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 August 2007
PETROCHINA COMPANY LIMITED
16 ANDELU, DONGCHENG DISTRICT
BEIJING, THE PEOPLE'S REPUBLIC OF CHINA, 100011
(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 X Form 40-F
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(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 X
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(If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82- )
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PetroChina Company Limited (the "Registrant") is furnishing under the
cover of Form 6-K the Registrant's press release regarding its interim results
for the six months ended June 30, 2007.
This press release 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 are, by their nature, subject to significant risks and uncertainties.
These forward-looking statements include, without limitation, statements
relating to the Registrant's future plans and prospects.
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, including, without limitation:
- fluctuations in crude oil and natural gas prices;
- failure to achieve continued exploration success;
- failure or delay in achieving production from development projects;
- failure to complete the proposed acquisition of certain overseas
assets as planned;
- change in demand for competing fuels in the target market;
- continued availability of capital and financing;
- general economic, market and business conditions;
- changes in policies, laws or regulations of the PRC and other
jurisdictions in which the Registrant and its subsidiaries conduct
business; and
- other factors beyond the Registrant's control.
We do not intend to update or otherwise revise the forward-looking
statements in this press release, 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 press release might
not occur in the way we expect, or at all.
You should not place undue reliance on any of these forward-looking
statements.
(PETRO CHINA LOGO LETTERHEAD)
World Tower, 16 Ande Road, Dongcheng
District Beijing, 100011, P.R. China
Tel :86-10-84886034; 84886037
Fax: 86-10-84886039
PRESS RELEASE
PETROCHINA 2007 INTERIM EARNINGS SET A NEW RECORD
23 August 2007, Beijing -- PetroChina Company Limited ("PetroChina" or the
"Company", SEHK: 0857; NYSE: PTR) announced today that it recorded a
consolidated net profit of RMB81.83 billion for the six months ended 30 June
2007, representing an increase of 1.4 % from the same period last year. Earnings
per share reached RMB0.46, which was approximately RMB0.01 higher than that for
the same period of 2006.
During the first half of the year, the Company continued to step up its efforts
in pursuing the strategies related to resources, marketing and international
development. It continued to enhance safe production, environmental protection
and energy saving. As a result, the Company achieved strong profits on stable
progress in production and operation.
"Investors and the public have paid tremendous attention and have given strong
support to us. With the strong sense of responsibility to the shareholders, to
the community, to the public and to the staff, PetroChina has consistently
placed the Company development as its top priority. The Company's scale of
business and its ability for sustainable development have been further enhanced.
The development encouraged a significant increase in the Company's value and
kept our overall business in a good position." said PetroChina's Chairman Jiang
Jiemin.
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For the six months ended 30 June 2007, the Company recorded a turnover of
RMB392.73 billion, representing an increase of 20.3% from the same period last
year. The half-year operating profit reached RMB109.13 billion, recording a
decrease of 5.3% from the same period last year. The decrease in operating
profit was due to various factors including the special levy imposed by the
state, the increased safe production expense, the Company's business expansion
and the surge of the nation's commodity prices. The Board of Directors of the
Company proposed to allocate 45% of the half-year net profit for paying interim
dividends for 2007, equivalent to approximately RMB0.205690 per share.
EXPLORATION AND PRODUCTION
Since the beginning of 2007, the Company has achieved a series of milestones in
oil and gas exploration by strengthening its foothold in several key basins
across the country, deepening the geological studies, focusing on new technology
application as well as stepping up its efforts in core projects and strategic
development. The Company discovered the Jidong Nanpu Oilfield in Jidong shallow
water areas of Bohai Bay, which contains oil reserves of up to one billion tons.
Verified by the state in mid August, the new discovery contains 445 million tons
of proven reserves of original oil in place. The three-level reserves of
original oil and gas in place have reached 1.18 billion tons. The Company also
made progress in the exploration work in Erdos, Songliao, Junggar, Sichuan and
Tarim Basins. At the moment, the Company's overall development of the oil and
gas exploration business is well-positioned and its reserve is entering a high
growth stage. The Company now enjoys a stronger foundation of resources which
facilitates its further development.
In the first half of the year, overcoming the odds and various natural
disasters, the Company achieved stable progress in oil and gas output. During
the reporting period, the Company's oil and gas output amounted to 553 million
barrels of oil equivalent, representing an increase of 3.7% from the same period
of 2006. It
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produced 420 million barrels of crude oil, representing an increase of 600,000
barrels or 0.1% from the same period of 2006, and 798 billion cubic feet of
marketable natural gas, representing an increase of 16.5% from the same period
of 2006. The Company's natural gas production maintained a strong growth
momentum.
During the first half of 2007, the Company's Exploration and Production segment
recorded an operating profit of RMB96.44 billion, which was RMB28.02 billion
lower than that of the same period in 2006. This was due to the decrease in
crude oil price, the increase in purchase expenses as well as the special levy
imposed by the state.
REFINING AND MARKETING
In the first half of 2007, the Company's Refining and Marketing segment, with
further structure adjustment, maintained steady production growth on the strong
market demand. The Company processed 408 million barrels of crude oil,
representing an increase of 3.8% from the same period of 2006. It produced 10.67
million tons of gasoline, representing a decrease of 3.6% from the same period
of 2006 and produced 23.889 million tons of diesel, representing an increase of
7.5% from the same period of 2006.
During this reporting period, the Company continued to expand its marketing
network for refined products by building more service stations in major cities,
at new districts of the developed areas, at highways and at the prime
transportation zones.
During the first half of 2007, the Company's Refining and Marketing segment
achieved a turnaround. The segment recorded an operating profit of RMB3.93
billion, representing an increase of RMB17.82 billion over the same period of
2006.
CHEMICALS AND MARKETING
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The Chemical and Marketing segment achieved economies of production scale and
was operated in a safe and stable manner. The Company continued to make
improvements in key operational performance indexes. Resources allocation and
product mix were further optimized. The realized output of commercial chemical
products reached 7.83 million tons, representing an increase of 1.2 million tons
or 18.1% compared to the output of 6.63 million tons over the same period of
2006. The Company produced 1.305 million tons of ethylene and 1.997 million tons
of synthetic resin during the period, representing a year-on-year increase of
30.1% and 31% respectively.
In the first half of 2007, the Company's Chemicals and Marketing segment
recorded an operating profit of RMB5.4 billion, representing an increase of
RMB2.49 billion or 85.6% from the same period of 2006. The increase was
attributed to the operation of the new production capacity which lifted the
overall production and sales volume. In addition, the surge of chemical product
prices also encouraged the growth.
NATURAL GAS AND PIPELINE
During the first half of 2007, the construction of major oil and gas pipelines
proceeded smoothly. The capacity expansion projects of the West-East Gas
Pipeline was smoothly conducted as planned. The Jintan gas storage facilities
were filled up and put into operation. Construction of the Lanzhou-Yinchuan gas
pipeline, which connects the Sebei-Xining-Lanzhou Pipeline, was completed and
successfully put into trial operation in late July. Currently the Company has
successfully established a gas supply network in its four key natural gas
fields. In addition, the Beijing Oil and Gas Pipeline Network Dispatching Center
commenced its operation.
During the first half of 2007, the Natural Gas and Pipeline segment recorded an
operating profit of RMB6.13 billion, representing an increase of RMB1.54 billion
or 33.6% compared to the same period of 2006.
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The Natural Gas and Pipeline segment has become the Company's new growth point
and is poised to grow significantly. Moving forward, the Company plans to build
a number of key oil and gas pipelines which include the Second West-East Gas
Pipeline and the Lanzhou-Zhengzhou-Changsha product oil pipeline. The Company
will further enhance its capacity to strengthen its supply capabilities and
basis of future development.
OVERSEAS BUSINESS
During the first half of 2007, the Company made steady growth in overseas
business. As of 30 June 2007, the Company's overseas net oil and gas production
amounted to 29 million barrels of oil equivalent, representing an increase of
6.6% from the same period of 2006.
PROSPECTS FOR THE SECOND HALF OF 2007
Looking ahead, it is expected that the global economy will achieve steady growth
and China's economic growth will continue in a rapid and stable manner. While
China's demand for oil and gas will remain robust, the Company will enjoy
favorable business opportunities on the growing market demand.
The Company will continue to uphold the principles of its corporate mission --
"Producing energy and power to realize wealth and harmony". With the philosophy
of running the business with prudence and integrity, we are committed to
enhancing our corporate value and fulfilling our economic, environmental and
social responsibilities in an active manner to repay the support from our
shareholders, our society and our staff.
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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:
Mr. Mao Zefeng, Assistant Secretary to the Board of Directors
Tel: (852) 2899 2010 Fax: (852) 2899 2390
Email: hko@petrochina.com.hk
Distributed through Hill & Knowlton Asia Ltd. For enquiries, please contact:
Ms. Helen Lam Fax: (852) 2576 1990
Tel: (852) 2894 6204 / 9277 7672 Email: helen.lam@hillandknowlton.com.hk
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
PetroChina Company Limited
Dated: August 24, 2007 By: /s/ Li Huaiqi
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Name: Li Huaiqi
Title: Company Secretary