiang Jiemin Secretary to the Board: Li Hualin Address: No.9 Dongzhimen North Street Dongcheng District Beijing, PRC Telephone: 86(10) 5998 6223 Facsimile: 86(10) 6209 9557 Email Address: [email protected] Representative on Securities Matters Liang Gang Address: No.9 Dongzhimen North Street Dongcheng District Beijing, PRC Telephone: 86(10) 5998 6959 Facsimile: 86(10) 6209 9559 Email address: [email protected] Representative of the Hong Kong Wei Fang Representative Office: Address: Suite 3705, Tower 2, Lippo Centre 89 Queensway, Hong Kong Telephone: (852) 2899 2010 Facsimile: (852) 2899 2390 Email Address: [email protected] Legal Address of the Company: World Tower, 16 Andelu Dongcheng District, Beijing, PRC Postal Code: 100011 Principal Place of Business: No.9 Dongzhimen North Street Dongcheng District Beijing, PRC Postal Code: 100007 Internet Website: http://www.petrochina.com.cn Company’s Email: [email protected] 003 Corporate Profile Newspapers for Information Disclosure: A shares: China Securities Journal, Shanghai Securities News and Securities Times Internet Website Publishing this annual report designated by the China Securities Regulatory Commission: http://www.sse.com.cn Copies of this annual report are available at: No.9 Dongzhimen North Street, Dongcheng District, Beijing, PRC Places of Listing: A shares: Shanghai Stock Exchange Stock Name: PetroChina Stock Code: 601857 H shares: Hong Kong Stock Exchange Stock Code: 857 ADS: The New York Stock Exchange Symbol: PTR Other relevant information: First Registration Date of the Company: November 5, 1999 First Registration Place of the Company: State Administration for Industry & Commerce Enterprise Legal Business Licence Registration No.: 100000000032522 Taxation Registration No. : 110102710925462 Organization No.: 71092546-2 Names and Addresses of Auditors of the Company: Domestic Auditors: Name: PricewaterhouseCoopers Zhong Tian CPAs Company Limited Address: 11th Floor PricewaterhouseCoopers 2 Corporate Avenue 202 Hu Bin Road, Huangpu District, Shanghai, PRC Overseas Auditors: Name: PricewaterhouseCoopers Address: 22nd Floor, Prince’s Building, Central, Hong Kong 004 2011 ANNUAL REPORT Summary of Financial Data and Financial Indicators Summary of fINANCIal Data anD fInancIal InDIcatorS 1. Key Financial Data and Financial Indicators Prepared under International Financial Reporting Standards (“IFRS”) Unit: RMB Million As at or for the year ended December 31, Items 2011 2010 2009 2008 2007 Turnover 2,003,843 1,465,415 1,019,275 1,072,604 837,542 Profit from operations 182,461 187,777 143,444 159,571 201,017 Profit before income tax expense 184,215 189,305 140,032 162,013 205,139 Income tax expense (38,256) (38,513) (33,473) (35,211) (49,802) Profit for the year 145,959 150,792 106,559 126,802 155,337 Attributable to: Owners of the Company 132,961 139,992 103,387 114,453 146,796 Non-controlling interest 12,998 10,800 3,172 12,349 8,541 Basic and diluted earnings per share for profit attributable to owners of the company (RMB)(2) 0.73 0.76 0.56 0.63 0.82 Total current assets 382,711 286,392 294,383 224,946 235,902 Total non-current assets 1,534,875 1,370,095 1,155,905 971,289 833,709 Total assets 1,917,586 1,656,487 1,450,288 1,196,235 1,069,611 Total current liabilities 560,038 429,736 388,553 265,651 200,150 Total non-current liabilities 275,002 216,622 154,034 82,744 86,742 Total liabilities 835,040 646,358 542,587 348,395 286,892 Equity Attributable to: Owners of the Company 1,002,745 938,926 847,223 790,910 738,246 Non-controlling interest 79,801 71,203 60,478 56,930 44,473 Total equity 1,082,546 1,010,129 907,701 847,840 782,719 Other financial data Capital expenditures 284,391 276,212 266,836 232,377 182,678 Net cash flows from operating activities 290,155 318,796 268,017 177,140 212,542 Net cash flows used for investing activities (283,638) (299,302) (267,498) (216,472) (188,535) Net cash flows from financing activities (used for financing activities) 9,259 (60,944) 53,077 3,777 (5,838) Net cash flows from operating activities per share (RMB) (3) 1.59 1.74 1.46 0.97 1.18 Net assets per share attributable to owners of the Company (RMB) (4) 5.48 5.13 4.63 4.32 4.03 Return on net assets (%) 13.3 14.9 12.2 14.5 19.9 005 Summary of Financial Data and Financial Indicators Notes: (1) Due to business combinations under common control completed in 2008 and 2009, the relevant financial statements of the Group have been restated in a manner identical to a pooling of interests to reflect the acquisitions.
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