EX-4.5 7 u98519exv4w5.txt EX-4.5 2003 PERFORMANCE CONTRACT (LIU BAOHE) . . . EXHIBIT 4.5 YEAR 2003 PERFORMANCE CONTRACT WITH VICE PRESIDENT OF PETROCHINA COMPANY LIMITED Offeree: Name: LIU, Baohe Offeror: Name: CHEN, Geng Term of the Contract: January 1, 2003 to December 31, 2003 Title: Vice President of PetroChina Company Title: President of PetroChina Limited ("PetroChina") Date of Execution: January 18, 2003
INDICES KEY PERFORMANCE INDICES WEIGHT MEASUREMENT TARGET ACTUAL (KPI) PERFORMANCE ------------------------------------------------------------------------------------------------------------------------------------ Profits Indices Rate of return of the invested 20% % 8.38 capital of PetroChina (ROIC) Net income of PetroChina (NI) 10% In million RMB 34,280 Total profit from exploration 20% In million RMB 45,680 and production companies ------------------------------------------------------------------------------------------------------------------------------------ Operating Indices Unit operating cost for oil and 15% USD/barrel-of-equivalent 4.29 gas (BOE) Total quantity of crude oil 10% In thousand tons 103,000 produced Rate of reserves replacement 15% % 102 Receivables of exploration 5% % Per Shiyoucaizi and production businesses [2001] 311 Gap between the actual capital 5% % +/- 5 expenditure and budget for exploration and production businesses ------------------------------------------------------------------------------------------------------------------------------------ Indices to Be Put under Quality safety and environmental Accidents involving death Comprehensive Control protection (exploration and < or = 0.05 persons/million man-hours; performance expressed production businesses) Extraordinary quality accidents involving social in marks to be reduced effects = 0; by 5 marks if exceeding Extraordinary accidents involving environmental target of the index put pollution < or = 5 under control. ------------------------------------------------------------------------------------------------------------------------------------
Signature of Offeree: /s/ LIU BAOHE Signature of Offeror: /s/ CHEN GENG ----------------- ----------------