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2014 Annual Report 2014 Annual2014 Report 年度 告 Petrochina Company中國石油天然氣股份有限公司 Limited 年度

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2014 Annual Report 2014 Annual2014 Report 年度 告 Petrochina Company中國石油天然氣股份有限公司 Limited 年度 2014 2014 2014 ANNUAL2014 REPORT 年度 告 PETROCHINA COMPANY中國石油天然氣股份有限公司 LIMITED ANNUAL REPORT 年度 告 PETROCHINA COMPANY LIMITED PETROCHINA COMPANY 中國石油天然氣股份有限公司 本报告採用中国製造环保纸印刷 2014年报封面（英文）打样.indd2014年报封面（中文）打样.indd 1 1 15/4/1 上午9:49 15/4/1 上午9:47 2014 ANNUAL REPORT PETROCHINA COMPANY LIMITED CONTENTS 002 IMPORTANT NOTICE 003 CORPORATE PROFILE 006 SUMMARY OF FINANCIAL DATA AND FINANCIAL INDICATORS 009 CHANGES IN SHAREHOLDINGS AND INFORMATION ON SHAREHOLDERS 015 CHAIRMAN’S REPORT 018 BUSINESS OPERATING REVIEW 023 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL POSITION AND RESULTS OF OPERATIONS 036 SIGNIFICANT EVENTS 042 CONNECTED TRANSACTIONS 050 CORPORATE GOVERNANCE 060 SHAREHOLDERS’ RIGHTS AND SHAREHOLDERS’ MEETINGS 062 DIRECTORS’ REPORT 075 REPORT OF THE SUPERVISORY COMMITTEE 080 DIRECTORS, SUPERVISORS, SENIOR MANAGEMENT AND EMPLOYEES 094 INFORMATION ON CRUDE OIL AND NATURAL GAS RESERVES FINANCIAL STATEMENTS 098 Prepared IN Accordance WITH China ACCOUNTING Standards 174 Prepared IN Accordance WITH International Financial Reporting Standards 233 CORPORATE INFORMATION 237 DOCUMENTS AVAILABLE FOR INSPECTION 238 CONFIRMATION FROM THE DIRECTORS AND SENIOR MANAGEMENT IMPORTANT NOTICE IMPORTANT NOTICE The Board of Directors (the “Board” or “Board of Directors”) of PetroChina Company Limited (the “Company”), the Supervisory Committee and the Directors, Supervisors and senior management of the Company warrant the truthfulness, accuracy and completeness of the information contained in this annual report and that there are no material omissions from, or misrepresentation or misleading statements contained in this annual report, and jointly and severally accept full responsibility thereof. The 2014 Annual Report has been approved at the fifth meeting of the Sixth Session of the Board of Directors. Mr Liu Hongbin, an executive Director of the Company, and Mr Richard H. Matzke, an independent non-executive Director were absent from the fifth meeting of the Sixth Session of the Board but had separately authorised Mr Liu Yuezhen, a non-executive Director of the Company, and Mr Lin Boqiang, an independent non- executive Director of the Company in writing to attend the meeting by proxy and to exercise their voting rights on their behalf. Mr Zhou Jiping, Chairman of the Company, Mr Wang Dongjin, Vice Chairman and President of the Company, and Mr Yu Yibo, Chief Financial Officer of the Company, warrant the truthfulness, accuracy 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 2014, which have been prepared in accordance with CAS and IFRS, have been audited by KPMG Huazhen (Special General Partnership) and KPMG Certified Public Accountants, respectively. Both firms have issued unqualified opinions on the financial statements. The Board recommends a final dividend of RMB0.09601 per share (inclusive of applicable tax) for 2014, which is based on 45% of the net profit of the Group for the twelve months ended December 31, 2014 after deducting the interim dividend for 2014 paid on September 19, 2014 (in respect of A shares) and September 29, 2014 (in respect of H shares). The proposed final dividend is subject to shareholders’ review and approval at the forthcoming annual general meeting to be held on May 27, 2015. 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. 002 2014 ANNUAL REPORT CORPORATE PROFILE 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 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. 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 (“HKSE” 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: 中国石油天然气股份有限公司 English Name of the Company: PetroChina Company Limited Legal Representative of the Company: Zhou Jiping Secretary to the Board: Wu Enlai Address: No. 9 Dongzhimen North Street Dongcheng District Beijing, PRC Telephone: 86(10) 5998 6270 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] 003 CORPORATE PROFILE Chief Representative of the Hong Kong Representative Office: Wei Fang 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 Address: [email protected] 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 ADSs: The New York Stock Exchange Symbol: PTR 004 2014 ANNUAL REPORT CORPORATE PROFILE Other relevant information: Registration Status of the Company: July 22, 2013 (Change of legal representative) Registration Authority of the Company: State Administration for Industry & Commerce Registration Retrieval and Enquiry: Website of State Administration for Industry & Commerce (http://www.saic.gov.cn) Enterprise Legal Person Business Licence Registration No.: 100000000032522 Taxation Registration No.: 110102710925462 Organisation No.: 71092546-2 Names and Addresses of Auditors of the Company: Domestic Auditors: Name: KPMG Huazhen (Special General Partnership) Address: 8th Floor, Tower E2, Oriental Plaza 1 East Chang An Avenue Dongcheng District Beijing, PRC Signing accountants: Gong Weili, CPA Duan Yuhua, CPA Overseas Auditors: Name: KPMG Certified Public Accountants Address: 8th Floor, Prince’s Building, 10 Chater Road Central, Hong Kong 005 SUMMARY OF FINANCIAL DATA AND FINANCIAL INDICATORS SUMMARY OF FINANCIAL DATA AND FINANCIAL INDICATORS 1. Key Financial Data Prepared under IFRS Unit: RMB Million As at or for the year ended December 31 Items 2014 2013 2012 2011 2010 Turnover 2,282,962 2,258,124 2,195,296 2,003,843 1,465,415 Profit from operations 169,833 188,642 174,519 182,461 187,777 Profit before income tax expense 156,759 178,063 166,811 184,215 189,305 Income tax expense (37,731) (35,789) (36,191) (38,256) (38,513) Profit for the year 119,028 142,274 130,620 145,959 150,792 Attributable to: Owners of the Company 107,172 129,599 115,326 132,961 139,992 Non-controlling interest 11,856 12,675 15,294 12,998 10,800 Basic and diluted earnings per share for profit attributable to owners of the company (RMB)(1) 0.59 0.71 0.63 0.73 0.76 Total current assets 391,308 430,953 392,805 361,590 264,196 Total non-current assets 2,014,165 1,911,157 1,776,091 1,555,996 1,392,291 Total assets 2,405,473 2,342,110 2,168,896 1,917,586 1,656,487 Total current liabilities 579,829 645,489 574,748 560,038 429,736 Total non-current liabilities 507,863 426,686 413,400 275,002 216,622 Total liabilities 1,087,692 1,072,175 988,148 835,040 646,358 Equity Attributable to: Owners of the Company 1,175,894 1,132,735 1,064,010 1,002,745 938,926 Non-controlling interest 141,887 137,200 116,738 79,801 71,203 Total equity 1,317,781 1,269,935 1,180,748 1,082,546 1,010,129 Other financial data Capital expenditures 291,729 318,696 352,516 284,391 276,212 Net cash flows from operating activities 356,477 288,529 239,288 290,155 318,796 Net cash flows used for investing activities (290,838) (266,510) (332,226) (283,638) (299,302) Net cash flows (used for) / from financing activities (44,312) (12,239) 75,356 9,259 (60,944) Return on net assets (%) 9.1 11.4 10.8 13.3 14.9 Note: (1) As at December 31, 2010, 2011, 2012, 2013 and 2014 respectively, basic and diluted earnings per share were calculated by dividing the net profit with the number of shares of 183,021 million issued for each of these financial years.
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