6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN ISSUER

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

For the month of October 2022

Commission File Number: 001-15006

PETROCHINA COMPANY LIMITED

9 Dongzhimen North Street, Dongcheng District

Beijing, The People’s Republic of China, 100007

(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  ☒            Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes  ☐            No  ☒

(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-        )

EXHIBITS

Exhibit Number
99.1	The third quarterly report of the Company; and
99.2	A press release of the Company regarding its third quarterly report.

FORWARD-LOOKING STATEMENTS

This announcement contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual results may differ materially from information contained in these forward-looking statements as a result of a number of factors.

We do not intend to update or otherwise revise the forward-looking statements in this announcement, whether as a result of new information, future events or otherwise. Because of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this announcement might not occur in the way we expect, or at all.

You should not place undue reliance on any of these forward-looking statements.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this announcement to be signed on its behalf by the undersigned, thereunto duly authorized.

	PetroChina Company Limited
Dated: October 27, 2022	By:	/s/ WANG Hua
	Name:	WANG Hua
	Title:	CFO and Secretary to the Board of Directors

EX-99.1

Exhibit 99.1

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.

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)

ANNOUNCEMENT

Third Quarterly Report of 2022

1. Important Notice

1.1. The Board of Directors, the Supervisory Committee and the Directors, Supervisors and Senior Management of PetroChina Company Limited (the “Company”) warrant that there are no material omissions from, or misrepresentation or misleading statements contained in this quarterly report, and jointly and severally accept full responsibility for the truthfulness, accuracy and completeness of the information contained in this quarterly report.

1.2. This quarterly report has been approved at the 18th meeting of the eighth session of the Board of Directors of the Company. All Directors have attended the current meeting of the Board of Directors.

1.3. Mr. Dai Houliang, Chairman of the Board of Directors of the Company, Mr. Huang Yongzhang, Director and President of the Company, and Mr. Wang Hua, Chief Financial Officer of the Company, warrant the truthfulness, accuracy and completeness of the financial information set out in this quarterly report.

1.4. The financial statements of the Company and its subsidiaries (the “Group”) have been prepared in accordance with the China Accounting Standards (“CAS”) and the International Financial Reporting Standards (“IFRS”), respectively. The financial statements set out in this quarterly report are unaudited.

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2. Basic Information of the Company

2.1 Key Financial Data and Financial Indicators

2.1.1 Key Financial Data and Financial Indicators Prepared under IFRS

								Unit: RMB Million
Items	For the three months ended September 30 (July-September)							For the nine months ended September 30 (January-September)
	2022		2021		Changes over the same period of the preceding year			2022		2021		Changes over the same period of the preceding year
Revenue		840,780		683,760		23.0	%		2,455,401		1,880,341		30.6	%
Profit attributable to owners of the Company		37,880		22,089		71.5	%		120,271		75,126		60.1	%
Return on net assets (%)		2.82		1.77		1.05 percentage points			8.96		6.03		2.93 percentage points
Basic earnings per share (RMB Yuan)		0.21		0.12		71.5	%		0.66		0.41		60.1	%
Diluted earnings per share (RMB Yuan)		0.21		0.12		71.5	%		0.66		0.41		60.1	%

					Unit: RMB Million
Items	From the beginning of the year to the end of the reporting period		From the beginning of the preceding year to the end of the preceding reporting period		Changes over the same period of the preceding year
Net cash flows from operating activities		313,548		226,747		38.3	%

Items	As at the end of the reporting period		As at the end of the preceding year		Changes from the end of the preceding year to the end of the reporting period
Total assets		2,793,316		2,502,262		11.6	%
Equity attributable to equity holders of the Company		1,342,959		1,263,561		6.3	%

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2.1.2 Key Financial Data and Financial Indicators Prepared under CAS

								Unit: RMB Million
Items	For the three months ended September 30 (July-September)							For the nine months ended September 30 (January-September)
	2022		2021		Changes over the same period of the preceding year			2022		2021		Changes over the same period of the preceding year
Operating income		840,780		683,760		23.0	%		2,455,401		1,880,341		30.6	%
Net profit attributable to equity holders of the Company		37,878		22,086		71.5	%		120,266		75,122		60.1	%
Net profit after deducting non-recurring profit/loss items attributable to equity holders of the Company		39,968		23,013		73.7	%		129,607		68,244		89.9	%
Weighted average return on net assets (%)		2.82		1.76		1.06 percentage points			9.11		6.05		3.06 percentage points
Basic earnings per share (RMB Yuan)		0.21		0.12		71.5	%		0.66		0.41		60.1	%
Diluted earnings per share (RMB Yuan)		0.21		0.12		71.5	%		0.66		0.41		60.1	%

					Unit: RMB Million
Items	From the beginning of the year to the end of the reporting period		From the beginning of the preceding year to the end of the preceding reporting period		Changes over the same period of the preceding year
Net cash flows from operating activities		313,548		226,747		38.3	%

Items	As at the end of the reporting period		As at the end of the preceding year		Changes from the end of the preceding year to the end of the reporting period
Total assets		2,793,583		2,502,533		11.6	%
Equity attributable to equity holders of the Company		1,343,209		1,263,815		6.3	%

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	Unit: RMB Million
Non-recurring profit/loss items	Profit/(loss) for the three months ended September 30 (July - September)			Profit/(loss) for the nine months ended September 30 (January – September)
Net loss on disposal of non-current assets		(744	)		(7,614	)
Government grants recognised in the income statement		154			545
Reversal of provisions for bad debts against receivables		51			102
Net profit on disposal of subsidiaries, associated companies and joint ventures		9			58
Other non-operating expenses		(2,355	)		(5,200	)
Sub-total		(2,885	)		(12,109	)
Tax impact of non-recurring profit/loss items		692			2,648
Impact of non-controlling interests		103			120
Total		(2,090	)		(9,341	)

2.1.3 Differences between CAS and IFRS

☒ Applicable        ☐ Inapplicable

The consolidated net profit for the nine months ended September 30, 2022 under IFRS and CAS were RMB133,635 million and RMB133,630 million, respectively, with a difference of RMB5 million; the consolidated shareholders’ equity as at the end of the reporting period under IFRS and CAS were RMB1,512,725 million and RMB1,512,976 million, respectively, with a difference of RMB251 million, which was primarily due to the revaluation for assets other than fixed assets and oil and gas properties revalued in 1999. During the restructuring in 1999, a valuation was carried out for assets and liabilities injected by China National Petroleum Corporation (中國石油天然氣集團公司, now renamed 中國石油天然氣集團有限公司 on 19 December 2017, “CNPC” before and after the change of name). The valuation results on assets other than fixed assets and oil and gas properties were not recognised in the financial statements prepared under IFRS.

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2.2 Total Number of Shareholders, Shareholdings of Top Ten Shareholders and Shareholdings of Top Ten Holders of Marketable Shares (or Shareholders of Shares Without Selling Restrictions) as at the end of the Reporting Period

Total number of shareholders as at the end of the reporting period 565,335 shareholders including 559,483 holders of A shares and 5,852 holders of H shares (including 120 holders of the American Depository Shares⁽¹⁾)

Shareholdings of the top ten shareholders
Name of shareholders	Nature of shareholder	Percentage of Shareholdings (%)		Number of shares held			Number of shares with selling restrictions		Pledged, marked or frozen shares
									Condition of shares		Number of shares
CNPC	State-owned Legal Person		81.38		148,933,827,108	(2)		0				0
HKSCC Nominees Limited(3)	Overseas Legal Person		11.42		20,900,264,314	(4)		0				0
CNPC-CSC-17 CNPC E2 Pledge and Trust Special Account	State-owned Legal Person		2.09		3,819,963,834			0		Pledged		3,819,965,034
Hong Kong Securities Clearing Company Limited (“HKSCC”)(5)	Overseas Legal Person		0.56		1,020,808,062			0				0
China Securities Finance Corporation Limited	State-owned Legal Person		0.56		1,020,165,128			0				0
China Metallurgical Group Corporation	State-owned Legal Person		0.31		560,000,000			0				0
Central Huijin Asset Management Ltd.	State-owned Legal Person		0.11		201,695,000			0				0
Bosera Fund - Ansteel Group Corporation - Bosera Fund Xin’an No.1 Single Asset Management Plan	State-owned Legal Person		0.10		177,258,900			0				0
Industrial and Commercial Bank of China Limited - SSE 50 Exchange Traded Index Securities Investment Fund	State-owned Legal Person		0.05		90,342,599			0				0
Shi Aizhong	Domestic Natural Person		0.05		84,031,044			0				0

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Shareholdings of the top ten shareholders of shares without selling restrictions
Name of shareholders	Number of shares held		Type of shares
CNPC		148,933,827,108		A shares
HKSCC Nominees Limited		20,900,264,314		H shares
CNPC-CSC-17 CNPC E2 Pledge and Trust Special Account		3,819,963,834		A shares
Hong Kong Securities Clearing Company Limited		1,020,808,062		A shares
China Securities Finance Corporation Limited		1,020,165,128		A shares
China Metallurgical Group Corporation		560,000,000		A shares
Central Huijin Asset Management Ltd.		201,695,000		A shares
Bosera Fund - Ansteel Group Corporation - Bosera Fund Xin’an No.1 Single Asset Management Plan		177,258,900		A shares
Industrial and Commercial Bank of China Limited - SSE 50 Exchange Traded Index Securities Investment Fund		90,342,599		A shares
Shi Aizhong		84,031,044		A shares
Statement on the connection or activities acting in concert among the above-mentioned shareholders: Except for HKSCC Nominees Limited and HKSCC that are wholly-owned subsidiaries of Hong Kong Exchanges and Clearing Limited, the Company is not aware of any connection among or between the other 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.

Notes: (1) The American Depository Shares program of the Company was terminated at 17:00 on October 17, 2022 (Eastern Time in the U.S.).

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

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

           (4) 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 issued shares of the Company. These shares were held in the name of HKSCC Nominees Limited.

           (5) HKSCC is a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited and acts as the nominee on behalf of investors of Hong Kong Stock Exchange to hold the A shares of the Company listed on Shanghai Stock Exchange.

2.3 Number of Shareholders of Preferred Shares, Shareholdings of Top Ten Shareholders of Preferred Shares and Shareholdings of Top Ten Shareholders of Preferred Shares without Selling Restrictions as at the End of the Reporting Period

☐ Applicable            ☒ Inapplicable

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2.4 Business Review

The world economy maintained a slow-paced growth during the first three quarters in 2022 due to the combined effects of geopolitical tensions, inflation, interest rate hikes in the United States and Europe, and repeated outbreaks of COVID-19 pandemic (“COVID-19”). The demand and supply of crude oil in international market maintained a tight balance, and the international crude oil price rose materially compared with the same period of last year, with the average spot price of North Sea Brent crude oil and the average spot price of the West Texas Intermediate (“WTI”) crude oil standing at US$105.51 per barrel and US$98.39 per barrel, representing a surge of 55.3% and 51.1% as compared with the same period of last year, respectively. The domestic macro-economy in China has been recovering steadily and the gross domestic product (“GDP”) increased by 3.0% in the first three quarters as compared to the same period of last year. As a result of the recurrence of COVID-19 in some areas, the demand for refined oil in domestic market declined, while the demand for natural gas in domestic market has been growing.

The Group conscientiously implemented the new development concept and the requirements for high-quality development, overcame the difficulties such as the recurrence of COVID-19 in some areas of China and the decline in market demand for refined oil, and coordinated epidemic prevention and control, production and operation, and reform and development. It vigorously strengthened exploration and development, and effectively guaranteed the supply of oil and gas on a safe and stable basis. The Group continued to deepen the specific project on the improvement of quality and profitability, continuously improved the ability to create profits and ensured stable production and operation. The operating results were the best compared with same period in past years owing to the surge in the prices of oil in international market. In the first three quarters of 2022, the average realised price for crude oil of the Group was US$95.19 per barrel, representing an increase of 51.9% as compared with the same period of last year, of which the domestic realised price was US$95.58 per barrel, representing an increase of 52.6% as compared with the same period of last year. The domestic average realised price for natural gas was US$7.78 per thousand cubic feet, representing an increase of 31.2% as compared with the same period of last year. According to IFRS, the Group generated a revenue of RMB2,455,401 million, representing an increase of 30.6% as compared with the same period of last year, and a net profit attributable to owners of the Company of RMB120,271 million, representing an increase of 60.1% as compared with the same period of last year. Net cash flow from operating activities increased by 38.3% as compared with the same period of last year, and the substantial growth in free cash flows maintained a sound financial position.

With respect to its domestic oil, gas and new energies business ^Note, the Group continued to explore with high efficiency, vigorously strengthened exploration and development, and actively promoted production capacity construction. Besides strengthening the stable production in old oil and gas fields, the Group accelerated the profitable production construction in new areas, and strived to increase recoverable reserves and cost-effective production with economies of scale. The Group implemented the requirements of carbon peak and carbon neutrality targets, and adhered to the integrated development between oil, gas and new energies. The Group solidly promoted new energies business such as wind power generation and photovoltaic power generation, geothermal, carbon capture, utilization and storage (CCUS). It also adhered to delicacy management and continued to strengthen cost control. In the first three quarters of 2022, the domestic crude oil output from the Group amounted to 576.9 million barrels, representing an increase of 2.7% as compared with the same period of last year. The marketable natural gas output from the Group amounted to 3,295.9 billion cubic feet, representing an increase of 5.1% as compared with the same period of last year. The oil and gas equivalent output amounted to 1,126.4 million barrels, representing an increase of 3.9% as compared with the same period of last year. In terms of its overseas business, by focusing on profitable exploration, delicacy development and optimised production and operation, the Group actively and steadily pushed forward the production and operation of key projects. In the first three quarters of 2022, the overseas crude oil output from the Group amounted to 100.1 million barrels, representing a decrease of 0.6%, which was primarily due to the surge in international oil prices and the decrease in product sharing of several overseas projects. The marketable natural gas output of the Group amounted to 148.9 billion cubic feet, representing an increase of 3.5% as compared with the same period of last year. The oil and gas equivalent output amounted to 125.0 million barrels, representing an increase of 0.2% as compared with the same period of last year. The overall crude oil output from the Group amounted to 677.0 million barrels, representing an increase of 2.2% as compared with the same period of last year. The overall marketable natural gas output of the Group amounted to 3,444.8 billion cubic feet, representing an increase of 5.0% as compared with the same period of last year. The oil and gas equivalent output amounted to 1,251.4 million barrels, representing an increase of 3.5% as compared with the same period of last year. The unit oil and gas lifting cost was US$11.73 per barrel, representing an increase of 3.3% as compared with the same period of last year, which was mainly due to the rise in material, power, operation fee and other basic operating costs. The oil, gas and new energies segment achieved in the first three quarters of 2022 an operating income of RMB688,759 million, representing an increase of 41.3%, and achieved an operating profit of RMB138,933 million, representing a surge of RMB 80,564 million as compared with the same period of last year.

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Note: Since the third quarter of 2022, the Exploration and Production Segment of the Group has been renamed as Oil, Gas and New Energies Segment, and the Refining and Chemicals Segment of the Group has been renamed as Refining, Chemicals and New Materials Segment.

Key Data of Oil, Gas and New Energies Business

Operating data	Unit	For the nine months ended September 30				Changes over the same period of the preceding year (%)
		2022		2021
Crude oil output	Million barrels		677.0		662.3		2.2
of which: domestic	Million barrels		576.9		561.6		2.7
overseas	Million barrels		100.1		100.7		(0.6	)
Marketable natural gas output	Billion cubic feet		3,444.8		3,280.5		5.0
of which: domestic	Billion cubic feet		3,295.9		3,136.6		5.1
overseas	Billion cubic feet		148.9		143.9		3.5
Oil and gas equivalent output	Million barrels		1,251.4		1,209.2		3.5
of which: domestic	Million barrels		1,126.4		1,084.5		3.9
overseas	Million barrels		125.0		124.7		0.2

Notes: Figures have been converted at the rate of 1 ton of crude oil = 7.389 barrels and 1 cubic metre of natural gas = 35.315 cubic feet.

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In respect of the refining, chemicals and new materials business, the Group, by adhering to the market-oriented approach, strengthened the connection between production and sales, so as to maintain the smooth operation of the industrial chain. With continued efforts to “reduce refined products and increase chemicals” and “reduce refined products and increase special products”, the Group continuously optimised product structure. Japan New Materials Research Institute was established for the purpose of strengthening the research and development of new materials and increasing the proportion of high-end special materials and high value-added products, which increased the output of new materials significantly. The Group continuously deepened benchmarking management and paid close attention to the whole process cost control. New progress was made in the construction of key projects, and the integration project of refining and chemicals of Guangdong Petrochemical entered the start-up preparation stage. In the first three quarters of 2022, the Group processed a total amount of 895.7 million barrels of crude oil, representing a decrease of 1.8% as compared with the same period of last year. The Group produced 77.456 million tons of gasoline, kerosene and diesel, representing a decrease of 4.8% as compared with the same period of last year. The output of chemical products amounted to 23.486 million tons, representing an increase of 3.5% as compared with the same period of last year. The refining, chemicals and new materials segment achieved an operating income of RMB879,521 million in the first three quarters in 2022, representing an increase of 24.6% as compared with the same period of last year, and an operating profit of RMB26,366 million, representing a decrease of 17.6% as compared with the same period of last year, of which the refining business recorded an operating income of RMB684,064 million, representing an increase of 28.3% as compared with the same period of last year, and an operating profit of RMB26,587 million, representing an increase of 32.1% as compared with the same period of last year. The chemical business achieved an operating income of RMB195,457 million, representing an increase of 13.2% as compared with the same period of last year, and recorded an operating loss of RMB221 million owing to the rise in the cost of raw materials, representing a decrease of RMB12,078 million as compared with the same period of last year.

Key Data of Refining, Chemicals and New Materials Business

Operating data	unit	For the nine months ended September 30				Changes over the same period of the preceding year (%)
		2022		2021
Processed crude oil	Million barrels		895.7		911.9		(1.8	)
Gasoline, kerosene, diesel output	’000 ton		77,456		81,327		(4.8	)
of which: Gasoline	’000 ton		32,768		37,400		(12.4	)
Kerosene	’000 ton		6,173		9,200		(32.9	)
Diesel	’000 ton		38,515		34,727		10.9
Output of key chemical products
Ethylene	’000 ton		5,498		4,756		15.6
Synthetic resin	’000 ton		8,623		7,834		10.1
Synthetic fibre raw materials and polymers	’000 ton		837		862		(2.9	)
Synthetic rubber	’000 ton		795		761		4.5
Urea	’000 ton		1,995		1,802		10.7

Notes: Figures have been converted at the rate of 1 ton of crude oil = 7.389 barrels.

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The marketing segment of the Group strived to overcome the adverse impact of the recurrence of COVID-19 in some areas in China and the decrease in market demand for refined oil products, vigorously strengthened refined marketing and continuously optimised customer service. Efforts were made to expand sales, strengthen the connection between production and sales, and continuously optimise inventory management, so as to ensure smooth sales of products. By coordinating both domestic and international markets, the profitability of international trade was further enhanced. The Group actively developed its non-oil business in order to create new sources of profit growth. In the first three quarters of 2022, the Group recorded sales of 110.751 million tons of gasoline, kerosene and diesel, representing a decrease of 10.5% as compared with the same period of last year, of which the domestic sales of gasoline, kerosene and diesel amounted to 79.401 million tons, representing a decrease of 5.6% as compared with the same period of last year. The marketing segment recorded in the first three quarters of 2022 an operating income of RMB2,109,425 million, representing an increase of 35.4% as compared with the same period of last year. Affected by the decrease in the gross profit and sales volume of refined oil, the marketing segment achieved an operating profit of RMB7,242 million, representing a decrease of 17.5% as compared with the same period of last year.

Key Data of the Marketing Business

Operating Data	Unit	For the nine months ended September 30				Changes over the same period of the preceding year (%)
		2022		2021
Total sales volume of gasoline, kerosene and diesel	’000 ton		110,751		123,694		(10.5	)
of which: Gasoline	’000 ton		44,025		50,621		(13.0	)
Kerosene	’000 ton		9,548		12,217		(21.8	)
Diesel	’000 ton		57,178		60,856		(6.0	)
Domestic sales volume of gasoline, kerosene and diesel	’000 ton		79,401		84,106		(5.6	)
of which: Gasoline	’000 ton		34,707		40,139		(13.5	)
Kerosene	’000 ton		4,487		7,348		(38.9	)
Diesel	’000 ton		40,207		36,619		9.8

Number of gas stations and convenience stores	Unit		As at September 30, 2022		As at December 31, 2021		Changes over the same period of the preceding year (%)
Number of gas stations		Unit		22,681		22,800		(0.5	)
Number of convenience stores		Unit		19,985		20,178		(1.0	)

The natural gas marketing business actively optimised the resource structure and strived to control procurement costs. It highlighted targeted marketing, increased online sales scale, actively expanded terminal retail market, and strived to enhance sales profitability. In the first three quarters of 2022, the Group sold 189.466 billion cubic metres of natural gas, representing a decrease of 4.7% as compared with the same period of last year, of which the domestic sales of natural gas amounted to 147.246 billion cubic metres, representing an increase of 6.6% over the same period of last year. The natural gas marketing segment achieved an operating income of RMB370,062 million in the first three quarters of 2022, representing an increase of 29.8% over the same period of last year, and realised an operating profit of RMB15,644 million, representing a decrease of 15.0% as compared with the same period of last after excluding the impact of the gains brought by the restructuring of pipeline assets last year. Such decrease was mainly due to the rising cost of imported natural gas.

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3. Significant Events

3.1 Significant changes in key accounting items and financial indicators under CAS and explanation of such changes

☒  Applicable    ☐  Inapplicable

Unit: RMB Million

Items	For the nine months ended September 30				Changes			Key explanation of the changes
	2022		2021
Operating income		2,455,401		1,880,341		30.6	%	Mainly due to the increase in the sales of natural gas, chemical products and other products in domestic market and the surge in prices of some oil and gas products
Net profit attributable to equity holders of the Company		120,266		75,122		60.1	%	Mainly due to the increase in the sales of natural gas, chemical products and other products in domestic market, the surge in prices of some oil and gas products and effective control of costs
Net profit after deducting non-recurring profit/loss items attributable to equity holders of the Company		129,607		68,244		89.9	%	Mainly due to the substantial increase in the net profit attributable to equity holders of the Company together with gains from restructuring of pipelines assets in the preceding year
Net cash flows from operating activities		313,548		226,747		38.3	%	Mainly due to the increase in net profit and the change in working capital
Weighted average returns on net assets (%)		9.11		6.05		3.06 percentage points		Mainly due to the substantial increase in the net profit attributable to equity holders of the Company
Basic earnings per share (RMB Yuan)		0.66		0.41		60.1	%	Due to the substantial increase in the net profit attributable to equity holders of the Company
Diluted earnings per share (RMB Yuan)		0.66		0.41		60.1	%	Due to the substantial increase in the net profit attributable to equity holders of the Company

3.2 Other Major Matters

☐  Applicable    ☒  Inapplicable

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4. Financial statements for the third quarter of 2022

4.1 Financial statements for the third quarter of 2022 prepared in accordance with CAS

1. Consolidated Balance Sheet

ASSETS	September 30, 2022		December 31, 2021
	RMB million		RMB million
Current assets
Cash at bank and on hand		264,728		163,536
Derivative financial assets		41,112		3,913
Accounts receivable		98,557		52,746
Receivables financing		8,363		3,975
Advances to suppliers		27,385		14,598
Other receivables		67,441		39,554
Inventories		206,494		143,848
Other current assets		55,909		58,668
Total current assets		769,989		480,838
Non-current assets
Investments in other equity instruments		787		1,176
Long-term equity investments		272,906		265,884
Fixed assets		400,069		418,837
Oil and gas properties		797,546		816,788
Construction in progress		247,470		223,671
Right-of-use assets		135,284		139,359
Intangible assets		90,692		90,587
Goodwill		8,755		7,987
Long-term prepaid expenses		10,489		11,391
Deferred tax assets		16,167		12,161
Other non-current assets		43,429		33,854
Total non-current assets		2,023,594		2,021,695
TOTAL ASSETS		2,793,583		2,502,533

Chairman	Director and President	Chief Financial Officer
Dai Houliang	Huang Yongzhang	Wang Hua

12

1. Consolidated Balance Sheet (Continued)

LIABILITIES AND SHAREHOLDERS’ EQUITY	September 30, 2022			December 31, 2021
	RMB million			RMB million
Current liabilities
Short-term borrowings		53,465			40,010
Derivative financial liabilities		37,101			3,881
Notes payable		17,155			20,089
Accounts payable		280,053			233,221
Contract liabilities		84,920			78,481
Employee compensation payable		22,000			8,975
Taxes payable		76,394			76,774
Other payables		108,489			28,493
Current portion of non-current liabilities		56,559			19,893
Other current liabilities		17,837			8,341
Total current liabilities		753,973			518,158
Non-current liabilities
Long-term borrowings		186,562			198,005
Debentures payable		52,914			89,170
Lease liabilities		120,517			123,222
Provisions		134,686			129,405
Deferred tax liabilities		22,660			26,654
Other non-current liabilities		9,295			8,795
Total non-current liabilities		526,634			575,251
Total liabilities		1,280,607			1,093,409
Shareholders’ equity
Share capital		183,021			183,021
Capital surplus		123,085			127,375
Special reserve		12,009			9,231
Other comprehensive income		(19,406	)		(34,737	)
Surplus reserve		211,970			211,970
Undistributed profits		832,530			766,955
Equity attributable to equity holders of the Company		1,343,209			1,263,815
Non-controlling interests		169,767			145,309
Total shareholders’ equity		1,512,976			1,409,124
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		2,793,583			2,502,533

Chairman	Director and President	Chief Financial Officer
Dai Houliang	Huang Yongzhang	Wang Hua

13

2. Company Balance Sheet

ASSETS	September 30, 2022		December 31, 2021
	RMB million		RMB million
Current assets
Cash at bank and on hand		138,949		35,505
Accounts receivable		14,900		7,429
Receivables financing		8,062		3,598
Advances to suppliers		16,425		6,273
Other receivables		9,397		4,327
Inventories		127,219		95,828
Other current assets		43,979		44,442
Total current assets		358,931		197,402
Non-current assets
Investments in other equity instruments		313		388
Long-term equity investments		469,388		461,462
Fixed assets		246,155		259,790
Oil and gas properties		604,185		622,093
Construction in progress		167,577		150,829
Right-of-use assets		60,390		61,889
Intangible assets		68,771		68,884
Goodwill		52		43
Long-term prepaid expenses		7,521		8,384
Other non-current assets		14,959		12,786
Total non-current assets		1,639,311		1,646,548
TOTAL ASSETS		1,998,242		1,843,950

Chairman	Director and President	Chief Financial Officer
Dai Houliang	Huang Yongzhang	Wang Hua

14

2. Company Balance Sheet (Continued)

LIABILITIES AND SHAREHOLDERS’ EQUITY	September 30, 2022		December 31, 2021
	RMB million		RMB million
Current liabilities
Short-term borrowings		21,046		23,328
Notes payable		16,794		19,369
Accounts payable		98,720		90,968
Contract liabilities		59,017		57,698
Employee compensation payable		17,265		6,669
Taxes payable		41,783		51,615
Other payables		170,779		72,324
Current portion of non-current liabilities		45,333		8,644
Other current liabilities		15,090		5,918
Total current liabilities		485,827		336,533
Non-current liabilities
Long-term borrowings		99,561		99,767
Debentures payable		49,380		85,000
Lease liabilities		46,810		47,976
Provisions		94,544		90,941
Deferred tax liabilities		1,889		7,914
Other non-current liabilities		4,680		4,678
Total non-current liabilities		296,864		336,276
Total liabilities		782,691		672,809
Shareholders’ equity
Share capital		183,021		183,021
Capital surplus		122,957		127,207
Special reserve		6,957		4,829
Other comprehensive income		840		250
Surplus reserve		200,878		200,878
Undistributed profits		700,898		654,956
Total shareholders’ equity		1,215,551		1,171,141
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		1,998,242		1,843,950

Chairman	Director and President	Chief Financial Officer
Dai Houliang	Huang Yongzhang	Wang Hua

15

3-1. Consolidated Income Statement

Item	Three months ended September 30 (July-September)
	2022			2021
	RMB million			RMB million
Operating income		840,780			683,760
Less: Cost of sales		(673,348	)		(551,105	)
Taxes and surcharges		(73,243	)		(60,507	)
Selling expenses		(16,964	)		(18,385	)
General and administrative expenses		(13,117	)		(14,805	)
Research and development expenses		(4,816	)		(3,706	)
Finance expenses		(5,902	)		(4,111	)
Including: Interest expenses		(5,551	)		(4,630	)
Interest income		1,068			451
Add: Other income		3,724			1,479
Investment income		(6,072	)		4,989
Including: Income from investment in associates and joint ventures		4,737			3,811
Gains or losses on changes in fair value		6,869			—
Reversal of/(Losses on) credit impairment		63			(68	)
Asset impairment losses		(12	)		(75	)
Gain on asset disposal		141			381
Operating profit		58,103			37,847
Add: Non-operating income		672			1,038
Less: Non-operating expenses		(3,759	)		(2,699	)
Profit before taxation		55,016			36,186
Less: Taxation		(13,100	)		(10,947	)
Net profit		41,916			25,239
Classified by continuity of operations:
Net profit from continuous operation		41,916			25,239
Net profit from discontinued operation		—			—
Classified by ownership:
Shareholders of the Company		37,878			22,086
Non-controlling interests		4,038			3,153
Earnings per share
Basic earnings per share (RMB Yuan)		0.21			0.12
Diluted earnings per share (RMB Yuan)		0.21			0.12
Other comprehensive income, net of tax		11,467			(4,590	)
Other comprehensive income (net of tax) attributable to equity holders of the Company		6,639			(4,757	)
(1) Items that will not be reclassified to profit or loss:
Changes in fair value of investments in other equity instruments		(69	)		64
(2) Items that may be reclassified to profit or loss:
Other comprehensive income recognised under equity method		491			242
Cash flow hedging reserve		1,782			—
Translation differences arising from translation of foreign currency financial statements		4,435			(5,063	)
Other comprehensive income (net of tax) attributable to non-controlling interests		4,828			167
Total comprehensive income		53,383			20,649
Attributable to:
Equity holders of the Company		44,517			17,329
Non-controlling interests		8,866			3,320

Chairman	Director and President	Chief Financial Officer
Dai Houliang	Huang Yongzhang	Wang Hua

16

3-2. Consolidated Income Statement

Item	Nine months ended September 30
	2022			2021
	RMB million			RMB million
Operating income		2,455,401			1,880,341
Less: Cost of sales		(1,936,795	)		(1,508,745	)
Taxes and surcharges		(213,843	)		(162,591	)
Selling expenses		(49,736	)		(50,787	)
General and administrative expenses		(37,461	)		(41,227	)
Research and development expenses		(13,958	)		(11,994	)
Finance expenses		(15,086	)		(13,321	)
Including: Interest expenses		(15,195	)		(14,824	)
Interest income		2,443			1,730
Add: Other income		10,130			3,988
Investment income		(10,452	)		31,202
Including: Income from investment in associates and joint ventures		12,841			11,244
Gains or losses on changes in fair value		(1,563	)		—
Credit losses		(440	)		(336	)
Asset impairment losses		(579	)		(549	)
Gain on asset disposal		490			842
Operating profit		186,108			126,823
Add: Non-operating income		1,733			1,945
Less: Non-operating expenses		(14,493	)		(5,567	)
Profit before taxation		173,348			123,201
Less: Taxation		(39,718	)		(30,146	)
Net profit		133,630			93,055
Classified by continuity of operations:
Net profit from continuous operation		133,630			93,055
Net profit from discontinued operation		—			—
Classified by ownership:
Shareholders of the Company		120,266			75,122
Non-controlling interests		13,364			17,933
Earnings per share
Basic earnings per share (RMB Yuan)		0.66			0.41
Diluted earnings per share (RMB Yuan)		0.66			0.41
Other comprehensive income, net of tax		23,273			(7,772	)
Other comprehensive income (net of tax) attributable to equity holders of the Company		15,326			(7,119	)
(1) Items that will not be reclassified to profit or loss:
Changes in fair value of investments in other equity instruments		(158	)		65
(2) Items that may be reclassified to profit or loss:
Other comprehensive income recognised under equity method		714			173
Cash flow hedging reserve		8,421			—
Translation differences arising from translation of foreign currency financial statements		6,349			(7,357	)
Other comprehensive income (net of tax) attributable to non-controlling interests		7,947			(653	)
Total comprehensive income		156,903			85,283
Attributable to:
Equity holders of the Company		135,592			68,003
Non-controlling interests		21,311			17,280

Chairman	Director and President	Chief Financial Officer
Dai Houliang	Huang Yongzhang	Wang Hua

17

4-1. Income Statement

Item	Three months ended September 30 (July-September)
	2022			2021
	RMB million			RMB million
Operating income		440,600			355,661
Less: Cost of sales		(336,030	)		(260,260	)
Taxes and surcharges		(54,959	)		(45,976	)
Selling expenses		(12,770	)		(12,799	)
General and administrative expenses		(7,918	)		(9,394	)
Research and development expenses		(3,618	)		(2,632	)
Finance expenses		(3,161	)		(3,512	)
Including: Interest expenses		(3,749	)		(3,610	)
Interest income		513			195
Add: Other income		3,660			1,329
Investment income		11,393			5,679
Including: Income from investment in associates and joint ventures		3,517			2,884
Credit losses		—			(85	)
Asset impairment losses		(3	)		(59	)
Gains on asset disposal		99			369
Operating profit		37,293			28,321
Add: Non-operating income		523			741
Less: Non-operating expenses		(3,298	)		(2,182	)
Profit before taxation		34,518			26,880
Less: Taxation		(3,289	)		(6,198	)
Net profit		31,229			20,682
Classified by continuity of operations:
Net profit from continuous operation		31,229			20,682
Net profit from discontinued operation		—			—
Earnings per share
Basic earnings per share (RMB Yuan)		0.17			0.11
Diluted earnings per share (RMB Yuan)		0.17			0.11
Other comprehensive income, net of tax		329			36
Other comprehensive income (net of tax) attributable to equity holders of the Company		329			36
(1) Items that will not be reclassified to profit or loss:
Changes in fair value of investments in other equity instruments		(29	)		3
(2) Items that may be reclassified to profit or loss:
Other comprehensive income recognised under equity method		358			33
Total comprehensive income		31,558			20,718

Chairman	Director and President	Chief Financial Officer
Dai Houliang	Huang Yongzhang	Wang Hua

18

4-2. Income Statement

Item	Nine months ended September 30
	2022			2021
	RMB million			RMB million
Operating income		1,272,367			1,016,474
Less: Cost of sales		(953,363	)		(757,839	)
Taxes and surcharges		(161,554	)		(126,404	)
Selling expenses		(35,315	)		(35,080	)
General and administrative expenses		(22,665	)		(26,570	)
Research and development expenses		(11,292	)		(9,729	)
Finance expenses		(9,855	)		(11,207	)
Including: Interest expenses		(10,930	)		(11,326	)
Interest income		983			456
Add: Other income		9,814			2,927
Investment income		34,577			19,445
Including: Income from investment in associates and joint ventures		9,624			8,423
Credit losses		(45	)		(113	)
Asset impairment losses		(28	)		(95	)
Gains on asset disposal		356			792
Operating profit		122,997			72,601
Add: Non-operating income		1,425			1,433
Less: Non-operating expenses		(11,680	)		(4,603	)
Profit before taxation		112,742			69,431
Less: Taxation		(12,113	)		(14,544	)
Net profit		100,629			54,887
Classified by continuity of operations:
Net profit from continuous operation		100,629			54,887
Net profit from discontinued operation		—			—
Earnings per share
Basic earnings per share (RMB Yuan)		0.55			0.30
Diluted earnings per share (RMB Yuan)		0.55			0.30
Other comprehensive income, net of tax		477			(93	)
Other comprehensive income (net of tax) attributable to equity holders of the Company		477			(93	)
(1) Items that will not be reclassified to profit or loss:
Changes in fair value of investments in other equity instruments		(52	)		(23	)
(2) Items that may be reclassified to profit or loss:
Other comprehensive income recognised under equity method		529			(70	)
Total comprehensive income		101,106			54,794

Chairman	Director and President	Chief Financial Officer
Dai Houliang	Huang Yongzhang	Wang Hua

19

5. Consolidated Cash Flow Statement

Item	Nine months ended September 30
	2022			2021
	RMB million			RMB million
Cash flows from operating activities
Cash received from sales of goods and rendering of services		2,534,856			2,185,778
Cash received relating to other operating activities		194,268			5,013
Sub-total of cash inflows		2,729,124			2,190,791
Cash paid for goods and services		(1,724,003	)		(1,593,822	)
Cash paid to and on behalf of employees		(102,468	)		(99,935	)
Payments of various taxes		(356,313	)		(248,692	)
Cash paid relating to other operating activities		(232,792	)		(21,595	)
Sub-total of cash outflows		(2,415,576	)		(1,964,044	)
Net cash flows from operating activities		313,548			226,747
Cash flows from investing activities
Cash received from disposal of investments		30,355			20,339
Cash received from returns on investments		12,016			13,829
Net cash received from disposal of fixed assets, oil and gas properties, intangible assets and other long-term assets		362			2,881
Net cash received from disposal of subsidiaries and other business units		3,855			33,457
Sub-total of cash inflows		46,588			70,506
Cash paid to acquire fixed assets, oil and gas properties, intangible assets and other long-term assets		(158,270	)		(169,952	)
Cash paid to acquire investments		(30,389	)		(29,618	)
Net cash paid to acquire subsidiaries and other business units		(333	)		—
Sub-total of cash outflows		(188,992	)		(199,570	)
Net cash flows used for investing activities		(142,404	)		(129,064	)
Cash flows from financing activities
Cash received from capital contributions		293			4
Including: Cash received from non-controlling interests’ capital contributions to subsidiaries		293			4
Cash received from borrowings		674,436			614,821
Sub-total of cash inflows		674,729			614,825
Cash repayments of borrowings		(682,182	)		(605,680	)
Cash payments for interest expenses and distribution of dividends or profits		(63,866	)		(43,487	)
Including: Subsidiaries’ cash payments for distribution of dividends or profits to non-controlling interests		(4,119	)		(15,107	)
Cash payments relating to other financing activities		(10,096	)		(8,551	)
Sub-total of cash outflows		(756,144	)		(657,718	)
Net cash flows used for financing activities		(81,415	)		(42,893	)
Effect of foreign exchange rate changes on cash and cash equivalents		8,746			(841	)
Net increase in cash and cash equivalents		98,475			53,949
Add: Cash and cash equivalents at beginning of the period		136,789			118,631
Cash and cash equivalents at the end of the period		235,264			172,580

Chairman	Director and President	Chief Financial Officer
Dai Houliang	Huang Yongzhang	Wang Hua

20

6. Company Cash Flow Statement

Item	Nine months ended September 30
	2022			2021
	RMB million			RMB million
Cash flows from operating activities
Cash received from sales of goods and rendering of services		1,415,065			1,276,465
Cash received relating to other operating activities		11,125			4,049
Sub-total of cash inflows		1,426,190			1,280,514
Cash paid for goods and services		(850,640	)		(823,672	)
Cash paid to and on behalf of employees		(74,093	)		(71,981	)
Payments of various taxes		(253,751	)		(202,874	)
Cash paid relating to other operating activities		(29,975	)		(18,822	)
Sub-total of cash outflows		(1,208,459	)		(1,117,349	)
Net cash flows from operating activities		217,731			163,165
Cash flows from investing activities
Cash received from disposal of investments		2,827			5,543
Cash received from returns on investments		54,801			28,433
Net cash received from disposal of fixed assets, oil and gas properties, intangible assets and other long-term assets		221			2,772
Net cash received from disposal of subsidiaries and other business units		392			—
Sub-total of cash inflows		58,241			36,748
Cash paid to acquire fixed assets, oil and gas properties, intangible assets and other long-term assets		(102,291	)		(118,025	)
Cash paid to acquire investments		(5,814	)		(8,104	)
Sub-total of cash outflows		(108,105	)		(126,129	)
Net cash flows used for investing activities		(49,864	)		(89,381	)
Cash flows from financing activities
Cash received from borrowings		99,208			131,844
Sub-total of cash inflows		99,208			131,844
Cash repayments of borrowings		(101,514	)		(152,311	)
Cash payments for interest expenses and distribution of dividends or profits		(58,720	)		(26,533	)
Cash payments relating to other financing activities		(1,847	)		(3,878	)
Sub-total of cash outflows		(162,081	)		(182,722	)
Net cash flows used for financing activities		(62,873	)		(50,878	)
Net increase in cash and cash equivalents		104,994			22,906
Add: Cash and cash equivalents at beginning of the period		31,955			40,787
Cash and cash equivalents at the end of the period		136,949			63,693

Chairman	Director and President	Chief Financial Officer
Dai Houliang	Huang Yongzhang	Wang Hua

21

4.2 Financial statements for the third quarter of 2022 prepared in accordance with IFRS

1-1. Consolidated Statement of Comprehensive Income

	Three months ended September 30 (July-September)
	2022			2021
	RMB million			RMB million
REVENUE		840,780			683,760
OPERATING EXPENSES
Purchases, services and other		(596,888	)		(481,620	)
Employee compensation costs		(39,629	)		(40,860	)
Exploration expenses, including exploratory dry holes		(5,994	)		(2,721	)
Depreciation, depletion and amortisation		(50,596	)		(47,471	)
Selling, general and administrative expenses		(15,120	)		(15,328	)
Taxes other than income taxes		(73,584	)		(60,853	)
Other (expense)/income net		(3,127	)		1,393
TOTAL OPERATING EXPENSES		(784,938	)		(647,460	)
PROFIT FROM OPERATIONS		55,842			36,300
FINANCE COSTS
Exchange gain		10,156			2,332
Exchange loss		(11,234	)		(2,075	)
Interest income		1,068			451
Interest expense		(5,551	)		(4,630	)
TOTAL NET FINANCE COSTS		(5,561	)		(3,922	)
SHARE OF PROFIT OF ASSOCIATES AND JOINT VENTURES		4,737			3,811
PROFIT BEFORE INCOME TAX EXPENSE		55,018			36,189
INCOME TAX EXPENSE		(13,100	)		(10,947	)
PROFIT FOR THE PERIOD		41,918			25,242
OTHER COMPREHENSIVE INCOME
(1) Item that will not be reclassified to profit or loss:
Fair value changes in equity investment measured at fair value through other comprehensive income		(134	)		64
(2) Item that are or may be reclassified subsequently to profit or loss:
Cash flow hedging reserve		1,782			—
Currency translation differences		9,328			(4,896	)
Share of the other comprehensive income of associates and joint ventures accounted for using the equity method		491			242
OTHER COMPREHENSIVE INCOME, NET OF TAX		11,467			(4,590	)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		53,385			20,652
PROFIT FOR THE PERIOD ATTRIBUTABLE TO:
Owners of the Company		37,880			22,089
Non-controlling interests		4,038			3,153
		41,918			25,242
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD ATTRIBUTABLE TO:
Owners of the Company		44,519			17,332
Non-controlling interests		8,866			3,320
		53,385			20,652
BASIC AND DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY (RMB YUAN)		0.21			0.12

22

1-2. Consolidated Statement of Comprehensive Income

	Nine months ended September 30
	2022			2021
	RMB million			RMB million
REVENUE		2,455,401			1,880,341
OPERATING EXPENSES
Purchases, services and other		(1,708,419	)		(1,290,552	)
Employee compensation costs		(114,556	)		(107,688	)
Exploration expenses, including exploratory dry holes		(18,833	)		(13,862	)
Depreciation, depletion and amortisation		(153,459	)		(155,826	)
Selling, general and administrative expenses		(43,529	)		(45,654	)
Taxes other than income taxes		(214,815	)		(163,264	)
Other (expense)/income net		(26,933	)		21,268
TOTAL OPERATING EXPENSES		(2,280,544	)		(1,755,578	)
PROFIT FROM OPERATIONS		174,857			124,763
FINANCE COSTS
Exchange gain		19,076			10,139
Exchange loss		(20,669	)		(9,847	)
Interest income		2,443			1,730
Interest expense		(15,195	)		(14,824	)
TOTAL NET FINANCE COSTS		(14,345	)		(12,802	)
SHARE OF PROFIT OF ASSOCIATES AND JOINT VENTURES		12,841			11,244
PROFIT BEFORE INCOME TAX EXPENSE		173,353			123,205
INCOME TAX EXPENSE		(39,718	)		(30,146	)
PROFIT FOR THE PERIOD		133,635			93,059
OTHER COMPREHENSIVE INCOME
(1) Item that will not be reclassified to profit or loss:
Fair value changes in equity investment measured at fair value through other comprehensive income		(302	)		79
(2) Item that are or may be reclassified subsequently to profit or loss:
Cash flow hedging reserve		8,421			—
Currency translation differences		14,440			(8,024	)
Share of the other comprehensive income of associates and joint ventures accounted for using the equity method		714			173
OTHER COMPREHENSIVE INCOME, NET OF TAX		23,273			(7,772	)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		156,908			85,287
PROFIT FOR THE PERIOD ATTRIBUTABLE TO:
Owners of the Company		120,271			75,126
Non-controlling interests		13,364			17,933
		133,635			93,059
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD ATTRIBUTABLE TO:
Owners of the Company		135,597			68,007
Non-controlling interests		21,311			17,280
		156,908			85,287
BASIC AND DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY (RMB YUAN)		0.66			0.41

23

2. Consolidated Statement of Financial Position

	September 30, 2022		December 31, 2021
	RMB million		RMB million
NON-CURRENT ASSETS
Property, plant and equipment		1,445,085		1,459,296
Investments in associates and joint ventures		272,805		265,785
Equity investments measured at fair value through other comprehensive income		779		1,168
Right-of-use assets		205,049		208,606
Intangible and other non-current assets		79,143		66,344
Deferred tax assets		16,167		12,161
Time deposits with maturities over one year		4,299		8,064
TOTAL NON-CURRENT ASSETS		2,023,327		2,021,424
CURRENT ASSETS
Inventories		206,494		143,848
Accounts receivable		98,557		52,746
Derivative financial assets		41,112		3,913
Prepayments and other current assets		150,735		112,820
Financial assets at fair value through other comprehensive income		8,363		3,975
Time deposits with maturities over three months but within one year		29,464		26,747
Cash and cash equivalents		235,264		136,789
TOTAL CURRENT ASSETS		769,989		480,838
CURRENT LIABILITIES
Accounts payable and accrued liabilities		445,536		299,121
Contract liabilities		84,920		78,481
Income taxes payable		19,211		9,915
Other taxes payable		57,183		66,859
Short-term borrowings		102,734		53,275
Derivative financial liabilities		37,101		3,881
Lease liabilities		7,288		6,626
TOTAL CURRENT LIABILITIES		753,973		518,158
NET CURRENT ASSETS/(LIABILITIES)		16,016		(37,320	)
TOTAL ASSETS LESS CURRENT LIABILITIES		2,039,343		1,984,104
EQUITY
EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY:
Share capital		183,021		183,021
Retained earnings		837,560		771,980
Reserves		322,378		308,560
TOTAL EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY		1,342,959		1,263,561
NON-CONTROLLING INTERESTS		169,766		145,308
TOTAL EQUITY		1,512,725		1,408,869
NON-CURRENT LIABILITIES
Long-term borrowings		239,476		287,175
Asset retirement obligations		134,686		129,405
Lease liabilities		120,517		123,222
Deferred tax liabilities		22,644		26,638
Other long-term obligations		9,295		8,795
TOTAL NON-CURRENT LIABILITIES		526,618		575,235
TOTAL EQUITY AND NON-CURRENT LIABILITIES		2,039,343		1,984,104

24

3. Consolidated Statement of Cash Flows

	Nine months ended September 30
	2022			2021
	RMB million			RMB million
CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the period		133,635			93,059
Adjustments for:
Income tax expense		39,718			30,146
Depreciation, depletion and amortisation		153,459			155,826
Capitalised exploratory costs charged to expense		11,619			5,574
Safety fund reserve		2,864			1,657
Share of profit of associates and joint ventures		(12,841	)		(11,244	)
Accrual of provision for impairment of receivables, net		439			336
Write down in inventories, net		574			59
Impairment of other non-current assets		—			490
Loss on disposal and scrap of property, plant and equipment		7,923			576
Gain on disposal and scrap of other non-current assets		(309	)		(524	)
Gain on disposal of subsidiaries		(60	)		(18,928	)
Fair value loss		1,563			—
Dividend income		(2	)		(17	)
Interest income		(2,443	)		(1,730	)
Interest expense		15,195			14,824
Changes in working capital:
Accounts receivable, prepayments and other current assets		(89,591	)		(34,293	)
Inventories		(63,220	)		(19,477	)
Accounts payable and accrued liabilities		158,005			35,683
Contract liabilities		6,439			(1,845	)
CASH FLOWS GENERATED FROM OPERATIONS		362,967			250,172
Income taxes paid		(49,419	)		(23,425	)
NET CASH FLOWS FROM OPERATING ACTIVITIES		313,548			226,747

25

3. Consolidated Statement of Cash Flows (Continued)

	Nine months ended September 30
	2022			2021
	RMB million			RMB million
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures		(157,868	)		(169,378	)
Acquisition of investments in associates and joint ventures		(1,103	)		(3,546	)
Prepayments on long-term leases		—			(81	)
Acquisition of intangible assets and other non-current assets		(402	)		(493	)
Acquisition of subsidiaries		(333	)		—
Proceeds from disposal of property, plant and equipment		89			2,546
Proceeds from disposal of other non-current assets		291			335
Proceeds from disposal of investments and investments in associates		3,855			33,457
Interest received		1,765			1,944
Dividends received		10,251			11,885
Decrease/(Increase) in time deposits with maturities over three months		1,051			(5,733	)
NET CASH FLOWS USED FOR INVESTING ACTIVITIES		(142,404	)		(129,064	)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayments of short-term borrowings		(594,481	)		(566,376	)
Repayments of long-term borrowings		(87,701	)		(39,304	)
Repayments of lease liabilities		(10,096	)		(8,551	)
Interest paid		(9,337	)		(10,410	)
Dividends paid to non-controlling interests		(4,119	)		(15,107	)
Dividends paid to owners of the Company		(50,410	)		(17,970	)
Increase in short-term borrowings		605,048			517,860
Increase in long-term borrowings		69,388			96,961
Cash contribution from non-controlling interests		293			4
NET CASH FLOWS USED FOR FINANCING ACTIVITIES		(81,415	)		(42,893	)
TRANSLATION OF FOREIGN CURRENCY		8,746			(841	)
Increase in cash and cash equivalents		98,475			53,949
Cash and cash equivalents at beginning of the period		136,789			118,631
Cash and cash equivalents at end of the period		235,264			172,580

26

4. Segment Information

	Nine months ended September 30
	2022			2021
	RMB million			RMB million
Revenue
Oil, Gas and New Energies(1)
Intersegment sales		578,823			405,980
Revenue from external customers		109,936			81,499
		688,759			487,479
Refining, Chemicals and New Materials(1)
Intersegment sales		624,806			461,359
Revenue from external customers		254,715			244,452
		879,521			705,811
Marketing
Intersegment sales		374,681			275,318
Revenue from external customers		1,734,744			1,282,311
		2,109,425			1,557,629
Natural Gas Marketing
Intersegment sales		15,741			14,040
Revenue from external customers		354,321			270,983
		370,062			285,023
Head Office and Other
Intersegment sales		188			107
Revenue from external customers		1,685			1,096
		1,873			1,203
Total revenue from external customers		2,455,401			1,880,341
Profit/(loss) from operations
Oil, Gas and New Energies(1)		138,933			58,369
Refining, Chemicals and New Materials(1)		26,366			31,990
Marketing		7,242			8,776
Natural Gas Marketing		15,644			36,715
Head Office and Other		(13,328	)		(11,087	)
		174,857			124,763

Note (1): Since the third quarter of 2022, the Exploration and Production Segment has been renamed as Oil, Gas and New Energies Segment, and the Refining and Chemicals Segment has been renamed as Refining, Chemicals and New Materials Segment in the segment information of the Group.

4.3 Auditor’s Report

If the quarterly report is audited by a certified public accountant, the appendix should disclose the body of the auditor’s report.

☐ Applicable        ☒ Inapplicable

27

By Order of the Board of Directors

PetroChina Company Limited

Dai Houliang

Chairman

Beijing, the PRC

October 27, 2022

As at the date of this announcement, the Board of Directors of the Company comprises Mr. Dai Houliang as the Chairman; Mr. Hou Qijun as Vice Chairman and non-executive Director; Mr. Duan Liangwei and Mr. Xie Jun as non-executive Directors; Mr. Jiao Fangzheng, Mr. Huang Yongzhang and Mr. Ren Lixin as executive Directors; and Ms. Elsie Leung Oi-sie, Mr. Tokuchi Tatsuhito, Mr. Cai Jinyong and Mr. Jiang, Simon X. as independent non-executive Directors.

This announcement is published in English and Chinese. In the event of any inconsistency between the two versions, the Chinese version shall prevail.

28

EX-99.2

Exhibit 99.2

新 闻 稿 Press Release	中 国 石 油 天 然 气 股 份 有 限 公 司 P e t r o C h i n a C o m p a n y L i m i t e d
	中国北京东城区东直门北大街9 号 邮编：100007 电话：86-10-59982622 传真：86-10-62099557	9 Dongzhimen North Street, Dongcheng District, Beijing, 100007, P.R. China TEL: 86-10-59982622 FAX: 86-10-62099557

Continuous optimization of oil and gas industrial chain

to ensure safe and stable supply of oil and gas resources

PetroChina’s Operating Results Improved Steadily in the First Three Quarters of 2022

(Beijing, 27 October 2022) – PetroChina Company Limited (“PetroChina” or the “Company”, HKSE: 00857; SSE: 601857) announced that in the first three quarters of 2022, despite complex and severe external environment, the Company overcame the challenges arising from lower crude oil demand and natural disasters such as flooding. Coordinated efforts were made to maintain stable production and operations, promote business reform and innovation, and respond to COVID-19. Meanwhile, the Company vigorously expanded its exploration and development efforts, and optimized the operation of its oil and gas industrial chains to ensure the stable oil and gas supply.

In the first three quarters of 2022, the Company continued to deliver record financial results for the same period. In accordance with IFRS, the Company achieved revenue of RMB2,460 billion, up 30.6% year-on-year. Net profit attributable to parent company was RMB120.271 billion, up 60.1% year-on-year. Net cash inflow from operating activities increased by 38.3% year-on-year and free cash flow increased significantly. The Company maintained a sound financial position.

1

Results Review

Steady growth in oil and gas production amid persistent efforts in expanding exploration and development. The Company stepped up investment in exploration and development, actively expanded oil and gas production capacity, and strived to increase reserves and production. It also promoted the new energies business with solid steps and continued to increase capex to promote the integrated development of oil, gas and new energies. The Company attached equal importance to production volume and profitability, and kept working on cost control. For overseas business, the Company forged ahead with key projects and further optimized its business layout and asset structure. In the first three quarters of 2022, crude oil output reached 677 million barrels, of which domestic crude oil output reached 577 million barrels, up 2.7% year-on-year. The marketable natural gas output reached 3,445 bcf, of which domestic marketable natural gas output reached 3,296 bcf, up 5.1% year-on-year. The oil equivalent of oil and gas output was 1.25 billion barrels, of which domestic oil and gas output reached 1.13 billion barrels of oil equivalent, up 3.9% year-on-year. The oil, gas and new energies segment achieved an operating profit of RMB138.93 billion.

Remarkable results in product mix adjustment driven by continuous transformation and upgrading of refining and chemicals operation. Stay market-oriented, the Company actively optimized its resources and rationalized processing load. It pressed ahead with reducing the output of refined products and increasing chemical and specialty products, with product mix further optimized. It also enhanced R&D efforts and established the research institute for new materials in Japan. As a result, the output of new materials substantially increased. New progress was made in the development of key projects, with the Guangdong Petrochemical and Refining Project preparing for commissioning. In the first three quarters of 2022, the Company processed 896 million barrels of crude oil and produced 77.456 million tons of gasoline, kerosene, and diesel. The Company produced 23.486 million tons of chemical products, up 3.5% year-on-year. The refining, chemicals and new materials segment generated an operating profit of RMB26.37 billion.

2

Continuous enhancement of lean management with the quality of marketing effectively improved. The Company continuously enhanced customer service, strived to increase sales volume and profitability, better coordinated production and sales, and further optimized inventory management to ensure the smooth operation of the industrial chain. It made overall planning on international and domestic markets, further enhanced the profitability of international trade, actively developed the integrated stations of oil, gas, hydrogen, electricity and non-oil products, and strived to create new profit growth drivers. In the first three quarters of 2022, the Company sold 110 million tons of gasoline, kerosene, and diesel. The marketing segment recorded an operating profit of RMB7.24 billion.

Continuous optimization of resource allocation to ensure stable supply of natural gas. The Company optimized its gas resource structure, strictly controlled procurement costs, worked on targeted marketing, expanded the scale of online sales, and actively expanded the end-user market. It strengthened integrated planning and made forward-looking deployment to ensure a stable supply in natural gas market. In the first three quarters of 2022, the Company sold 189.5 bcm of natural gas, of which domestic sales volume of natural gas reached 147.2 bcm, up 6.6% year-on-year. The natural gas marketing segment generated an operating profit of RMB15.64 billion.

3

In the fourth quarter of 2022, the Company will continue to press ahead with quality and profitability improvement as well as reform and innovation, optimize the industrial chains of oil and gas business, and ensure the achievement of the annual production and operational targets, in an effort to create greater value for all shareholders and the society.

Additional information on PetroChina is available at the Company’s website: http://www.petrochina.com.cn    

Issued by PetroChina Company Limited    

For further information, please contact:

PetroChina Company Limited

PR Agency (Overseas media):
PRChina Limited	Fax: (852) 2522 9955
Ran Mo	Tel: (852) 2522 1838
	Email: petrochina@prchina.com.hk
PR Agency (Domestic media):
EverBloom Investment Consulting Co., Ltd.	Fax: (8610) 8562 3181
Di Shen	Tel: (8610) 5166 3828
	Email: zhongshiyou.list@everbloom.com

4