PetroChina : Summary of the 2015 Annual Report

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Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

中國石油天然氣股份有限公司 PETROCHINA COMPANY LIMITED

(a joint stock limited company incorporated in the People's Republic of China with limited liability)

(Hong Kong Stock Exchange Stock Code: 857 Shanghai Stock Exchange Stock Code: 601857) Results Announcement for the year ended December 31, 2015 (Summary of the 2015 Annual Report)

1. Important Notice

   
   

2. This results announcement is a summary of the 2015 Annual Report. To get a full understanding of the operating results, financial position and future development plan of PetroChina Company Limited (the "Company"), investors should read the full version of the 2015 Annual Report carefully. The full version of the 2015 Annual Report is published on the websites of the Shanghai Stock Exchange (website: http://www.sse.com.cn), The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange") (website: http://www.hkex.com.hk) and the Company (website: http://www.petrochina.com.cn).

   
   

3. The Board of Directors (the "Board" or "Board of Directors") of 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 the annual report and that there are no material omissions from, or misrepresentation or misleading statements contained in the annual report, and jointly and severally accept full responsibility thereof.

   
   

4. Except that Mr. Yu Baocai has absent from the first meeting of the Board in 2016, all other Directors have attended the first meeting of the Board in 2016.

   
   

5. 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 2015, which have been prepared in accordance with CAS and IFRS, have been audited by KPMG Huazhen LLP and KPMG Certified Public Accountants, respectively. Both firms have issued unqualified opinions on the financial statements.

6. Corporate Information

   
   

   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.

   
   

   Stock name	PetroChina	PetroChina	PetroChina
   Stock code	857	PTR	601857
   Place of listing	Hong Kong Stock Exchange	The New York Stock Exchange, Inc.	Shanghai Stock Exchange

   
   

   Contact persons and means of communication	Secretary to the Board of Directors	Representative on Securities Matters	Chief Representative of the Hong Kong Representative Office
   Name	Wu Enlai	Liang Gang	Wei Fang
   Address	No. 9 Dongzhimen North Street, Dongcheng District, Beijing, PRC		Suite 3705, Tower 2, Lippo Centre, 89 Queensway, Hong Kong
   Postal code	100007
   Telephone	86 (10) 5998 6270	86 (10) 5998 6959	(852) 2899 2010
   Facsimile	86 (10) 6209 9557	86 (10) 6209 9559	(852) 2899 2390
   Email address	jh_dong@petrochina.com.cn	liangg@petrochina.com.cn	hko@petrochina.com.hk

   
   

7. The first meeting of the Board in 2016 recommends a final dividend of RMB0.02486 yuan per share (inclusive of applicable tax) for 2015, which is based on the total share capital of the Company as at December 31, 2015, namely 183,020,977,818 shares. The proposed final dividend is subject to shareholders' review and approval at the forthcoming 2015 annual general meeting to be held on May 25, 2016.

8. Key Financial Data and Changes in Shareholders

   
   
9. Key Financial Data Prepared under IFRS

   
   

   Unit: RMB million

   
   

   Items	For the year 2015	For the year 2014	Changes from the preceding year to this year (%)	For the year 2013
   Revenue	1,725,428	2,282,962	(24.4)	2,258,124
   Profit attributable to owners of the Company	35,517	107,172	(66.9)	129,599
   Net cash flows from operating activities	261,312	356,477	(26.7)	288,529
   Basic earnings per share (RMB)	0.19	0.59	(66.9)	0.71
   Diluted earnings per share (RMB)	0.19	0.59	(66.9)	0.71
   Return on net assets (%)	3.0	9.1	(6.1 percentage points)	11.4
   As at the end of	As at the end of	Changes from the end of the preceding year to	As at the end of
   Items	2015	2014	the end of this year (%)	2013
   Total assets	2,393,844	2,405,473	(0.5)	2,342,110
   Equity attributable to owners of the Company	1,179,716	1,175,894	0.3	1,132,735

   
   

10. Key Financial Data Prepared under CAS

    
    

    As at As at the end of the end of Items 2015 2014

    Changes from the end of the preceding year to the end of this year (%)

    As at the end of 2013

    Unit: RMB million

    
    

    Items	For the year 2015	For the year 2014	Changes from the preceding year to this year (%)	For the year 2013
    Operating income	1,725,428	2,282,962	(24.4)	2,258,124
    Operating profit	56,430	153,877	(63.3)	151,711
    Net profit attributable to equity holders of the Company	35,653	107,173	(66.7)	129,577
    Net profit after deducting non-recurring profit/loss items attributable to equity holders of the Company	18,394	110,076	(83.3)	116,653
    Net cash flows from operating activities	261,312	356,477	(26.7)	288,529
    Weighted average returns on net assets (%)	3.0	9.3	(6.3 percentage points)	11.4
    Total share capital at the end of period (hundred million share)	1,830.21	1,830.21	-	1,830.21
    Basic earnings per share (RMB)	0.19	0.59	(66.7)	0.71
    Diluted earnings per share (RMB)	0.19	0.59	(66.7)	0.71

    
    

    
    

    Total assets Equity attributable to equity holders of the	2,394,094	2,405,376	(0.5)	2,342,004
    Company	1,179,968	1,176,010	0.3	1,132,850
    First Quarter Second Quarter Third Quarter Fourth Quarter
    Items	2015	2015	2015	2015
    Operating income	410,336	467,288	427,481	420,323
    Net profit attributable to equity holders of the Company	6,149	19,255	5,194	5,055
    Net profit/(loss) after deducting non-
    recurring profit/loss items attributable to equity holders of the Company	6,435	19,413	5,462	(12,916)
    Net cash flows from operating activities	29,398	81,538	88,405	61,971

11. Number of Shareholders and Shareholdings




The number of shareholders of the Company as at December 31, 2015 was 627,024, including 619,755 holders of A shares and 7,269 registered holders of H shares (including 241 holders of the ADSs). The minimum public float requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") are satisfied.




Number of shareholders as

at the end of 2015 627,024

Number shares with shares pledged

of shares selling or subject to held

shareholders

(%)

restrictions

lock-ups

Shareholdings of the top ten shareholders as at the end of 2015




Number of shareholders as at the end of one month preceding publication of this announcement

(i.e. as at February 29, 2016) 626,690




Number of Number of




Percentage of

Nature of shareholding

Name of shareholders




CNPC	State-owned	86.35	158,033,693,528(1)	0	0
HKSCC Nominees Limited(2)	Overseas legal person	11.39	20,848,677,607(3)	0	0
China Securities Finance Corporation Limited	State-owned legal person	0.552	1,009,752,497	0	0
Central Huijin Asset Management Co., Ltd.	State-owned legal person	0.113	206,109,200	0	0
Industrial and Commercial Bank of
China Limited - Shanghai 50 Index	Other	0.019	35,409,928	0	0
ETF Securities Investment Fund
Hong Kong Securities Clearing Overseas legal
Company Ltd. (HKSCC)(4)	person	0.009	16,345,059	0	0
China Construction Bank Corporation - Shanghai 180 Index ETF Securities Investment Fund	Other	0.008	13,793,156	0	0
Quanzheng (Shanghai) Investment
Management Centre (Limited	Other	0.007	12,515,328	0	0
Partnership)- Quanzheng No.1 Fund
National Social Insurance Fund-006	State-owned
Portfolio	legal person	0.006	11,564,005	0	0
Guangdong Fengwei Property Management Co., Ltd.	Other	0.006	11,000,000	0	0

Note (1): Such figure excludes the H shares indirectly held by CNPC through Fairy King Investments Limited, an overseas wholly-owned subsidiary of CNPC.

(2): HKSCC Nominees Limited is a wholly-owned subsidiary of the Hong Kong Exchanges and Clearing Limited and it acts as a nominee on behalf of other corporate or individual shareholders to hold the H shares of the Company.

(3): 291,518,000 H shares were indirectly held by CNPC through Fairy King Investments Limited, an overseas wholly-owned subsidiary of CNPC, representing 0.16% of the total share capital of the Company. These shares were held in the name of HKSCC Nominees Limited.

(4): Hong Kong Securities Clearing Company Limited is a wholly-owned subsidiary of the Hong Kong Exchanges and Clearing Limited and, acting as a nominee holder, holds the A shares of the Company in Shanghai Stock Exchange purchased by investors through the Hong Kong Stock Exchange.




Statement on connected parties or concert parties among the above-mentioned shareholders:

Except for HKSCC Nominees Limited and Hong Kong Securities Clearing Company Ltd. that are both the wholly-owned subsidiaries of the Hong Kong Exchanges and Clearing Limited, and China Securities Finance Corporation Limited and Central Huijin Asset Management Co., Ltd. that are holders of ordinary shares of Industrial and Commercial Bank of China Limited and China Construction Bank Corporation, the Company is not aware of any connection among or between the above top ten shareholders or that they are persons acting in concert as provided for in the Measures for the Administration of Acquisitions by Listed Companies.