PetroChina Company Limited Announces Board Changes
Aug 28 14
The board of directors of PetroChina Company Limited announced that Mr. Wang Lixin and Mr. Li Luguang, both supervisors of the company, resigned from their positions of shareholder representative supervisor and employee representative supervisor, respectively. Their resignations took effect on August 26, 2014. Mr. Wang Lixin resigned due to the promulgation by relevant authorities of new regulations, which require secretaries of discipline inspection commissions not to hold any other post. Mr. Li Luguang resigned due to his job transfer to China National Petroleum Corporation. Mr. Wang and Mr. Li confirm that they have no disagreement with the board of the company during their term of office and there is no matter relating to their resignation that needs to be brought to the attention of the shareholders of the Company. The Supervisory Committee announced that as resolved at the second meeting of the Sixth Session of the Supervisory Committee, the Supervisory Committee proposes that the Shareholders elect Mr. Jiang Lifu as a shareholder representative supervisor of the company at the extraordinary general meeting of the Company to be held on October 29, 2014. The Board announced that as resolved at the third meeting of the sixth Session of the Board, the Board proposes that the Shareholders elect Mr. Zhang Biyi as an independent non-executive director of the Company at the EGM. After the election, the Board proposes to appoint Mr. Zhang as a member of the audit committee of the Company.
PetroChina Co. Ltd. Reports Unaudited Consolidated Earnings Results for the Second Quarter and First Half Ended June 30, 2014; Provides Capital Expenditure Guidance for 2014; Announces Interim Dividend for the Six Months Ended June 30, 2014, Payable Around September 29, 2014
Aug 28 14
PetroChina Ltd. reported unaudited consolidated earnings results for the second quarter and first half ended June 30, 2014. For the quarter, the company's net profit rose to CNY 33.9 billion from CNY 29.5 billion a year earlier.
For the first half, profit rose 4% as sales of gasoline and natural gas increased. The company reported profit attributable to owners of the company of CNY 68.1 billion, or CNY 0.37 per diluted share compared to CNY 65,522 million or CNY 0.36 per diluted share reported a year ago. Revenue rose 4.8% to CNY 1,153,968 million compared to CNY 1,101,096 million reported a year ago. Net cash flows from operating activities was CNY 133,484 million compared to CNY 102,057 million reported a year ago. Return on net assets was 5.8% compared to 6.0% reported a year ago. Turnover increased by 4.8% from the first half of 2013. This was primarily due to the increase in the price and sales volume of the group’s major products including natural gas, gasoline and other products. Profit from operations was CNY 103,080 million for the first half of 2014, representing an increase of 3.2% from CNY 99,860 million for the first half of 2013. Profit before income tax expense was CNY 95,717 million for the first half of 2014, representing an increase of 2.1% from CNY 93,761 million for the first half of 2013. The net cash flows of the group from operating activities for the first half of 2014 were represented an increase of 30.8% from the first half of 2013. This was mainly due to a combination of effects brought about by the increase of profit during the reporting period and the change in working capital such as account receivables. The group continued to optimise its investment structure and reasonably adjusted the pace of construction of projects and, as such, its capital expenditures were CNY 91,101 million, representing a decrease of 15.8% from CNY 108,207 million for the first half of 2013.
The company estimated total capital expenditures of CNY 296,500 million for 2014.
The Board has resolved to declare and pay to all shareholders of the company an interim dividend of CNY 0.16750 per share (inclusive of tax) for the six months ended June 30, 2014 on the basis of a total of 183,020,977,818 shares of the company as at June 30, 2014. The total amount of the interim dividend payable is CNY 30,656 million. The interim dividend of the company will be paid to shareholders whose names appear on the register of members of the company at the close of trading on September 18, 2014. The register of members of H shares will be closed from September 13, 2014 to September 18, 2014 (both days inclusive) during which period no transfer of H shares will be registered. In order to qualify for the interim dividend, holders of H shares must lodge all transfer documents together with the relevant share certificates at Hong Kong Registrars Limited on or before 4:30 p.m., September 12, 2014. Holders of A shares whose names appear on the register of members of the Company maintained at China Securities Depository and Clearing Corporation Limited Shanghai Branch Company at the close of trading on the Shanghai Stock Exchange in the afternoon of September 18, 2014 will be eligible for the interim dividend. The interim dividend will be paid by the receiving agent around September 29, 2014 to the holders of H shares by ordinary mail at their own risks. Interim dividends attributable to owners of the company in respect of 2013 was CNY 0.16110 per share amounting to a total of CNY 29,485 million were paid on October 24, 2013.
PetroChina Reportedly Looking For Partners For Oil And Gas Field Stakes In Xinjiang
Aug 19 14
PetroChina Co. Ltd. (SEHK:857) plans to sell oil and gas field stakes to local investors in the northwest province of Xinjiang as part of government efforts to bring growth and jobs to the restive region, reported Bloomberg citing company officials. China National Petroleum Corporation (CNPC) is looking for partners with around CNY 10 billion to invest in exploration and production ventures, the people said, asking not to be named as the plan isn’t public. PetroChina owns most of China National Petroleum's oil and gas fields in Xinjiang and will handle the offer of stakes in at least two large untapped oil and gas fields this year, the people said, declining to identify the fields or their size. Qu Guangxue, CNPC’s Beijing-based spokesman, did not answer two calls from Bloomberg to his office seeking comment. The people also said that partners would be limited to companies backed by the Xinjiang government or Xinjiang Production and Construction Corps. The people added that any joint ventures would pay taxes to Xinjiang not the central government. Lin Boqiang, Director of the Energy Economics Research Center at Xiamen University and an Independent Director of PetroChina said, "CNPC is heeding to a national call in Xinjiang." Lin said that setting up joint ventures would help the company diversify its shareholding structure and boost earnings by unleashing untapped reserves. The two people said that CNPC may also allow companies to independently operate its proven oil and gas fields in Xinjiang.