Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2019shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | PETROCHINA CO LTD |
Entity Central Index Key | 0001108329 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity Interactive Data Current | Yes |
Entity Voluntary Filers | No |
Entity Address, Country | CN |
A shares [member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 161,922,077,818 |
H shares [member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 21,098,900,000 |
No Trading Symbol Flag | true |
Security Exchange Name | NYSE |
Title of 12(b) Security | H Shares, par value RMB1.00 per share |
ADS [Member] | |
Document Information [Line Items] | |
Trading Symbol | PTR |
Security Exchange Name | NYSE |
Title of 12(b) Security | American Depositary Shares, each representing 100 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Profit or loss [abstract] | |||
REVENUE | ¥ 2,516,810 | ¥ 2,374,934 | ¥ 2,032,298 |
OPERATING EXPENSES | |||
Purchases, services and other | (1,697,834) | (1,553,784) | (1,295,032) |
Employee compensation costs | (154,318) | (144,391) | (125,703) |
Exploration expenses, including exploratory dry holes | (20,775) | (18,726) | (23,884) |
Depreciation, depletion and amortization | (225,262) | (232,276) | (237,807) |
Selling, general and administrative expenses | (68,596) | (74,477) | (77,557) |
Taxes other than income taxes | (228,436) | (220,677) | (200,704) |
Other income/(expenses) net | 173 | (7,661) | (775) |
TOTAL OPERATING EXPENSES | (2,395,048) | (2,251,992) | (1,961,462) |
PROFIT FROM OPERATIONS | 121,762 | 122,942 | 70,836 |
FINANCE COSTS | |||
Exchange gain | 10,017 | 12,701 | 8,252 |
Exchange loss | (10,016) | (11,581) | (9,436) |
Interest income | 3,631 | 3,779 | 2,912 |
Interest expense | (30,409) | (22,718) | (22,841) |
TOTAL NET FINANCE COSTS | (26,777) | (17,819) | (21,113) |
SHARE OF PROFIT OF ASSOCIATES AND JOINT VENTURES | 8,229 | 11,647 | 5,968 |
PROFIT BEFORE INCOME TAX EXPENSE | 103,214 | 116,770 | 55,691 |
INCOME TAX EXPENSE | (36,199) | (42,790) | (16,296) |
PROFIT FOR THE YEAR | 67,015 | 73,980 | 39,395 |
OTHER COMPREHENSIVE INCOME, Item that will not be reclassified to profit or loss | |||
Fair value changes in equity investment measured at fair value through other comprehensive income | 156 | (201) | |
OTHER COMPREHENSIVE INCOME, Items that are or may be reclassified subsequently to profit or loss | |||
Currency translation differences | 8,357 | (2,667) | (431) |
Fair value loss from available-for-sale financial assets, net of tax | (608) | ||
Share of the other comprehensive income of associates and joint ventures accounted for using the equity method | 417 | 220 | (326) |
OTHER COMPREHENSIVE INCOME, NET OF TAX | 8,930 | (2,648) | (1,365) |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 75,945 | 71,332 | 38,030 |
PROFIT FOR THE YEAR ATTRIBUTABLE TO: | |||
Owners of the Company | 45,682 | 53,036 | 23,537 |
Non-controlling interests | 21,333 | 20,944 | 15,858 |
PROFIT FOR THE YEAR | 67,015 | 73,980 | 39,395 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO: | |||
Owners of the Company | 50,323 | 48,072 | 24,424 |
Non-controlling interests | 25,622 | 23,260 | 13,606 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | ¥ 75,945 | ¥ 71,332 | ¥ 38,030 |
BASIC AND DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY(RMB) | ¥ 0.25 | ¥ 0.29 | ¥ 0.13 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - CNY (¥) ¥ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
NON-CURRENT ASSETS | |||
Property, plant and equipment | ¥ 1,783,224 | ¥ 1,709,388 | |
Investments in associates and joint ventures | 102,073 | 89,362 | |
Equity investments measured at fair value through other comprehensive income | 922 | 738 | |
Advance operating lease payments | 78,240 | ||
Right-of-use assets | 254,736 | ||
Intangible and other non-current assets | 100,663 | 98,309 | |
Deferred tax assets | 24,259 | 23,498 | |
Time deposits with maturities over one year | 120 | 3,101 | |
TOTAL NON-CURRENT ASSETS | 2,265,997 | 2,002,636 | |
CURRENT ASSETS | |||
Inventories | 181,921 | 177,577 | |
Accounts receivable | 64,184 | 59,522 | |
Prepayments and other current assets | 103,127 | 89,345 | |
Notes receivable | 7,016 | 16,308 | |
Time deposits with maturities over three months but within one year | 24,256 | 9,535 | |
Cash and cash equivalents | 86,409 | 85,954 | |
TOTAL CURRENT ASSETS | 466,913 | 438,241 | |
CURRENT LIABILITIES | |||
Accounts payable and accrued liabilities | 328,314 | 299,848 | |
Contract liabilities | 82,490 | 68,144 | |
Income taxes payable | 7,564 | 5,728 | |
Other taxes payable | 59,818 | 77,560 | |
Short-term borrowings | 175,840 | 145,150 | |
Lease liabilities | 7,393 | ||
TOTAL CURRENT LIABILITIES | 661,419 | 596,430 | |
NET CURRENT LIABILITIES | (194,506) | (158,189) | |
TOTAL ASSETS LESS CURRENT LIABILITIES | 2,071,491 | 1,844,447 | |
EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY: | |||
Share capital | 183,021 | 183,021 | |
Retained earnings | 743,124 | 731,163 | |
Reserves | 304,011 | 299,599 | |
TOTAL EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY | 1,230,156 | 1,213,783 | |
NON-CONTROLLING INTERESTS | 214,149 | 195,108 | |
TOTAL EQUITY | 1,444,305 | 1,408,891 | [1] |
NON-CURRENT LIABILITIES | |||
Long-term borrowings | 290,882 | 269,422 | |
Asset retirement obligations | 137,935 | 132,780 | |
Lease liabilities | 164,143 | ||
Deferred tax liabilities | 21,411 | 17,015 | |
Other long-term obligations | 12,815 | 16,339 | |
TOTAL NON-CURRENT LIABILITIES | 627,186 | 435,556 | |
TOTAL EQUITY AND NON-CURRENT LIABILITIES | ¥ 2,071,491 | ¥ 1,844,447 | |
[1] | The comparative amounts in the financial statements are presented as if the Dalian West Pacific had been consolidated from the beginning of the earliest financial year presented (see Note 40). Furthermore, the Group has initially applied IFRS 16 at January 1, 2019 using the modified retrospective approach. Under this approach chosen, the comparative information is not restated in this respect (see Note 3(aa)). |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Profit for the year | ¥ 67,015 | ¥ 73,980 | ¥ 39,395 |
Adjustments for: | |||
Income tax expense | 36,199 | 42,790 | 16,296 |
Depreciation, depletion and amortization | 225,262 | 232,276 | 237,807 |
Capitalized exploratory costs charged to expense | 8,900 | 8,579 | 9,455 |
Safety fund reserve | (1,318) | 608 | 327 |
Share of profit of associates and joint ventures | (8,229) | (11,647) | (5,968) |
(Reversal)/accrual of provision for impairment of receivables, net | (1,367) | 15 | 3,254 |
Write down in inventories, net | 1,260 | 4,230 | 1,069 |
Impairment of other non-current assets | 22 | 77 | 3,784 |
Loss on disposal of property, plant and equipment | 9,809 | 16,761 | 4,963 |
Gain on disposal of other non-current assets | (501) | (501) | (108) |
Gain on disposal of subsidiaries | (49) | (45) | (613) |
Dividend income | (22) | (52) | |
Interest income | (3,631) | (3,779) | (2,912) |
Interest expense | 30,409 | 22,718 | 22,841 |
Changes in working capital: | |||
Accounts receivable, prepayments and other current assets | (5,017) | (9,280) | (3,876) |
Inventories | (5,624) | (34,705) | 437 |
Accounts payable and accrued liabilities | 27,416 | 49,127 | 65,624 |
Contract liabilities | 14,346 | 892 | |
CASH FLOWS GENERATED FROM OPERATIONS | 394,880 | 392,044 | 391,775 |
Income taxes paid | (35,270) | (38,788) | (23,046) |
NET CASH FLOWS FROM OPERATING ACTIVITIES | 359,610 | 353,256 | 368,729 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Capital expenditures | (319,686) | (267,310) | (229,492) |
Acquisition of investments in associates and joint ventures | (4,326) | (2,911) | (3,901) |
Acquisition of equity investments measured at fair value through other comprehensive income | (2) | ||
Acquisition of available-for-sale financial assets | (16) | ||
Prepayments on long-term leases | (3,820) | (3,856) | (3,928) |
Acquisition of intangible assets and other non-current assets | (3,256) | (4,668) | (3,839) |
Acquisition of subsidiaries | (183) | ||
Payments to non-controlling interests due to acquisition of subsidiaries | (1,106) | ||
Proceeds from disposal of property, plant and equipment | 1,830 | 1,616 | 1,146 |
Proceeds from disposal of other non-current assets | 507 | 224 | 921 |
Interest received | 2,860 | 2,963 | 2,238 |
Dividends received | 4,865 | 5,438 | 7,181 |
(Increase)/decrease in time deposits with maturities over three months | (11,739) | 694 | (12,994) |
NET CASH FLOWS USED FOR INVESTING ACTIVITIES | (332,948) | (267,812) | (243,790) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Repayments of short-term borrowings | (614,525) | (646,396) | (585,660) |
Repayments of long-term borrowings | (171,226) | (123,745) | (198,984) |
Repayments of lease liabilities | (17,623) | ||
Interest paid | (16,830) | (19,392) | (20,026) |
Dividends paid to non-controlling interests | (14,245) | (15,207) | (12,621) |
Dividends paid to owners of the Company | (30,684) | (27,369) | (19,626) |
Cash paid to acquire non-controlling interests | (1,059) | ||
Capital reduction of subsidiaries | (182) | (86) | (17) |
Increase in short-term borrowings | 634,896 | 615,781 | 610,808 |
Increase in long-term borrowings | 201,562 | 88,500 | 128,390 |
Cash contribution from non-controlling interests | 2,640 | 2,211 | 1,470 |
Decrease in other long-term obligations | (480) | ||
NET CASH FLOWS USED FOR FINANCING ACTIVITIES | (27,276) | (125,703) | (96,746) |
TRANSLATION OF FOREIGN CURRENCY | 1,069 | 2,513 | (3,551) |
Increase/(decrease) in cash and cash equivalents | 455 | (37,746) | 24,642 |
Cash and cash equivalents at beginning of the year | 85,954 | 123,700 | 99,058 |
Cash and cash equivalents at end of the year | ¥ 86,409 | ¥ 85,954 | ¥ 123,700 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - CNY (¥) ¥ in Millions | Total | Share Capital [member] | Retained earnings [member] | Reserves [member] | Attributable to owners of the company [member] | Non-controlling interests [member] | |
Beginning balance at Dec. 31, 2016 | [1] | ¥ 1,372,735 | ¥ 183,021 | ¥ 711,197 | ¥ 294,806 | ¥ 1,189,024 | ¥ 183,711 |
Adjusted for the acquisition of Dalian West Pacific | (5,933) | (2,203) | 516 | (1,687) | (4,246) | ||
Balance at January 1, 2017, as adjusted at Dec. 31, 2017 | 1,366,802 | 183,021 | 708,994 | 295,322 | 1,187,337 | 179,465 | |
Profit | 39,395 | 23,537 | 23,537 | 15,858 | |||
Other comprehensive income | (1,365) | 887 | 887 | (2,252) | |||
Special reserve-safety fund reserve | 327 | 178 | 178 | 149 | |||
Transfer to reserves | (1,929) | 1,929 | |||||
Dividends | (30,030) | (19,626) | (19,626) | (10,404) | |||
Transaction with non-controlling interests in subsidiaries | 938 | 289 | 289 | 649 | |||
Capital contribution from non-controlling interests | 2,584 | 2,584 | |||||
Other | (663) | (3) | (27) | (30) | (633) | ||
Ending balance at Dec. 31, 2017 | 1,377,988 | 183,021 | 710,973 | 298,578 | 1,192,572 | 185,416 | |
Profit | 73,980 | 53,036 | 53,036 | 20,944 | |||
Other comprehensive income | (2,648) | (4,964) | (4,964) | 2,316 | |||
Special reserve-safety fund reserve | 608 | 465 | 465 | 143 | |||
Transfer to reserves | (5,476) | 5,476 | |||||
Dividends | (42,792) | (27,369) | (27,369) | (15,423) | |||
Transaction with non-controlling interests in subsidiaries | (11) | 13 | 13 | (24) | |||
Capital contribution from non-controlling interests | 2,300 | 2,300 | |||||
Disposal of subsidiaries | (879) | (879) | |||||
Other | 345 | (1) | 31 | 30 | 315 | ||
Ending balance at Dec. 31, 2018 | [1] | 1,408,891 | 183,021 | 731,163 | 299,599 | 1,213,783 | 195,108 |
Profit | 67,015 | 45,682 | 45,682 | 21,333 | |||
Other comprehensive income | 8,930 | 4,641 | 4,641 | 4,289 | |||
Special reserve-safety fund reserve | (1,318) | (1,388) | (1,388) | 70 | |||
Transfer to reserves | (3,037) | 3,037 | |||||
Dividends | (44,963) | (30,684) | (30,684) | (14,279) | |||
Transaction with non-controlling interests in subsidiaries | (1,069) | (2,007) | (2,007) | 938 | |||
Capital contribution from non-controlling interests | 6,767 | 120 | 120 | 6,647 | |||
Disposal of subsidiaries | (50) | (50) | |||||
Other | 102 | 9 | 9 | 93 | |||
Ending balance at Dec. 31, 2019 | ¥ 1,444,305 | ¥ 183,021 | ¥ 743,124 | ¥ 304,011 | ¥ 1,230,156 | ¥ 214,149 | |
[1] | The comparative amounts in the financial statements are presented as if the Dalian West Pacific had been consolidated from the beginning of the earliest financial year presented (see Note 40). Furthermore, the Group has initially applied IFRS 16 at January 1, 2019 using the modified retrospective approach. Under this approach chosen, the comparative information is not restated in this respect (see Note 3(aa)). |
Organization and Principal Acti
Organization and Principal Activities | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Organization and Principal Activities | 1 ORGANIZATION AND PRINCIPAL ACTIVITIES PetroChina Company Limited (the “Company”) was established as a joint stock company with limited liability on November 5, 1999 by 中国石油天然气集团公司 (China National Petroleum Corporation (“CNPC”)) as the sole proprietor in accordance with the approval Guo Jing Mao Qi Gai [1999] No. 1024 “Reply on the approval of the establishment of PetroChina Company Limited” from the former State Economic and Trade Commission of the People’s Republic of China (“China” or “PRC”). CNPC restructured (“the Restructuring”) and injected its core business and the related assets and liabilities into the Company. 中国石油天然气集团公司 was renamed 中国石油天然气集团有限公司 (CNPC before and after the change of name) on December 19, 2017. CNPC is a wholly state-owned company registered in China. The Company and its subsidiaries are collectively referred to as the “Group”. The Group is principally engaged in (i) the exploration, development and production and marketing of crude oil and natural gas; (ii) the refining of crude oil and petroleum products, production and marketing of primary petrochemical products, derivative petrochemical products and other chemical products; (iii) the marketing of refined products and trading business; and (iv) the transmission of natural gas, crude oil and refined products and the sale of natural gas (Note 38). |
Basis of Preparation
Basis of Preparation | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Basis of Preparation | 2 BASIS OF PREPARATION The consolidated financial statements and the statement of financial position of the Company have been prepared in accordance with the International Financial Reporting Standards (“IFRSs”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements and the statement of financial position of the Company have been prepared under the historical cost convention except as disclosed in the accounting policies below. The preparation of financial statements in conformity with IFRSs requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the statement of financial position and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management’s best knowledge of current events and actions, actual results may ultimately differ from those estimates. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 5. |
Summary of Principal Accounting
Summary of Principal Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Principal Accounting Policies | 3 SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (a) Basis of consolidation Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has right to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. A subsidiary is consolidated from the date on which control is transferred to the Group and is no longer consolidated from the date that control ceases. The acquisition method of accounting is used to account for the acquisition of subsidiaries except for business combinations under common control. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Contingent liabilities assumed in a business combination are recognized in the acquisition accounting if they are present obligations and their fair value can be measured reliably. On an acquisition-by-acquisition non-controlling non-controlling The excess of the consideration transferred, the amount of any non-controlling An acquisition of a business which is a business combination under common control is accounted for in a manner similar to a uniting of interests whereby the assets and liabilities acquired are accounted for at carryover predecessor values to the other party to the business combination with all periods presented as if the operations of the Group and the business acquired have always been combined. The difference between the consideration paid by the Group and the net assets or liabilities of the business acquired is adjusted against equity. Intercompany transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. Where necessary, accounting policies of subsidiaries have been changed to ensure consistency with the policies adopted by the Group. For purpose of the presentation of the Company’s statement of financial position, investments in subsidiaries are accounted for at cost less impairment. A listing of the Group’s principal subsidiaries is set out in Note 18. (b) Investments in associates Associates are entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for by the equity method of accounting in the consolidated financial statements of the Group and are initially recognized at cost. Under this method of accounting, the Group’s share of the post-acquisition profits or losses of associates is recognized in profit or loss and its share of post-acquisition movements in other comprehensive income is recognized in other comprehensive income. The cumulative post-acquisition movements are adjusted against the carrying amounts of the investments. When the Group’s share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the associate. Unrealized gains on transactions between the Group and its associates are eliminated to the extent of the Group’s interest in the associates; unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. The Group’s investment in associates includes goodwill identified on acquisition, net of any accumulated impairment loss and is tested for impairment as part of the overall balance. Goodwill represents the excess of the cost of an acquisition over the fair value of the Group’s share of the fair value of net identifiable assets of the acquired associate at the date of acquisition. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group. A listing of the Group’s principal associates is shown in Note 16. (c) Investments in joint ventures Joint ventures are arrangements in which the Group with one or more parties have joint control, whereby the Group has rights to the net assets of the arrangements, rather than rights to their assets and obligations for their liabilities. The Group’s interests in joint ventures are accounted for by the equity method of accounting (Note 3(b)) in the consolidated financial statements. A listing of the Group’s principal joint ventures is shown in Note 16. (d) Transactions with non-controlling Transactions with non-controlling non-controlling non-controlling When the Group ceases to have control or significant influence, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. The amounts previously recognized in other comprehensive income are reclassified to profit or loss. If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amounts previously recognized in other comprehensive income are reclassified to profit or loss where appropriate. (e) Foreign currencies Items included in the financial statements of each entity in the Group are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). Most assets and operations of the Group are located in the PRC (Note 38), and the functional currency of the Company and most of the consolidated subsidiaries is the Renminbi (“RMB”). The consolidated financial statements are presented in the presentation currency of RMB. Foreign currency transactions of the Group are accounted for at the exchange rates prevailing at the respective dates of the transactions; monetary assets and liabilities denominated in foreign currencies are translated at exchange rates at the date of the statement of financial position; gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities are recognized in profit or loss. For the Group entities that have a functional currency different from the Group’s presentation currency, assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of the statement of financial position. Income and expenses for each statement of comprehensive income presented are translated at the average exchange rates for each period and the resulting exchange differences are recognized in other comprehensive income. (f) Property, plant and equipment Property, plant and equipment, including oil and gas properties (Note 3(g)), are initially recorded in the consolidated statement of financial position at cost if it is probable that they will generate future economic benefits. Cost represents the purchase price of the asset and other costs incurred to bring the asset into intended use. Subsequent to their initial recognition, property, plant and equipment are carried at cost less accumulated depreciation, depletion and amortization (including any impairment). Depreciation, to write off the cost of each asset, other than oil and gas properties (Note 3(g)), to their residual values over their estimated useful lives is calculated using the straight-line method. The Group uses the following estimated useful lives, estimated residual value ratios and annual depreciation rates for depreciation purposes: Estimated useful lives Estimated residual Annual depreciation Buildings 8 to 40 years 5 2.4 to 11.9 Equipment and Machinery 4 to 30 years 3 to 5 3.2 to 24.3 Motor Vehicle s 4 to 14 years 5 6.8 to 23.8 Other 5 to 12 years 5 7.9 to 19.0 No depreciation is provided on construction in progress until the assets are completed and ready for use. The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. Property, plant and equipment, including oil and gas properties (Note 3(g)) and right-of-use Gains and losses on disposals of property, plant and equipment are determined by reference to their carrying amounts and are recorded in profit or loss. Interest and other costs on borrowings to finance the construction of property, plant and equipment, including oil and gas properties (Note 3(g)), are capitalized during the period of time that is required to complete and prepare the asset for its intended use. Costs for repairs and maintenance activities are expensed as incurred except for costs of components that result in improvements or betterments which are capitalized as part of property, plant and equipment and depreciated over their useful lives. (g) Oil and gas properties The successful efforts method of accounting is used for oil and gas exploration and production activities. Under this method, all costs for development wells, support equipment and facilities, and proved mineral interests in oil and gas properties are capitalized. Geological and geophysical costs are expensed when incurred. Costs of exploratory wells are capitalized pending determination of whether the wells find proved oil and gas reserves. Proved oil and gas reserves are the estimated quantities of crude oil and natural gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulation before the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether the estimate is a deterministic estimate or probabilistic estimate. Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be determined. The price shall be the average price during the 12-month first-day-of-the-month Exploratory wells in areas not requiring major capital expenditures are evaluated for economic viability within one year of completion of drilling. The related well costs are expensed as dry holes if it is determined that such economic viability is not attained. Otherwise, the related well costs are reclassified to oil and gas properties and are subject to impairment review (Note 3(f)). For exploratory wells that are found to have economically viable reserves in areas where major capital expenditure will be required before production can commence, the related well costs remain capitalized only if additional drilling is underway or firmly planned. Otherwise the related well costs are expensed as dry holes. The Group does not have any significant costs of unproved properties capitalized in oil and gas properties. The Ministry of Natural Resources in China issues production licenses to applicants on the basis of the reserve reports approved by relevant authorities. The cost of oil and gas properties is amortized at the field level based on the units of production method. Units of production rates are based on oil and gas reserves estimated to be recoverable from existing facilities based on the current terms of the Group’s production licenses. (h) Intangible assets and goodwill Expenditures on acquired patents, trademarks, technical know-how Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred over the net fair value of identifiable assets, liabilities and contingent liabilities of the acquiree and the amount of any non-controlling Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. An impairment loss is recognized if the carrying amount of the cash-generating unit containing goodwill exceeds its recoverable amount. Impairment losses are allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating unit, and then to reduce the carrying amounts of the other assets in the cash-generating unit on a pro rata basis. Any impairment is recognized immediately as an expense and is not subsequently reversed. (i) Financial instruments (a) Recognition and initial measurement Accounts receivable and debt securities issued are initially recognized when they are originated. All other financial assets and financial liabilities are initially recognized when the Group becomes a party to the contractual provisions of the instrument. A financial asset (unless it is an accounts receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at Fair value through profit or loss (“FVTPL”), transaction costs that are directly attributable to its acquisition or issue. An accounts receivable without a significant financing component is initially measured at the transaction price. (b) Classification and subsequent measurement Financial assets – Policy applicable from January 1, 2018 On initial recognition, a financial asset is classified as measured at: amortized cost; Fair value through other comprehensive income (“FVOCI”) – debt investment; FVOCI – equity investment; or FVTPL. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: • it is held within a business model whose objective is to hold assets to collect contractual cashflows; and • its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: • it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and • its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment’s fair value in other comprehensive income (“OCI”). This election is made on an investment-by-investment All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. The Group makes an assessment of the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to management. For the purposes of this assessment whether contractual cash flows are solely payments of principal and interest, “principal” is defined as the fair value of the financial asset on initial recognition. “Interest” is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin. In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. Detailed accounting policies for subsequent measurement of financial assets are set out below: Financial assets at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. Financial assets at amortized cost These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. Debt investments at FVOCI These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. Equity investments at FVOCI These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never reclassified to profit or loss. Financial assets – Policy applicable before January 1, 2018 Financial assets are classified into the following categories: financial assets at fair value through profit or loss, held-to-maturity available-for-sale available-for-sale Loans and receivables are non-derivative non-current Available-for-sale non-derivatives non-current Financial assets at fair value through profit or loss are financial assets held for trading. A financial asset is classified in this category if acquired principally for the purpose of selling in the short-term. Derivatives are also categorized as held for trading unless they are designated as hedges. Assets in this category are classified as current assets if expected to be settled within 12 months; otherwise, they are classified as non-current. Regular purchases and sales of financial assets are recognized on the trade-date, the date on which the Group commits to purchase or sell the asset. Investments are initially recognized at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Financial assets carried at fair value through profit or loss are initially recognized at fair value, and transaction costs are expensed in profit or loss. Available-for-sale Available-for-sale non-monetary (c) Derecognition Financial assets The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. The Group enters into transactions whereby it transfers assets recognized in its consolidated statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognized. Financial liabilities The Group derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash (d) Offsetting Financial assets and financial liabilities are offset and the net amount presented in the consolidated statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. (j) Impairment for financial assets Policy applicable from January 1, 2018 The Group recognizes loss allowances for expected credit losses (“ECLs”) on: • financial assets measured at amortized cost; • debt investments measured at FVOCI; and • contract assets. The Group measures loss allowances at an amount equal to lifetime ECLs, except for the financial assets for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition, which are measured as 12-month Loss allowances for accounts receivable are always measured at an amount equal to lifetime ECLs. The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the Group in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset. At each reporting date, the Group assesses whether financial assets carried at amortized cost and debt securities at FVOCI are credit-impaired. A financial asset is ‘credit-impaired’ when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets. Impairment losses on trade and other receivables are presented under ‘Selling, general and administrative expenses’, similar to the presentation under IAS 39. The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For customers, the Group individually makes an assessment with respect to the timing and amount of write-off Policy applicable before January 1, 2018 The Group assesses at the end of each reporting period whether there is objective evidence that a financial asset is impaired. The amount of the impairment loss is measured as the difference between the carrying amount of the available-for-sale (k) Leases The Group has applied IFRS 16“Lease” (“IFRS 16”) using the modified retrospective approach and therefore the comparative information has not been restated and continues to be reported under IAS 17“Lease” (“IAS 17”) and IFRIC 4“Determining Whether an Arrangement Contains a Lease” (“IFRIC 4”). The details of accounting policies under IAS 17 and IFRIC 4 are disclosed separately. Policy applicable from January 1, 2019 At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16. Payments made to the Ministry of Natural Resources to secure land use rights (excluding mineral properties) are treated as leases. This policy is applied to contracts entered into, on or after January 1, 2019. (a) As a lessee At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of its relative stand-alone prices. The Group recognizes a right-of-use right-of-use The right-of-use right-of-use right-of-use right-of-use The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. Lease payments included in the measurement of the lease liability comprise the following: • fixed payments, including in-substance • variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; • amounts expected to be payable under a residual value guarantee; and • the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use right-of-use The Group present right-of-use The Group has elected not to recognize right-of-use low-value (b) As a lessor At inception or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset. There are no significant finance lease for the Group. If an arrangement contains lease and non-lease The Group recognizes lease payments received under operating leases as income on a straight-line basis over the lease term as part of “other revenue”. Generally, the accounting policies applicable to the Group as a lessor in the comparative period were not different from IFRS 16 except for the classification of the sub-lease Policy applicable before January 1, 2019 Leases of property, plant and equipment where the Group assumes substantially all the benefits and risks of ownership are classified as finance leases. The Group has no significant finance leases. Leases of assets under which a significant portion of the risks and benefits of ownership are effectively retained by the lessors are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessors) are expensed on a straight-line basis over the lease terms. Payments made to the Ministry of Natural Resources to secure land use rights (excluding mineral properties) are treated as operating leases. Land use rights are generally obtained through advance lump-sum (l) Inventories Inventories include oil products, chemical products and materials and supplies which are stated at the lower of cost and net realizable value. Cost is primarily determined by the weighted average cost method. The cost of finished goods comprises raw materials, direct labor, other direct costs and related production overheads, but excludes borrowing costs. Net realizable value is the estimated selling price in the ordinary course of business, less the cost of completion and directly attributable marketing and distribution costs. (m) Contract costs Contract costs are either the incremental costs of obtaining a contract with a customer or the costs to fulfil a contract with a customer which are not capitalized as inventory (Note 3(l)), property, plant and equipment (Note 3(f)), oil and gas properties (Note 3(g)) or intangible assets (Note 3(h)). Incremental costs of obtaining a contract are those costs that the Group incurs to obtain a contract with a customer that it would not have incurred if the contract had not been obtained. Incremental costs of obtaining a contract are capitalized when incurred if the costs relate to revenue which will be recognized in a future reporting period and the costs are expected to be recovered, unless the expected amortization period is one year or less from the date of initial recognition of the asset, in which case the costs are expensed when incurred. Other costs of obtaining a contract are expensed when incurred. Costs to fulfil a contract are capitalized if the costs relate directly to an existing contract or to a specifically identifiable anticipated contract; generate or enhance resources that will be used to provide goods or services in the future; and are expected to be recovered. Capitalized contract costs are stated at cost less accumulated amortization and impairment losses. Impairment losses are recognized to the extent that the carrying amount of the contract cost asset exceeds the net of (i) remaining amount of consideration that the Group expects to receive in exchange for the goods or services to which the asset relates, less (ii) any costs that relate directly to providing those goods or services that have not yet been recognized as expenses. Amortization of capitalized contract costs is charged to profit or loss when the revenue to which the asset relates is recognized. (n) Contract assets and contract liabilities A contract asset is recognized when the Group recognizes revenue before being unconditionally entitled to the consideration under the payment terms set out in the contract. Contract assets are assessed for ECLs in accordance with the policy set out in Note 3(j) and are reclassified to receivables when the right to the consideration has become unconditional (Note 3(o)). A contract liability is recognized when the customer pays consideration before the Group recognizes the related revenue. A contract liability would also be recognized if the Group has an unconditional right to receive consideration before the Group recognizes the related revenue. In such cases, a corresponding receivable would also be recognized (Note 3(o)). When the contract includes a significant financing component, the contract balance includes interest accrued under the effective interest method (Note 3(t)). (o) Accounts receivable Accounts receivable are recognized when the Group has an unconditional right to receive consideration. A right to receive consideration is unconditional if only the passage of time is required before payment of that consideration is due (Note 3(n)). Receivables are stated at amortized cost using the effective interest method less allowance for credit losses (Note 3(j)). (p) Cash and cash equivalents Cash and cash equivalents comprise cash in hand, deposits held with banks and highly liquid investments with original maturities of three months or less from the time of purchase. (q) Accounts payable Accounts payable are recognized initially at fair value and subsequently measured at amortized cost unless the effect of discounting would be immaterial, in which case they are stated at cost. (r) Borrowings Borrowings are recognized initially at fair value, net of transaction costs incurred. In subsequent periods, borrowings are stated at amortized cost using the effective interest method. General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial per |
Financial Risk and Capital Mana
Financial Risk and Capital Management | 12 Months Ended |
Dec. 31, 2019 | |
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Financial Risk and Capital Management | 4 FINANCIAL RISK AND CAPITAL MANAGEMENT 4.1 Financial risk factors The Group’s activities expose it to a variety of financial risks, including market risk, credit risk and liquidity risk. (a) Market risk Market risk is the possibility that changes in foreign exchange rates, interest rates and the prices of oil and gas products will adversely affect the value of assets, liabilities and expected future cash flows. (i) Foreign exchange risk The Group conducts its domestic business primarily in RMB, but maintains a portion of its assets in other currencies to pay for imported crude oil, imported equipment and other materials and to meet foreign currency financial liabilities. The Group is exposed to currency risks arising from fluctuations in various foreign currency exchange rates against the RMB. The RMB is not a freely convertible currency and is regulated by the PRC government. Limitations on foreign exchange transactions imposed by the PRC government could cause future exchange rates to vary significantly from current or historical exchange rates. Additionally, the Group operates internationally and foreign exchange risk arises from future acquisitions and commercial transactions, recognized assets and liabilities and net investments in foreign operations. Certain entities in the Group might use currency derivatives to manage such foreign exchange risk. (ii) Interest rate risk The Group has no significant interest rate risk on interest-bearing assets. The Group’s exposure to interest rate risk arises from its borrowings. The Group’s borrowings at floating rates expose the Group to cash flow interest rate risk and its borrowings at fixed rates expose the Group to fair value interest rate risk. However, the exposure to interest rate risk is not material to the Group. A detailed analysis of the Group’s borrowings, together with their respective interest rates and maturity dates, is included in Note 28. (iii) Price risk The Group is engaged in a wide range of oil and gas products-related activities. Prices of oil and gas products are affected by a wide range of global and domestic factors which are beyond the control of the Group. The fluctuations in such prices may have favorable or unfavorable impacts on the Group. The Group uses derivative financial instruments, including commodity futures, commodity swaps and commodity options, to hedge some price risks efficiently. (b) Credit risk Credit risk arises from cash and cash equivalents, time deposits with banks and credit exposure to customers with outstanding receivable balances. A substantial portion of the Group’s cash at bank and time deposits are placed with the major state-owned banks and financial institutions in China and management believes that the credit risk is low. The Group performs ongoing assessment of the credit quality of its customers and sets appropriate credit limits taking into account the financial position and past history of defaults of customers. The aging analysis of accounts receivable (net of impairment of accounts receivable) is presented in Note 22. The Group measures loss allowance for accounts receivable at an amount equal to lifetime ECLs. The ECLs were calculated based on historical actual credit loss experience. The rates were considered the differences between economic conditions during the period over which the historical data has been collected, current conditions and the Group’s view of economic conditions over the expected lives of the receivables. The Group performed the calculation of ECL rates by the operating segment and geography. The following table provides information about the exposure to credit risk and ECLs for accounts receivable as at December 31, 2019 and 2018. Gross Impairment Impairment provision on Loss Weighted- loss rate Impairment December 31, 2019 RMB RMB % RMB RMB Current (not past due) 58,382 3 0.1 % 30 33 Within 1 year past due 5,534 11 0.4 % 24 35 1 to 2 years past due 127 24 10.7 % 11 35 2 to 3 years past due 411 48 45.5 % 165 213 Over 3 years past due 2,161 1,719 89.6 % 396 2,115 Total 66,615 1,805 626 2,431 Gross Impairment Impairment provision on Loss Weighted- loss rate Impairment December 31, 2018 RMB RMB % RMB RMB Current (not past due) 55,957 50 0.1 % 80 130 Within 1 year past due 3,082 80 0.3 % 9 89 1 to 2 years past due 496 52 7.4 % 33 85 2 to 3 years past due 723 547 35.2 % 62 609 Over 3 years past due 3,317 2,830 63.7 % 310 3,140 Total 63,575 3,559 494 4,053 The carrying amounts of cash and cash equivalents, time deposits placed with banks, accounts receivable, other receivables and notes receivable included in the consolidated statement of financial position represent the Group’s maximum exposure to credit risk. No other financial assets carry a significant exposure to credit risk. The Group has no significant concentration of credit risk. (c) Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with financial liabilities. In managing its liquidity risk, the Group has access to funding at market rates through equity and debt markets, including using undrawn committed borrowing facilities to meet foreseeable borrowing requirements. Given the low level of gearing and continued access to funding, the Group believes that its liquidity risk is not material. Analysis of the Group’s borrowings and lease liabilities based on the remaining period at the date of the statement of financial position to the contractual maturity dates is presented in Note 28 and Note 41. 4.2 Capital management The Group’s objectives when managing capital are to safeguard its ability to continue as a going concern, optimize returns for owners and to minimize its cost of capital. In meeting its objectives of managing capital, the Group may issue new shares, adjust its debt levels or the mix between short-term and long-term borrowings. The Group monitors capital on the basis of the gearing ratio which is calculated as interest-bearing borrowings / (interest-bearing borrowings + total equity), interest-bearing borrowings include short-term and long-term borrowings. The gearing ratio at December 31, 2019 is 24.4 % 22.7%) . 4.3 Fair value estimation The methods and assumptions applied in determining the fair value of each class of financial assets and financial liabilities of the Group at December 31, 2019 and 2018 are disclosed in the respective accounting policies. The carrying amounts of the following financial assets and financial liabilities approximate their fair value as all of them are short-term in nature: cash and cash equivalents, time deposits with maturities over three months but within one year, accounts receivable, other receivables, trade payables, other payables and short-term borrowings. The fair values of fixed rate long-term borrowings are likely to be different from their respective carrying amounts. Analysis of the fair values and carrying amounts of long-term borrowings is presented in Note 2 8 The equity investments that are not held for trading and notes receivable are measured at fair value at the end of the reporting period. The fair value of such equity investments are mainly categorized into level 1 of the fair value hierarchy which are based on the unadjusted quoted prices in active markets for identical assets or liabilities as inputs used in the valuation techniques. Notes receivable are short-term bills of acceptance issued by banks, their fair values approximate the face values of the bills. |
Critical Accounting Estimates a
Critical Accounting Estimates and Judgements | 12 Months Ended |
Dec. 31, 2019 | |
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Critical Accounting Estimates and Judgements | 5 CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS Estimates and judgments are regularly evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The matters described below are considered to be the most critical in understanding the estimates and judgments that are involved in preparing the Group’s consolidated financial statements. (a) Estimation of oil and gas reserves Estimates of oil and natural gas reserves are key elements in the Group’s investment decision-making process. They are also an important element in testing for impairment. Changes in proved oil and gas reserves, particularly proved developed reserves, will affect unit-of-production (b) Estimation of impairment of property, plant and equipment Property, plant and equipment, including oil and gas properties, are reviewed for possible impairments when events or changes in circumstances indicate that the carrying amount may not be recoverable. Determination as to whether and how much an asset is impaired involves management estimates and judgments such as the future price of crude oil, natural gas, refined and chemical products, the operation costs, the product mix, production volumes, production profile and the oil and gas reserves. The impairment reviews and calculations are based on assumptions that are consistent with the Group’s business plans taking into account current economic conditions. Favorable changes to some assumptions, may allow the Group to avoid the need to impair any assets or make it necessary to reverse an impairment loss recognized in prior periods, whereas unfavorable changes may cause the assets to become impaired. For example, when the assumed future selling price, production cost and production profile of crude oil and natural gas used for the expected future cash flows are different from the actual selling price, production cost and production profile of crude oil and natural gas respectively experienced in future, the Group may either over or under recognize the impairment losses for certain assets. (c) Estimation of impairment of goodwill The recoverable amount cash-generating unit containing goodwill is the greater of its value in use and the fair value less costs to sell. It is difficult to precisely estimate selling price of the Group’s long-lived assets because quoted market prices for such assets may not be readily available. In determining the value in use, expected future cash flows generated by the assets are discounted to their present value, which requires significant judgment relating to forecast sales volume, selling price and operating costs, and discount rate. Management uses all readily available information in determining an amount that is a reasonable approximation of recoverable amount, including estimates based on reasonable and supportable assumptions. Changes to key assumptions can significantly affect the result of the impairment assessment of goodwill. (d) Estimation of asset retirement obligations Provision is recognized for the future decommissioning and restoration of oil and gas properties. The amount of the provision recognized is the present values of the estimated future expenditures. The estimation of the future expenditures is based on current local conditions and requirements, including legal requirements, technology, price levels, etc. In addition to these factors, the present values of these estimated future expenditures are also impacted by the estimation of the economic lives of oil and gas properties and estimates of discount rates. Changes in any of these estimates will impact the operating results and the financial position of the Group over the remaining economic lives of the oil and gas properties. (e) Deferred tax assets According to the requirements of the competent tax authority, the Company paid income taxes of its branches in the Eastern and Western China Regions in aggregate. The tax losses recorded by the branches in the Eastern China Region has given rise to deferred tax assets, which are expected to be recoverable from future taxable profits generated by the branches in the Eastern China Region. Any policy adjustments may increase or decrease the amount of income tax expenses of the Company. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2019 | |
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Revenue | 6 REVENUE Revenue represents revenues from the sale of crude oil, natural gas, refined products and chemical products and from the transmission of crude oil, refined products and natural gas. The revenue information for the years ended December 31, 2019 and 2018 are as follows: 2019 Exploration Production Refining Marketing Natural Gas Head Office and Total Type of goods and services Crude oil 476,974 — 605,541 — — 1,082,515 Natural gas 110,837 — 238,999 291,641 — 641,477 Refined products — 738,116 1,268,889 — — 2,007,005 Chemical products — 157,044 28,348 — — 185,392 Pipeline transportation business — — — 70,568 — 70,568 Non-oil — — 21,146 — — 21,146 Others 88,284 7,312 2,239 28,341 3,684 129,860 Intersegment elimination (552,672 ) (712,178 ) (315,157 ) (40,652 ) (1,644 ) (1,622,303 ) Revenue from contracts with customers 123,423 190,294 1,850,005 349,898 2,040 2,515,660 Other revenue 1,150 Total 2,516,810 Geographical Region Mainland China 41,596 190,294 891,731 349,898 2,040 1,475,559 Others 81,827 — 958,274 — — 1,040,101 Revenue from contracts with customers 123,423 190,294 1,850,005 349,898 2,040 2,515,660 Other revenue 1,150 Total 2,516,810 2018 Type of contract Exploration Production Refining Marketing Natural Gas Head Office and Total Type of goods and services Crude oil 477,512 — 440,560 — — 918,072 Natural gas 104,927 — 222,387 256,810 — 584,124 Refined products — 739,532 1,285,065 — — 2,024,597 Chemical products — 164,229 30,894 — — 195,123 Pipeline transportation business — — — 70,068 — 70,068 Non-oil — — 22,274 — — 22,274 Others 76,044 7,292 1,722 35,545 2,372 122,975 Intersegment elimination (539,295 ) (706,559 ) (280,750 ) (35,899 ) (606 ) (1,563,109 ) Revenue from contracts with customers 119,188 204,494 1,722,152 326,524 1,766 2,374,124 Other revenue 810 Total 2,374,934 Geographical Region Mainland China 41,791 204,494 962,950 326,524 1,766 1,537,525 Others 77,397 — 759,202 — — 836,599 Revenue from contracts with customers 119,188 204,494 1,722,152 326,524 1,766 2,374,124 Other revenue 810 Total 2,374,934 |
Profit Before Income Tax Expens
Profit Before Income Tax Expense | 12 Months Ended |
Dec. 31, 2019 | |
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Profit Before Income Tax Expense | 7 PROFIT BEFORE INCOME TAX EXPENSE 2019 2018 2017 RMB RMB RMB Items credited and charged in arriving at the profit before income tax expense include: Credited Dividend income from equity investments measured at fair value through other comprehensive income 22 52 — Dividend income from available-for-sale — — 42 Reversal of provision for impairment of receivables 1,630 1,370 37 Reversal of write down in inventories 201 77 49 Government grants (i) 12,281 11,775 9,106 Gain on disposal of investment in subsidiaries 49 45 613 Charged Amortization of intangible and other assets 4,992 4,897 4,495 Depreciation and impairment losses: Owned property, plant and equipment 205,297 222,195 228,227 Right-of-use (ii) 14,973 — — Auditors’ remuneration (iii) 53 53 53 Cost of inventories recognized as expense 1,981,628 1,820,838 1,569,916 Provision for impairment of receivables 263 1,385 3,291 Loss on disposal of property, plant and equipment 9,809 16,761 4,963 Total minimum lease payments for leases previously classified as operating lease under IAS 17 (ii) — 20,196 20,089 Variable lease payments, low-value and short-term lease payment not included in the measurement of lease liabilities 3,514 — — Research and development expenses 15,666 14,093 12,323 Write down in inventories 1,461 4,307 1,118 (i) Comprises proportionate refund of import value-added tax relating to the import of natural gas (including liquefied natural gas) provided by the PRC government and value-added tax refund upon levy for pipeline transportation service over which portion of value-added tax actual tax burden exceeds 3%. This value-added tax refund is applicable from January 1, 2011 to December 31, 2020 and available when the import prices of the natural gas and liquefied natural gas imported under any State-sanctioned pipelines are higher than their prescribed selling prices. (ii) The Group has initially applied IFRS 16 under the modified retrospective approach and adjusted the opening balances at January 1, 2019 to recognize right-of-use assets relating to leases which were previously classified as operating leases under IAS 17. The depreciated carrying amount of the finance lease assets which were previously included in property, plant and equipment is also identified as a right-of-use asset. After initial recognition of right-of-use assets at January 1, 2019, the Group as a lessee is required to recognize the depreciation of right-of-use assets, instead of recognizing rental expenses incurred under operating leases on a straight-line basis over the lease term according to the previous policy. Under this approach, the comparative information is not restated. (iii) The auditors’ remuneration above represents the annual audit fees paid by the Company. This remuneration does not include fees of RMB 60 (2018: RMB 52, 2017: RMB 52) paid by subsidiaries to the Company’s current auditor and its network firms which primarily relates to audit, tax compliance and other advisory services. |
Employee Compensation Costs
Employee Compensation Costs | 12 Months Ended |
Dec. 31, 2019 | |
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Disclosure Of Employee Compensation Costs Explanatory | 8 EMPLOYEE COMPENSATION COSTS 2019 2018 2017 RMB RMB RMB Wages, salaries and allowances 101,815 95,761 82,835 Social security costs 52,503 48,630 42,868 154,318 144,391 125,703 Social security costs mainly represent contributions to plans for staff welfare organized by the PRC municipal and provincial governments and others including contributions to the retirement benefit plans (Note 33). |
Taxes Other Than Income Taxes
Taxes Other Than Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
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Taxes Other Than Income Taxes | 9 TAXES OTHER THAN INCOME TAXES 2019 2018 2017 RMB RMB RMB Consumption tax 164,973 152,494 144,973 Resource tax 24,388 24,339 18,000 Crude oil special gain levy 771 4,750 — Other 38,304 39,094 37,731 228,436 220,677 200,704 |
Interest Expense
Interest Expense | 12 Months Ended |
Dec. 31, 2019 | |
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Interest Expense | 10 INTEREST EXPENSE 2019 2018 2017 RMB RMB RMB Interest on : Bank loans 3,094 2,134 1,684 Other loans 15,476 16,313 17,712 Lease liabilities 7,476 — — Accretion expense (Note 32) 5,525 5,678 5,453 Less: Amounts capitalized (1,162 ) (1,407 ) (2,008 ) 30,409 22,718 22,841 Amounts capitalized are borrowing costs that are attributable to the construction of a qualifying asset. The average interest rate used to capitalize such general borrowing cost was 4.28 % |
Emoluments of Directors and Sup
Emoluments of Directors and Supervisors | 12 Months Ended |
Dec. 31, 2019 | |
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Emoluments of Directors and Supervisors | 11 EMOLUMENTS OF DIRECTORS AND SUPERVISORS Details of the emoluments of directors and supervisors for the years ended December 31, 2019, 2018 and 2017 are as follows: 2019 2018 2017 Name Fee for Salaries, Contribution Total Total Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Chairmen: Mr. Dai Houliang (i) — — — — — — Mr. Wang Yilin (i) — — — — — — Vice chairmen: Mr. Zhang Wei (ii) — — — — — — Mr. Zhang Jianhua (iii) — — — — 633 — Mr. Wang Dongjin (iv) — — — — 409 823 Executive directors: Mr. Zhao Zhengzhang (v) — — — — — 159 Mr. Hou Qijun (vi) — 829 154 983 888 648 — 829 154 983 1,930 1,630 Non-executive directors: Mr. Yu Baocai (vii) — — — — — — Mr. Shen Diancheng (viii) — — — — — — Mr. Liu Yuezhen — — — — — — Mr. Liu Hongbin (ix) — — — — — — Mr. Jiao Fangzheng (x) — — — — — — Mr. Duan Liangwei (viii) — — — — — — Mr. Qin Weizhong (xi) — — — — — — Mr. Chen Zhiwu (xii) — — — — — — Mr. Richard H. Matzke (xii) — — — — — — Mr. Lin Boqiang 386 — — 386 365 250 Mr. Zhang Biyi 386 — — 386 399 250 Ms. Elsie Leung Oi-sie (xii) 319 — — 319 334 220 Mr. Tokuchi Tatsuhito (xii) 351 — — 351 334 226 Mr. Simon Henry (xii) 340 — — 340 340 213 1,782 — — 1,782 1,772 1,159 Supervisors: Mr. Xu Wenrong (xiii) — — — — — — Mr. Guo Jinping (xiii) — — — — — — Mr. Zhang Fengshan — — — — — — Mr. Li Qingyi (xiii) — — — — — — Mr. Jia Yimin (xiii) — — — — — — Mr. Jiang Lifu — — — — — — Mr. Lu Yaozhong (xiii) — — — — — — Mr. Wang Liang (xiv) — — — — — — Mr. Yao Wei — — — — — — Mr. Liu Hehe — — — — — — Mr. Yang Hua (xiii) — — — — — 250 Mr. Fu Suotang (xiii) — 1,070 85 1,155 967 571 Mr. Li Jiamin — 906 72 978 850 810 Mr. Liu Xianhua — 774 71 845 743 733 Mr. Li Wendong — 937 130 1,067 960 884 — 3,687 358 4,045 3,520 3,248 1,782 4,516 512 6,810 7,222 6,037 (i) Mr. Dai Houliang was elected as the chairman from March 25, 2020. Mr. Wang Yilin ceased being the chairman from January 19, 2020. (ii) Mr. Zhang Wei was elected as the non-executive non-executive (iii) Mr. Zhang Jianhua was appointed as executive director and president from June 5, 2018 and ceased being the executive director and president from November 14, 2018. (iv) Mr. Wang Dongjin ceased being the executive director and president from April 2, 2018. (v) Mr. Zhao Zhengzhang ceased being the executive director from June 8, 2017. (vi) Mr. Hou Qijun was elected as the executive director from June 8, 2017, elected as the president from March 21, 2019 and ceased being the executive director and president from December 9, 2019. (vii) Mr. Yu Baocai ceased being the non-executive (viii) Mr. Shen Diancheng ceased being the non-executive non-executive (ix) Mr. Liu Hongbin ceased being the non-executive (x) Mr. Jiao Fangzheng was elected as the non-executive (xi) Mr. Qin Weizhong was elected as the non-executive non-executive (xii) Mr. Chen Zhiwu and Mr. Richard H. Matzke ceased being the independent non-executive Oi-sie, non-executive (xiii) Mr. Xu Wenrong ceased being the non-executive (xiv) Mr. Wang Liang was elected as the supervisor from October 26, 2017. (xv) The emoluments above are all pre-tax (xvi) The deferred performance emoluments of RMB 0.33 which the Company paid to the directors attribuatble to the year of 2016 to 2018 in accordance with the relevant regulations of the Chinese Government are not reflected in the 2019 annual remuneration shown above. (2018: RMB 0.17, 2017: RMB nil) None of the directors and supervisors has waived their remuneration during the year ended December 31, 2019. (2018: None of the directors and supervisors has waived their remuneration. 2017: None of the directors and supervisors has waived their remuneration) The five highest paid individuals in the Company for the year ended December 31, 2019 include three supervisors and one director whose emolument s The five highest paid individuals in the Company for the year ended December 31, 2018 include one s are The five two During 2019, 2018 and 2017, the Company did not incur any severance payment to any director for loss of office or any payment as inducement to any director to join the Company. |
Income Tax Expense
Income Tax Expense | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Income Tax Expense | 12 INCOME TAX EXPENSE 2019 2018 2017 RMB RMB RMB Current taxes 32,714 34,983 23,835 Deferred taxes (Note 31) 3,485 7,807 (7,539 ) 36,199 42,790 16,296 In accordance with the relevant PRC income tax rules and regulations, the PRC corporate income tax rate applicable to the Group is principally 25%. In accordance with the Circular jointly issued by the MOF, the General Administration of Customs of the PRC and the SAT on Issues Concerning Tax Policies for In-depth 15 The tax on the Group’s profit before taxation differs from the theoretical amount that would arise using the corporate income tax rate in the PRC applicable to the Group as follows: 2019 2018 2017 RMB RMB RMB Profit before income tax expense 103,214 116,770 55,691 Tax calculated at a tax rate of 25% 25,804 29,193 13,923 Tax return true-up 691 554 1,275 Effect of income taxes from international operations different from taxes at the PRC statutory tax rate 6,112 4,414 693 Effect of preferential tax rate (5,529 ) (3,855 ) (5,058 ) Tax effect of income not subject to tax (3,767 ) (3,278 ) (3,401 ) Tax effect of expenses not deductible for tax purposes 4,479 8,278 5,018 Tax effect of temporary differences and losses unrecognized as deferred tax assets 8,409 7,484 3,846 Income tax expense 36,199 42,790 16,296 |
Basic and Diluted Earnings Per
Basic and Diluted Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Basic and Diluted Earnings Per Share | 13 BASIC AND DILUTED EARNINGS PER SHARE Basic and diluted earnings per share for the years ended December 31, 2019, 2018 and 2017 have been computed by dividing profit for the year attributable to owners of the Company by 183,021 million shares issued and outstanding for the year. There are no potentially dilutive ordinary shares. |
Dividends
Dividends | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Dividends | 14 DIVIDENDS 2019 2018 2017 RMB RMB RMB Interim dividends attributable to owners of the Company for 2019 (a) 14,212 — — Proposed final dividends attributable to owners of the Company for 2019 (b) 12,081 — — Interim dividends attributable to owners of the Company for 2018 (c) — 16,252 — Final dividends attributable to owners of the Company for 2018 (d) — 16,472 — Interim dividends attributable to owners of the Company for 2017 (e) — — 12,676 Final dividends attributable to owners of the Company for 2017 (f) — — 11,117 26,293 32,724 23,793 (a) Interim dividends attributable to owners of the Company in respect of 201 9 24 2019 2019 (b) At the 3 rd 2020 2019 2019 (c) Interim dividends attributable to owners of the Company in respect of 2018 of RMB 0.08880 yuan per share amounting to a total of RMB 16,252. The dividends were paid on September 21, 2018 (A shares) and November 1, 2018 (H shares). (d) F and were paid on June 28, 2019 (A shares) and August 2, 2019 (H shares). (e) Interim dividends attributable to owners of the Company in respect of 2017 of RMB 0.06926 (f) Final dividends attributable to owners of the Company in respect of 2017 of RMB 0.06074 yuan per share amounting to a total of RMB 11,117 and were paid on June 21, 2018 (A shares) and July 26, 2018 (H shares). |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Property, Plant and Equipment | 15 PROPERTY, PLANT AND EQUIPMENT Year Ended December 31, 2019 Buildings Oil and Gas Equipment and Machinery Motor Other Construction in Progress Total RMB RMB RMB RMB RMB RMB RMB Cost At beginning of the year 237,038 2,113,366 1,102,423 27,911 34,080 226,623 3,741,441 Additions 1,330 5,990 6,111 1,325 752 283,170 298,678 Transfers 21,265 174,749 52,449 — 1,234 (249,697 ) — Disposals or write offs (7,605 ) (40,253 ) (7,528 ) (2,096 ) (549 ) (8,900 ) (66,931 ) Currency translation differences 146 7,351 161 8 638 4,106 12,410 At end of the year 252,174 2,261,203 1,153,616 27,148 36,155 255,302 3,985,598 Accumulated depreciation and impairment At beginning of the year (100,767 ) (1,312,907 ) (570,120 ) (20,276 ) (21,714 ) (6,269 ) (2,032,053 ) Charge for the year and others (11,402 ) (128,859 ) (50,360 ) (1,386 ) (1,365 ) — (193,372 ) Impairment charge (237 ) (11,562 ) (1,159 ) (4 ) (38 ) (419 ) (13,419 ) Disposals or write offs or transfers 4,532 28,241 5,945 1,724 436 491 41,369 Currency translation differences (69 ) (4,302 ) (76 ) (5 ) (411 ) (36 ) (4,899 ) At end of the year (107,943 ) (1,429,389 ) (615,770 ) (19,947 ) (23,092 ) (6,233 ) (2,202,374 ) Net book value At end of the year 144,231 831,814 537,846 7,201 13,063 249,069 1,783,224 Year Ended December 31, 2018 Buildings Oil and Gas Equipment and Machinery Motor Other Construction in Progress Total RMB RMB RMB RMB RMB RMB RMB Cost At beginning of the year 227,008 2,011,329 1,068,598 28,990 32,631 199,873 3,568,429 Additions 655 10,217 3,586 1,113 649 238,821 255,041 Transfers 15,880 146,012 42,324 — 1,539 (205,755 ) — Disposals or write offs (6,415 ) (57,281 ) (12,458 ) (2,184 ) (506 ) (8,579 ) (87,423 ) Currency translation differences (90 ) 3,089 373 (8 ) (233 ) 2,263 5,394 At end of the year 237,038 2,113,366 1,102,423 27,911 34,080 226,623 3,741,441 Accumulated depreciation and impairment At beginning of the year (94,160 ) (1,199,741 ) (526,441 ) (20,296 ) (18,230 ) (3,007 ) (1,861,875 ) Charge for the year and others (10,021 ) (131,023 ) (49,642 ) (1,629 ) (1,875 ) — (194,190 ) Impairment charge (759 ) (19,856 ) (3,937 ) (37 ) (2,066 ) (3,270 ) (29,925 ) Disposals or write offs or transfers 4,095 42,218 9,952 1,676 358 55 58,354 Currency translation differences 78 (4,505 ) (52 ) 10 99 (47 ) (4,417 ) At end of the year (100,767 ) (1,312,907 ) (570,120 ) (20,276 ) (21,714 ) (6,269 ) (2,032,053 ) Net book value At end of the year 136,271 800,459 532,303 7,635 12,366 220,354 1,709,388 The Group’s exploration and production segment determines whether there are any indications of impairment for the oil blocks according to the Group’s guidance of identification of impairment indications for oil and gas properties, performs the impairment tests on those oil blocks with indications of impairment, and reports the results to the Group’s internal professional team (including operation and finance team) for further overall assessment and evaluation. The final results of the impairment tests have been submitted to the Group’s management for review and approval. The Group recorded impairment losses amounting to RMB 11,562 related to oil and gas properties under the exploration and production segment for the year ended December 31, 2019 (2018: RMB 19,856 and RMB 2,904 related to oil and gas properties and construction in progress respectively under the exploration and production segment, 2017: RMB 3,961 related to oil and gas properties under the exploration and production segment) due to the decline of oil and gas reserves, the higher production costs and significant drop in the economic benefits of certain oil blocks at the late stage of production. The carrying amount of those impaired oil and gas properties was written down to their respective recoverable amounts, which were determined based on the present values of the expected future cash flows of the assets. The Group referred to the weighted average cost of capital of the oil and gas industry when determining discount rate, and made relevant adjustments according to specific risks in different countries or regions. In 2019, the after-tax discount rates adopted by most oil blocks of the Group % % The Group recorded impairment losses amounting to RMB 1,159 for the year ended December 31, 2019 (2018: RMB 3,937, 2017: RMB 10,300 ) mainly related to assets in refining and chemicals segment and natural gas and pipeline segment. Some of the refinery facilities are out of service due to environmental protection requirements, technical upgrading and other reasons, and some of the LNG assets in natural gas and pipeline segment have high operating costs and poor efficiency, which leads to the provision for impairment. The carrying amount of these assets has been reduced to the recoverable amount. The following table indicates the changes to the Group’s exploratory well costs, which are included in construction in progress, for the years ended December 31, 2019, 2018 and 2017. 2019 2018 2017 RMB RMB RMB At beginning of the year 26,905 22,843 21,421 Additions to capitalized exploratory well costs pending the determination of proved reserves 35,098 28,045 25,165 Reclassified to wells, facilities, and equipment based on the determination of proved reserves (17,002 ) (15,404 ) (14,288 ) Capitalized exploratory well costs charged to expense (8,900 ) (8,579 ) (9,455 ) At end of the year 36,101 26,905 22,843 The following table provides an aging of capitalized exploratory well costs based on the date the drilling was completed. December 31, December 31, RMB RMB One year or less 23,924 17,542 Over one year 12,177 9,363 Balance at December 31 36,101 26,905 Capitalized exploratory well costs over one year are principally related to wells that are under further evaluation of drilling results or pending completion of development planning to ascertain economic viability. |
Interests in Other Entities
Interests in Other Entities | 12 Months Ended |
Dec. 31, 2019 | |
Associates and joint ventures [member] | |
Statement [Line Items] | |
Interests in Other Entities | 16 INVESTMENTS IN ASSOCIATES AND JOINT VENTURES The summarized financial information of the Group’s principal associates and joint ventures, including the aggregated amounts of assets, liabilities, revenue, profit or loss and the interest held by the Group were as follows: Name Country of Incorporation Registered Principal Activities Interest Held Direct % Indirect % PetroIneos Refining Limited UK USD 1,000 Refining — 49.90 China Petroleum Finance Co., Ltd. PRC 8,331 Deposits, loans, settlement, lending, bills acceptance discounting, guarantee and other banking business 32.00 — CNPC Captive Insurance Co., Ltd. PRC 5,000 Property loss insurance, liability insurance, credit insurance and deposit insurance; as well as the application of the above insurance reinsurance and insurance capital business 49.00 — China Marine Bunker (PetroChina) Co., Ltd. PRC 1,000 Oil import and export trade and transportation, sale and storage — 50.00 Mangistau Investment B.V . Netherlands EUR Engages in investing activities, the principle activities of its main subsidiaries are exploration, exploitation and sale of oil and gas. — 50.00 Trans-Asia Gas Pipeline Co., Ltd. PRC 5,000 Main contractor, investment holding, investment management, investment consulting, enterprise management advisory, technology development, promotion and technology consulting — 50.00 Dividends received or receivable from associates and joint ventures were RMB 4,432 in 2019 (2018: RMB 6,558, 2017: RMB 7,034). In 2019, investments in associates and joint ventures of RMB 119 (2018: RMB 207, 2017: RMB 96) were disposed of, resulting in a gain of RMB 238 (2018: a gain of RMB 7, 2017: a gain of RMB 6). In 2019, the share of profit and other comprehensive income in all individually immaterial associates and joint ventures accounted for using equity method in aggregate was profit of RMB 2,207 (2018: profit of RMB 8,996, 2017: profit of RMB 3,235) and RMB 2,098 (2018: profit of RMB 480, 2017: loss of RMB 845), respectively. Interest in Associates Summarized financial information in respect of the Group’s principal associates and reconciliation to carrying amount is as follow: PetroIneos Refining Limited China Petroleum Ltd. CNPC Captive December 31, December 31, December 31, December 31, December 31, December 31, RMB RMB RMB RMB RMB RMB Percentage ownership interest (%) 49.90 49.90 32.00 32.00 49.00 49.00 Current assets 1,457 1,373 261,520 173,948 10,823 10,493 Non-current 14,364 14,795 228,933 285,805 2,618 2,928 Current liabilities 7,843 7,997 403,052 378,472 6,981 7,184 Non-current 1,457 1,430 17,234 16,317 3 — Net assets 6,521 6,741 70,167 64,964 6,457 6,237 Group’s share of net assets 3,254 3,364 22,453 20,788 3,164 3,056 Goodwill — — 349 349 — — Carrying amount of interest in associates 3,254 3,364 22,802 21,137 3,164 3,056 Summarized statement of comprehensive income and dividends received by the Group are as follow: PetroIneos Refining China Petroleum Finance Co., Ltd. CNPC Captive 2019 2018 2017 2019 2018 2017 2019 2018 2017 RMB RMB RMB RMB RMB RMB RMB RMB RMB Revenue 4,446 4,588 4,472 9,672 8,520 8,520 712 706 654 ( Loss / p (326 ) (120 ) 699 7,810 7,554 7,286 349 315 364 Other comprehensive income 106 325 (384 ) 1,356 651 (1,395 ) (1 ) — 1 Total comprehensive income (220 ) 205 315 9,166 8,205 5,891 348 315 365 Group’s share of total comprehensive income (110 ) 102 157 2,933 2,626 1,885 170 154 179 Dividends received by the Group — — — 1,268 983 815 62 63 27 Interest in Joint Ventures Summarized statement of financial position as included in their own financial statements, adjusted for fair value adjustments and differences in accounting policies in respect of the Group’s principal joint ventures and reconciliation to carrying amount is as follows: China Marine Bunker Mangistau Investment B.V. Trans-Asia Gas Pipeline Co., Ltd. December 31, December 31, December 31, December 31, December 31, December 31, RMB RMB RMB RMB RMB RMB Percentage ownership interest (%) 50.00 50.00 50.00 50.00 50.00 50.00 Non-current 1,750 1,893 11,980 11,642 43,258 34,584 Current assets 8,666 7,313 1,211 780 2,680 3,330 Including: cash and cash equivalents 1,206 1,368 292 265 73 81 Non-current 152 152 3,062 2,740 2,355 2,100 Including: Non-current 5 20 907 892 2,100 2,100 Current liabilities 7,349 6,091 567 868 445 267 Including: Current financial liabilities excluding trade and other payables 3,599 3,796 — — — — Net assets 2,915 2,963 9,562 8,814 43,138 35,547 Net assets attributable to owners of the Company 2,672 2,702 9,562 8,814 43,138 35,547 Group’s share of net assets 1,336 1,351 4,781 4,407 21,569 17,774 Carrying amount of interest 1,336 1,351 4,781 4,407 21,569 17,774 Summarized statement of comprehensive income as included in their own financial statements, adjusted for fair value adjustments and differences in accounting policies and dividends received by the Group is as follows: China Marine Bunker Mangistau Investment B.V. Trans-Asia Gas 2019 2018 2017 2019 2018 2017 2019 2018 2017 RMB RMB RMB RMB RMB RMB RMB RMB RMB Revenue 42,116 43,924 31,770 15,104 16,085 13,192 23 14 16 Depreciation, depletion and amortization (81 ) (90 ) (93 ) (883 ) (807 ) (808 ) (37 ) (4 ) (3 ) Interest income 23 18 12 2 5 3 51 59 65 Interest expense (88 ) (96 ) (39 ) (158 ) (154 ) (122 ) (57 ) (46 ) (43 ) Income tax expense (92 ) (37 ) (44 ) (925 ) (1,077 ) (27 ) — 10 — Net profit 142 126 116 2,818 3,324 1,947 4,070 1,931 4,612 Total comprehensive income 169 151 87 2,978 3,020 1,852 7,940 2,505 4,502 Group’s share of total comprehensive income 85 76 43 1,489 1,510 926 3,970 1,253 2,251 Dividends received by the Group — 8 — 1,115 1,650 2,141 175 — — |
Subsidiaries [member] | |
Statement [Line Items] | |
Interests in Other Entities | 18 SUBSIDIARIES The principal subsidiaries of the Group are: Company Name Country of Incorporation Registered Capital Type of Attributable Equity Voting % Principal Activities Daqing Oilfield Company Limited PRC 47,500 Limited liability company 100.00 100.00 Exploration, production and sale of crude oil and natural gas CNPC Exploration and Development Company Limited (i) PRC 16,100 Limited liability company 50.00 57.14 Exploration, production and sale of crude oil and natural gas outside the PRC PetroChina Hong Kong Limited Hong Kong HKD 7,592 million Limited liability company 100.00 100.00 Investment holding. The principal activities of its subsidiaries, associates and joint ventures are the exploration, production and sale of crude oil in and outside the PRC as well as natural gas sale and transmission in the PRC PetroChina International Investment Company Limited PRC 31,314 Limited liability company 100.00 100.00 Investment holding. The principal activities of its subsidiaries, associates and joint ventures are the exploration, development and production of crude oil, natural gas, oil sands and coalbed methane outside the PRC PetroChina International Company Limited PRC 18,096 Limited liability company 100.00 100.00 Marketing of refined products and trading of crude oil and petrochemical products, storage, investment in refining, chemical engineering, storage facilities, service station, and transportation facilities and related business in and outside the PRC PetroChina Pipelines Co., Ltd. PRC 80,000 Limited liability company 72.26 72.26 Oil and gas pipeline transportation, investment holding, import and export of goods, agency of import and export, import and export of technology, technology promotion service, professional contractor, main contractor (i) The Company consolidated the financial statements of the entity because it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Summarized financial information in respect of the Group’s principal subsidiaries with significant non-controlling CNPC Exploration and PetroChina Pipelines Co., Ltd. December December December December RMB RMB RMB RMB Percentage ownership interest (%) 50.00 50.00 72.26 72.26 Current assets 20,604 21,463 4,306 4,604 Non-current 186,792 166,155 228,623 224,163 Current liabilities 18,911 14,525 7,631 7,531 Non-current 25,326 25,967 9,616 6,095 Net assets 163,159 147,126 215,682 215,141 Summarized statement of comprehensive income is as follows: CNPC Exploration and PetroChina Pipelines Co., 2019 2018 2017 2019 2018 2017 RMB RMB RMB RMB RMB RMB Revenue 47,096 45,618 37,304 43,463 43,062 43,627 Profit from continuing operations 14,126 15,563 3,696 18,911 19,436 17,891 Total comprehensive income 17,879 17,577 (1,050 ) 18,911 19,436 17,891 Profit attributable to non-controlling 8,274 8,844 2,390 5,246 5,392 4,963 Dividends paid to non-controlling 1,923 2,038 1,420 4,852 7,174 3,569 Summarized statement of cash flows is as follows: CNPC Exploration and PetroChina Pipelines Co., Ltd. 2019 2018 2017 2019 2018 2017 RMB RMB RMB RMB RMB RMB Net cash inflow from operating activities 17,780 22,467 18,545 30,058 29,701 31,160 Net cash (outflow) / inflow from investing activities (17,306 ) (33,466 ) (12,304 ) (10,764 ) (2,701 ) 2,869 Net cash (outflow) / inflow (1,118 ) 7,865 (4,296 ) (18,910 ) (25,919 ) (36,190 ) Effect of foreign exchange rate changes on cash and cash equivalents 220 (1,350 ) (2,183 ) — — — Net (decrease) / increase in cash and cash equivalents (424 ) (4,484 ) (238 ) 384 1,081 (2,161 ) Cash and cash equivalents at the beginning of the year 13,498 17,982 18,220 1,229 148 2,309 Cash and cash equivalents at the end of the year 13,074 13,498 17,982 1,613 1,229 148 |
Equity investments measured at
Equity investments measured at fair value through other comprehensive income | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Equity investments measured at fair value through other comprehensive income | 17 EQUITY INVESTMENTS MEASURED AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME December 31, 2019 December 31, 2018 RMB RMB China Pacific Insurance (Group) Co., 185 139 Chengdu Huaqi Houpu Holding Co., 191 114 Other items 546 485 922 738 The above equity investments are planned to be held for a long term by the Group for strategic purpose, the Group designates them as equity investments at fair value through other comprehensive income. Dividends amounting to RMB 22 were received on these investments during the year ended December 31, 2019 (2018 : |
Advance Operating Lease Payment
Advance Operating Lease Payments | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Advance Operating Lease Payments | 19 ADVANCE OPERATING LEASE PAYMENTS December 31, RMB Land use rights 58,858 Advance lease payments 19,382 78,240 Advance operating lease payments were amorti z “Right-of-use assets” upon initial adoption of IFRS 16 at January 1, 2019 (see Note 3 (aa)). |
Intangible and Other Non-curren
Intangible and Other Non-current Assets | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Intangible and Other Non-current Assets | 20 INTANGIBLE AND OTHER NON-CURRENT December 31, 2019 December 31, 2018 Cost Accumulated Net Cost Accumulated Net RMB RMB RMB RMB RMB RMB Patents and technical know-how 7,782 (6,370 ) 1,412 7,674 (6,016 ) 1,658 Computer software 12,356 (9,116 ) 3,240 11,746 (8,637 ) 3,109 Goodwill (i) 46,555 (3,747 ) 42,808 46,020 (3,747 ) 42,273 Other 23,880 (8,949 ) 14,931 21,526 (8,035 ) 13,491 Intangible assets 90,573 (28,182 ) 62,391 86,966 (26,435 ) 60,531 Other assets 38,272 37,778 100,663 98,309 (i) Goodwill primarily relates to the acquisition of PetroChina United Pipelines Co., Ltd. (“Pipeline Goodwill”) completed in 2015 with carrying amount of RMB 34,285 as at December 31,2019. The impairment test of the Pipeline Goodwill is performed associated with the cash-generating unit of West-East Gas Pipeline. The recoverable amount is determined according to the higher of the cash-generating unit’s fair value less the net amount of disposal expense and the cash-generating unit’s expected present value of future cash flows. The cash flow projection used in the impairment test is based on management’s estimation and judgment of the parameters such as transportation volume, transportation price and operating costs of the West-East Gas Pipeline, and the post-tax , 2017: 8.9% ) reflecting the specific risks relating to the cash-generating unit. , 2017: RMB 3,709 ). For impairment test of the remaining goodwills, the post-tax % to 11.0%, 2017: 9.2% to 10.5%) were used by management, and no impairment loss was charged for the year ended December 31, 2019 (2018: RMB 38 , 2017: RMB nil) . |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Inventories | 21 INVENTORIES December 31, December 31, RMB RMB Crude oil and other raw materials 56,166 58,188 Work in progress 15,159 14,241 Finished goods 112,003 110,103 Spare parts and consumables 88 53 183,416 182,585 Less: Write down in inventories (1,495 ) (5,008 ) 181,921 177,577 |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Accounts Receivable | 22 ACCOUNTS RECEIVABLE December 31, December 31, RMB RMB Accounts receivable 66,615 63,575 Less: Provision for impairment of receivables (2,431 ) (4,053 ) 64,184 59,522 The aging analysis of accounts receivable (net of impairment of accounts receivable) based on the invoice date (or date of revenue recognition, if earlier), at December 31, 2019 and 2018 is as follows: December 31, December 31, RMB RMB Within 1 year 63,392 58,392 Between 1 and 2 years 419 837 Between 2 and 3 years 267 108 Over 3 years 106 185 64,184 59,522 The Group offers its customers credit terms up to 180 Movements in the provision for impairment of accounts receivable are as follows: 2019 2018 2017 RMB RMB RMB At beginning of the year 4,053 4,771 2,023 Provision for impairment of accounts receivable 226 561 2,813 Reversal of provision for impairment of accounts receivable (1,604 ) (1,178 ) (7 ) Receivables written off as uncollectible (244 ) (101 ) (58 ) At end of the year 2,431 4,053 4,771 |
Prepayments and Other Current A
Prepayments and Other Current Assets | 12 Months Ended |
Dec. 31, 2019 | |
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Prepayments and Other Current Assets | 23 PREPAYMENTS AND OTHER CURRENT ASSETS December 31, 2019 December 31, 2018 RMB RMB Other receivables 23,072 19,206 Advances to suppliers 17,747 18,253 40,819 37,459 Less: Provision for impairment (3,413 ) (3,439 ) 37,406 34,020 Value-added tax to be deducted 48,560 42,153 Prepaid expenses 360 1,068 Prepaid income taxes 5,649 1,261 Other current assets 11,152 10,843 103,127 89,345 |
Notes Receivable
Notes Receivable | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Notes Receivable | 24 NOTES RECEIVABLE Notes receivable represent mainly bills of acceptance issued by banks for the sale of goods and performance of services. Notes receivable are measured at fair value through other comprehensive income. All notes receivable are due within one year, and their fair values approximate the face values of the bills. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Cash and Cash Equivalents | 25 CASH AND CASH EQUIVALENTS The weighted average effective interest rate on bank deposits was 1.69 % |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
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Accounts Payable and Accrued Liabilities | 26 ACCOUNTS PAYABLE AND ACCRUED LIABILITIES December 31, December 31, RMB RMB Trade payables 148,335 123,069 Salaries and welfare payable 10,169 10,189 Dividends payable by subsidiaries to non-controlling 389 355 Interest payable 4,719 2,978 Construction fee and equipment cost payables 111,767 123,602 Other (i) 52,935 39,655 328,314 299,848 (i) Other consists primarily of notes payables, insurance payable, etc. The aging analysis of trade payables at December 31, 2019 and 2018 is as follows: December 31, December 31, RMB RMB Within 1 year 136,670 113,370 Between 1 and 2 years 5,472 5,049 Between 2 and 3 years 3,180 2,386 Over 3 years 3,013 2,264 148,335 123,069 |
Contract Liabilities
Contract Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
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Contract Liabilities | 27 CONTRACT LIABILITIES As of December 31, 2019, contract liabilities mainly represented advances from customers related to the sales of natural gas, crude oil and refined oil, etc. The majority of related obligations are expected to be performed and the corresponding revenue will be recognized within one year. The primary amount of contract liabilities at the beginning of the year has been recognized as revenue for the year ended December 31, 2019. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Borrowings | 28 BORROWINGS December 31, December 31, RMB RMB Short-term borrowings excluding current portion of long-term borrowings 90,497 69,780 Current portion of long-term borrowings 85,343 75,370 175,840 145,150 Long-term borrowings 290,882 269,422 466,722 414,572 Borrowings of the Group of RMB 22,313 were guaranteed by CNPC, its fellow subsidiaries and a third party at December 31, 2019 (December 31, 2018: RMB 27,685). The Group’s borrowings include secured liabilities totaling RMB 1,983 at December 31, 2019 (December 31, 2018: RMB 2,460). December 31, December 31, RMB RMB Total borrowings: – interest free 124 129 – at fixed rates 250,297 208,876 – at floating rates 216,301 205,567 466,722 414,572 Weighted average effective interest rates: – bank loans 3.20 % 3.43 % – corporate debentures 3.52 % 3.39 % – medium-term notes 3.63 % 3.68 % – other loans 3.80 % 4.07 % The borrowings by major currenc ies December 31, December 31, RMB RMB RMB 356,704 297,847 US Dollar 100,374 107,473 Other currency 9,644 9,252 466,722 414,572 The fair values of the Group’s long-term borrowings including the current portion of long-term borrowings are RMB 371,807 at 2019 (December 31, ) The fair values are based on discounted cash flows using applicable discount rates based upon the prevailing market rates of interest available to the Group for financial instruments with substantially the same terms and characteristics at the dates of the consolidated - % % The following table sets out the borrowings’ remaining contractual maturities at the date of the consolidated December 31, December 31, RMB RMB Within 1 year 188,771 158,782 Between 1 and 2 years 30,090 98,939 Between 2 and 5 years 253,918 150,837 After 5 years 31,576 43,879 504,355 452,437 Reconciliation of movements of borrowings to cash flows arising from financing activities: 2019 2018 RMB RMB At beginning of the year 414,572 473,955 Changes from financing cash flows: Increase in borrowings 836,458 704,281 Repayments of borrowings (785,751 ) (770,141 ) Total changes from financing cash flows 50,707 (65,860 ) Exchange adjustments 1,443 6,477 At end of the year 466,722 414,572 |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2019 | |
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Share Capital | 29 SHARE CAPITAL December 31, December 31, RMB RMB Registered, issued and fully paid: A shares 161,922 161,922 H shares 21,099 21,099 183,021 183,021 In accordance with the Restructuring Agreement between CNPC and the Company effective as of November 5, 1999, the Company issued 160 billion state-owned shares in exchange for the assets and liabilities transferred to the Company by CNPC. The 160 billion state-owned shares were the initial registered capital of the Company with a par value of RMB 1.00 yuan per share. On April 7, 2000, the Company issued 17,582,418,000 shares, represented by 13,447,897,000 H shares and 41,345,210 ADSs (each representing 100 H shares) in a global initial public offering (“Global Offering”) and the trading of the H shares and the ADSs on the Stock Exchange of Hong Kong Limited and the New York Stock Exchange commenced on April 7, 2000 and April 6, 2000, respectively. The H shares and ADSs were issued at prices of HK$ 1.28 per H share and US$ 16.44 per ADS respectively for which the net proceeds to the Company were approximately RMB 20 billion. The shares issued pursuant to the Global Offering rank equally with existing shares. Pursuant to the approval of the China Securities Regulatory Commission, 1,758,242,000 state-owned shares of the Company owned by CNPC were converted into H shares for sale in the Global Offering. On September 1, 2005, the Company issued an additional 3,196,801,818 new H shares at HK$ 6.00 per share and net proceeds to the Company amounted to approximately RMB 19,692. CNPC also sold 319,680,182 state-owned shares it held concurrently with PetroChina’s sale of new H shares in September 2005. On October 31, 2007, the Company issued 4,000,000,000 new A shares at RMB 16.70 yuan per share and net proceeds to the Company amounted to approximately RMB 66,243 and the listing and trading of the A shares on the Shanghai Stock Exchange commenced on November 5, 2007. Following the issuance of the A shares, all the existing state-owned shares issued before November 5, 2007 held by CNPC have been registered with the China Securities Depository and Clearing Corporation Limited as A shares. Shareholders’ rights are governed by the Company Law of the PRC that requires an increase in registered capital to be approved by the shareholders in shareholders’ general meetings and the relevant PRC regulatory authorities. |
Reserves
Reserves | 12 Months Ended |
Dec. 31, 2019 | |
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Reserves | 30 RESERVES 2019 2018 RMB RMB Capital Reserve Beginning balance 133,308 133,308 Ending balance 133,308 133,308 Statutory Common Reserve Fund (a) Beginning balance 194,245 188,769 Transfer from retained earnings 3,037 5,476 Ending balance 197,282 194,245 Special Reserve-Safety Fund Reserve Beginning balance 13,831 13,366 Safety fund reserve (1,388 ) 465 Ending balance 12,443 13,831 Currency Translation Differences (b) Beginning balance (33,067 ) (28,045 ) Currency translation differences 4,128 (5,022 ) Ending balance (28,939 ) (33,067 ) Other Reserves Beginning balance (8,718 ) (9,336 ) Adjusted for the acquisition of Dalian West Pacific (Note 4 0 — 516 Beginning balance, as adjusted (8,718 ) (8,820 ) Transaction with non-controlling interests (2,007 ) 13 Fair value gain/(loss) from equity investments measured at fair value th ro 96 (162 ) Share of the other comprehensive income of associates and joint ventures accounted for using the equity method 417 220 Other 129 31 Ending balance (10,083 ) (8,718 ) 304,011 299,599 (a) Pursuant to the PRC regulations and the Company’s Articles of Association, the Company is required to transfer 10% of its net profit, as determined under the PRC accounting regulations, to a Statutory Common Reserve Fund (“Reserve Fund”). Appropriation to the Reserve Fund may cease when the fund aggregates to 50% of the Company’s registered capital. The transfer to this reserve must be made before distribution of dividends to shareholders. The Reserve Fund shall only be used to make good previous years’ losses, to expand the Company’s production operations, or to increase the capital of the Company. Upon approval of a resolution of shareholders’ in a general meeting, the Company may convert its Reserve Fund into share capital and issue bonus shares to existing shareholders in proportion to their original shareholdings or to increase the nominal value of each share currently held by them, provided that the balance of the Reserve Fund after such issuance is not less than 25% of the Company’s registered capital. (b) The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations. (c) According to the relevant PRC regulations, the distributable reserve is the lower of the retained earnings computed under PRC accounting regulations and IFRS. As of December 31, 2019, the Company’s distributable reserve amounted to RMB 590,727 (December 31, 2018: RMB 594,169). |
Deferred Taxation
Deferred Taxation | 12 Months Ended |
Dec. 31, 2019 | |
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Deferred Taxation | 31 DEFERRED TAXATION The movements in the deferred taxation account are as follows: 2019 2018 2017 RMB RMB RMB At beginning of the year 6,483 14,064 6,720 Transfer to profit and loss (Note 12) (3,485 ) (7,807 ) 7,539 ( D / credit (150 ) 226 (195 ) At end of the year 2,848 6,483 14,064 Deferred tax balances before offset are attributable to the following items: December 31, December 31, RMB RMB Deferred tax assets: Receivables and inventories 6,841 8,528 Tax losses 20,391 26,027 Impairment of long-term assets 9,676 7,838 Other 8,643 7,187 Total deferred tax assets 45,551 49,580 Deferred tax liabilities: Accelerated tax depreciation 27,646 27,948 Other 15,057 15,149 Total deferred tax liabilities 42,703 43,097 Net deferred tax assets 2,848 6,483 Tax losses that can be carried forward to future years include deferred tax assets arising from the losses of the branches in the E China R E W China R Deferred tax balances after offset are listed as follows: December 31, December 31, RMB RMB Deferred tax assets 24,259 23,498 Deferred tax liabilities 21,411 17,015 |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2019 | |
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Asset Retirement Obligations | 32 ASSET RETIREMENT OBLIGATIONS 2019 2018 2017 RMB RMB RMB At beginning of the year 132,780 131,546 125,392 Net liabilities incurred, including reassessment 2,026 (2,220 ) 2,981 Liabilities settled (2,427 ) (2,034 ) (2,012 ) Accretion expense (Note 10) 5,525 5,678 5,453 Currency translation differences 31 (190 ) (268 ) At end of the year 137,935 132,780 131,546 Asset retirement obligations relate to oil and gas properties (Note 15). |
Pensions
Pensions | 12 Months Ended |
Dec. 31, 2019 | |
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Pensions | 33 PENSIONS The Group participates in various employee retirement benefit plans (Note 3(y)). Expenses incurred by the Group in connection with the retirement benefit plans for the year ended December 31, 2019 amounted to RMB 20,196 (2018: RMB 19,432, 2017: RMB 16,054). |
Contingent Liabilities
Contingent Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
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Contingent Liabilities | 34 CONTINGENT LIABILITIES (a) Bank and other guarantees At December 31, 2019 and 2018, the Group did not guarantee related parties or third parties any significant borrowings or others. (b) Environmental liabilities China has adopted extensive environmental laws and regulations that affect the operation of the oil and gas industry. Under existing legislation, however, management believes that there are no probable liabilities, except for the amounts which have already been reflected in the consolidated financial statements, which may have a material adverse effect on the financial position of the Group. (c) Legal contingencies During the reporting period, the Group has complied with domestic and overseas laws and regulatory requirements. Notwithstanding certain insignificant lawsuits as well as other proceedings outstanding, management believes that any resulting liabilities will not have a material adverse effect on the financial position of the Group. (d) Group insurance The Group has insurance coverage for vehicles and certain assets that are subject to significant operating risks, third-party liability insurance against claims relating to personal injury, property and environmental damages that result from accidents and also employer liabilities insurance. The potential effect on the financial position of the Group of any liabilities resulting from future uninsured incidents cannot be estimated by the Group at present. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2019 | |
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Commitments | 35 COMMITMENTS (a) Operating lease commitments Operating lease commitments of the Group are mainly for leasing of land, buildings and equipment. Leases range from 1 to 50 years and usually do not contain renewal options. Future minimum lease payments as of December 31, 2018 under non-cancelable operating leases are as follows: December 31, RMB No later than 1 year 12,664 Later than 1 year and no later than 5 years 39,222 Later than 5 years 176,049 227,935 The Group is the lessee in respective of a number of properties, plant and equipment held under leases which were previously classified as operating leases under IAS 17. The Group has initially applied IFRS 16 using the modified retrospective approach. Under this approach, the comparative information is not restated (see Note 3(aa)). From January 1, 2019 onwards future lease payments recogni z ( At December 31, 2019, the Group’s capital commitments contracted but not provided for mainly relating to property, plant and equipment were RMB 56,856 (December 31, 2018: RMB 41,989). The operating lease and capital commitments above are transactions mainly with CNPC and its fellow subsidiaries. (c) Exploration and production licenses The Company is obligated to make annual payments with respect to its exploration and production licenses to the Ministry of Natural Resources. Payments incurred were RMB 535 for the year ended December 31, 2019 (2018: RMB 650, 2017: RMB 609). According to the current policy, estimated annual payments for the next five years are as follows: December 31, December 31, RMB RMB Within one year 800 800 Between one and two years 800 800 Between two and three years 800 800 Between three and four years 800 800 Between four and five years 800 800 |
Major Customers
Major Customers | 12 Months Ended |
Dec. 31, 2019 | |
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Major Customers | 36 MAJOR CUSTOMERS The Group’s major customers are as follows: 2019 2018 2017 Revenue Percentage revenue Revenue Percentage revenue Revenue Percentage revenue RMB % RMB % RMB % China Petroleum & Chemical Corporation 105,855 4 96,990 4 65,767 3 CNPC and its fellow subsidiaries 99,279 4 83,670 4 92,173 5 205,134 8 180,660 8 157,940 8 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
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Related Party Transactions | 37 RELATED PARTY TRANSACTIONS CNPC, the controlling shareholder of the Company, is a limited liability company directly controlled by the PRC government. Related parties include CNPC and its fellow subsidiaries, their associates and joint ventures, other state-owned enterprises and their subsidiaries which the PRC government has control, joint control or significant influence over and enterprises which the Group is able to control, jointly control or exercise significant influence over, key management personnel of the Company and CNPC and their close family members. (a) Transactions with CNPC and its fellow subsidiaries, associates and joint ventures of the Group The Group has extensive transactions with other companies in CNPC and its fellow subsidiaries. Due to these relationships, it is possible that the terms of the transactions between the Group and other members of CNPC and its fellow subsidiaries are not the same as those that would result from transactions with other related parties or wholly unrelated parties. The principal related party transactions with CNPC and its fellow subsidiaries, associates and joint ventures of the Group which were carried out in the ordinary course of business, are as follows: On August 25, 2011, based on the terms of the Comprehensive Products and Services Agreement amended in 2008, the Company and CNPC entered into a new Comprehensive Products and Services Agreement (“the Comprehensive Products and Services Agreement”) for a period of three three On August 25, 2011, based on the Land Use Rights Leasing Contract signed in 2000, the Company and CNPC entered into a Supplemental Land Use Rights Leasing Contract which took effect on January 1, 2012. The Company and CNPC each issued a confirmation letter to the Land Use Rights Leasing Contract on August 24, 2017, which adjusted the rental payable and the area for the leased land parcels. The Company agreed to rent from CNPC parcels of land with an aggregate area of approximately 1,773 million square meters with annual rental payable (exclusive of tax and government charges) adjusted to no more than RMB 5,783 in accordance with the area of leased land parcels and the current situation of the property market. The Land Use Rights Leasing Contract shall remain unchanged, apart from the rental payable and the leased area. The confirmation letter shall be effective from January 1, 2018. On August 25, 2011, based on the Buildings Leasing Contract and Supplemental Building Leasing Agreement, the Company and CNPC entered into a Revised Buildings Leasing Contract which took effect thereafter. On August 24, 2017, based on the Buildings Leasing Contract and Supplemental Building Leasing Agreement, the Company and CNPC entered into a Revised Buildings Leasing Contract which took effect on January 1, 2018. Under this contract, buildings covering an aggregate area of 1,152,968 square meters were leased at annual rental payable approximately RMB 730. The Revised Building Leasing Contract will expire at December 31, 2037. The area and total fee payable for the lease of all such property may, every three years, be adjusted with the Company’s operating needs and by reference to market price which the adjusted prices will not exceed. • Sales of goods represent the sale of crude oil, refined products, chemical products and natural gas, etc. The total amount of these transactions amounted to RMB 122,927 for the year ended December 31, 2019 (2018: RMB 105,434 , 2017: RMB 113,306) . • Sales of services principally represent the provision of services in connection with the transportation of crude oil and natural gas, etc. The total amount of these transactions amounted to RMB 10,055 7,938 , 2017: RMB 6,160 • Purchases of goods and services principally represent construction and technical services, production services, social services, ancillary services and material supply services, etc. The total amount of these transactions amounted to RMB 388,802 364,912 , 2017: RMB 330,379 • Purchases of assets principally represent the purchases of manufacturing equipment, office equipment and transportation equipment, etc. The total amount of these transactions amounted to RMB 1,701 1,195 , 2017: RMB 1,634 ). • Interest income represents interests from deposits placed with CNPC and its fellow subsidiaries. The total interest income amounted to RMB 460 for the year ended December 31, 2019 (2018: RMB 535 , 2017: RMB 425 ) . The balance of deposits at December 31, 2019 was RMB 28,304 (December 31, 2018: RMB 22,532 ) . • Purchases of financial service principally represents interest charged on the loans from CNPC and its fellow subsidiaries, insurance fee, etc. The total amount of these transactions amounted to RMB 8,759 for the year ended December 31, 2019 (2018: RMB 11,970 , 2017: RMB 11,294) . • The borrowings from CNPC and its fellow subsidiaries at December 31, 2019 were RMB 179,699 (December 31, 2018: RMB 196,161). • Rents and other payments paid to CNPC and its fellow subsidiaries represent (1) the rental expense paid by the Group according to Land Use Rights Leasing Contract and Buildings Leasing Contract; (2) the payable by the Group (including all rents, leasing service fees and prices for exercising purchase options) for the period according to the leasing agreements entered into by the Group and CNPC and its fellow subsidiaries. The total rents and other payments amounted to RMB 10,106 for the year ended December 31, 2019. (2018: RMB 7,092 , 2017: RMB 7,351 ) . Amounts due from and to CNPC and its fellow subsidiaries, associates and joint ventures of the Group included in the following accounts captions are summarized as follows: December 31, December 31, Note RMB RMB Accounts receivable 12,784 11,896 Prepayments and other receivables 11,441 11,467 Other current assets 11,951 7,852 Other non-current 16,242 16,511 Accounts payable and accrued liabilities 61,205 64,511 Contract liabilities 792 568 Lease liabilities 139,250 — Other non-current 827 2,296 Note: The Group has initially applied IFRS 16 at January 1, 2019 using the modified retrospective approach. Under this approach, the comparative information is not restated (see Note 3(aa)). (b) Key management compensation Year End December 31, 2019 2018 2017 RMB’000 RMB’000 RMB’000 Emoluments and other benefits 13,042 13,385 11,779 Contribution to retirement benefit scheme 1,796 1,781 1,645 14,838 15,166 13,424 (c) Transactions with other state-controlled entities in the PRC Apart from transactions with CNPC and its fellow subsidiaries, associates and joint ventures of the Group, the Group’s transactions with other state-controlled entities include but is not limited to the following: • Sales and purchases of goods and services, • Purchases of assets, • Lease of assets; and • Bank deposits and borrowings These transactions are conducted in the ordinary course of the Group’s business. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Segment Information | 38 SEGMENT INFORMATION The Group is principally engaged in a broad range of petroleum related products, services and activities. The Group’s operating segments comprise: Exploration and Production, Refining and Chemicals, Marketing, and Natural Gas and Pipeline. On the basis of these operating segments, the management of the Company assesses the segmental operating results and allocates resources. Sales between operating segments are conducted principally at market prices. Additionally, the Group presents geographical information based on entities located in regions with a similar risk profile. The Exploration and Production segment is engaged in the exploration, development, production and marketing of crude oil and natural gas. The Refining and Chemicals segment is engaged in the refining of crude oil and petroleum products, production and marketing of primary petrochemical products, derivative petrochemical products and other chemical products. The Marketing segment is engaged in the marketing of refined products and the trading business. The Natural Gas and Pipeline segment is engaged in the transmission of natural gas, crude oil and refined products and the sale of natural gas. The Head Office and Other segment relates to cash management and financing activities, the corporate center, research and development, and other business services supporting the operating business segments of the Group. The accounting policies of the operating segments are the same as those described in Note 3 – “Summary of Principal Accounting Policies”. The segment information for the operating segments for the years ended December 31, 2019, 2018 and 2017 are as follows: Year Ended December 31, 2019 Exploration and Production Refining and Chemicals Marketing Natural Head Office and Other Total RMB RMB RMB RMB RMB RMB Revenue 676,320 902,679 2,165,391 391,023 3,700 4,139,113 Less: intersegment sales (552,672 ) (712,178 ) (315,157 ) (40,652 ) (1,644 ) (1,622,303 ) Revenue from external customers 123,648 190,501 1,850,234 350,371 2,056 2,516,810 Depreciation, depletion and amortization (158,874 ) (24,995 ) (17,131 ) (22,375 ) (1,887 ) (225,262 ) Including: Impairment losses of property, plant and equipment (11,562 ) (1,444 ) (1 ) (412 ) — (13,419 ) Profit / (loss) from operations 96,097 13,764 (565 ) 26,108 (13,642 ) 121,762 Finance costs: Exchange gain 10,017 Exchange loss (10,016 ) Interest income 3,631 Interest expense (30,409 ) Total net finance costs (26,777 ) Share of profit of associates and joint ventures 3,513 58 1,402 501 2,755 8,229 Profit before income tax expense 103,214 Income tax expense (36,199 ) Profit for the year 67,015 Segment assets 1,520,697 365,013 524,321 536,298 1,409,368 4,355,697 Other assets 29,908 Investments in associates and joint ventures 45,721 1,022 19,159 9,713 26,458 102,073 Elimination of intersegment balances (a) (1,754,768 ) Total assets 2,732,910 Capital expenditures 230,117 21,279 17,618 27,004 758 296,776 Segment liabilities 720,028 132,018 324,822 277,370 594,000 2,048,238 Other liabilities 88,793 Elimination of intersegment balances (a) (848,426 ) Total liabilities 1,288,605 Year Ended December 31, 2018 Exploration and Production Refining and Chemicals Marketing Natural Head Office and Other Total RMB RMB RMB RMB RMB RMB Revenue 658,712 911,224 2,003,105 362,626 2,376 3,938,043 Less: intersegment sales (539,295 ) (706,559 ) (280,750 ) (35,899 ) (606 ) (1,563,109 ) Revenue from external customers 119,417 204,665 1,722,355 326,727 1,770 2,374,934 Depreciation, depletion and amortization (169,622 ) (25,318 ) (13,511 ) (21,985 ) (1,840 ) (232,276 ) Including: Impairment losses of property, plant and equipment (26,002 ) (3,393 ) — (530 ) — (29,925 ) Profit / (loss) from operations 73,519 44,701 (6,450 ) 25,515 (14,343 ) 122,942 Finance costs: Exchange gain 12,701 Exchange loss (11,581 ) Interest income 3,779 Interest expense (22,718 ) Total net finance costs (17,819 ) Share of profit of associates and joint ventures 4,224 63 4,214 496 2,650 11,647 Profit before income tax expense 116,770 Income tax expense (42,790 ) Profit for the year 73,980 Segment assets 1,227,613 324,639 429,854 519,553 1,371,525 3,873,184 Other assets 24,759 Investments in associates and joint ventures 39,235 1,010 17,437 7,022 24,658 89,362 Elimination of intersegment balances (a) (1,546,428 ) Total assets 2,440,877 Capital expenditures 196,109 15,419 17,010 26,502 1,066 256,106 Segment liabilities 466,097 59,139 239,187 158,153 566,129 1,488,705 Other liabilities 100,303 Elimination of intersegment balances (a) (557,022 ) Total liabilities 1,031,986 Year Ended December 31, 2017 Exploration and Production Refining and Chemicals Marketing Natural Head Office and Other Total RMB RMB RMB RMB RMB RMB Revenue 505,430 735,486 1,660,456 295,786 2,057 3,199,215 Less: intersegment sales (409,303 ) (546,560 ) (179,846 ) (30,550 ) (658 ) (1,166,917 ) Revenue from external customers 96,127 188,926 1,480,610 265,236 1,399 2,032,298 Depreciation, depletion and amortization (169,484 ) (32,751 ) (12,734 ) (21,146 ) (1,692 ) (237,807 ) Including: Impairment losses of property, plant and equipment (6,565 ) (10,223 ) (7 ) (1,150 ) (2 ) (17,947 ) Profit / (loss) from operations 15,475 43,075 8,279 15,688 (11,681 ) 70,836 Finance costs: Exchange gain 8,252 Exchange loss (9,436 ) Interest income 2,912 Interest expense (22,841 ) Total net finance costs (21,113 ) Share of profit / 1,716 (89 ) 1,501 279 2,561 5,968 Profit before income tax expense 55,691 Income tax expense (16,296 ) Profit for the year 39,395 Segment assets 1,211,912 327,186 397,813 519,249 1,357,803 3,813,963 Other assets 26,724 Investments in associates and joint ventures 39,517 1,375 11,938 5,534 22,795 81,159 Elimination of intersegment balances (a) (1,508,347 ) Total assets 2,413,499 Capital expenditures 161,997 17,859 10,982 24,529 1,014 216,381 Segment liabilities 525,085 91,632 199,340 120,244 589,460 1,525,761 Other liabilities 70,666 Elimination of intersegment balances (a) (560,916 ) Total liabilities 1,035,511 Geographical information Revenue Non-current (b) 2019 2018 2017 December 31, December 31, (c) RMB RMB RMB RMB RMB Mainland China 1,476,693 1,538,315 1,302,695 2,027,428 1,782,624 Other 1,040,117 836,619 729,603 213,268 192,675 2,516,810 2,374,934 2,032,298 2,240,696 1,975,299 (a) Elimination of intersegment balances represents elimination of intersegment accounts and investments. (b) Non-current non-current (c) The Group has initially applied IFRS 16 at January 1, 2019 using the modified retrospective approach. Under this approach, the comparative information is not restated (see Note 3(aa)). |
Approval of Financial Statement
Approval of Financial Statements | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Approval of Financial Statements | 39 APPROVAL OF FINANCIAL STATEMENTS The financial statements were approved by the Board of Directors on April 29, 2020 . |
Business Combination Involving
Business Combination Involving Entities Under Common Control | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Business Combination Involving Entities Under Common Control [Abstract] | |
Business Combination Involving Entities Under Common Control | 40 BUSINESS COMBINATION INVOLVING ENTITIES UNDER COMMON CONTROL Business combination involving entities under common control during the period Name of acquiree Proportion of Basis for business Acquisition Basis for From the beginning of 2018 Revenue Net Net cash Revenue Net Dalian West Pacific 56.04 % The Company and Dalian West Pacific are under the ultimate control of CNPC before and after the business combination and the control is not temporary May 31, Acquisition 10,763 1 (53 ) 37,385 1,564 Dalian West Pacific was established in December 1990. It principally engages in the manufacturing and sale of petroleum and petrochemical products. Before the acquisition date, the Company holds 28.44% equity of Dalian West Pacific. After the completion of the equity acquisition, the Company holds 84.48% equity of Dalian West Pacific in total. As the Company and Dalian West Pacific are under the ultimate control of CNPC and the control is not temporary. The acquisition of Dalian West Pacific has been reflected in the accompanying consolidated financial statements as combination of entities under common control. Consequently, Dalian West Pacific has been included in the scope of consolidation during the historical period. The opening balance of the final consolidated financial statements of 2019 and the comparative statements have been adjusted accordingly. The financial position as at December 31, 2018 and results of operation for the years ended December 31, 2017 and 2018 previously reported by the Group have been restated to include the assets and liabilities and the results of operations of Dalian West Pacific on a consolidation basis as set out below: The Group, as Dalian West Consolidation The Group, as restated RMB RMB RMB RMB Summarized statement of comprehensive income for the year ended December 31, 2017: Revenue 2,015,890 27,715 (11,307 ) 2,032,298 Total operating expenses (1,948,168 ) (24,601 ) 11,307 (1,961,462 ) Profit from operations 67,722 3,114 — 70,836 Profit for the year 36,793 2,602 — 39,395 Profit for the year attributable to owners of the Company 22,798 2,602 (1,863 ) 23,537 Profit for the year attributable to non-controlling 13,995 — 1,863 15,858 Basic and diluted earnings per share (RMB Yuan) 0.12 0.13 Summarized statement of comprehensive income for the year ended December 31, 2018: Revenue 2,353,588 37,385 (16,039 ) 2,374,934 Total operating expenses (2,232,591 ) (35,440 ) 16,039 (2,251,992 ) Profit from operations 120,997 1,945 — 122,942 Profit for the year 72,416 1,564 — 73,980 Profit for the year attributable to owners of the Company 52,591 1,564 (1,119 ) 53,036 Profit for the year attributable to non-controlling 19,825 — 1,119 20,944 Basic and diluted earnings per share (RMB Yuan) 0.29 0.29 Summarized financial position as at December 31, 2018: Current assets 433,128 5,126 (13 ) 438,241 Non-current 1,999,138 3,498 — 2,002,636 Total assets 2,432,266 8,624 (13 ) 2,440,877 Current liabilities 586,386 10,057 (13 ) 596,430 Non-current 435,222 334 — 435,556 Total liabilities 1,021,608 10,391 (13 ) 1,031,986 Non-controlling 196,372 — (1,264 ) 195,108 Total equity attributable to owner of the Company 1,214,286 (1,767 ) 1,264 1,213,783 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of quantitative information about leases for lessee [abstract] | |
Leases | 41 LEASES The leases where the Group is a lessee (a) Right-of-use January 1, Addition Reduction December 31, Cost Land 153,178 20,471 (752 ) 172,897 Buildings 83,552 8,368 — 91,920 Equipment and Machinery 2,295 639 — 2,934 Other 1,617 451 — 2,068 Total 240,642 29,929 (752 ) 269,819 Accumulated depreciation Land — (6,696 ) 101 (6,595 ) Buildings — (7,369 ) — (7,369 ) Equipment and Machinery — (718 ) — (718 ) Other — (401 ) — (401 ) Total — (15,184 ) 101 (15,083 ) Net book value Land 153,178 166,302 Buildings 83,552 84,551 Equipment and Machinery 2,295 2,216 Other 1,617 1,667 Total 240,642 254,736 The Group’s leasing of land principally represents use rights of land, the remaining lease term is from 2 years to 30 years. The Group’s leasing classified as buildings principally represents gas station, gas and gasoline storage and office buildings. The Group’s leasing classified as equipment and machinery principally represents drilling equipment, manufacturing facilities, and other movable equipment. (b) Lease liabilities December 31, Lease liabilities 171,536 Less: Lease liabilities due within one year (7,393 ) 164,143 Depreciation charged to profit or loss provided on right-of-use Analysis of the undiscounted cash flow of the lease liability is as follows: December 31, 2019 RMB Within 1 year 14,304 Between 1 and 2 years 13,569 Between 2 and 5 years 37,531 Over 5 years 210,750 276,154 |
Events After The Reporting Peri
Events After The Reporting Period | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Events After The Balance Sheet Date [Abstract] | |
Events After The Reporting Period | 42 EVENTS AFTER THE REPORTING PERIOD (1) Impact of COVID-19 January 2020 witnessed an outbreak of COVID-19, COVID-19, anti-COVID-19 (2) Short-term readjustment of natural gas price On February 22, 2020, NDRC issued the Notice on Interim Reduction of Gas Cost for Non-resident Use to Support Resumption of Work and Production (Fa Gai Jia Ge [2020] No. 257) ( 《關於階段性降低非居民用氣成本支持企業復工複產的通知》(發改價格〔 2020 〕 257 號) ) (the “Notice”) pursuant to which, to act on the government’s guideline in respect of proper coordination of anti-COVID-19 non-resident off-season non-resident COVID-19, end-user (3) The price of international crude oil fell sharply Since the beginning of March 2020, due to unfavorable outlook of the world economy affected by the COVID-19 |
Supplementary Information on Oi
Supplementary Information on Oil and Gas Exploration and Production Activities (Unaudited) - Proved Oil and Gas Reserve Estimates | 12 Months Ended |
Dec. 31, 2019 | |
Extractive Industries [Abstract] | |
Supplementary Information on Oil and Gas Exploration and Production Activities (Unaudited) - Proved Oil and Gas Reserve Estimates | In accordance with the Accounting Standards Update 2010-03 The supplemental information presented below covers the Group’s proved oil and gas reserves estimates, historical cost information pertaining to capitalized costs, costs incurred for property acquisitions, exploration and development activities, result of operations for oil and gas producing activities, standardized measure of estimated discounted future net cash flows and changes in estimated discounted future net cash flows. The “Other” geographic area includes oil and gas producing activities principally in countries such as Kazakhstan, Venezuela and Indonesia. As the Group does not have significant reserves held through its investments accounted for using the equity method, information presented in relation to these equity method investments is presented in the aggregate. Proved Oil and Gas Reserve Estimates Proved oil and gas reserves cannot be measured exactly. Reserve estimates are based on many factors related to reservoir performance that require evaluation by the engineers interpreting the available data, as well as price and other economic factors. The reliability of these estimates at any point in time depends on both the quality and quantity of the technical and economic data, and the production performance of the reservoirs as well as engineering judgment. Consequently, reserve estimates are subject to revision as additional data become available during the producing life of a reservoir. When a commercial reservoir is discovered, proved reserves are initially determined based on limited data from the first well or wells. Subsequent data may better define the extent of the reservoir and additional production performance, well tests and engineering studies will likely improve the reliability of the reserve estimate. The evolution of technology may also result in the application of improved recovery techniques such as supplemental or enhanced recovery projects, or both, which have the potential to increase reserves. Proved oil and gas reserves are the estimated quantities of crude oil and natural gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulation before the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether the estimate is a deterministic estimate or probabilistic estimate. Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be determined. The price shall be the average price during the 12-month first-day-of-the-month Proved developed oil and gas reserves are proved reserves that can be expected to be recovered: a. Through existing wells with existing equipment and operating methods or in which the cost of the required equipment is relatively minor compared with the cost of a new well. b. Through installed extraction equipment and infrastructure operational at the time of the reserves estimate if the extraction is by means not involving a well. Proved undeveloped oil and gas reserves are proved reserves that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion. The taxes, fees and royalty in China are domestic tax schemes and are paid in cash to PRC authorities. The proved reserves includes quantities that are ultimately produced and sold to pay these taxes, fees and royalty. Proved reserve estimates as of December 31, 2019, 2018 and 2017 were based on reports prepared by DeGolyer and MacNaughton, Gaffney, Cline & Associates, McDaniel & Associates, Ryder Scott and GLJ independent engineering consultants. Estimated quantities of net proved crude oil and condensate and natural gas reserves and of changes in net quantities of proved developed and undeveloped reserves for each of the periods indicated are as follows: Crude Oil and Condensate Natural Gas Total – All products (million (billion cubic (million Proved developed and undeveloped reserves The Group Reserves at December 31, 2016 7,438 78,712 20,556 Changes resulting from: Revisions of previous estimates 486 (1,751 ) 195 Improved recovery 98 — 98 Extensions and discoveries 346 3,350 905 Production (887 ) (3,423 ) (1,458 ) Reserves at December 31, 2017 7,481 76,888 20,296 Changes resulting from: Revisions of previous estimates 526 (1,378 ) 297 Improved recovery 96 — 96 Extensions and discoveries 428 4,565 1,188 Production (890 ) (3,608 ) (1,492 ) Reserves at December 31, 2018 7,641 76,467 20,385 Changes resulting from: Revisions of previous estimates (50 ) (766 ) (177 ) Improved recovery 91 — 91 Extensions and discoveries 480 4,443 1,221 Production (909 ) (3,908 ) (1,561 ) Reserves at December 31, 2019 7,253 76,236 19,959 Proved developed reserves at: December 31, 2017 5,593 39,243 12,133 December 31, 2018 5,843 40,128 12,531 December 31, 2019 5,474 39,870 12,119 Proved undeveloped reserves at: December 31, 2017 1,888 37,645 8,163 December 31, 2018 1,798 36,339 7,854 December 31, 2019 1,779 36,366 7,840 Equity method investments Share of proved developed and undeveloped reserves of associates and joint ventures December 31, 2017 395 372 457 December 31, 2018 321 429 393 December 31, 2019 287 394 353 At December 31, 2019, total proved developed and undeveloped reserves of the Group and equity method investments is 20,312 million barrels of oil equivalent (December 31, 2018: 20,778 million barrels of oil equivalent, December 31, 2017: 20,753 million barrels of oil equivalent), comprising 7,540 million barrels of crude oil and condensate (December 31, 2018: 7,962 million barrels, December 31, 2017: 7,876 million barrels) and 76,630 billion cubic feet of natural gas (December 31, 2018: 76,896 billion cubic feet, December 31, 2017: 77,260 billion cubic feet). At December 31, 2019, 6,500 million barrels (December 31, 2018: 6,830 million barrels, December 31, 2017: 6,622 million barrels) of crude oil and condensate and 74,533 billion cubic feet (December 31, 2018: 74,480 billion cubic feet, December 31, 2017: 74,702 billion cubic feet) of natural gas proved developed and undeveloped reserves of the Group are located within Mainland China, and 753 million barrels (December 31, 2018: 811 million barrels, December 31, 2017: 859 million barrels) of crude oil and condensate and 1,703 billion cubic feet (December 31, 2018: 1,987 billion cubic feet, December 31, 2017: 2,186 billion cubic feet) of natural gas proved developed and undeveloped reserves of the Group are located overseas. |
Supplementary Information on _2
Supplementary Information on Oil and Gas Exploration and Production Activities (Unaudited) - Capitalized Costs | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Supplementary Information on Oil and Gas Exploration and Production Activities (Unaudited) - Capitalized Costs | Capitalized Costs December 31, December 31, RMB RMB The Group Property costs and producing assets 1,820,481 1,692,861 Support facilities 440,722 420,505 Construction-in-progress 149,068 119,501 Total capitalized costs 2,410,271 2,232,867 Accumulated depreciation, depletion and amortization (1,429,389 ) (1,312,907 ) Net capitalized costs 980,882 919,960 Equity method investments Share of net capitalized costs of associates and joint ventures 24,785 25,963 |
Supplementary Information on _3
Supplementary Information on Oil and Gas Exploration and Production Activities (Unaudited) - Costs Incurred for Property Acquisitions, Exploration and Development Activities | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Supplementary Information on Oil and Gas Exploration and Production Activities (Unaudited) - Costs Incurred for Property Acquisitions, Exploration and Development Activities | Costs Incurred for Property Acquisitions, Exploration and Development Activities 2019 Mainland Other Total RMB RMB RMB The Group Exploration costs 41,687 1,972 43,659 Development costs 166,321 21,375 187,696 Total 208,008 23,347 231,355 Equity method investments Share of costs of property acquisition, exploration and development of associates and joint ventures — 2,178 2,178 2018 Mainland Other Total RMB RMB RMB The Group Exploration costs 33,618 1,546 35,164 Development costs 134,634 25,047 159,681 Total 168,252 26,593 194,845 Equity method investments Share of costs of property acquisition, exploration and development of associates and joint ventures — 3,114 3,114 2017 Mainland Other Total RMB RMB RMB The Group Exploration costs 31,585 984 32,569 Development costs 110,104 18,596 128,700 Total 141,689 19,580 161,269 Equity method investments Share of costs of property acquisition, exploration and development of associates and joint ventures — 2,503 2,503 |
Supplementary Information on _4
Supplementary Information on Oil and Gas Exploration and Production Activities (Unaudited) - Results of Operations for Oil and Gas Producing Activities | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Supplementary Information on Oil and Gas Exploration and Production Activities (Unaudited) - Results of Operations for Oil and Gas Producing Activities | Results of Operations for Oil and Gas Producing Activities The results of operations for oil and gas producing activities for the years ended December 31, 2019, 2018 and 2017 are presented below. “Revenue” includes sales to third parties and inter-segment sales (at arm’s-length 2019 Mainland China Other Total RMB RMB RMB The Group Revenue Sales to third parties 44,001 50,611 94,612 Inter-segment sales 379,968 14,956 394,924 423,969 65,567 489,536 Production costs excluding taxes (127,900 ) (11,011 ) (138,911 ) Exploration expenses (19,821 ) (954 ) (20,775 ) Depreciation, depletion and amortization (115,648 ) (24,792 ) (140,440 ) Taxes other than income taxes (24,876 ) (5,853 ) (30,729 ) Accretion expense (5,294 ) (231 ) (5,525 ) Income taxes (24,085 ) (11,729 ) (35,814 ) Results of operations from producing activities 106,345 10,997 117,342 Equity method investments Share of profit for producing activities of associates and joint ventures — 3,253 3,253 Total of the Group and equity method investments results of operations for producing activities 106,345 14,250 120,595 2018 Mainland China Other Total RMB RMB RMB The Group Revenue Sales to third parties 46,051 57,975 104,026 Inter-segment sales 381,740 4,542 386,282 427,791 62,517 490,308 Production costs excluding taxes (118,979 ) (9,761 ) (128,740 ) Exploration expenses (17,767 ) (959 ) (18,726 ) Depreciation, depletion and amortization (120,378 ) (33,008 ) (153,386 ) Taxes other than income taxes (30,140 ) (6,262 ) (36,402 ) Accretion expense (5,483 ) (195 ) (5,678 ) Income taxes (25,991 ) (10,114 ) (36,105 ) Results of operations from producing activities 109,053 2,218 111,271 Equity method investments Share of profit for producing activities of associates and joint ventures — 3,867 3,867 Total of the Group and equity method investments results of operations for producing activities 109,053 6,085 115,138 2017 Mainland China Other Total RMB RMB RMB The Group Revenue Sales to third parties 39,588 39,330 78,918 Inter-segment sales 305,336 5,082 310,418 344,924 44,412 389,336 Production costs excluding taxes (112,182 ) (7,830 ) (120,012 ) Exploration expenses (16,732 ) (7,152 ) (23,884 ) Depreciation, depletion and amortization (135,703 ) (18,436 ) (154,139 ) Taxes other than income taxes (20,624 ) (3,534 ) (24,158 ) Accretion expense (5,212 ) (241 ) (5,453 ) Income taxes (12,098 ) (3,667 ) (15,765 ) Results of operations from producing activities 42,373 3,552 45,925 Equity method investments Share of profit for producing activities of associates and joint ventures — 2,050 2,050 Total of the Group and equity method investments results of operations for producing activities 42,373 5,602 47,975 |
Supplementary Information on _5
Supplementary Information on Oil and Gas Exploration and Production Activities (Unaudited) - Standardized Measure of Discounted Future Net Cash Flows | 12 Months Ended |
Dec. 31, 2019 | |
Extractive Industries [Abstract] | |
Supplementary Information on Oil and Gas Exploration and Production Activities (Unaudited) - Standardized Measure of Discounted Future Net Cash Flows | Standardized Measure of Discounted Future Net Cash Flows The standardized measure of discounted future net cash flows related to proved oil and gas reserves at December 31, 2019, 2018 and 2017 is based on the prices used in estimating the Group’s proved oil and gas reserves, year-end The standardized measure of discounted future net cash flows related to proved oil and gas reserves at December 31, 2019, 2018 and 2017 is as follows: RMB The Group At December 31, 2019 Future cash inflows 5,872,624 Future production costs (1,947,039 ) Future development costs (640,281 ) Future income tax expense (746,506 ) Future net cash flows 2,538,798 Discount at 10% for estimated timing of cash flows (1,213,729 ) Standardized measure of discounted future net cash flows 1,325,069 RMB The Group At December 31, 2018 Future cash inflows 6,234,378 Future production costs (2,087,979 ) Future development costs (556,893 ) Future income tax expense (809,594 ) Future net cash flows 2,779,912 Discount at 10% for estimated timing of cash flows (1,397,846 ) Standardized measure of discounted future net cash flows 1,382,066 RMB The Group At December 31, 2017 Future cash inflows 5,287,272 Future production costs (1,909,890 ) Future development costs (571,125 ) Future income tax expense (594,085 ) Future net cash flows 2,212,172 Discount at 10% for estimated timing of cash flows (1,187,646 ) Standardized measure of discounted future net cash flows 1,024,526 At December 31, 2019, RMB 1,278,180 (December 31, 2018: RMB 1,320,478, December 31, 2017: RMB 979,330) of standardized measure of discounted future net cash flows related to proved oil and gas reserves located within mainland China and RMB 46,889 (December 31, 2018: RMB 61,588, December 31, 2017: RMB 45,196) of standardized measure of discounted future net cash flows related to proved oil and gas reserves located overseas. Share of standardized measure of discounted future net cash flows of associates and joint ventures: December 31, 2019 20,356 December 31, 2018 24,805 December 31, 2017 17,345 |
Supplementary Information on _6
Supplementary Information on Oil and Gas Exploration and Production Activities (Unaudited) - Changes in Standardized Measure of Discounted Future Net Cash Flows | 12 Months Ended |
Dec. 31, 2019 | |
Extractive Industries [Abstract] | |
Supplementary Information on Oil and Gas Exploration and Production Activities (Unaudited) - Changes in Standardized Measure of Discounted Future Net Cash Flows | Changes in Standardized Measure of Discounted Future Net Cash Flows Changes in the standardized measure of discounted net cash flows for the Group for each of the years ended December 31, 2019, 2018 and 2017 are as follows: Year Ended December 31, 2019 2018 2017 RMB RMB RMB The Group Beginning of the year 1,382,066 1,024,526 756,811 Sales and transfers of oil and gas produced, net of production costs (303,222 ) (308,217 ) (232,387 ) Net changes in prices and production costs and other (87,046 ) 510,325 367,132 Extensions, discoveries and improved recovery 134,631 129,824 77,249 Development costs incurred 53,450 39,725 38,613 Revisions of previous quantity estimates (17,380 ) 10,018 14,555 Accretion of discount 149,693 103,225 76,860 Net change in income taxes 12,877 (127,360 ) (74,307 ) End of the year 1,325,069 1,382,066 1,024,526 |
Summary of Principal Accounti_2
Summary of Principal Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Basis of consolidation | (a) Basis of consolidation Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has right to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. A subsidiary is consolidated from the date on which control is transferred to the Group and is no longer consolidated from the date that control ceases. The acquisition method of accounting is used to account for the acquisition of subsidiaries except for business combinations under common control. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Contingent liabilities assumed in a business combination are recognized in the acquisition accounting if they are present obligations and their fair value can be measured reliably. On an acquisition-by-acquisition non-controlling non-controlling The excess of the consideration transferred, the amount of any non-controlling An acquisition of a business which is a business combination under common control is accounted for in a manner similar to a uniting of interests whereby the assets and liabilities acquired are accounted for at carryover predecessor values to the other party to the business combination with all periods presented as if the operations of the Group and the business acquired have always been combined. The difference between the consideration paid by the Group and the net assets or liabilities of the business acquired is adjusted against equity. Intercompany transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. Where necessary, accounting policies of subsidiaries have been changed to ensure consistency with the policies adopted by the Group. For purpose of the presentation of the Company’s statement of financial position, investments in subsidiaries are accounted for at cost less impairment. A listing of the Group’s principal subsidiaries is set out in Note 18. |
Investments in associates | (b) Investments in associates Associates are entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for by the equity method of accounting in the consolidated financial statements of the Group and are initially recognized at cost. Under this method of accounting, the Group’s share of the post-acquisition profits or losses of associates is recognized in profit or loss and its share of post-acquisition movements in other comprehensive income is recognized in other comprehensive income. The cumulative post-acquisition movements are adjusted against the carrying amounts of the investments. When the Group’s share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the associate. Unrealized gains on transactions between the Group and its associates are eliminated to the extent of the Group’s interest in the associates; unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. The Group’s investment in associates includes goodwill identified on acquisition, net of any accumulated impairment loss and is tested for impairment as part of the overall balance. Goodwill represents the excess of the cost of an acquisition over the fair value of the Group’s share of the fair value of net identifiable assets of the acquired associate at the date of acquisition. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group. A listing of the Group’s principal associates is shown in Note 16. |
Investments in joint ventures | (c) Investments in joint ventures Joint ventures are arrangements in which the Group with one or more parties have joint control, whereby the Group has rights to the net assets of the arrangements, rather than rights to their assets and obligations for their liabilities. The Group’s interests in joint ventures are accounted for by the equity method of accounting (Note 3(b)) in the consolidated financial statements. A listing of the Group’s principal joint ventures is shown in Note 16. |
Transactions with non-controlling interests | (d) Transactions with non-controlling Transactions with non-controlling non-controlling non-controlling When the Group ceases to have control or significant influence, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. The amounts previously recognized in other comprehensive income are reclassified to profit or loss. If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amounts previously recognized in other comprehensive income are reclassified to profit or loss where appropriate. |
Foreign currencies | (e) Foreign currencies Items included in the financial statements of each entity in the Group are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). Most assets and operations of the Group are located in the PRC (Note 38), and the functional currency of the Company and most of the consolidated subsidiaries is the Renminbi (“RMB”). The consolidated financial statements are presented in the presentation currency of RMB. Foreign currency transactions of the Group are accounted for at the exchange rates prevailing at the respective dates of the transactions; monetary assets and liabilities denominated in foreign currencies are translated at exchange rates at the date of the statement of financial position; gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities are recognized in profit or loss. For the Group entities that have a functional currency different from the Group’s presentation currency, assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of the statement of financial position. Income and expenses for each statement of comprehensive income presented are translated at the average exchange rates for each period and the resulting exchange differences are recognized in other comprehensive income. |
Property, plant and equipment | (f) Property, plant and equipment Property, plant and equipment, including oil and gas properties (Note 3(g)), are initially recorded in the consolidated statement of financial position at cost if it is probable that they will generate future economic benefits. Cost represents the purchase price of the asset and other costs incurred to bring the asset into intended use. Subsequent to their initial recognition, property, plant and equipment are carried at cost less accumulated depreciation, depletion and amortization (including any impairment). Depreciation, to write off the cost of each asset, other than oil and gas properties (Note 3(g)), to their residual values over their estimated useful lives is calculated using the straight-line method. The Group uses the following estimated useful lives, estimated residual value ratios and annual depreciation rates for depreciation purposes: Estimated useful lives Estimated residual Annual depreciation Buildings 8 to 40 years 5 2.4 to 11.9 Equipment and Machinery 4 to 30 years 3 to 5 3.2 to 24.3 Motor Vehicle s 4 to 14 years 5 6.8 to 23.8 Other 5 to 12 years 5 7.9 to 19.0 No depreciation is provided on construction in progress until the assets are completed and ready for use. The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. Property, plant and equipment, including oil and gas properties (Note 3(g)) and right-of-use Gains and losses on disposals of property, plant and equipment are determined by reference to their carrying amounts and are recorded in profit or loss. Interest and other costs on borrowings to finance the construction of property, plant and equipment, including oil and gas properties (Note 3(g)), are capitalized during the period of time that is required to complete and prepare the asset for its intended use. Costs for repairs and maintenance activities are expensed as incurred except for costs of components that result in improvements or betterments which are capitalized as part of property, plant and equipment and depreciated over their useful lives. |
Oil and gas properties | (g) Oil and gas properties The successful efforts method of accounting is used for oil and gas exploration and production activities. Under this method, all costs for development wells, support equipment and facilities, and proved mineral interests in oil and gas properties are capitalized. Geological and geophysical costs are expensed when incurred. Costs of exploratory wells are capitalized pending determination of whether the wells find proved oil and gas reserves. Proved oil and gas reserves are the estimated quantities of crude oil and natural gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulation before the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether the estimate is a deterministic estimate or probabilistic estimate. Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be determined. The price shall be the average price during the 12-month first-day-of-the-month Exploratory wells in areas not requiring major capital expenditures are evaluated for economic viability within one year of completion of drilling. The related well costs are expensed as dry holes if it is determined that such economic viability is not attained. Otherwise, the related well costs are reclassified to oil and gas properties and are subject to impairment review (Note 3(f)). For exploratory wells that are found to have economically viable reserves in areas where major capital expenditure will be required before production can commence, the related well costs remain capitalized only if additional drilling is underway or firmly planned. Otherwise the related well costs are expensed as dry holes. The Group does not have any significant costs of unproved properties capitalized in oil and gas properties. The Ministry of Natural Resources in China issues production licenses to applicants on the basis of the reserve reports approved by relevant authorities. The cost of oil and gas properties is amortized at the field level based on the units of production method. Units of production rates are based on oil and gas reserves estimated to be recoverable from existing facilities based on the current terms of the Group’s production licenses. |
Intangible assets and goodwill | (h) Intangible assets and goodwill Expenditures on acquired patents, trademarks, technical know-how Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred over the net fair value of identifiable assets, liabilities and contingent liabilities of the acquiree and the amount of any non-controlling Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. An impairment loss is recognized if the carrying amount of the cash-generating unit containing goodwill exceeds its recoverable amount. Impairment losses are allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating unit, and then to reduce the carrying amounts of the other assets in the cash-generating unit on a pro rata basis. Any impairment is recognized immediately as an expense and is not subsequently reversed. |
Financial instruments | (i) Financial instruments (a) Recognition and initial measurement Accounts receivable and debt securities issued are initially recognized when they are originated. All other financial assets and financial liabilities are initially recognized when the Group becomes a party to the contractual provisions of the instrument. A financial asset (unless it is an accounts receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at Fair value through profit or loss (“FVTPL”), transaction costs that are directly attributable to its acquisition or issue. An accounts receivable without a significant financing component is initially measured at the transaction price. (b) Classification and subsequent measurement Financial assets – Policy applicable from January 1, 2018 On initial recognition, a financial asset is classified as measured at: amortized cost; Fair value through other comprehensive income (“FVOCI”) – debt investment; FVOCI – equity investment; or FVTPL. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: • it is held within a business model whose objective is to hold assets to collect contractual cashflows; and • its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: • it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and • its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment’s fair value in other comprehensive income (“OCI”). This election is made on an investment-by-investment All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. The Group makes an assessment of the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to management. For the purposes of this assessment whether contractual cash flows are solely payments of principal and interest, “principal” is defined as the fair value of the financial asset on initial recognition. “Interest” is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin. In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. Detailed accounting policies for subsequent measurement of financial assets are set out below: Financial assets at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. Financial assets at amortized cost These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. Debt investments at FVOCI These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. Equity investments at FVOCI These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never reclassified to profit or loss. Financial assets – Policy applicable before January 1, 2018 Financial assets are classified into the following categories: financial assets at fair value through profit or loss, held-to-maturity available-for-sale available-for-sale Loans and receivables are non-derivative non-current Available-for-sale non-derivatives non-current Financial assets at fair value through profit or loss are financial assets held for trading. A financial asset is classified in this category if acquired principally for the purpose of selling in the short-term. Derivatives are also categorized as held for trading unless they are designated as hedges. Assets in this category are classified as current assets if expected to be settled within 12 months; otherwise, they are classified as non-current. Regular purchases and sales of financial assets are recognized on the trade-date, the date on which the Group commits to purchase or sell the asset. Investments are initially recognized at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Financial assets carried at fair value through profit or loss are initially recognized at fair value, and transaction costs are expensed in profit or loss. Available-for-sale Available-for-sale non-monetary (c) Derecognition Financial assets The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. The Group enters into transactions whereby it transfers assets recognized in its consolidated statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognized. Financial liabilities The Group derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash (d) Offsetting Financial assets and financial liabilities are offset and the net amount presented in the consolidated statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. |
Impairment for financial assets | (j) Impairment for financial assets Policy applicable from January 1, 2018 The Group recognizes loss allowances for expected credit losses (“ECLs”) on: • financial assets measured at amortized cost; • debt investments measured at FVOCI; and • contract assets. The Group measures loss allowances at an amount equal to lifetime ECLs, except for the financial assets for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition, which are measured as 12-month Loss allowances for accounts receivable are always measured at an amount equal to lifetime ECLs. The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the Group in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset. At each reporting date, the Group assesses whether financial assets carried at amortized cost and debt securities at FVOCI are credit-impaired. A financial asset is ‘credit-impaired’ when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets. Impairment losses on trade and other receivables are presented under ‘Selling, general and administrative expenses’, similar to the presentation under IAS 39. The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For customers, the Group individually makes an assessment with respect to the timing and amount of write-off Policy applicable before January 1, 2018 The Group assesses at the end of each reporting period whether there is objective evidence that a financial asset is impaired. The amount of the impairment loss is measured as the difference between the carrying amount of the available-for-sale |
Leases | (k) Leases The Group has applied IFRS 16“Lease” (“IFRS 16”) using the modified retrospective approach and therefore the comparative information has not been restated and continues to be reported under IAS 17“Lease” (“IAS 17”) and IFRIC 4“Determining Whether an Arrangement Contains a Lease” (“IFRIC 4”). The details of accounting policies under IAS 17 and IFRIC 4 are disclosed separately. Policy applicable from January 1, 2019 At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16. Payments made to the Ministry of Natural Resources to secure land use rights (excluding mineral properties) are treated as leases. This policy is applied to contracts entered into, on or after January 1, 2019. (a) As a lessee At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of its relative stand-alone prices. The Group recognizes a right-of-use right-of-use The right-of-use right-of-use right-of-use right-of-use The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. Lease payments included in the measurement of the lease liability comprise the following: • fixed payments, including in-substance • variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; • amounts expected to be payable under a residual value guarantee; and • the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use right-of-use The Group present right-of-use The Group has elected not to recognize right-of-use low-value (b) As a lessor At inception or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset. There are no significant finance lease for the Group. If an arrangement contains lease and non-lease The Group recognizes lease payments received under operating leases as income on a straight-line basis over the lease term as part of “other revenue”. Generally, the accounting policies applicable to the Group as a lessor in the comparative period were not different from IFRS 16 except for the classification of the sub-lease Policy applicable before January 1, 2019 Leases of property, plant and equipment where the Group assumes substantially all the benefits and risks of ownership are classified as finance leases. The Group has no significant finance leases. Leases of assets under which a significant portion of the risks and benefits of ownership are effectively retained by the lessors are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessors) are expensed on a straight-line basis over the lease terms. Payments made to the Ministry of Natural Resources to secure land use rights (excluding mineral properties) are treated as operating leases. Land use rights are generally obtained through advance lump-sum |
Inventories | (l) Inventories Inventories include oil products, chemical products and materials and supplies which are stated at the lower of cost and net realizable value. Cost is primarily determined by the weighted average cost method. The cost of finished goods comprises raw materials, direct labor, other direct costs and related production overheads, but excludes borrowing costs. Net realizable value is the estimated selling price in the ordinary course of business, less the cost of completion and directly attributable marketing and distribution costs. |
Contract costs | (m) Contract costs Contract costs are either the incremental costs of obtaining a contract with a customer or the costs to fulfil a contract with a customer which are not capitalized as inventory (Note 3(l)), property, plant and equipment (Note 3(f)), oil and gas properties (Note 3(g)) or intangible assets (Note 3(h)). Incremental costs of obtaining a contract are those costs that the Group incurs to obtain a contract with a customer that it would not have incurred if the contract had not been obtained. Incremental costs of obtaining a contract are capitalized when incurred if the costs relate to revenue which will be recognized in a future reporting period and the costs are expected to be recovered, unless the expected amortization period is one year or less from the date of initial recognition of the asset, in which case the costs are expensed when incurred. Other costs of obtaining a contract are expensed when incurred. Costs to fulfil a contract are capitalized if the costs relate directly to an existing contract or to a specifically identifiable anticipated contract; generate or enhance resources that will be used to provide goods or services in the future; and are expected to be recovered. Capitalized contract costs are stated at cost less accumulated amortization and impairment losses. Impairment losses are recognized to the extent that the carrying amount of the contract cost asset exceeds the net of (i) remaining amount of consideration that the Group expects to receive in exchange for the goods or services to which the asset relates, less (ii) any costs that relate directly to providing those goods or services that have not yet been recognized as expenses. Amortization of capitalized contract costs is charged to profit or loss when the revenue to which the asset relates is recognized. |
Contract assets and contract liabilities | (n) Contract assets and contract liabilities A contract asset is recognized when the Group recognizes revenue before being unconditionally entitled to the consideration under the payment terms set out in the contract. Contract assets are assessed for ECLs in accordance with the policy set out in Note 3(j) and are reclassified to receivables when the right to the consideration has become unconditional (Note 3(o)). A contract liability is recognized when the customer pays consideration before the Group recognizes the related revenue. A contract liability would also be recognized if the Group has an unconditional right to receive consideration before the Group recognizes the related revenue. In such cases, a corresponding receivable would also be recognized (Note 3(o)). When the contract includes a significant financing component, the contract balance includes interest accrued under the effective interest method (Note 3(t)). |
Accounts receivable | (o) Accounts receivable Accounts receivable are recognized when the Group has an unconditional right to receive consideration. A right to receive consideration is unconditional if only the passage of time is required before payment of that consideration is due (Note 3(n)). Receivables are stated at amortized cost using the effective interest method less allowance for credit losses (Note 3(j)). |
Cash and cash equivalents | (p) Cash and cash equivalents Cash and cash equivalents comprise cash in hand, deposits held with banks and highly liquid investments with original maturities of three months or less from the time of purchase. |
Accounts payable | (q) Accounts payable Accounts payable are recognized initially at fair value and subsequently measured at amortized cost unless the effect of discounting would be immaterial, in which case they are stated at cost. |
Borrowings | (r) Borrowings Borrowings are recognized initially at fair value, net of transaction costs incurred. In subsequent periods, borrowings are stated at amortized cost using the effective interest method. General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. All other borrowing costs are recognized in profit or loss in the period in which they are incurred. Borrowings are classified as current liabilities unless the Group has unconditional rights to defer settlements of the liabilities for at least 12 months after the reporting period. |
Share capital | (s) Share capital Incremental costs directly attributable to the issue of ordinary shares are recognized as a deduction from equity. Income tax relating to transaction costs of an equity transaction is accounted for in accordance with IAS 12 “Income Taxes”. |
Interest income and interest expense | (t) Interest income and interest expense Interest income or expense is recognized using the effective interest method. The “effective interest rate” is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to: • the gross carrying amount of the financial asset; or • the amortized cost of the financial liability. In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired) or to the amortized cost of the liability. However, for financial assets that have become credit-impaired subsequent to initial recognition, interest income is calculated by applying the effective interest rate to the amortized cost of the financial asset. If the asset is no longer credit-impaired, then the calculation of interest income reverts to the gross basis. |
Taxation | (u) Taxation Income tax expense comprises current and deferred tax. It is recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income. The Group has determined that interest and penalties related to income taxes, including uncertain tax treatments, do not meet the definition of income taxes, and therefore accounted for them under IAS 37 “Provisions, Contingent Liabilities and Contingent Assets”. (a) Current tax Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax also includes any tax arising from dividends. Current tax assets and liabilities are offset only if certain criteria are met. (b) Deferred tax Deferred tax is provided in full, using the liability method, for temporary differences arising between the tax bases of assets and liabilities and their carrying values in the financial statements. However, deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates that have been enacted or substantively enacted by the date of the statement of financial position and are expected to apply to the period when the related deferred tax asset is realized or deferred tax liability is settled, and reflects uncertainty related to income taxes, if any. The principal temporary differences arise from depreciation on oil and gas properties and equipment and provision for impairment of receivables, inventories, investments and property, plant and equipment. Deferred tax assets relating to the carry forward of unused tax losses and deductible temporary differences are recognized to the extent that it is probable that future taxable income will be available against which they can be used. (c) Taxes other than income tax The Group also incurs various other taxes and levies that are not income taxes. “Taxes other than income taxes”, which form part of operating expenses, primarily comprise consumption tax (Note 9), resource tax (Note 9), crude oil special gain levy (Note 9), urban construction tax and education surcharges. |
Revenue recognition | (v) Revenue recognition Income is classified by the Group as revenue when it arises from the sale of goods, the provision of services in the ordinary course of the Group’s business. Revenue is recognized when control over a product or service is transferred to the customer at the amount of promised consideration to which the Group is expected to be entitled, excluding those amounts collected on behalf of third parties. Revenue excludes value added tax or other sales taxes and is after deduction of any trade discounts. Where the contract contains a financing component more than 12 months, interest income is accrued or interest expense is accrued separately under the effective interest method. The Group does not adjust the consideration for any effects of a significant financing component if the period of financing is 12 months or less. |
Provisions | (w) Provisions Provisions are recognized when the Group has present legal or constructive obligations as a result of past events, it is probable that an outflow of resources will be required to settle the obligations, and reliable estimates of the amounts can be made. Provision for future decommissioning and restoration is recognized in full on the installation of oil and gas properties. The amount recognized is the present value of the estimated future expenditure determined in accordance with local conditions and requirements. A corresponding addition to the related oil and gas properties of an amount equivalent to the provision is also created. This is subsequently depreciated as part of the costs of the oil and gas properties. Any change in the present value of the estimated expenditure other than due to passage of time which is regarded as interest expense, is reflected as an adjustment to the provision and oil and gas properties. Provision for onerous contracts is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Group recognizes any impairment loss on the assets associated with that contract. |
Research and development | (x) Research and development Research expenditure incurred is recognized as an expense. Costs incurred on development projects are recognized as intangible assets to the extent that such expenditure is expected to generate future economic benefits. |
Retirement benefit plans | (y) Retirement benefit plans The Group contributes to various employee retirement benefit plans organised by PRC municipal and provincial governments under which it is required to make monthly contributions to these plans at prescribed rates for its employees in China. The relevant PRC municipal and provincial governments undertake to assume the retirement benefit obligations of existing and future retired employees of the Group in China. The Group has similar retirement benefit plans for its employees in its overseas operations. Contributions to these PRC and overseas plans (“defined contribution plan”) are charged to expense as incurred. In addition, the Group joined the corporate annuity plan approved by relevant PRC authorities. Contribution to the annuity plan is charged to expense as incurred. The Group currently has no additional material obligations outstanding for the payment of retirement and other post-retirement benefits of employees in the PRC or overseas other than what described above. |
Related parties | (z) Related parties (a) A person, or a close member of that person’s family, is related to the Group if that person: (i) has control or joint control over the Group; (ii) has significant influence over the Group; or (iii) is a member of the key management personnel of the Group or the Group’s parent. (b) An entity is related to the Group if any of the following conditions applies: (i) The entity and the Group are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others). (ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member). (iii) Both entities are joint ventures of the same third party. (iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity. (v) The entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group. (vi) The entity is controlled or jointly controlled by a person identified in (a). (vii) A person identified in (a) (i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity). (viii) The entity, or any member of a group of which it is a part, provides key management personnel services to the Group or to the Group’s parent. Close members of the family of a person are those family members who may be expected to influence, or be influenced by, that person in their dealings with the entity. |
New accounting standards developments | (aa) Changes in significant accounting policies (i) New and amended standards adopted by the Group in 2019 The Group initially applied IFRS 16 from January 1, 2019. A number of other new standards are also effective from January 1, 2019 but they do not have a material effect on the Group’s financial statements. The Group applied IFRS 16 using the modified retrospective approach, under which the cumulative effect of initial application is recognized in retained earnings at January 1, 2019. Accordingly, the comparative information presented for 2018 is not restated. The details of the changes in accounting policies are disclosed below. Additionally, the disclosure requirements in IFRS 16 have not generally been applied to comparative information. (a) Definition of a lease Previously, the Group determined at contract inception whether an arrangement was or contained a lease under IFRIC 4. The Group now assesses whether a contract is or contains a lease based on the definition of a lease, as explained in Note 3(k). On transition to IFRS 16, the Group elected to apply the practical expedient to grandfather the assessment of which transactions are leases. The Group applied IFRS 16 only to contracts that were previously identified as leases. Contracts that were not identified as leases under IAS 17 and IFRIC 4 were not reassessed for whether there is a lease under IFRS 16. Therefore, the definition of a lease under IFRS 16 was applied only to contracts entered into or changed on or after January 1, 2019. (b) As a lessee As a lessee, the Group leases many assets including land, building and equipment. The Group previously classified leases as operating or finance leases based on its assessment of whether the lease transferred significantly all of the risks and rewards incidental to ownership of the underlying asset to the Group. Under IFRS 16, the Group recognizes right-of-use At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of its relative stand-alone price. Previously, the Group classified property leases as operating leases under IAS 17. On transition, for these leases, lease liabilities were measured at the present value of the remaining lease payments, discounted at the Group’s incremental borrowing rate as at January 1, 2019. Right-of-use The Group used a number of practical expedients when applying IFRS 16 to leases previously classified as operating leases under IAS 17. In particular, the Group: • did not recognize right-of-use • applied a single discount rate to leases with similar characteristics when measuring lease liabilities; • excluded initial direct costs from the measurement of the right-of-use • used hindsight when determining the lease term; • relied on the previous assessment for onerous contract provisions as at December 31, 2018 as an alternative to performing an impairment review; and • no retrospective adjustment shall be made to the lease changes generated before the beginning of the year when the IFRS 16 is initially applied, and accounting treatment shall be carried out based on the IFRS 16 according to the final arrangement of the lease changes (c) Impact on transition When measuring lease liabilities, the Group discounted lease payments using its incremental borrowing rate at January 1, The Group The total future minimum lease payments of significant operating leases disclosed in the consolidated financial statements as at December 31, 2018 227,935 Present value discounted using the Group’s incremental borrowing rate at January 1, 2019 166,955 Lease liabilities under new leases standard at Janua r 163,196 Difference between the present value and lease liabilities above Note 3,759 Note: The difference principally represents the lease payments that will be matured within 12 months after January 1, 2019 or low-value. The impact of adoption new leases standard on the consolidated statement of financial position are summarized as follows: The Group Before Note Amount of Adjusted Property, plant and equipment 1,709,388 (527 ) 1,708,861 Right-of-use — 240,642 240,642 Advance operating lease payments 78,240 (76,374 ) 1,866 Prepayments and other current assets 89,345 (903 ) 88,442 Total assets 162,838 Lease liabilities (include liabilities due within one year) — 163,196 163,196 Other long-term obligations 16,339 (358 ) 15,981 Total liabilities 162,838 Note: The Acquisition of Dalian West Pacific Petrochemical Co., Ltd. (“Dalian West Pacific”) was completed in May 2019, and the Company has adjusted the consolidated financial statements as combination of entities under common control (Note 4 0 (ii) New and amended standards adopted by the Group in 2018 The Group has initially adopted IFRS 15 and IFRS 9 from January 1, 2018. A number of other new standards are effective from January 1, 2018 but they do not have a material effect on the Group’s financial statements. Due to the transition methods chosen by the Group in applying these standards, comparative information throughout these financial statements has not been restated to reflect the requirements of the new standards. (a) IFRS 15 “Revenue from contracts with customers” IFRS 15 establishes a comprehensive framework for determining whether, how much and when revenue is recognized. It replaced IAS 18 “Revenue” (“IAS 18”), IAS 11 “Construction Contracts” (“IAS 11”) and related interpretations. Under IFRS 15, revenue is recognized when a customer obtains control of the goods or services. Determing the timing of the transfer of contract – at point time or over time – requires judgment. The Group has adopted IFRS 15 using the cumulative effect method (without practical expedients), with the effect of initially applying this standard recognized at the date of initial application (i.e. January 1, 2018). Accordingly, the information presented for 2017 has not been restated – i.e. it is presented, as previously reported, under IAS 18, IAS 11 and related interpretations. The impacts of adopting IFRS 15 on the Group’s statement of financial position as at December 31, 2018 was that the advances from customers for transfer of goods (or rendering of services) is transferred out from “Advances from customers” as previously included in “Accounts payable and accrued liabilities” to “Contract liabilities”. There was no material impact on the Group’s statement of comprehensive income and statement of cash flows for the year ended December 31, 2018. (b) IFRS 9 “Financial Instruments” IFRS 9 sets out requirements for recognizing and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial Impacts of the new requirements on the Group’s financial statements are as follow: Classification and measurement of financial assets and financial liabilities The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. IFRS 9 eliminates the previous IAS 39 categories of held to maturity, loans and receivables and available for sale. IFRS 9 largely retains the existing requirements in IAS 39 for the classification and measurement of financial liabilities. As for the classification and measurement of financial instruments, financial assets used to be carried at amortized costs and those at FVTPL shall continue to maintain their existing classification and measurement methods after adopting IFRS 9. As for the non-trading “Available-for-sale Impairment of financial assets IFRS 9 replaces the ‘incurred loss’ model in IAS 39 with an ‘expected credit loss’ model. The new impairment model applies to financial assets measured at amortized cost, debt investments at FVOCI and contract assets. Subject to the new standards on financial instruments, the Group has made an assessment on the gap between the original carrying amount and the carrying amount at the date of adoption of the new standards. The adoption of the new standard exerts no material impact on the retained earnings and other comprehensive income as at January 1, 2018. Transition Changes in accounting policies resulting from the adoption of IFRS 9 have been applied retrospectively, except the Group has used an exemption not to restate comparative information for prior periods with respect to classification and measurement (including impairment) requirements. There is no differences in the carrying amounts of financial assets and financial liabilities resulting from the adoption of IFRS 9 are recognized in retained earnings and reserves as at January 1, 2018. |
Summary of Principal Accounti_3
Summary of Principal Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Estimated Useful Lives, Residual value ratios and Annual Depreciation Rate for Depreciation Purposes | The Group uses the following estimated useful lives, estimated residual value ratios and annual depreciation rates for depreciation purposes: Estimated useful lives Estimated residual Annual depreciation Buildings 8 to 40 years 5 2.4 to 11.9 Equipment and Machinery 4 to 30 years 3 to 5 3.2 to 24.3 Motor Vehicle s 4 to 14 years 5 6.8 to 23.8 Other 5 to 12 years 5 7.9 to 19.0 |
Summary Of Operating Lease Liabilities As Reconciled To Its Discounted Value | The weighted-average rate applied by the Group is 4.275%. The Group The total future minimum lease payments of significant operating leases disclosed in the consolidated financial statements as at December 31, 2018 227,935 Present value discounted using the Group’s incremental borrowing rate at January 1, 2019 166,955 Lease liabilities under new leases standard at Janua r 163,196 Difference between the present value and lease liabilities above Note 3,759 Note: The difference principally represents the lease payments that will be matured within 12 months after January 1, 2019 or low-value. |
Summary Of Impact Of Adoption Of New Lease Standard | The impact of adoption new leases standard on the consolidated statement of financial position are summarized as follows: The Group Before Note Amount of Adjusted Property, plant and equipment 1,709,388 (527 ) 1,708,861 Right-of-use — 240,642 240,642 Advance operating lease payments 78,240 (76,374 ) 1,866 Prepayments and other current assets 89,345 (903 ) 88,442 Total assets 162,838 Lease liabilities (include liabilities due within one year) — 163,196 163,196 Other long-term obligations 16,339 (358 ) 15,981 Total liabilities 162,838 Note: The Acquisition of Dalian West Pacific Petrochemical Co., Ltd. (“Dalian West Pacific”) was completed in May 2019, and the Company has adjusted the consolidated financial statements as combination of entities under common control (Note 4 0 |
Financial Risk and Capital Ma_2
Financial Risk and Capital Management (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Disclosure of Exposure to Credit Risk and Expected Credit Losses for Accounts Receivables | The following table provides information about the exposure to credit risk and ECLs for accounts receivable as at December 31, 2019 and 2018. Gross Impairment Impairment provision on Loss Weighted- loss rate Impairment December 31, 2019 RMB RMB % RMB RMB Current (not past due) 58,382 3 0.1 % 30 33 Within 1 year past due 5,534 11 0.4 % 24 35 1 to 2 years past due 127 24 10.7 % 11 35 2 to 3 years past due 411 48 45.5 % 165 213 Over 3 years past due 2,161 1,719 89.6 % 396 2,115 Total 66,615 1,805 626 2,431 Gross Impairment Impairment provision on Loss Weighted- loss rate Impairment December 31, 2018 RMB RMB % RMB RMB Current (not past due) 55,957 50 0.1 % 80 130 Within 1 year past due 3,082 80 0.3 % 9 89 1 to 2 years past due 496 52 7.4 % 33 85 2 to 3 years past due 723 547 35.2 % 62 609 Over 3 years past due 3,317 2,830 63.7 % 310 3,140 Total 63,575 3,559 494 4,053 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Schedule of Revenue Information | Revenue represents revenues from the sale of crude oil, natural gas, refined products and chemical products and from the transmission of crude oil, refined products and natural gas. The revenue information for the years ended December 31, 2019 and 2018 are as follows: 2019 Exploration Production Refining Marketing Natural Gas Head Office and Total Type of goods and services Crude oil 476,974 — 605,541 — — 1,082,515 Natural gas 110,837 — 238,999 291,641 — 641,477 Refined products — 738,116 1,268,889 — — 2,007,005 Chemical products — 157,044 28,348 — — 185,392 Pipeline transportation business — — — 70,568 — 70,568 Non-oil — — 21,146 — — 21,146 Others 88,284 7,312 2,239 28,341 3,684 129,860 Intersegment elimination (552,672 ) (712,178 ) (315,157 ) (40,652 ) (1,644 ) (1,622,303 ) Revenue from contracts with customers 123,423 190,294 1,850,005 349,898 2,040 2,515,660 Other revenue 1,150 Total 2,516,810 Geographical Region Mainland China 41,596 190,294 891,731 349,898 2,040 1,475,559 Others 81,827 — 958,274 — — 1,040,101 Revenue from contracts with customers 123,423 190,294 1,850,005 349,898 2,040 2,515,660 Other revenue 1,150 Total 2,516,810 2018 Type of contract Exploration Production Refining Marketing Natural Gas Head Office and Total Type of goods and services Crude oil 477,512 — 440,560 — — 918,072 Natural gas 104,927 — 222,387 256,810 — 584,124 Refined products — 739,532 1,285,065 — — 2,024,597 Chemical products — 164,229 30,894 — — 195,123 Pipeline transportation business — — — 70,068 — 70,068 Non-oil — — 22,274 — — 22,274 Others 76,044 7,292 1,722 35,545 2,372 122,975 Intersegment elimination (539,295 ) (706,559 ) (280,750 ) (35,899 ) (606 ) (1,563,109 ) Revenue from contracts with customers 119,188 204,494 1,722,152 326,524 1,766 2,374,124 Other revenue 810 Total 2,374,934 Geographical Region Mainland China 41,791 204,494 962,950 326,524 1,766 1,537,525 Others 77,397 — 759,202 — — 836,599 Revenue from contracts with customers 119,188 204,494 1,722,152 326,524 1,766 2,374,124 Other revenue 810 Total 2,374,934 |
Profit Before Income Tax Expe_2
Profit Before Income Tax Expense (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Summary of Profit Before Income Tax Expense | 2019 2018 2017 RMB RMB RMB Items credited and charged in arriving at the profit before income tax expense include: Credited Dividend income from equity investments measured at fair value through other comprehensive income 22 52 — Dividend income from available-for-sale — — 42 Reversal of provision for impairment of receivables 1,630 1,370 37 Reversal of write down in inventories 201 77 49 Government grants (i) 12,281 11,775 9,106 Gain on disposal of investment in subsidiaries 49 45 613 Charged Amortization of intangible and other assets 4,992 4,897 4,495 Depreciation and impairment losses: Owned property, plant and equipment 205,297 222,195 228,227 Right-of-use (ii) 14,973 — — Auditors’ remuneration (iii) 53 53 53 Cost of inventories recognized as expense 1,981,628 1,820,838 1,569,916 Provision for impairment of receivables 263 1,385 3,291 Loss on disposal of property, plant and equipment 9,809 16,761 4,963 Total minimum lease payments for leases previously classified as operating lease under IAS 17 (ii) — 20,196 20,089 Variable lease payments, low-value and short-term lease payment not included in the measurement of lease liabilities 3,514 — — Research and development expenses 15,666 14,093 12,323 Write down in inventories 1,461 4,307 1,118 (i) Comprises proportionate refund of import value-added tax relating to the import of natural gas (including liquefied natural gas) provided by the PRC government and value-added tax refund upon levy for pipeline transportation service over which portion of value-added tax actual tax burden exceeds 3%. This value-added tax refund is applicable from January 1, 2011 to December 31, 2020 and available when the import prices of the natural gas and liquefied natural gas imported under any State-sanctioned pipelines are higher than their prescribed selling prices. (ii) The Group has initially applied IFRS 16 under the modified retrospective approach and adjusted the opening balances at January 1, 2019 to recognize right-of-use assets relating to leases which were previously classified as operating leases under IAS 17. The depreciated carrying amount of the finance lease assets which were previously included in property, plant and equipment is also identified as a right-of-use asset. After initial recognition of right-of-use assets at January 1, 2019, the Group as a lessee is required to recognize the depreciation of right-of-use assets, instead of recognizing rental expenses incurred under operating leases on a straight-line basis over the lease term according to the previous policy. Under this approach, the comparative information is not restated. (iii) The auditors’ remuneration above represents the annual audit fees paid by the Company. This remuneration does not include fees of RMB 60 (2018: RMB 52, 2017: RMB 52) paid by subsidiaries to the Company’s current auditor and its network firms which primarily relates to audit, tax compliance and other advisory services. |
Employee Compensation Costs (Ta
Employee Compensation Costs (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Disclosure Of Detailed Information About Employee Compensation Costs | 2019 2018 2017 RMB RMB RMB Wages, salaries and allowances 101,815 95,761 82,835 Social security costs 52,503 48,630 42,868 154,318 144,391 125,703 |
Taxes Other Than Income Taxes (
Taxes Other Than Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Summary of Taxes Other Than Income Taxes | 2019 2018 2017 RMB RMB RMB Consumption tax 164,973 152,494 144,973 Resource tax 24,388 24,339 18,000 Crude oil special gain levy 771 4,750 — Other 38,304 39,094 37,731 228,436 220,677 200,704 |
Interest Expense (Tables)
Interest Expense (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Summary of Interest Expense | 2019 2018 2017 RMB RMB RMB Interest on : Bank loans 3,094 2,134 1,684 Other loans 15,476 16,313 17,712 Lease liabilities 7,476 — — Accretion expense (Note 32) 5,525 5,678 5,453 Less: Amounts capitalized (1,162 ) (1,407 ) (2,008 ) 30,409 22,718 22,841 |
Emoluments of Directors and S_2
Emoluments of Directors and Supervisors (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Details of the Emoluments of Directors and Supervisors | Details of the emoluments of directors and supervisors for the years ended December 31, 2019, 2018 and 2017 are as follows: 2019 2018 2017 Name Fee for Salaries, Contribution Total Total Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Chairmen: Mr. Dai Houliang (i) — — — — — — Mr. Wang Yilin (i) — — — — — — Vice chairmen: Mr. Zhang Wei (ii) — — — — — — Mr. Zhang Jianhua (iii) — — — — 633 — Mr. Wang Dongjin (iv) — — — — 409 823 Executive directors: Mr. Zhao Zhengzhang (v) — — — — — 159 Mr. Hou Qijun (vi) — 829 154 983 888 648 — 829 154 983 1,930 1,630 Non-executive directors: Mr. Yu Baocai (vii) — — — — — — Mr. Shen Diancheng (viii) — — — — — — Mr. Liu Yuezhen — — — — — — Mr. Liu Hongbin (ix) — — — — — — Mr. Jiao Fangzheng (x) — — — — — — Mr. Duan Liangwei (viii) — — — — — — Mr. Qin Weizhong (xi) — — — — — — Mr. Chen Zhiwu (xii) — — — — — — Mr. Richard H. Matzke (xii) — — — — — — Mr. Lin Boqiang 386 — — 386 365 250 Mr. Zhang Biyi 386 — — 386 399 250 Ms. Elsie Leung Oi-sie (xii) 319 — — 319 334 220 Mr. Tokuchi Tatsuhito (xii) 351 — — 351 334 226 Mr. Simon Henry (xii) 340 — — 340 340 213 1,782 — — 1,782 1,772 1,159 Supervisors: Mr. Xu Wenrong (xiii) — — — — — — Mr. Guo Jinping (xiii) — — — — — — Mr. Zhang Fengshan — — — — — — Mr. Li Qingyi (xiii) — — — — — — Mr. Jia Yimin (xiii) — — — — — — Mr. Jiang Lifu — — — — — — Mr. Lu Yaozhong (xiii) — — — — — — Mr. Wang Liang (xiv) — — — — — — Mr. Yao Wei — — — — — — Mr. Liu Hehe — — — — — — Mr. Yang Hua (xiii) — — — — — 250 Mr. Fu Suotang (xiii) — 1,070 85 1,155 967 571 Mr. Li Jiamin — 906 72 978 850 810 Mr. Liu Xianhua — 774 71 845 743 733 Mr. Li Wendong — 937 130 1,067 960 884 — 3,687 358 4,045 3,520 3,248 1,782 4,516 512 6,810 7,222 6,037 (i) Mr. Dai Houliang was elected as the chairman from March 25, 2020. Mr. Wang Yilin ceased being the chairman from January 19, 2020. (ii) Mr. Zhang Wei was elected as the non-executive non-executive (iii) Mr. Zhang Jianhua was appointed as executive director and president from June 5, 2018 and ceased being the executive director and president from November 14, 2018. (iv) Mr. Wang Dongjin ceased being the executive director and president from April 2, 2018. (v) Mr. Zhao Zhengzhang ceased being the executive director from June 8, 2017. (vi) Mr. Hou Qijun was elected as the executive director from June 8, 2017, elected as the president from March 21, 2019 and ceased being the executive director and president from December 9, 2019. (vii) Mr. Yu Baocai ceased being the non-executive (viii) Mr. Shen Diancheng ceased being the non-executive non-executive (ix) Mr. Liu Hongbin ceased being the non-executive (x) Mr. Jiao Fangzheng was elected as the non-executive (xi) Mr. Qin Weizhong was elected as the non-executive non-executive (xii) Mr. Chen Zhiwu and Mr. Richard H. Matzke ceased being the independent non-executive Oi-sie, non-executive (xiii) Mr. Xu Wenrong ceased being the non-executive (xiv) Mr. Wang Liang was elected as the supervisor from October 26, 2017. (xv) The emoluments above are all pre-tax (xvi) The deferred performance emoluments of RMB 0.33 which the Company paid to the directors attribuatble to the year of 2016 to 2018 in accordance with the relevant regulations of the Chinese Government are not reflected in the 2019 annual remuneration shown above. (2018: RMB 0.17, 2017: RMB nil) |
Income Tax Expense (Tables)
Income Tax Expense (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Income Tax Expense | 2019 2018 2017 RMB RMB RMB Current taxes 32,714 34,983 23,835 Deferred taxes (Note 31) 3,485 7,807 (7,539 ) 36,199 42,790 16,296 |
Reconciliation of Tax on Profit Before Taxation and the Tax using the Corporate Income Tax Rate in the PRC Applicable to the Group | The tax on the Group’s profit before taxation differs from the theoretical amount that would arise using the corporate income tax rate in the PRC applicable to the Group as follows: 2019 2018 2017 RMB RMB RMB Profit before income tax expense 103,214 116,770 55,691 Tax calculated at a tax rate of 25% 25,804 29,193 13,923 Tax return true-up 691 554 1,275 Effect of income taxes from international operations different from taxes at the PRC statutory tax rate 6,112 4,414 693 Effect of preferential tax rate (5,529 ) (3,855 ) (5,058 ) Tax effect of income not subject to tax (3,767 ) (3,278 ) (3,401 ) Tax effect of expenses not deductible for tax purposes 4,479 8,278 5,018 Tax effect of temporary differences and losses unrecognized as deferred tax assets 8,409 7,484 3,846 Income tax expense 36,199 42,790 16,296 |
Dividends (Tables)
Dividends (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Summary of Dividends | 2019 2018 2017 RMB RMB RMB Interim dividends attributable to owners of the Company for 2019 (a) 14,212 — — Proposed final dividends attributable to owners of the Company for 2019 (b) 12,081 — — Interim dividends attributable to owners of the Company for 2018 (c) — 16,252 — Final dividends attributable to owners of the Company for 2018 (d) — 16,472 — Interim dividends attributable to owners of the Company for 2017 (e) — — 12,676 Final dividends attributable to owners of the Company for 2017 (f) — — 11,117 26,293 32,724 23,793 (a) Interim dividends attributable to owners of the Company in respect of 201 9 24 2019 2019 (b) At the 3 rd 2020 2019 2019 (c) Interim dividends attributable to owners of the Company in respect of 2018 of RMB 0.08880 yuan per share amounting to a total of RMB 16,252. The dividends were paid on September 21, 2018 (A shares) and November 1, 2018 (H shares). (d) F and were paid on June 28, 2019 (A shares) and August 2, 2019 (H shares). (e) Interim dividends attributable to owners of the Company in respect of 2017 of RMB 0.06926 (f) Final dividends attributable to owners of the Company in respect of 2017 of RMB 0.06074 yuan per share amounting to a total of RMB 11,117 and were paid on June 21, 2018 (A shares) and July 26, 2018 (H shares). |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Property, Plant and Equipment | Year Ended December 31, 2019 Buildings Oil and Gas Equipment and Machinery Motor Other Construction in Progress Total RMB RMB RMB RMB RMB RMB RMB Cost At beginning of the year 237,038 2,113,366 1,102,423 27,911 34,080 226,623 3,741,441 Additions 1,330 5,990 6,111 1,325 752 283,170 298,678 Transfers 21,265 174,749 52,449 — 1,234 (249,697 ) — Disposals or write offs (7,605 ) (40,253 ) (7,528 ) (2,096 ) (549 ) (8,900 ) (66,931 ) Currency translation differences 146 7,351 161 8 638 4,106 12,410 At end of the year 252,174 2,261,203 1,153,616 27,148 36,155 255,302 3,985,598 Accumulated depreciation and impairment At beginning of the year (100,767 ) (1,312,907 ) (570,120 ) (20,276 ) (21,714 ) (6,269 ) (2,032,053 ) Charge for the year and others (11,402 ) (128,859 ) (50,360 ) (1,386 ) (1,365 ) — (193,372 ) Impairment charge (237 ) (11,562 ) (1,159 ) (4 ) (38 ) (419 ) (13,419 ) Disposals or write offs or transfers 4,532 28,241 5,945 1,724 436 491 41,369 Currency translation differences (69 ) (4,302 ) (76 ) (5 ) (411 ) (36 ) (4,899 ) At end of the year (107,943 ) (1,429,389 ) (615,770 ) (19,947 ) (23,092 ) (6,233 ) (2,202,374 ) Net book value At end of the year 144,231 831,814 537,846 7,201 13,063 249,069 1,783,224 Year Ended December 31, 2018 Buildings Oil and Gas Equipment and Machinery Motor Other Construction in Progress Total RMB RMB RMB RMB RMB RMB RMB Cost At beginning of the year 227,008 2,011,329 1,068,598 28,990 32,631 199,873 3,568,429 Additions 655 10,217 3,586 1,113 649 238,821 255,041 Transfers 15,880 146,012 42,324 — 1,539 (205,755 ) — Disposals or write offs (6,415 ) (57,281 ) (12,458 ) (2,184 ) (506 ) (8,579 ) (87,423 ) Currency translation differences (90 ) 3,089 373 (8 ) (233 ) 2,263 5,394 At end of the year 237,038 2,113,366 1,102,423 27,911 34,080 226,623 3,741,441 Accumulated depreciation and impairment At beginning of the year (94,160 ) (1,199,741 ) (526,441 ) (20,296 ) (18,230 ) (3,007 ) (1,861,875 ) Charge for the year and others (10,021 ) (131,023 ) (49,642 ) (1,629 ) (1,875 ) — (194,190 ) Impairment charge (759 ) (19,856 ) (3,937 ) (37 ) (2,066 ) (3,270 ) (29,925 ) Disposals or write offs or transfers 4,095 42,218 9,952 1,676 358 55 58,354 Currency translation differences 78 (4,505 ) (52 ) 10 99 (47 ) (4,417 ) At end of the year (100,767 ) (1,312,907 ) (570,120 ) (20,276 ) (21,714 ) (6,269 ) (2,032,053 ) Net book value At end of the year 136,271 800,459 532,303 7,635 12,366 220,354 1,709,388 |
Changes to Exploratory Well Costs | The following table indicates the changes to the Group’s exploratory well costs, which are included in construction in progress, for the years ended December 31, 2019, 2018 and 2017. 2019 2018 2017 RMB RMB RMB At beginning of the year 26,905 22,843 21,421 Additions to capitalized exploratory well costs pending the determination of proved reserves 35,098 28,045 25,165 Reclassified to wells, facilities, and equipment based on the determination of proved reserves (17,002 ) (15,404 ) (14,288 ) Capitalized exploratory well costs charged to expense (8,900 ) (8,579 ) (9,455 ) At end of the year 36,101 26,905 22,843 |
Aging of Capitalized Exploratory Well Costs | The following table provides an aging of capitalized exploratory well costs based on the date the drilling was completed. December 31, December 31, RMB RMB One year or less 23,924 17,542 Over one year 12,177 9,363 Balance at December 31 36,101 26,905 |
Interests in Other Entities (Ta
Interests in Other Entities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments accounted for using equity method [abstract] | |
Summarized Financial Information of the Group's Principal Associates and Joint Ventures | The summarized financial information of the Group’s principal associates and joint ventures, including the aggregated amounts of assets, liabilities, revenue, profit or loss and the interest held by the Group were as follows: Name Country of Incorporation Registered Principal Activities Interest Held Direct % Indirect % PetroIneos Refining Limited UK USD 1,000 Refining — 49.90 China Petroleum Finance Co., Ltd. PRC 8,331 Deposits, loans, settlement, lending, bills acceptance discounting, guarantee and other banking business 32.00 — CNPC Captive Insurance Co., Ltd. PRC 5,000 Property loss insurance, liability insurance, credit insurance and deposit insurance; as well as the application of the above insurance reinsurance and insurance capital business 49.00 — China Marine Bunker (PetroChina) Co., Ltd. PRC 1,000 Oil import and export trade and transportation, sale and storage — 50.00 Mangistau Investment B.V Netherlands EUR Engages in investing activities, the principle activities of its main subsidiaries are exploration, exploitation and sale of oil and gas in Kazakhstan. — 50.00 Trans-Asia Gas Pipeline Co., Ltd. PRC 5,000 Main contractor, investment holding, investment management, investment consulting, enterprise management advisory, technology development, promotion and technology consulting — 50.00 |
Summarized Financial Information of the Group's Principal Associates and Reconciliation to Carrying Amount and Statement of Comprehensive Income and Dividends Received of the Group's Principal Joint Ventures | Summarized financial information in respect of the Group’s principal associates and reconciliation to carrying amount is as follow: PetroIneos Refining Limited China Petroleum Ltd. CNPC Captive December 31, December 31, December 31, December 31, December 31, December 31, RMB RMB RMB RMB RMB RMB Percentage ownership interest (%) 49.90 49.90 32.00 32.00 49.00 49.00 Current assets 1,457 1,373 261,520 173,948 10,823 10,493 Non-current 14,364 14,795 228,933 285,805 2,618 2,928 Current liabilities 7,843 7,997 403,052 378,472 6,981 7,184 Non-current 1,457 1,430 17,234 16,317 3 — Net assets 6,521 6,741 70,167 64,964 6,457 6,237 Group’s share of net assets 3,254 3,364 22,453 20,788 3,164 3,056 Goodwill — — 349 349 — — Carrying amount of interest in associates 3,254 3,364 22,802 21,137 3,164 3,056 Summarized statement of comprehensive income and dividends received by the Group are as follow: PetroIneos Refining China Petroleum Finance Co., Ltd. CNPC Captive 2019 2018 2017 2019 2018 2017 2019 2018 2017 RMB RMB RMB RMB RMB RMB RMB RMB RMB Revenue 4,446 4,588 4,472 9,672 8,520 8,520 712 706 654 ( Loss / p (326 ) (120 ) 699 7,810 7,554 7,286 349 315 364 Other comprehensive income 106 325 (384 ) 1,356 651 (1,395 ) (1 ) — 1 Total comprehensive income (220 ) 205 315 9,166 8,205 5,891 348 315 365 Group’s share of total comprehensive income (110 ) 102 157 2,933 2,626 1,885 170 154 179 Dividends received by the Group — — — 1,268 983 815 62 63 27 |
Summarized Statement of Financial Posistion, Adjusted for Fair Value Adjustments and Differences in Accounting Policies and Reconciliation to Carrying Amount and Statement of Comprehensive Income, Adjusted for Fair Value Adjustments and Differences in Accounting Policies and Dividends Received of the Group's Principal Joint Ventures | Summarized statement of financial position as included in their own financial statements, adjusted for fair value adjustments and differences in accounting policies in respect of the Group’s principal joint ventures and reconciliation to carrying amount is as follows: China Marine Bunker Mangistau Investment B.V. Trans-Asia Gas Pipeline Co., Ltd. December 31, December 31, December 31, December 31, December 31, December 31, RMB RMB RMB RMB RMB RMB Percentage ownership interest (%) 50.00 50.00 50.00 50.00 50.00 50.00 Non-current 1,750 1,893 11,980 11,642 43,258 34,584 Current assets 8,666 7,313 1,211 780 2,680 3,330 Including: cash and cash equivalents 1,206 1,368 292 265 73 81 Non-current 152 152 3,062 2,740 2,355 2,100 Including: Non-current 5 20 907 — 2,100 2,100 Current liabilities 7,349 6,091 567 868 445 267 Including: Current financial liabilities excluding trade and other payables and provisions 3,599 3,796 — — — — Net assets 2,915 2,963 9,562 8,814 43,138 35,547 Net assets attributable to owners of the Company 2,672 2,702 9,562 8,814 43,138 35,547 Group’s share of net assets 1,336 1,351 4,781 4,407 21,569 17,774 Carrying amount of interest 1,336 1,351 4,781 4,407 21,569 17,774 Summarized statement of comprehensive income as included in their own financial statements, adjusted for fair value adjustments and differences in accounting policies and dividends received by the Group is as follows: China Marine Bunker Mangistau Investment B.V. Trans-Asia Gas Pipeline Co., Ltd. 2019 2018 2017 2019 2018 2017 2019 2018 From the closing RMB RMB RMB RMB RMB RMB RMB RMB RMB Revenue 42,116 43,924 31,770 15,104 16,085 31,770 23 14 16 Depreciation, depletion and amortization (81 ) (90 ) (93 ) (883 ) (807 ) (93 ) (37 ) (4 ) (3 ) Interest income 23 18 12 2 5 12 51 59 65 Interest expense (88 ) (96 ) (39 ) (158 ) (154 ) (39 ) (57 ) (46 ) (43 ) Income tax expense (92 ) (37 ) (44 ) (925 ) (1,077 ) (44 ) — 10 — Net profit / (loss) 142 126 116 2,818 3,324 116 4,070 1,931 4,612 Total comprehensive income 169 151 87 2,978 3,020 87 7,940 2,505 4,502 Group’s share of total comprehensive income 85 76 43 1,489 1,510 43 3,970 1,253 2,251 Dividends received by the Group — 8 — 1,115 1,650 — 175 — — |
Principal Subsidiaries of the Group | The principal subsidiaries of the Group are: Company Name Country of Incorporation Registered Capital Type of Attributable Equity Voting Principal Activities Daqing Oilfield Company Limited PRC 47,500 Limited liability company 100.00 100.00 Exploration, production and sale of crude oil and natural gas CNPC Exploration and Development Company Limited (i) PRC 16,100 Limited liability company 50.00 57.14 Exploration, production and sale of crude oil and natural gas outside the PRC PetroChina Hong Kong Limited Hong Kong HKD 7,592 million Limited liability company 100.00 100.00 Investment holding. The principal activities of its subsidiaries, associates and joint ventures are the exploration, production and sale of crude oil in and outside the PRC as well as natural gas sale and transmission in the PRC PetroChina International Investment Company Limited PRC 31,314 Limited liability company 100.00 100.00 Investment holding. The principal activities of its subsidiaries and joint ventures are the exploration, development and production of crude oil, natural gas, oil sands and coalbed methane outside the PRC PetroChina International Company Limited PRC 18,096 Limited liability company 100.00 100.00 Marketing of refined products and trading of crude oil and petrochemical products, storage, investment in refining, chemical engineering, storage facilities, service station, and transportation facilities and related business in and outside the PRC PetroChina Pipelines Co., Ltd. PRC 80,000 Limited liability company 72.26 72.26 Oil and gas pipeline transportation, investment holding, import and export of goods, agency of import and export, import and export of technology, technology promotion service, professional contractor, main contractor (i) The Company consolidated the financial statements of the entity because it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. |
Summarized Financial Information of the Group's Principal Subsidiaries with Significant Non-controlling Interests | Summarized financial information in respect of the Group’s principal subsidiaries with significant non-controlling CNPC Exploration and PetroChina Pipelines Co., Ltd. December December December December RMB RMB RMB RMB Percentage ownership interest (%) 50.00 50.00 72.26 72.26 Current assets 20,604 21,463 4,306 4,604 Non-current 186,792 166,155 228,623 224,163 Current liabilities 18,911 14,525 7,631 7,531 Non-current 25,326 25,967 9,616 6,095 Net assets 163,159 147,126 215,682 215,141 Summarized statement of comprehensive income is as follows: CNPC Exploration and PetroChina Pipelines Co., 2019 2018 2017 2019 2018 2017 RMB RMB RMB RMB RMB RMB Revenue 47,096 45,618 37,304 43,463 43,062 43,627 Profit from continuing operations 14,126 15,563 3,696 18,911 19,436 17,891 Total comprehensive income 17,879 17,577 (1,050 ) 18,911 19,436 17,891 Profit attributable to non-controlling 8,274 8,844 2,390 5,246 5,392 4,963 Dividends paid to non-controlling 1,923 2,038 1,420 4,852 7,174 3,569 Summarized statement of cash flows is as follows: CNPC Exploration and PetroChina Pipelines Co., Ltd. 2019 2018 2017 2019 2018 2017 RMB RMB RMB RMB RMB RMB Net cash inflow from operating activities 17,780 22,467 18,545 30,058 29,701 31,160 Net cash (outflow) / inflow from investing activities (17,306 ) (33,466 ) (12,304 ) (10,764 ) (2,701 ) 2,869 Net cash (outflow) / inflow (1,118 ) 7,865 (4,296 ) (18,910 ) (25,919 ) (36,190 ) Effect of foreign exchange rate changes on cash and cash equivalents 220 (1,350 ) (2,183 ) — — — Net (decrease) / increase in cash and cash equivalents (424 ) (4,484 ) (238 ) 384 1,081 (2,161 ) Cash and cash equivalents at the beginning of the year 13,498 17,982 18,220 1,229 148 2,309 Cash and cash equivalents at the end of the year 13,074 13,498 17,982 1,613 1,229 148 |
Equity Investment Measured at F
Equity Investment Measured at Fair Value Through Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Schedule of Equity Investments Designates as Financial Asset at Fair Value Through Other Comprehensive Income | December 31, 2019 December 31, 2018 RMB RMB China Pacific Insurance (Group) Co., 185 139 Chengdu Huaqi Houpu Holding Co., 191 114 Other items 546 485 922 738 |
Advance Operating Lease Payme_2
Advance Operating Lease Payments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Advance Operating Lease Payments | December 31, RMB Land use rights 58,858 Advance lease payments 19,382 78,240 |
Intangible and Other Non-curr_2
Intangible and Other Non-current Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Intangible and Other Non-current Assets | December 31, 2019 December 31, 2018 Cost Accumulated Net Cost Accumulated Net RMB RMB RMB RMB RMB RMB Patents and technical know-how 7,782 (6,370 ) 1,412 7,674 (6,016 ) 1,658 Computer software 12,356 (9,116 ) 3,240 11,746 (8,637 ) 3,109 Goodwill (i) 46,555 (3,747 ) 42,808 46,020 (3,747 ) 42,273 Other 23,880 (8,949 ) 14,931 21,526 (8,035 ) 13,491 Intangible assets 90,573 (28,182 ) 62,391 86,966 (26,435 ) 60,531 Other assets 38,272 37,778 100,663 98,309 (i) Goodwill primarily relates to the acquisition of PetroChina United Pipelines Co., Ltd. (“Pipeline Goodwill”) completed in 2015 with carrying amount of RMB 34,285 as at December 31,2019. The impairment test of the Pipeline Goodwill is performed associated with the cash-generating unit of West-East Gas Pipeline. The recoverable amount is determined according to the higher of the cash-generating unit’s fair value less the net amount of disposal expense and the cash-generating unit’s expected present value of future cash flows. The cash flow projection used in the impairment test is based on management’s estimation and judgment of the parameters such as transportation volume, transportation price and operating costs of the West-East Gas Pipeline, and the post-tax , 2017: 8.9% ) reflecting the specific risks relating to the cash-generating unit. , 2017: RMB 3,709 ). For impairment test of the remaining goodwills, the post-tax % to 11.0%, 2017: 9.2% to 10.5%) were used by management, and no impairment loss was charged for the year ended December 31, 2019 (2018: RMB 38 , 2017: RMB nil) . |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Inventories | December 31, December 31, RMB RMB Crude oil and other raw materials 56,166 58,188 Work in progress 15,159 14,241 Finished goods 112,003 110,103 Spare parts and consumables 88 53 183,416 182,585 Less: Write down in inventories (1,495 ) (5,008 ) 181,921 177,577 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Disclosure Of Detailed Information About Accounts Receivable Explanatory | December 31, December 31, RMB RMB Accounts receivable 66,615 63,575 Less: Provision for impairment of receivables (2,431 ) (4,053 ) 64,184 59,522 |
Aging Analysis of Accounts Receivable (Net of Impairment of Accounts Receivable) | The aging analysis of accounts receivable (net of impairment of accounts receivable) based on the invoice date (or date of revenue recognition, if earlier), at December 31, 2019 and 2018 is as follows: December 31, December 31, RMB RMB Within 1 year 63,392 58,392 Between 1 and 2 years 419 837 Between 2 and 3 years 267 108 Over 3 years 106 185 64,184 59,522 |
Movements in Provision for Impairment of Accounts Receivable | Movements in the provision for impairment of accounts receivable are as follows: 2019 2018 2017 RMB RMB RMB At beginning of the year 4,053 4,771 2,023 Provision for impairment of accounts receivable 226 561 2,813 Reversal of provision for impairment of accounts receivable (1,604 ) (1,178 ) (7 ) Receivables written off as uncollectible (244 ) (101 ) (58 ) At end of the year 2,431 4,053 4,771 |
Prepayments and Other Current_2
Prepayments and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Prepayments and Other Current Assets | December 31, 2019 December 31, 2018 RMB RMB Other receivables 23,072 19,206 Advances to suppliers 17,747 18,253 40,819 37,459 Less: Provision for impairment (3,413 ) (3,439 ) 37,406 34,020 Value-added tax to be deducted 48,560 42,153 Prepaid expenses 360 1,068 Prepaid income taxes 5,649 1,261 Other current assets 11,152 10,843 103,127 89,345 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Accounts Payable and Accrued Liabilities | December 31, December 31, RMB RMB Trade payables 148,335 123,069 Salaries and welfare payable 10,169 10,189 Dividends payable by subsidiaries to non-controlling 389 355 Interest payable 4,719 2,978 Construction fee and equipment cost payables 111,767 123,602 Other (i) 52,935 39,655 328,314 299,848 (i) Other consists primarily of notes payables, insurance payable, etc. |
Aging Analysis of Trade Payables | The aging analysis of trade payables at December 31, 2019 and 2018 is as follows: December 31, December 31, RMB RMB Within 1 year 136,670 113,370 Between 1 and 2 years 5,472 5,049 Between 2 and 3 years 3,180 2,386 Over 3 years 3,013 2,264 148,335 123,069 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Borrowings | December 31, December 31, RMB RMB Short-term borrowings excluding current portion of long-term borrowings 90,497 69,780 Current portion of long-term borrowings 85,343 75,370 175,840 145,150 Long-term borrowings 290,882 269,422 466,722 414,572 |
Borrowings by Interest Rate | The Group’s borrowings include secured liabilities totaling RMB 1,983 at December 31, 2019 (December 31, 2018: RMB 2,460). December 31, December 31, RMB RMB Total borrowings: — interest free 124 129 — at fixed rates 250,297 208,876 — at floating rates 216,301 205,567 466,722 414,572 Weighted average effective interest rates: — bank loans 3.20 % 3.43 % — corporate debentures 3.52 % 3.39 % — medium-term notes 3.63 % 3.68 % — other loans 3.80 % 4.07 % |
Borrowings by Major Currency | The borrowings by major currency at December 31, 2019 and December 31, 2018 are as follows: December 31, December 31, RMB RMB RMB 356,704 297,847 US Dollar 100,374 107,473 Other currency 9,644 9,252 466,722 414,572 |
Borrowings' Remaining Contractual Maturities | The following table sets out the borrowings’ remaining contractual maturities at the date of the consolidated December 31, December 31, RMB RMB Within 1 year 188,771 158,782 Between 1 and 2 years 30,090 98,939 Between 2 and 5 years 253,918 150,837 After 5 years 31,576 43,879 504,355 452,437 |
Summary of Reconcilation of Movements of Borrowings to Cash Flows Arising from Financing Activities | Reconciliation of movements of borrowings to cash flows arising from financing activities: 2019 2018 RMB RMB At beginning of the year 414,572 473,955 Changes from financing cash flows: Increase in borrowings 836,458 704,281 Repayments of borrowings (785,751 ) (770,141 ) Total changes from financing cash flows 50,707 (65,860 ) Exchange adjustments 1,443 6,477 At end of the year 466,722 414,572 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Share Capital | December 31, December 31, RMB RMB Registered, issued and fully paid: A shares 161,922 161,922 H shares 21,099 21,099 183,021 183,021 |
Reserves (Tables)
Reserves (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Reserves | 2019 2018 RMB RMB Capital Reserve Beginning balance 133,308 133,308 Ending balance 133,308 133,308 Statutory Common Reserve Fund (a) Beginning balance 194,245 188,769 Transfer from retained earnings 3,037 5,476 Ending balance 197,282 194,245 Special Reserve-Safety Fund Reserve Beginning balance 13,831 13,366 Safety fund reserve (1,388 ) 465 Ending balance 12,443 13,831 Currency Translation Differences (b) Beginning balance (33,067 ) (28,045 ) Currency translation differences 4,128 (5,022 ) Ending balance (28,939 ) (33,067 ) Other Reserves Beginning balance (8,718 ) (9,336 ) Adjusted for the acquisition of Dalian West Pacific (Note 4 0 — 516 Beginning balance, as adjusted (8,718 ) (8,820 ) Transaction with non-controlling interests (2,007 ) 13 Fair value gain/(loss) from equity investments measured at fair value th ro 96 (162 ) Share of the other comprehensive income of associates and joint ventures accounted for using the equity method 417 220 Other 129 31 Ending balance (10,083 ) (8,718 ) 304,011 299,599 (a) Pursuant to the PRC regulations and the Company’s Articles of Association, the Company is required to transfer 10% of its net profit, as determined under the PRC accounting regulations, to a Statutory Common Reserve Fund (“Reserve Fund”). Appropriation to the Reserve Fund may cease when the fund aggregates to 50% of the Company’s registered capital. The transfer to this reserve must be made before distribution of dividends to shareholders. The Reserve Fund shall only be used to make good previous years’ losses, to expand the Company’s production operations, or to increase the capital of the Company. Upon approval of a resolution of shareholders’ in a general meeting, the Company may convert its Reserve Fund into share capital and issue bonus shares to existing shareholders in proportion to their original shareholdings or to increase the nominal value of each share currently held by them, provided that the balance of the Reserve Fund after such issuance is not less than 25% of the Company’s registered capital. (b) The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations. (c) According to the relevant PRC regulations, the distributable reserve is the lower of the retained earnings computed under PRC accounting regulations and IFRS. As of December 31, 2019, the Company’s distributable reserve amounted to RMB 590,727 (December 31, 2018: RMB 594,169). |
Deferred Taxation (Tables)
Deferred Taxation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Movements in Deferred Taxation | The movements in the deferred taxation account are as follows: 2019 2018 2017 RMB RMB RMB At beginning of the year 6,483 14,064 6,720 Transfer to profit and loss (Note 12) (3,485 ) (7,807 ) 7,539 ( D / credit (150 ) 226 (195 ) At end of the year 2,848 6,483 14,064 |
Deferred Tax Balances Before Offset | Deferred tax balances before offset are attributable to the following items: December 31, December 31, RMB RMB Deferred tax assets: Receivables and inventories 6,841 8,528 Tax losses 20,391 26,027 Impairment of long-term assets 9,676 7,838 Other 8,643 7,187 Total deferred tax assets 45,551 49,580 Deferred tax liabilities: Accelerated tax depreciation 27,646 27,948 Other 15,057 15,149 Total deferred tax liabilities 42,703 43,097 Net deferred tax assets 2,848 6,483 |
Deferred Tax Balances After Offset | Deferred tax balances after offset are listed as follows: December 31, December 31, RMB RMB Deferred tax assets 24,259 23,498 Deferred tax liabilities 21,411 17,015 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Asset Retirement Obligations | 2019 2018 2017 RMB RMB RMB At beginning of the year 132,780 131,546 125,392 Net liabilities incurred, including reassessment 2,026 (2,220 ) 2,981 Liabilities settled (2,427 ) (2,034 ) (2,012 ) Accretion expense (Note 10) 5,525 5,678 5,453 Currency translation differences 31 (190 ) (268 ) At end of the year 137,935 132,780 131,546 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Future Minimum Lease Payments Under Non-cancellable Operating Leases | Future minimum lease payments as of December 31, 2018 under non-cancelable operating leases are as follows: December 31, RMB No later than 1 year 12,664 Later than 1 year and no later than 5 years 39,222 Later than 5 years 176,049 227,935 |
Exploration and Production Licenses Estimated Annual Payments | According to the current policy, estimated annual payments for the next five years are as follows: December 31, December 31, RMB RMB Within one year 800 800 Between one and two years 800 800 Between two and three years 800 800 Between three and four years 800 800 Between four and five years 800 800 |
Major Customers (Tables)
Major Customers (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Group's Major Customers | The Group’s major customers are as follows: 2019 2018 2017 Revenue Percentage revenue Revenue Percentage revenue Revenue Percentage revenue RMB % RMB % RMB % China Petroleum & Chemical Corporation 105,855 4 96,990 4 65,767 3 CNPC and its fellow subsidiaries 99,279 4 83,670 4 92,173 5 205,134 8 180,660 8 157,940 8 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Amounts Due From and To CNPC and its Fellow Subsidiaries, Associates and Joint Ventures of the Group | Amounts due from and to CNPC and its fellow subsidiaries, associates and joint ventures of the Group included in the following accounts captions are summarized as follows: December 31, December 31, Note RMB RMB Accounts receivable 12,784 11,896 Prepayments and other receivables 11,441 11,467 Other current assets 11,951 7,852 Other non-current 16,242 16,511 Accounts payable and accrued liabilities 61,205 64,511 Contract liabilities 792 568 Lease liabilities 139,250 — Other non-current 827 2,296 |
Key Management Compensation | Key management compensation Year End December 31, 2019 2018 2017 RMB’000 RMB’000 RMB’000 Emoluments and other benefits 13,042 13,385 11,779 Contribution to retirement benefit scheme 1,796 1,781 1,645 14,838 15,166 13,424 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Segment Information for the Operating Segments | The segment information for the operating segments for the years ended December 31, 2019, 2018 and 2017 are as follows: Year Ended December 31, 2019 Exploration and Production Refining and Chemicals Marketing Natural Head Office and Other Total RMB RMB RMB RMB RMB RMB Revenue 676,320 902,679 2,165,391 391,023 3,700 4,139,113 Less: intersegment sales (552,672 ) (712,178 ) (315,157 ) (40,652 ) (1,644 ) (1,622,303 ) Revenue from external customers 123,648 190,501 1,850,234 350,371 2,056 2,516,810 Depreciation, depletion and amortization (158,874 ) (24,995 ) (17,131 ) (22,375 ) (1,887 ) (225,262 ) Including: Impairment losses of property, plant and equipment (11,562 ) (1,444 ) (1 ) (412 ) — (13,419 ) Profit / (loss) from operations 96,097 13,764 (565 ) 26,108 (13,642 ) 121,762 Finance costs: Exchange gain 10,017 Exchange loss (10,016 ) Interest income 3,631 Interest expense (30,409 ) Total net finance costs (26,777 ) Share of profit of associates and joint ventures 3,513 58 1,402 501 2,755 8,229 Profit before income tax expense 103,214 Income tax expense (36,199 ) Profit for the year 67,015 Segment assets 1,520,697 365,013 524,321 536,298 1,409,368 4,355,697 Other assets 29,908 Investments in associates and joint ventures 45,721 1,022 19,159 9,713 26,458 102,073 Elimination of intersegment balances (a) (1,754,768 ) Total assets 2,732,910 Capital expenditures 230,117 21,279 17,618 27,004 758 296,776 Segment liabilities 720,028 132,018 324,822 277,370 594,000 2,048,238 Other liabilities 88,793 Elimination of intersegment balances (a) (848,426 ) Total liabilities 1,288,605 Year Ended December 31, 2018 Exploration and Production Refining and Chemicals Marketing Natural Head Office and Other Total RMB RMB RMB RMB RMB RMB Revenue 658,712 911,224 2,003,105 362,626 2,376 3,938,043 Less: intersegment sales (539,295 ) (706,559 ) (280,750 ) (35,899 ) (606 ) (1,563,109 ) Revenue from external customers 119,417 204,665 1,722,355 326,727 1,770 2,374,934 Depreciation, depletion and amortization (169,622 ) (25,318 ) (13,511 ) (21,985 ) (1,840 ) (232,276 ) Including: Impairment losses of property, plant and equipment (26,002 ) (3,393 ) — (530 ) — (29,925 ) Profit / (loss) from operations 73,519 44,701 (6,450 ) 25,515 (14,343 ) 122,942 Finance costs: Exchange gain 12,701 Exchange loss (11,581 ) Interest income 3,779 Interest expense (22,718 ) Total net finance costs (17,819 ) Share of profit of associates and joint ventures 4,224 63 4,214 496 2,650 11,647 Profit before income tax expense 116,770 Income tax expense (42,790 ) Profit for the year 73,980 Segment assets 1,227,613 324,639 429,854 519,553 1,371,525 3,873,184 Other assets 24,759 Investments in associates and joint ventures 39,235 1,010 17,437 7,022 24,658 89,362 Elimination of intersegment balances (a) (1,546,428 ) Total assets 2,440,877 Capital expenditures 196,109 15,419 17,010 26,502 1,066 256,106 Segment liabilities 466,097 59,139 239,187 158,153 566,129 1,488,705 Other liabilities 100,303 Elimination of intersegment balances (a) (557,022 ) Total liabilities 1,031,986 Year Ended December 31, 2017 Exploration and Production Refining and Chemicals Marketing Natural Head Office and Other Total RMB RMB RMB RMB RMB RMB Revenue 505,430 735,486 1,660,456 295,786 2,057 3,199,215 Less: intersegment sales (409,303 ) (546,560 ) (179,846 ) (30,550 ) (658 ) (1,166,917 ) Revenue from external customers 96,127 188,926 1,480,610 265,236 1,399 2,032,298 Depreciation, depletion and amortization (169,484 ) (32,751 ) (12,734 ) (21,146 ) (1,692 ) (237,807 ) Including: Impairment losses of property, plant and equipment (6,565 ) (10,223 ) (7 ) (1,150 ) (2 ) (17,947 ) Profit / (loss) from operations 15,475 43,075 8,279 15,688 (11,681 ) 70,836 Finance costs: Exchange gain 8,252 Exchange loss (9,436 ) Interest income 2,912 Interest expense (22,841 ) Total net finance costs (21,113 ) Share of profit / 1,716 (89 ) 1,501 279 2,561 5,968 Profit before income tax expense 55,691 Income tax expense (16,296 ) Profit for the year 39,395 Segment assets 1,211,912 327,186 397,813 519,249 1,357,803 3,813,963 Other assets 26,724 Investments in associates and joint ventures 39,517 1,375 11,938 5,534 22,795 81,159 Elimination of intersegment balances (a) (1,508,347 ) Total assets 2,413,499 Capital expenditures 161,997 17,859 10,982 24,529 1,014 216,381 Segment liabilities 525,085 91,632 199,340 120,244 589,460 1,525,761 Other liabilities 70,666 Elimination of intersegment balances (a) (560,916 ) Total liabilities 1,035,511 |
Geographical Information | Geographical information Revenue Non-current (b) 2019 2018 2017 December 31, December 31, (c) RMB RMB RMB RMB RMB Mainland China 1,476,693 1,538,315 1,302,695 2,027,428 1,782,624 Other 1,040,117 836,619 729,603 213,268 192,675 2,516,810 2,374,934 2,032,298 2,240,696 1,975,299 |
Business Combination Involvin_2
Business Combination Involving Entities Under Common Control (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Business Combination Involving Entities Under Common Control [Abstract] | |
Disclosure of detailed information about business combination | Business combination involving entities under common control during the period Name of acquiree Proportion Basis for business Acquisition Basis for From the beginning of the 2018 Revenue Net Net cash Revenue Net Dalian West Pacific 56.04 % The Company and Dalian West Pacific are under the ultimate control of CNPC before and after the business combination and the control is not temporary May 31, Acquisition 10,763 1 (53 ) 37,385 1,564 |
Disclosure Of Results Of Operations And The Assets And Liabilities Under Business Combination | The financial position as at December 31, 2018 and results of operation for the years ended December 31, 2017 and 2018 previously reported by the Group have been restated to include the assets and liabilities and the results of operations of Dalian West Pacific on a consolidation basis as set out below: The Group, as Dalian West Consolidation The Group, as restated RMB RMB RMB RMB Summarized statement of comprehensive income for the year ended December 31, 2017: Revenue 2,015,890 27,715 (11,307 ) 2,032,298 Total operating expenses (1,948,168 ) (24,601 ) 11,307 (1,961,462 ) Profit from operations 67,722 3,114 — 70,836 Profit for the year 36,793 2,602 — 39,395 Profit for the year attributable to owners of the Company 22,798 2,602 (1,863 ) 23,537 Profit for the year attributable to non-controlling 13,995 — 1,863 15,858 Basic and diluted earnings per share (RMB Yuan) 0.12 0.13 Summarized statement of comprehensive income for the year ended December 31, 2018: Revenue 2,353,588 37,385 (16,039 ) 2,374,934 Total operating expenses (2,232,591 ) (35,440 ) 16,039 (2,251,992 ) Profit from operations 120,997 1,945 — 122,942 Profit for the year 72,416 1,564 — 73,980 Profit for the year attributable to owners of the Company 52,591 1,564 (1,119 ) 53,036 Profit for the year attributable to non-controlling 19,825 — 1,119 20,944 Basic and diluted earnings per share (RMB Yuan) 0.29 0.29 Summarized financial position as at December 31, 2018: Current assets 433,128 5,126 (13 ) 438,241 Non-current 1,999,138 3,498 — 2,002,636 Total assets 2,432,266 8,624 (13 ) 2,440,877 Current liabilities 586,386 10,057 (13 ) 596,430 Non-current 435,222 334 — 435,556 Total liabilities 1,021,608 10,391 (13 ) 1,031,986 Non-controlling 196,372 — (1,264 ) 195,108 Total equity attributable to owner of the Company 1,214,286 (1,767 ) 1,264 1,213,783 |
Leases (Table)
Leases (Table) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of quantitative information about leases for lessee [abstract] | |
Summary Of Lease Liabilities | (b) Lease liabilities December 31, Lease liabilities 171,536 Less: Lease liabilities due within one year (7,393 ) 164,143 |
Summary of the undiscounted cash flow of the lease liability | Analysis of the undiscounted cash flow of the lease liability is as follows: December 31, 2019 RMB Within 1 year 14,304 Between 1 and 2 years 13,569 Between 2 and 5 years 37,531 Over 5 years 210,750 276,154 |
Summary of Principal Accounti_4
Summary of Principal Accounting Policies - Estimated Useful Lives, Residual value ratios and Annual Depreciation Rate for Depreciation Purposes (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Buildings [member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Property plant and equipment estimated residual value ratio for depreciation | 5.00% |
Buildings [member] | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Property plant and equipment estimated useful lives for depreciation | 8 years |
Property plant and equipment estimated annual depreciation rate for depreciation | 2.40% |
Buildings [member] | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Property plant and equipment estimated useful lives for depreciation | 40 years |
Property plant and equipment estimated annual depreciation rate for depreciation | 11.90% |
Equipment and machinery [member] | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Property plant and equipment estimated useful lives for depreciation | 4 years |
Property plant and equipment estimated annual depreciation rate for depreciation | 3.20% |
Property plant and equipment estimated residual value ratio for depreciation | 3.00% |
Equipment and machinery [member] | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Property plant and equipment estimated useful lives for depreciation | 30 years |
Property plant and equipment estimated annual depreciation rate for depreciation | 24.30% |
Property plant and equipment estimated residual value ratio for depreciation | 5.00% |
Motor vehicles [member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Property plant and equipment estimated residual value ratio for depreciation | 5.00% |
Motor vehicles [member] | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Property plant and equipment estimated useful lives for depreciation | 4 years |
Property plant and equipment estimated annual depreciation rate for depreciation | 6.80% |
Motor vehicles [member] | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Property plant and equipment estimated useful lives for depreciation | 14 years |
Property plant and equipment estimated annual depreciation rate for depreciation | 23.80% |
Other [member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Property plant and equipment estimated residual value ratio for depreciation | 5.00% |
Other [member] | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Property plant and equipment estimated useful lives for depreciation | 5 years |
Property plant and equipment estimated annual depreciation rate for depreciation | 7.90% |
Other [member] | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Property plant and equipment estimated useful lives for depreciation | 12 years |
Property plant and equipment estimated annual depreciation rate for depreciation | 19.00% |
Summary of Principal Accounti_5
Summary of Principal Accounting Policies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about arrangements involving legal form of lease [Line Items] | |
Weighted average rate | 4.275% |
Top of range [member] | |
Disclosure of detailed information about arrangements involving legal form of lease [Line Items] | |
Land use rights terms | 50 years |
Summary of Principal Accounti_6
Summary of Principal Accounting Policies - Summary Of Operating Lease Liabilities As Reconciled To Its Discounted Value (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2019 | Jan. 01, 2019 |
Disclosure Detailed Of Operating Lease Liabilities As Reconciled To Its Discounted Value [Line Items] | ||
The total future minimum lease payments of significant operating leases | ¥ 227,935 | |
Present value discounted using the Group's incremental borrowing rate | 166,955 | |
Lease Liability | ¥ 171,536 | 163,196 |
Difference between the present value and lease liabilities | ¥ 3,759 |
Summary of Principal Accounti_7
Summary of Principal Accounting Policies - Summary Of Impact Of Adoption Of New Lease Standard (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Detail Of Impact Of Adoption Of New Lease Standard [Line Items] | ||||
Property, plant and equipment | ¥ 1,783,224 | ¥ 1,709,388 | ||
Right-of-use assets | 254,736 | |||
Advance operating lease payments | 78,240 | |||
Current prepayments and other current assets | 103,127 | 89,345 | ||
Total assets | 2,732,910 | 2,440,877 | ¥ 2,413,499 | |
Lease liabilities | 171,536 | ¥ 163,196 | ||
Other non-current liabilities | 12,815 | 16,339 | ||
Total liabilities | ¥ 1,288,605 | ¥ 1,031,986 | ¥ 1,035,511 | |
Previously stated [member] | ||||
Disclosure Detail Of Impact Of Adoption Of New Lease Standard [Line Items] | ||||
Property, plant and equipment | 1,709,388 | |||
Advance operating lease payments | 78,240 | |||
Current prepayments and other current assets | 89,345 | |||
Other non-current liabilities | 16,339 | |||
Adjustments Due To Application Of IFRS Sixteen [Member] | ||||
Disclosure Detail Of Impact Of Adoption Of New Lease Standard [Line Items] | ||||
Property, plant and equipment | (527) | |||
Right-of-use assets | 240,642 | |||
Advance operating lease payments | (76,374) | |||
Current prepayments and other current assets | (903) | |||
Total assets | 162,838 | |||
Lease liabilities | 163,196 | |||
Other non-current liabilities | (358) | |||
Total liabilities | 162,838 | |||
Restated One [Member] | ||||
Disclosure Detail Of Impact Of Adoption Of New Lease Standard [Line Items] | ||||
Property, plant and equipment | 1,708,861 | |||
Right-of-use assets | 240,642 | |||
Advance operating lease payments | 1,866 | |||
Current prepayments and other current assets | 88,442 | |||
Lease liabilities | 163,196 | |||
Other non-current liabilities | ¥ 15,981 |
Financial Risk and Capital Ma_3
Financial Risk and Capital Management - Disclosure of Exposure to Credit Risk and Expected Credit Losses for Accounts Receivables (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of credit risk exposure [line items] | ||||
Gross carrying amount | ¥ 66,615 | ¥ 63,575 | ||
Impairment provision on individual basis | 1,805 | 3,559 | ||
Impairment provision | 626 | 494 | ||
Loss allowance | 2,431 | 4,053 | ¥ 4,771 | ¥ 2,023 |
Current (not past due) [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Gross carrying amount | 58,382 | 55,957 | ||
Impairment provision on individual basis | ¥ 3 | ¥ 50 | ||
Weighted - average loss rate | 0.10% | 0.10% | ||
Impairment provision | ¥ 30 | ¥ 80 | ||
Loss allowance | 33 | 130 | ||
Within 1 year [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Gross carrying amount | 5,534 | 3,082 | ||
Impairment provision on individual basis | ¥ 11 | ¥ 80 | ||
Weighted - average loss rate | 0.40% | 0.30% | ||
Impairment provision | ¥ 24 | ¥ 9 | ||
Loss allowance | 35 | 89 | ||
Between 1 and 2 years [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Gross carrying amount | 127 | 496 | ||
Impairment provision on individual basis | ¥ 24 | ¥ 52 | ||
Weighted - average loss rate | 10.70% | 7.40% | ||
Impairment provision | ¥ 11 | ¥ 33 | ||
Loss allowance | 35 | 85 | ||
Between 2 and 3 years [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Gross carrying amount | 411 | 723 | ||
Impairment provision on individual basis | ¥ 48 | ¥ 547 | ||
Weighted - average loss rate | 45.50% | 35.20% | ||
Impairment provision | ¥ 165 | ¥ 62 | ||
Loss allowance | 213 | 609 | ||
Over 3 years [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Gross carrying amount | 2,161 | 3,317 | ||
Impairment provision on individual basis | ¥ 1,719 | ¥ 2,830 | ||
Weighted - average loss rate | 89.60% | 63.70% | ||
Impairment provision | ¥ 396 | ¥ 310 | ||
Loss allowance | ¥ 2,115 | ¥ 3,140 |
Financial Risk and Capital Ma_4
Financial Risk and Capital Management - Additional Information (Detail) | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of objectives, policies and processes for managing capital [abstract] | ||
Gearing ratio, which is calculated as interest-bearing borrowings / (interest-bearing borrowings + total equity) | 24.40% | 22.70% |
Revenue - Schedule of Revenue I
Revenue - Schedule of Revenue Information (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | ¥ 2,515,660 | ¥ 2,374,124 | |
Other revenue | 1,150 | 810 | |
Total | 2,516,810 | 2,374,934 | ¥ 2,032,298 |
Mainland China [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 1,475,559 | 1,537,525 | |
Total | 1,476,693 | 1,538,315 | 1,302,695 |
Other countries [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 1,040,101 | 836,599 | |
Total | 1,040,117 | 836,619 | 729,603 |
Operating segments [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 4,139,113 | 3,938,043 | 3,199,215 |
Operating segments [member] | Crude oil and condensate [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 1,082,515 | 918,072 | |
Operating segments [member] | Natural gas [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 641,477 | 584,124 | |
Operating segments [member] | Refined products [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 2,007,005 | 2,024,597 | |
Operating segments [member] | Chemical Products [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 185,392 | 195,123 | |
Operating segments [member] | Pipeline transportation business [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 70,568 | 70,068 | |
Operating segments [member] | Non-oil sales in gas stations [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 21,146 | 22,274 | |
Operating segments [member] | Other goods and services [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 129,860 | 122,975 | |
Elimination of intersegment amounts [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | (1,622,303) | (1,563,109) | |
Total | (1,622,303) | (1,563,109) | (1,166,917) |
Exploration and production [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 123,423 | 119,188 | |
Total | 123,648 | 119,417 | 96,127 |
Exploration and production [member] | Mainland China [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 41,596 | 41,791 | |
Exploration and production [member] | Other countries [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 81,827 | 77,397 | |
Exploration and production [member] | Operating segments [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 676,320 | 658,712 | 505,430 |
Exploration and production [member] | Operating segments [member] | Crude oil and condensate [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 476,974 | 477,512 | |
Exploration and production [member] | Operating segments [member] | Natural gas [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 110,837 | 104,927 | |
Exploration and production [member] | Operating segments [member] | Other goods and services [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 88,284 | 76,044 | |
Exploration and production [member] | Elimination of intersegment amounts [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | (552,672) | (539,295) | |
Total | (552,672) | (539,295) | (409,303) |
Refining and chemicals [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 190,294 | 204,494 | |
Total | 190,501 | 204,665 | 188,926 |
Refining and chemicals [member] | Mainland China [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 190,294 | 204,494 | |
Refining and chemicals [member] | Operating segments [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 902,679 | 911,224 | 735,486 |
Refining and chemicals [member] | Operating segments [member] | Refined products [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 738,116 | 739,532 | |
Refining and chemicals [member] | Operating segments [member] | Chemical Products [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 157,044 | 164,229 | |
Refining and chemicals [member] | Operating segments [member] | Other goods and services [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 7,312 | 7,292 | |
Refining and chemicals [member] | Elimination of intersegment amounts [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | (712,178) | (706,559) | |
Total | (712,178) | (706,559) | (546,560) |
Marketing [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 1,850,005 | 1,722,152 | |
Total | 1,850,234 | 1,722,355 | 1,480,610 |
Marketing [member] | Mainland China [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 891,731 | 962,950 | |
Marketing [member] | Other countries [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 958,274 | 759,202 | |
Marketing [member] | Operating segments [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 2,165,391 | 2,003,105 | 1,660,456 |
Marketing [member] | Operating segments [member] | Crude oil and condensate [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 605,541 | 440,560 | |
Marketing [member] | Operating segments [member] | Natural gas [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 238,999 | 222,387 | |
Marketing [member] | Operating segments [member] | Refined products [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 1,268,889 | 1,285,065 | |
Marketing [member] | Operating segments [member] | Chemical Products [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 28,348 | 30,894 | |
Marketing [member] | Operating segments [member] | Non-oil sales in gas stations [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 21,146 | 22,274 | |
Marketing [member] | Operating segments [member] | Other goods and services [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 2,239 | 1,722 | |
Marketing [member] | Elimination of intersegment amounts [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | (315,157) | (280,750) | |
Total | (315,157) | (280,750) | (179,846) |
Natural gas and pipeline [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 349,898 | 326,524 | |
Total | 350,371 | 326,727 | 265,236 |
Natural gas and pipeline [member] | Mainland China [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 349,898 | 326,524 | |
Natural gas and pipeline [member] | Operating segments [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 391,023 | 362,626 | 295,786 |
Natural gas and pipeline [member] | Operating segments [member] | Natural gas [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 291,641 | 256,810 | |
Natural gas and pipeline [member] | Operating segments [member] | Pipeline transportation business [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 70,568 | 70,068 | |
Natural gas and pipeline [member] | Operating segments [member] | Other goods and services [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 28,341 | 35,545 | |
Natural gas and pipeline [member] | Elimination of intersegment amounts [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | (40,652) | (35,899) | |
Total | (40,652) | (35,899) | (30,550) |
Head office and other [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 2,040 | 1,766 | |
Total | 2,056 | 1,770 | 1,399 |
Head office and other [member] | Mainland China [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 2,040 | 1,766 | |
Head office and other [member] | Operating segments [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 3,700 | 2,376 | 2,057 |
Head office and other [member] | Operating segments [member] | Other goods and services [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 3,684 | 2,372 | |
Head office and other [member] | Elimination of intersegment amounts [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | (1,644) | (606) | |
Total | ¥ (1,644) | ¥ (606) | ¥ (658) |
Profit Before Income Tax Expe_3
Profit Before Income Tax Expense - Summary of Profit Before Income Tax Expense (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Profit or loss [abstract] | |||
Dividend income from equity investments measured at fair value through other comprehensive income | ¥ 22 | ¥ 52 | |
Dividend income from available-for-sale financial assets | ¥ 42 | ||
Reversal of provision for impairment of receivables | 1,630 | 1,370 | 37 |
Reversal of write down in inventories | 201 | 77 | 49 |
Government grants | 12,281 | 11,775 | 9,106 |
Gain on disposal of investment in subsidiaries | 49 | 45 | 613 |
Amortization of intangible and other assets | 4,992 | 4,897 | 4,495 |
Owned property, plant and equipment | 205,297 | 222,195 | 228,227 |
Right-of-use assets | 14,973 | ||
Auditors' remuneration | 53 | 53 | 53 |
Cost of inventories recognized as expense | 1,981,628 | 1,820,838 | 1,569,916 |
Provision for impairment of receivables | 263 | 1,385 | 3,291 |
Loss on disposal of property, plant and equipment | 9,809 | 16,761 | 4,963 |
Total minimum lease payments for leases previously classified as operating lease under IAS 17 | 20,196 | 20,089 | |
Variable lease payments, low-value and short-term lease payment not included in the measurement of lease liabilities | 3,514 | ||
Research and development expenses | 15,666 | 14,093 | 12,323 |
Write down in inventories | ¥ 1,461 | ¥ 4,307 | ¥ 1,118 |
Profit Before Income Tax Expe_4
Profit Before Income Tax Expense - Summary of Profit Before Income Tax Expense (Parenthetical) (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of transactions between related parties [Line Items] | |||
Auditors' remuneration, fees paid by subsidiaries | ¥ 53 | ¥ 53 | ¥ 53 |
Subsidiaries [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Auditors' remuneration, fees paid by subsidiaries | ¥ 60 | ¥ 52 | ¥ 52 |
Subsidiaries [member] | Maximum [Member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Portion of value-added tax actual tax burden, percentage | 3.00% |
Employee Compensation Costs - S
Employee Compensation Costs - Summary of Employee Compensation Costs (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Short-term employee benefits expense [abstract] | |||
Wages, salaries and allowances | ¥ 101,815 | ¥ 95,761 | ¥ 82,835 |
Social security costs | 52,503 | 48,630 | 42,868 |
Employee compensation costs | ¥ 154,318 | ¥ 144,391 | ¥ 125,703 |
Taxes Other Than Income Taxes -
Taxes Other Than Income Taxes - Summary of Taxes Other Than Income Taxes (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Taxes Other Than Income Taxes [abstract] | |||
Consumption tax | ¥ 164,973 | ¥ 152,494 | ¥ 144,973 |
Resource tax | 24,388 | 24,339 | 18,000 |
Crude oil special gain levy | 771 | 4,750 | |
Other | 38,304 | 39,094 | 37,731 |
Taxes other than income taxes | ¥ 228,436 | ¥ 220,677 | ¥ 200,704 |
Interest Expense - Summary of I
Interest Expense - Summary of Interest Expense (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest costs [abstract] | |||
Interest on Bank loans | ¥ 3,094 | ¥ 2,134 | ¥ 1,684 |
Other loans | 15,476 | 16,313 | 17,712 |
Lease liabilities | 7,476 | ||
Accretion expense (Note 32) | 5,525 | 5,678 | 5,453 |
Less: Amounts capitalized | (1,162) | (1,407) | (2,008) |
Interest expense | ¥ 30,409 | ¥ 22,718 | ¥ 22,841 |
Interest Expense - Additional I
Interest Expense - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest costs [abstract] | |||
Average interest rate used to capitalize borrowing costs that are attributable to the construction of a qualifying asset | 4.28% | 4.28% | 4.28% |
Emoluments of Directors and S_3
Emoluments of Directors and Supervisors - Details of the Emoluments of Directors and Supervisors (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | ¥ 13,042 | ¥ 13,385 | ¥ 11,779 |
Contribution to retirement benefit scheme | 1,796 | 1,781 | 1,645 |
Total | 14,838 | 15,166 | 13,424 |
Vice chairman [member] | Mr. Zhang Jianhua [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Total | 633 | ||
Vice chairman [member] | Mr. Wang Dongjin [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Total | 409 | 823 | |
Executive director [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | 829 | ||
Contribution to retirement benefit scheme | 154 | ||
Total | 983 | 1,930 | 1,630 |
Executive director [member] | Mr. Zhao Zhengzhang [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Total | 159 | ||
Executive director [member] | Hou Qijun [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | 829 | ||
Contribution to retirement benefit scheme | 154 | ||
Total | 983 | 888 | 648 |
Non-executive directors [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Fee for directors and supervisors | 1,782 | ||
Total | 1,782 | 1,772 | 1,159 |
Non-executive directors [member] | Mr Jiao Fangzheng [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Fee for directors and supervisors | |||
Non-executive directors [member] | Mr. Lin Boqiang [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Fee for directors and supervisors | 386 | ||
Total | 386 | 365 | 250 |
Non-executive directors [member] | Mr. Zhang Biyi [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Fee for directors and supervisors | 386 | ||
Total | 386 | 399 | 250 |
Non-executive directors [member] | Ms. Elsie Leung Oi-sie [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Fee for directors and supervisors | 319 | ||
Total | 319 | 334 | 220 |
Non-executive directors [member] | Mr. Tokuchi Tatsuhito [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Fee for directors and supervisors | 351 | ||
Total | 351 | 334 | 226 |
Non-executive directors [member] | Mr. Simon Henry [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Fee for directors and supervisors | 340 | ||
Total | 340 | 340 | 213 |
Supervisors [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | 3,687 | ||
Contribution to retirement benefit scheme | 358 | ||
Total | 4,045 | 3,520 | 3,248 |
Supervisors [member] | Mr. Yang Hua [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Total | 250 | ||
Supervisors [member] | Fu Suotang [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | 1,070 | ||
Contribution to retirement benefit scheme | 85 | ||
Total | 1,155 | 967 | 571 |
Supervisors [member] | Mr. Li Jiamin [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | 906 | ||
Contribution to retirement benefit scheme | 72 | ||
Total | 978 | 850 | 810 |
Supervisors [member] | Mr. Liu Xianhua [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | 774 | ||
Contribution to retirement benefit scheme | 71 | ||
Total | 845 | 743 | 733 |
Supervisors [member] | Mr. Li Wendong [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | 937 | ||
Contribution to retirement benefit scheme | 130 | ||
Total | 1,067 | 960 | 884 |
Directors and supervisors [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Fee for directors and supervisors | 1,782 | ||
Salaries, allowances and other benefits | 4,516 | ||
Contribution to retirement benefit scheme | 512 | ||
Total | ¥ 6,810 | ¥ 7,222 | ¥ 6,037 |
Emoluments of Directors and S_4
Emoluments of Directors and Supervisors - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2019CNY (¥)Employee | Dec. 31, 2018CNY (¥)Employee | Dec. 31, 2017CNY (¥)Employee | |
Disclosure of transactions between related parties [Line Items] | |||
Number of highest paid employees | Employee | 5 | 5 | 5 |
Salaries, allowances and other benefits | ¥ 13,042,000 | ¥ 13,385,000 | ¥ 11,779,000 |
Contribution to retirement benefit scheme | 1,796,000 | 1,781,000 | 1,645,000 |
Severance payment | 0 | 0 | 0 |
Directors [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Deferred performance emoluments paid | ¥ 330,000 | ¥ 170,000 | ¥ 0 |
Number of highest paid employees | Employee | 1 | ||
Supervisors [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Number of highest paid employees | Employee | 3 | 1 | 2 |
Salaries, allowances and other benefits | ¥ 3,687,000 | ||
Contribution to retirement benefit scheme | ¥ 358,000 | ||
Senior management [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Number of highest paid employees | Employee | 1 | 4 | 3 |
Senior management one [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | ¥ 940,000 | ¥ 912,000 | ¥ 823,000 |
Contribution to retirement benefit scheme | ¥ 161,000 | 148,000 | 127,000 |
Senior management two [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | 899,000 | 823,000 | |
Contribution to retirement benefit scheme | 148,000 | 127,000 | |
Senior management third [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | 866,000 | 732,000 | |
Contribution to retirement benefit scheme | 148,000 | ¥ 127,000 | |
Senior management four [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | 847,000 | ||
Contribution to retirement benefit scheme | ¥ 148,000 |
Income Tax Expense - Summary of
Income Tax Expense - Summary of Income Tax Expense (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Major components of tax expense (income) [abstract] | |||
Current taxes | ¥ 32,714 | ¥ 34,983 | ¥ 23,835 |
Deferred taxes (Note 31) | 3,485 | 7,807 | (7,539) |
Income tax expense | ¥ 36,199 | ¥ 42,790 | ¥ 16,296 |
Income Tax Expense - Additional
Income Tax Expense - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Major components of tax expense (income) [abstract] | |||
Corporate income tax rate | 25.00% | 25.00% | 25.00% |
Preferential income tax rate | 15.00% | 15.00% | 15.00% |
Income Tax Expense - Reconcilia
Income Tax Expense - Reconciliation of Tax on Profit Before Taxation and the Tax using the Corporate Income Tax Rate in the PRC Applicable to the Group (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||
Profit before income tax expense | ¥ 103,214 | ¥ 116,770 | ¥ 55,691 |
Tax calculated at a tax rate of 25% | 25,804 | 29,193 | 13,923 |
Tax return true-up | 691 | 554 | 1,275 |
Effect of income taxes from international operations different from taxes at the PRC statutory tax rate | 6,112 | 4,414 | 693 |
Effect of preferential tax rate | (5,529) | (3,855) | (5,058) |
Tax effect of income not subject to tax | (3,767) | (3,278) | (3,401) |
Tax effect of expenses not deductible for tax purposes | 4,479 | 8,278 | 5,018 |
Tax effect of temporary differences and losses unrecognized as deferred tax assets | 8,409 | 7,484 | 3,846 |
Income tax expense | ¥ 36,199 | ¥ 42,790 | ¥ 16,296 |
Income Tax Expense - Reconcil_2
Income Tax Expense - Reconciliation of Tax on Profit Before Taxation and the Tax using the Corporate Income Tax Rate in the PRC Applicable to the Group (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||
Corporate income tax rate | 25.00% | 25.00% | 25.00% |
Basic and Diluted Earnings Pe_2
Basic and Diluted Earnings Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Basic and diluted earnings per share [abstract] | |||
Number of shares issued and outstanding | 183,021,000,000 | 183,021,000,000 | 183,021,000,000 |
Number of potentially dilutive ordinary shares | 0 |
Dividends - Summary of Dividend
Dividends - Summary of Dividends (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Dividend attributable to owners [Line Items] | |||
Dividends attributable to owners of the Company | ¥ 26,293 | ¥ 32,724 | ¥ 23,793 |
Interim dividends [member] | |||
Dividend attributable to owners [Line Items] | |||
Dividends attributable to owners of the Company | 14,212 | 16,252 | 12,676 |
Final dividends [member] | |||
Dividend attributable to owners [Line Items] | |||
Dividends attributable to owners of the Company | ¥ 12,081 | ¥ 16,472 | ¥ 11,117 |
Dividends - Summary of Divide_2
Dividends - Summary of Dividends (Parenthetical) (Detail) - CNY (¥) ¥ / shares in Units, ¥ in Millions | Sep. 24, 2019 | Sep. 21, 2018 | Jun. 30, 2018 | Jun. 21, 2018 | Sep. 15, 2017 | Jun. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Dividend attributable to owners [abstract] | |||||||||
Dividends attributable to owners of the Company, per share | ¥ 0.07765 | ¥ 0.08880 | ¥ 0.06074 | ¥ 0.06926 | ¥ 0.06601 | ¥ 0.09 | |||
Dividends attributable to owners of the Company, total amount paid | ¥ 14,212 | ¥ 16,252 | ¥ 0 | ¥ 11,117 | ¥ 12,676 | ¥ 0 | ¥ 44,963 | ¥ 42,792 | ¥ 30,030 |
Dividends attributable to owners of the Company, proposed total | ¥ 12,081 | ¥ 16,472 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | ¥ 1,709,388 | ||
Impairment charge | (13,419) | ¥ (29,925) | ¥ (17,947) |
At end of the year | 1,783,224 | 1,709,388 | |
Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | 3,741,441 | 3,568,429 | |
Additions | 298,678 | 255,041 | |
Disposals or write offs | (66,931) | (87,423) | |
Currency translation differences | 12,410 | 5,394 | |
At end of the year | 3,985,598 | 3,741,441 | 3,568,429 |
Accumulated amortization, including impairment losses [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | (2,032,053) | (1,861,875) | |
Charge for the year and others | (193,372) | (194,190) | |
Impairment charge | (13,419) | (29,925) | |
Disposals or write offs or transfers | 41,369 | 58,354 | |
Currency translation differences | (4,899) | (4,417) | |
At end of the year | (2,202,374) | (2,032,053) | (1,861,875) |
Buildings [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | 136,271 | ||
At end of the year | 144,231 | 136,271 | |
Buildings [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | 237,038 | 227,008 | |
Additions | 1,330 | 655 | |
Transfers | 21,265 | 15,880 | |
Disposals or write offs | (7,605) | (6,415) | |
Currency translation differences | 146 | (90) | |
At end of the year | 252,174 | 237,038 | 227,008 |
Buildings [member] | Accumulated amortization, including impairment losses [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | (100,767) | (94,160) | |
Charge for the year and others | (11,402) | (10,021) | |
Impairment charge | (237) | (759) | |
Disposals or write offs or transfers | 4,532 | 4,095 | |
Currency translation differences | (69) | 78 | |
At end of the year | (107,943) | (100,767) | (94,160) |
Oil and gas properties [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | 800,459 | ||
At end of the year | 831,814 | 800,459 | |
Oil and gas properties [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | 2,113,366 | 2,011,329 | |
Additions | 5,990 | 10,217 | |
Transfers | 174,749 | 146,012 | |
Disposals or write offs | (40,253) | (57,281) | |
Currency translation differences | 7,351 | 3,089 | |
At end of the year | 2,261,203 | 2,113,366 | 2,011,329 |
Oil and gas properties [member] | Accumulated amortization, including impairment losses [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | (1,312,907) | (1,199,741) | |
Charge for the year and others | (128,859) | (131,023) | |
Impairment charge | (11,562) | (19,856) | |
Disposals or write offs or transfers | 28,241 | 42,218 | |
Currency translation differences | (4,302) | (4,505) | |
At end of the year | (1,429,389) | (1,312,907) | (1,199,741) |
Equipment and machinery [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | 532,303 | ||
At end of the year | 537,846 | 532,303 | |
Equipment and machinery [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | 1,102,423 | 1,068,598 | |
Additions | 6,111 | 3,586 | |
Transfers | 52,449 | 42,324 | |
Disposals or write offs | (7,528) | (12,458) | |
Currency translation differences | 161 | 373 | |
At end of the year | 1,153,616 | 1,102,423 | 1,068,598 |
Equipment and machinery [member] | Accumulated amortization, including impairment losses [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | (570,120) | (526,441) | |
Charge for the year and others | (50,360) | (49,642) | |
Impairment charge | (1,159) | (3,937) | |
Disposals or write offs or transfers | 5,945 | 9,952 | |
Currency translation differences | (76) | (52) | |
At end of the year | (615,770) | (570,120) | (526,441) |
Motor vehicles [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | 7,635 | ||
At end of the year | 7,201 | 7,635 | |
Motor vehicles [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | 27,911 | 28,990 | |
Additions | 1,325 | 1,113 | |
Disposals or write offs | (2,096) | (2,184) | |
Currency translation differences | 8 | (8) | |
At end of the year | 27,148 | 27,911 | 28,990 |
Motor vehicles [member] | Accumulated amortization, including impairment losses [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | (20,276) | (20,296) | |
Charge for the year and others | (1,386) | (1,629) | |
Impairment charge | (4) | (37) | |
Disposals or write offs or transfers | 1,724 | 1,676 | |
Currency translation differences | (5) | 10 | |
At end of the year | (19,947) | (20,276) | (20,296) |
Other [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | 12,366 | ||
At end of the year | 13,063 | 12,366 | |
Other [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | 34,080 | 32,631 | |
Additions | 752 | 649 | |
Transfers | 1,234 | 1,539 | |
Disposals or write offs | (549) | (506) | |
Currency translation differences | 638 | (233) | |
At end of the year | 36,155 | 34,080 | 32,631 |
Other [member] | Accumulated amortization, including impairment losses [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | (21,714) | (18,230) | |
Charge for the year and others | (1,365) | (1,875) | |
Impairment charge | (38) | (2,066) | |
Disposals or write offs or transfers | 436 | 358 | |
Currency translation differences | (411) | 99 | |
At end of the year | (23,092) | (21,714) | (18,230) |
Construction in progress [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | 220,354 | ||
At end of the year | 249,069 | 220,354 | |
Construction in progress [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | 226,623 | 199,873 | |
Additions | 283,170 | 238,821 | |
Transfers | (249,697) | (205,755) | |
Disposals or write offs | (8,900) | (8,579) | |
Currency translation differences | 4,106 | 2,263 | |
At end of the year | 255,302 | 226,623 | 199,873 |
Construction in progress [member] | Accumulated amortization, including impairment losses [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | (6,269) | (3,007) | |
Impairment charge | (419) | (3,270) | |
Disposals or write offs or transfers | 491 | 55 | |
Currency translation differences | (36) | (47) | |
At end of the year | ¥ (6,233) | ¥ (6,269) | ¥ (3,007) |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Impairment charge | ¥ 13,419 | ¥ 29,925 | ¥ 17,947 |
Exploration and production [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Impairment charge | 11,562 | 26,002 | 6,565 |
Petrochemical and refinery production facilities [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Impairment charge | 1,159 | 3,937 | |
Petrochemical production facilities [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Impairment charge | 10,300 | ||
Oil and gas properties [member] | Exploration and production [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Impairment charge | 11,562 | 19,856 | ¥ 3,961 |
Construction in progress [member] | Exploration and production [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Impairment charge | ¥ 0 | ¥ 2,904 | |
Bottom of range [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
After-tax discount rates adopted by most oil blocks | 6.40% | 7.30% | 7.60% |
Top of range [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
After-tax discount rates adopted by most oil blocks | 15.40% | 11.50% | 11.00% |
Property, Plant and Equipment_3
Property, Plant and Equipment - Changes to Exploratory Well Costs (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Capitalized exploratory well costs charged to expense | ¥ (8,900) | ¥ (8,579) | ¥ (9,455) |
Construction in progress [member] | Exploratory well costs [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | 26,905 | 22,843 | 21,421 |
Additions to capitalized exploratory well costs pending the determination of proved reserves | 35,098 | 28,045 | 25,165 |
Reclassified to wells, facilities, and equipment based on the determination of proved reserves | (17,002) | (15,404) | (14,288) |
Capitalized exploratory well costs charged to expense | (8,900) | (8,579) | (9,455) |
At end of the year | ¥ 36,101 | ¥ 26,905 | ¥ 22,843 |
Property, Plant and Equipment_4
Property, Plant and Equipment - Aging of Capitalized Exploratory Well Costs (Detail) - Construction in progress [member] - CNY (¥) ¥ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
One year or less | ¥ 23,924 | ¥ 17,542 |
Over one year | 12,177 | 9,363 |
Capitalized Exploratory Well Costs | ¥ 36,101 | ¥ 26,905 |
Investments in Associates and J
Investments in Associates and Joint Ventures - Summarized Financial Information of the Group's Principal Associates and Joint Ventures (Detail) € in Millions, ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2019EUR (€) | Dec. 31, 2019USD ($) | |
Disclosure of associates and joint ventures [Line Items] | ||||
Registered Capital | ¥ 183,021 | ¥ 183,021 | ||
China Petroleum Finance Co., Ltd. [member] | ||||
Disclosure of associates and joint ventures [Line Items] | ||||
Associate, Country of Incorporation | PRC | |||
Registered Capital | ¥ 8,331 | |||
Principal Activities | Deposits, loans, settlement, lending, bills acceptance discounting, guarantee and other banking business | |||
Associate, Interest Direct % | 32.00% | 32.00% | ||
CNPC Captive Insurance Co., Ltd. [member] | ||||
Disclosure of associates and joint ventures [Line Items] | ||||
Associate, Country of Incorporation | PRC | |||
Registered Capital | ¥ 5,000 | |||
Principal Activities | Property loss insurance, liability insurance, credit insurance and deposit insurance; as well as the application of the above insurance reinsurance and insurance capital business | |||
Associate, Interest Direct % | 49.00% | 49.00% | ||
China Marine Bunker (PetroChina) Co., Ltd. [member] | ||||
Disclosure of associates and joint ventures [Line Items] | ||||
Associate, Country of Incorporation | PRC | |||
Registered Capital | ¥ 1,000 | |||
Principal Activities | Oil import and export trade and transportation, sale and storage | |||
Joint Venture, Interest Indirect % | 50.00% | 50.00% | ||
Trans-Asia Gas Pipeline Co., Ltd. [member] | ||||
Disclosure of associates and joint ventures [Line Items] | ||||
Associate, Country of Incorporation | PRC | |||
Registered Capital | ¥ 5,000 | |||
Principal Activities | Main contractor, investment holding, investment management, investment consulting, enterprise management advisory, technology development, promotion and technology consulting | |||
Joint Venture, Interest Indirect % | 50.00% | 50.00% | ||
PetroIneos Refining Limited [Member] | ||||
Disclosure of associates and joint ventures [Line Items] | ||||
Associate, Country of Incorporation | UK | |||
Registered Capital | $ | $ 1,000 | |||
Principal Activities | Refining | |||
Joint Venture, Interest Indirect % | 49.90% | |||
Mangistau Investment B.V. [Member] | ||||
Disclosure of associates and joint ventures [Line Items] | ||||
Associate, Country of Incorporation | Netherlands | |||
Registered Capital | € | € 18,000 | |||
Principal Activities | Engages in investing activities, the principle activities of its main subsidiaries are exploration, exploitation and sale of oil and gas. | |||
Joint Venture, Interest Indirect % | 50.00% | 50.00% |
Investments in Associates and_2
Investments in Associates and Joint Ventures - Additional Information (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of associates and joint ventures [Line Items] | |||
Share of profit accounted for using equity method | ¥ 8,229 | ¥ 11,647 | ¥ 5,968 |
Associates and joint ventures [member] | |||
Disclosure of associates and joint ventures [Line Items] | |||
Dividends received or receivable from associates and joint ventures | 4,432 | 6,558 | 7,034 |
Associates and joint ventures disposal [member] | |||
Disclosure of associates and joint ventures [Line Items] | |||
Investments in associates and joint ventures that were disposed of | 119 | 207 | 96 |
Investments in associates and joint ventures that were disposed of, gain (loss) | 238 | 7 | 6 |
Individually immaterial associates and joint ventures accounted for using equity method [member] | |||
Disclosure of associates and joint ventures [Line Items] | |||
Share of profit accounted for using equity method | 2,207 | 8,996 | 3,235 |
Share of other comprehensive income accounted for using equity method | ¥ 2,098 | ¥ 480 | ¥ 845 |
Investments in Associates and_3
Investments in Associates and Joint Ventures - Summarized Financial Information of the Group's Principal Associates and Reconciliation to Carrying Amount and Statement of Comprehensive Income and Dividends Received of the Group's Principal Joint Ventures (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of associates [Line Items] | |||
Current assets | ¥ 466,913 | ¥ 438,241 | |
Non-current assets | 2,265,997 | 2,002,636 | |
Current liabilities | 661,419 | 596,430 | |
Non-current liabilities | 627,186 | 435,556 | |
Goodwill | 34,285 | ||
REVENUE | 2,516,810 | 2,374,934 | ¥ 2,032,298 |
(Loss)/profit for the year | 67,015 | 73,980 | 39,395 |
Other comprehensive income | 8,930 | (2,648) | (1,365) |
Total comprehensive income | ¥ 75,945 | ¥ 71,332 | 38,030 |
China Petroleum Finance Co., Ltd. [member] | |||
Disclosure of associates [Line Items] | |||
Percentage ownership interest (%) | 32.00% | 32.00% | |
Current assets | ¥ 261,520 | ¥ 173,948 | |
Non-current assets | 228,933 | 285,805 | |
Current liabilities | 403,052 | 378,472 | |
Non-current liabilities | 17,234 | 16,317 | |
Net assets | 70,167 | 64,964 | |
Group's share of net assets | 22,453 | 20,788 | |
Goodwill | 349 | 349 | |
Carrying amount of interest in associates | 22,802 | 21,137 | |
REVENUE | 9,672 | 8,520 | 8,520 |
(Loss)/profit for the year | 7,810 | 7,554 | 7,286 |
Other comprehensive income | 1,356 | 651 | (1,395) |
Total comprehensive income | 9,166 | 8,205 | 5,891 |
Group's share of total comprehensive income | 2,933 | 2,626 | 1,885 |
Dividends received by the Group | ¥ 1,268 | ¥ 983 | 815 |
CNPC Captive Insurance Co., Ltd. [member] | |||
Disclosure of associates [Line Items] | |||
Percentage ownership interest (%) | 49.00% | 49.00% | |
Current assets | ¥ 10,823 | ¥ 10,493 | |
Non-current assets | 2,618 | 2,928 | |
Current liabilities | 6,981 | 7,184 | |
Non-current liabilities | 3 | ||
Net assets | 6,457 | 6,237 | |
Group's share of net assets | 3,164 | 3,056 | |
Carrying amount of interest in associates | 3,164 | 3,056 | |
REVENUE | 712 | 706 | 654 |
(Loss)/profit for the year | 349 | 315 | 364 |
Other comprehensive income | (1) | 1 | |
Total comprehensive income | 348 | 315 | 365 |
Group's share of total comprehensive income | 170 | 154 | 179 |
Dividends received by the Group | ¥ 62 | ¥ 63 | 27 |
PetroIneos Refining Limited [Member] | |||
Disclosure of associates [Line Items] | |||
Percentage ownership interest (%) | 49.90% | 49.90% | |
Current assets | ¥ 1,457 | ¥ 1,373 | |
Non-current assets | 14,364 | 14,795 | |
Current liabilities | 7,843 | 7,997 | |
Non-current liabilities | 1,457 | 1,430 | |
Net assets | 6,521 | 6,741 | |
Group's share of net assets | 3,254 | 3,364 | |
Carrying amount of interest in associates | 3,254 | 3,364 | |
REVENUE | 4,446 | 4,588 | 4,472 |
(Loss)/profit for the year | (326) | (120) | 699 |
Other comprehensive income | 106 | 325 | (384) |
Total comprehensive income | (220) | 205 | 315 |
Group's share of total comprehensive income | ¥ (110) | ¥ 102 | ¥ 157 |
Investments in Associates and_4
Investments in Associates and Joint Ventures - Summarized Statement of Financial Posistion, Adjusted for Fair Value Adjustments and Differences in Accounting Policies and Reconciliation to Carrying Amount and Statement of Comprehensive Income, Adjusted for Fair Value Adjustments and Differences in Accounting Policies and Dividends Received of the Group's Principal Joint Ventures (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of joint ventures [Line Items] | ||||
Non-current assets | ¥ 2,265,997 | ¥ 2,002,636 | ||
Current assets | 466,913 | 438,241 | ||
Including: cash and cash equivalents | 86,409 | 85,954 | ¥ 123,700 | ¥ 99,058 |
Non-current liabilities | 627,186 | 435,556 | ||
Current liabilities | 661,419 | 596,430 | ||
REVENUE | 2,516,810 | 2,374,934 | 2,032,298 | |
Depreciation, depletion and amortization | (225,262) | (232,276) | (237,807) | |
Interest expense | (30,409) | (22,718) | (22,841) | |
INCOME TAX EXPENSE | (36,199) | (42,790) | (16,296) | |
Net profit | 67,015 | 73,980 | 39,395 | |
Total comprehensive income | ¥ 75,945 | ¥ 71,332 | 38,030 | |
China Marine Bunker (PetroChina) Co., Ltd. [member] | ||||
Disclosure of joint ventures [Line Items] | ||||
Percentage ownership interest (%) | 50.00% | 50.00% | ||
Non-current assets | ¥ 1,750 | ¥ 1,893 | ||
Current assets | 8,666 | 7,313 | ||
Including: cash and cash equivalents | 1,206 | 1,368 | ||
Non-current liabilities | 152 | 152 | ||
Including: Non-current financial liabilities | 5 | 20 | ||
Current liabilities | 7,349 | 6,091 | ||
Including: Current financial liabilities excluding trade and other payables | 3,599 | 3,796 | ||
Net assets | 2,915 | 2,963 | ||
Net assets attributable to owners of the Company | 2,672 | 2,702 | ||
Group's share of net assets | 1,336 | 1,351 | ||
Carrying amount of interest in joint ventures | 1,336 | 1,351 | ||
REVENUE | 42,116 | 43,924 | 31,770 | |
Depreciation, depletion and amortization | (81) | (90) | (93) | |
Interest income | 23 | 18 | 12 | |
Interest expense | (88) | (96) | (39) | |
INCOME TAX EXPENSE | (92) | (37) | (44) | |
Net profit | 142 | 126 | 116 | |
Total comprehensive income | 169 | 151 | 87 | |
Group's share of total comprehensive income | ¥ 85 | 76 | 43 | |
Dividends received by the Group | ¥ 8 | |||
Trans-Asia Gas Pipeline Co., Ltd. [member] | ||||
Disclosure of joint ventures [Line Items] | ||||
Percentage ownership interest (%) | 50.00% | 50.00% | ||
Non-current assets | ¥ 43,258 | ¥ 34,584 | ||
Current assets | 2,680 | 3,330 | ||
Including: cash and cash equivalents | 73 | 81 | ||
Non-current liabilities | 2,355 | 2,100 | ||
Including: Non-current financial liabilities | 2,100 | 2,100 | ||
Current liabilities | 445 | 267 | ||
Net assets | 43,138 | 35,547 | ||
Net assets attributable to owners of the Company | 43,138 | 35,547 | ||
Group's share of net assets | 21,569 | 17,774 | ||
Carrying amount of interest in joint ventures | 21,569 | 17,774 | ||
REVENUE | 23 | 14 | 16 | |
Depreciation, depletion and amortization | (37) | (4) | (3) | |
Interest income | 51 | 59 | 65 | |
Interest expense | (57) | (46) | (43) | |
INCOME TAX EXPENSE | 10 | |||
Net profit | 4,070 | 1,931 | 4,612 | |
Total comprehensive income | 7,940 | 2,505 | 4,502 | |
Group's share of total comprehensive income | 3,970 | ¥ 1,253 | 2,251 | |
Dividends received by the Group | ¥ 175 | |||
Mangistau Investment BV [Member] | ||||
Disclosure of joint ventures [Line Items] | ||||
Percentage ownership interest (%) | 50.00% | 50.00% | ||
Non-current assets | ¥ 11,980 | ¥ 11,642 | ||
Current assets | 1,211 | 780 | ||
Including: cash and cash equivalents | 292 | 265 | ||
Non-current liabilities | 3,062 | 2,740 | ||
Including: Non-current financial liabilities | 907 | 892 | ||
Current liabilities | 567 | 868 | ||
Net assets | 9,562 | 8,814 | ||
Net assets attributable to owners of the Company | 9,562 | 8,814 | ||
Group's share of net assets | 4,781 | 4,407 | ||
Carrying amount of interest in joint ventures | 4,781 | 4,407 | ||
REVENUE | 15,104 | 16,085 | 13,192 | |
Depreciation, depletion and amortization | (883) | (807) | (808) | |
Interest income | 2 | 5 | 3 | |
Interest expense | (158) | (154) | (122) | |
INCOME TAX EXPENSE | (925) | (1,077) | (27) | |
Net profit | 2,818 | 3,324 | 1,947 | |
Total comprehensive income | 2,978 | 3,020 | 1,852 | |
Group's share of total comprehensive income | 1,489 | 1,510 | 926 | |
Dividends received by the Group | ¥ 1,115 | ¥ 1,650 | ¥ 2,141 |
Equity Investments Measured a_2
Equity Investments Measured at Fair Value Through Other Comprehensive Income - Schedule of Equity Investments Designates as Financial Asset at Fair Value Through Other Comprehensive Income (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Financial assets measured at fair value through other comprehensive income [line items] | ||
Financial assets measured at fair value through other comprehensive income | ¥ 922 | ¥ 738 |
China Pacific Insurance (Group) Co.,Ltd. [member] | ||
Financial assets measured at fair value through other comprehensive income [line items] | ||
Financial assets measured at fair value through other comprehensive income | 185 | 139 |
Chengdu Huaqi Houpu Holding Co.,Ltd. [member] | ||
Financial assets measured at fair value through other comprehensive income [line items] | ||
Financial assets measured at fair value through other comprehensive income | 191 | 114 |
Other investment company's [member] | ||
Financial assets measured at fair value through other comprehensive income [line items] | ||
Financial assets measured at fair value through other comprehensive income | ¥ 546 | ¥ 485 |
Equity Investments Measured a_3
Equity Investments Measured at Fair Value Through Other Comprehensive Income - Additional Information (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Financial assets measured at fair value through other comprehensive income [abstract] | ||
Dividend received | ¥ 22 | ¥ 52 |
Subsidiaries - Principal Subsid
Subsidiaries - Principal Subsidiaries of the Group (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019CNY (¥) | Dec. 31, 2018 | Dec. 31, 2019HKD ($) | |
Daqing Oilfield Company Limited [member] | |||
Disclosure of subsidiaries [Line Items] | |||
Country of Incorporation | PRC | ||
Registered Capital | ¥ 47,500 | ||
Type of Legal Entity | Limited liability company | ||
Attributable Equity Interest % | 100.00% | ||
Voting Rights % | 100.00% | ||
Principal Activities | Exploration, production and sale of crude oil and natural gas | ||
CNPC Exploration and Development Company Limited [member] | |||
Disclosure of subsidiaries [Line Items] | |||
Country of Incorporation | PRC | ||
Registered Capital | ¥ 16,100 | ||
Type of Legal Entity | Limited liability company | ||
Attributable Equity Interest % | 50.00% | 50.00% | |
Voting Rights % | 57.14% | ||
Principal Activities | Exploration, production and sale of crude oil and natural gas outside the PRC | ||
PetroChina Hong Kong Limited [member] | |||
Disclosure of subsidiaries [Line Items] | |||
Country of Incorporation | Hong Kong | ||
Registered Capital | $ | $ 7,592 | ||
Type of Legal Entity | Limited liability company | ||
Attributable Equity Interest % | 100.00% | ||
Voting Rights % | 100.00% | ||
Principal Activities | Investment holding. The principal activities of its subsidiaries, associates and joint ventures are the exploration, production and sale of crude oil in and outside the PRC as well as natural gas sale and transmission in the PRC | ||
PetroChina International Investment Company Limited [member] | |||
Disclosure of subsidiaries [Line Items] | |||
Country of Incorporation | PRC | ||
Registered Capital | ¥ 31,314 | ||
Type of Legal Entity | Limited liability company | ||
Attributable Equity Interest % | 100.00% | ||
Voting Rights % | 100.00% | ||
Principal Activities | Investment holding. The principal activities of its subsidiaries, associates and joint ventures are the exploration, development and production of crude oil, natural gas, oil sands and coalbed methane outside the PRC | ||
PetroChina International Company Limited [member] | |||
Disclosure of subsidiaries [Line Items] | |||
Country of Incorporation | PRC | ||
Registered Capital | ¥ 18,096 | ||
Type of Legal Entity | Limited liability company | ||
Attributable Equity Interest % | 100.00% | ||
Voting Rights % | 100.00% | ||
Principal Activities | Marketing of refined products and trading of crude oil and petrochemical products, storage, investment in refining, chemical engineering, storage facilities, service station, and transportation facilities and related business in and outside the PRC | ||
PetroChina Pipelines Co., Ltd. [member] | |||
Disclosure of subsidiaries [Line Items] | |||
Country of Incorporation | PRC | ||
Registered Capital | ¥ 80,000 | ||
Type of Legal Entity | Limited liability company | ||
Attributable Equity Interest % | 72.26% | 72.26% | |
Voting Rights % | 72.26% | ||
Principal Activities | Oil and gas pipeline transportation, investment holding, import and export of goods, agency of import and export, import and export of technology, technology promotion service, professional contractor, main contractor |
Subsidiaries - Summarized Finan
Subsidiaries - Summarized Financial Information of the Group's Principal Subsidiaries with Significant Non-controlling Interests (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of subsidiaries [Line Items] | |||
Current assets | ¥ 466,913 | ¥ 438,241 | |
Non-current assets | 2,265,997 | 2,002,636 | |
Current liabilities | 661,419 | 596,430 | |
Non-current liabilities | 627,186 | 435,556 | |
REVENUE | 2,516,810 | 2,374,934 | ¥ 2,032,298 |
Total comprehensive income | 75,945 | 71,332 | 38,030 |
Profit attributable to non-controlling interests | 21,333 | 20,944 | 15,858 |
Net cash inflow from operating activities | 359,610 | 353,256 | 368,729 |
Net cash (outflow) / inflow from investing activities | (332,948) | (267,812) | (243,790) |
Net cash (outflow) / inflow from financing activities | (27,276) | (125,703) | (96,746) |
Effect of foreign exchange rate changes on cash and cash equivalents | 1,069 | 2,513 | (3,551) |
Net (decrease) / increase in cash and cash equivalents | 455 | (37,746) | 24,642 |
Cash and cash equivalents at beginning of the year | 85,954 | 123,700 | 99,058 |
Cash and cash equivalents at end of the year | ¥ 86,409 | ¥ 85,954 | 123,700 |
CNPC Exploration and Development Company Limited [member] | |||
Disclosure of subsidiaries [Line Items] | |||
Percentage ownership interest (%) | 50.00% | 50.00% | |
Current assets | ¥ 20,604 | ¥ 21,463 | |
Non-current assets | 186,792 | 166,155 | |
Current liabilities | 18,911 | 14,525 | |
Non-current liabilities | 25,326 | 25,967 | |
Net assets | 163,159 | 147,126 | |
REVENUE | 47,096 | 45,618 | 37,304 |
Profit from continuing operations | 14,126 | 15,563 | 3,696 |
Total comprehensive income | 17,879 | 17,577 | (1,050) |
Profit attributable to non-controlling interests | 8,274 | 8,844 | 2,390 |
Dividends paid to non-controlling interests | 1,923 | 2,038 | 1,420 |
Net cash inflow from operating activities | 17,780 | 22,467 | 18,545 |
Net cash (outflow) / inflow from investing activities | (17,306) | (33,466) | (12,304) |
Net cash (outflow) / inflow from financing activities | (1,118) | 7,865 | (4,296) |
Effect of foreign exchange rate changes on cash and cash equivalents | 220 | (1,350) | (2,183) |
Net (decrease) / increase in cash and cash equivalents | (424) | (4,484) | (238) |
Cash and cash equivalents at beginning of the year | 13,498 | 17,982 | 18,220 |
Cash and cash equivalents at end of the year | ¥ 13,074 | ¥ 13,498 | 17,982 |
PetroChina Pipelines Co., Ltd. [member] | |||
Disclosure of subsidiaries [Line Items] | |||
Percentage ownership interest (%) | 72.26% | 72.26% | |
Current assets | ¥ 4,306 | ¥ 4,604 | |
Non-current assets | 228,623 | 224,163 | |
Current liabilities | 7,631 | 7,531 | |
Non-current liabilities | 9,616 | 6,095 | |
Net assets | 215,682 | 215,141 | |
REVENUE | 43,463 | 43,062 | 43,627 |
Profit from continuing operations | 18,911 | 19,436 | 17,891 |
Total comprehensive income | 18,911 | 19,436 | 17,891 |
Profit attributable to non-controlling interests | 5,246 | 5,392 | 4,963 |
Dividends paid to non-controlling interests | 4,852 | 7,174 | 3,569 |
Net cash inflow from operating activities | 30,058 | 29,701 | 31,160 |
Net cash (outflow) / inflow from investing activities | (10,764) | (2,701) | 2,869 |
Net cash (outflow) / inflow from financing activities | (18,910) | (25,919) | (36,190) |
Effect of foreign exchange rate changes on cash and cash equivalents | 0 | ||
Net (decrease) / increase in cash and cash equivalents | 384 | 1,081 | (2,161) |
Cash and cash equivalents at beginning of the year | 1,229 | 148 | 2,309 |
Cash and cash equivalents at end of the year | ¥ 1,613 | ¥ 1,229 | ¥ 148 |
Advance Operating Lease Payme_3
Advance Operating Lease Payments - Summary of Advance Operating Lease Payments (Detail) ¥ in Millions | Dec. 31, 2018CNY (¥) |
Disclosure of Operating Lease by Lessee [abstract] | |
Land use rights | ¥ 58,858 |
Advance lease payments | 19,382 |
Total | ¥ 78,240 |
Intangible and Other Non-curr_3
Intangible and Other Non-current Assets - Summary of Intangible and Other Non-current Assets (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | ¥ 62,391 | ¥ 60,531 |
Other assets | 38,272 | 37,778 |
Total intangible and other non-current assets | 100,663 | 98,309 |
Patents and technical know-how [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | 1,412 | 1,658 |
Computer software [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | 3,240 | 3,109 |
Goodwill [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | 42,808 | 42,273 |
Other [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | 14,931 | 13,491 |
Cost [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | 90,573 | 86,966 |
Cost [member] | Patents and technical know-how [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | 7,782 | 7,674 |
Cost [member] | Computer software [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | 12,356 | 11,746 |
Cost [member] | Goodwill [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | 46,555 | 46,020 |
Cost [member] | Other [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | 23,880 | 21,526 |
Accumulated amortization, including impairment losses [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | (28,182) | (26,435) |
Accumulated amortization, including impairment losses [member] | Patents and technical know-how [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | (6,370) | (6,016) |
Accumulated amortization, including impairment losses [member] | Computer software [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | (9,116) | (8,637) |
Accumulated amortization, including impairment losses [member] | Goodwill [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | (3,747) | (3,747) |
Accumulated amortization, including impairment losses [member] | Other [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | ¥ (8,949) | ¥ (8,035) |
Intangible and Other Non-curr_4
Intangible and Other Non-current Assets - Summary of Intangible and Other Non-current Assets (Parenthetical) (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about intangible assets [Line Items] | |||
Goodwill carrying amount | ¥ 34,285 | ||
PetroChina United Pipelines Co., Ltd [member] | |||
Disclosure of detailed information about intangible assets [Line Items] | |||
Impairment charge | ¥ 0 | ¥ 0 | ¥ 3,709 |
Post-tax discount rates | 7.20% | 8.90% | 8.90% |
Others [Member] | |||
Disclosure of detailed information about intangible assets [Line Items] | |||
Impairment charge | ¥ 0 | ¥ 38 | ¥ 0 |
Others [Member] | Bottom of range [member] | |||
Disclosure of detailed information about intangible assets [Line Items] | |||
Post-tax discount rates | 6.50% | 9.10% | 9.20% |
Others [Member] | Top of range [member] | |||
Disclosure of detailed information about intangible assets [Line Items] | |||
Post-tax discount rates | 10.50% | 11.00% | 10.50% |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of inventories [Line Items] | |||
Inventories | ¥ 181,921 | ¥ 177,577 | |
Write down in inventories | (1,461) | (4,307) | ¥ (1,118) |
Cost [member] | |||
Disclosure of inventories [Line Items] | |||
Crude oil and other raw materials | 56,166 | 58,188 | |
Work in progress | 15,159 | 14,241 | |
Finished goods | 112,003 | 110,103 | |
Spare parts and consumables | 88 | 53 | |
Inventories | 183,416 | 182,585 | |
Write down in inventories | ¥ (1,495) | ¥ (5,008) |
Accounts Receivable - Summary o
Accounts Receivable - Summary of Accounts Receivable (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of financial assets [Line Items] | ||
Accounts receivable | ¥ 64,184 | ¥ 59,522 |
Cost [member] | ||
Disclosure of financial assets [Line Items] | ||
Accounts receivable | 66,615 | 63,575 |
Accumulated impairment [member] | ||
Disclosure of financial assets [Line Items] | ||
Accounts receivable | ¥ (2,431) | ¥ (4,053) |
Accounts Receivable - Aging Ana
Accounts Receivable - Aging Analysis of Accounts Receivable (Net of Impairment of Accounts Receivable) (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of financial assets [Line Items] | ||
Accounts receivable | ¥ 64,184 | ¥ 59,522 |
Within 1 year [member] | ||
Disclosure of financial assets [Line Items] | ||
Accounts receivable | 63,392 | 58,392 |
Between 1 and 2 years [member] | ||
Disclosure of financial assets [Line Items] | ||
Accounts receivable | 419 | 837 |
Between 2 and 3 years [member] | ||
Disclosure of financial assets [Line Items] | ||
Accounts receivable | 267 | 108 |
Over 3 years [member] | ||
Disclosure of financial assets [Line Items] | ||
Accounts receivable | ¥ 106 | ¥ 185 |
Accounts Receivable - Additiona
Accounts Receivable - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of financial assets [abstract] | |
Customers credit term | 180 days |
Accounts Receivable - Movements
Accounts Receivable - Movements in Provision for Impairment of Accounts Receivable (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of financial assets [abstract] | |||
At beginning of the year | ¥ 4,053 | ¥ 4,771 | ¥ 2,023 |
Provision for impairment of accounts receivable | 226 | 561 | 2,813 |
Reversal of provision for impairment of accounts receivable | (1,604) | (1,178) | (7) |
Receivables written off as uncollectible | (244) | (101) | (58) |
At end of the year | ¥ 2,431 | ¥ 4,053 | ¥ 4,771 |
Prepayments and Other Current_3
Prepayments and Other Current Assets - Summary of Prepayments and Other Current Assets (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about prepayments and other current assets [Line Items] | ||
Other receivables and advances to suppliers | ¥ 37,406 | ¥ 34,020 |
Value-added tax to be deducted | 48,560 | 42,153 |
Prepaid expenses | 360 | 1,068 |
Prepaid income taxes | 5,649 | 1,261 |
Other current assets | 11,152 | 10,843 |
Prepayments and other current assets | 103,127 | 89,345 |
Cost [member] | ||
Disclosure of detailed information about prepayments and other current assets [Line Items] | ||
Other receivables | 23,072 | 19,206 |
Advances to suppliers | 17,747 | 18,253 |
Other receivables and advances to suppliers | 40,819 | 37,459 |
Accumulated impairment [member] | ||
Disclosure of detailed information about prepayments and other current assets [Line Items] | ||
Other receivables and advances to suppliers | ¥ (3,413) | ¥ (3,439) |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash and cash equivalents [abstract] | |||
Weighted average effective interest rate on bank deposits | 1.69% | 1.55% | 2.18% |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities - Summary of Accounts Payable and Accrued Liabilities (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Trade and other current payables [abstract] | |||
Trade payables | ¥ 148,335 | ¥ 123,069 | |
Salaries and welfare payable | 10,169 | 10,189 | |
Dividends payable by subsidiaries to non-controlling shareholders | 389 | 355 | |
Interest payable | 4,719 | 2,978 | |
Construction fee and equipment cost payables | 111,767 | 123,602 | |
Other | [1] | 52,935 | 39,655 |
Accounts payable and accrued liabilities | ¥ 328,314 | ¥ 299,848 | |
[1] | Other consists primarily of notes payables, insurance payable, etc. |
Accounts Payable and Accrued _4
Accounts Payable and Accrued Liabilities - Aging Analysis of Trade Payables (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of financial liabilities [Line Items] | ||
Trade payables | ¥ 148,335 | ¥ 123,069 |
Within 1 year [member] | ||
Disclosure of financial liabilities [Line Items] | ||
Trade payables | 136,670 | 113,370 |
Between 1 and 2 years [member] | ||
Disclosure of financial liabilities [Line Items] | ||
Trade payables | 5,472 | 5,049 |
Between 2 and 3 years [member] | ||
Disclosure of financial liabilities [Line Items] | ||
Trade payables | 3,180 | 2,386 |
Over 3 years [member] | ||
Disclosure of financial liabilities [Line Items] | ||
Trade payables | ¥ 3,013 | ¥ 2,264 |
Borrowings - Summary of Borrowi
Borrowings - Summary of Borrowings (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about borrowings [abstract] | ||
Short-term borrowings excluding current portion of long-term borrowings | ¥ 90,497 | ¥ 69,780 |
Current portion of long-term borrowings | 85,343 | 75,370 |
Short-term borrowings | 175,840 | 145,150 |
Long-term borrowings | 290,882 | 269,422 |
Total borrowings | ¥ 466,722 | ¥ 414,572 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings | ¥ 466,722 | ¥ 414,572 |
Borrowings, secured liabilities | ¥ 1,983 | ¥ 2,460 |
Bottom of range [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Discount rates | 0.27% | (0.18%) |
Top of range [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Discount rates | 4.90% | 5.43% |
At fair value [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings | ¥ 371,807 | ¥ 339,878 |
Guaranteed by CNPC, its fellow subsidiaries and a third party [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings | ¥ 22,313 | ¥ 27,685 |
Borrowings - Borrowings by Inte
Borrowings - Borrowings by Interest Rate (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about borrowings [Line Items] | ||
Total borrowings | ¥ 466,722 | ¥ 414,572 |
Bank loans [member] | Weighted average [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Weighted average effective interest rates | 3.20% | 3.43% |
Corporate debentures [member] | Weighted average [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Weighted average effective interest rates | 3.52% | 3.39% |
Medium-term notes [member] | Weighted average [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Weighted average effective interest rates | 3.63% | 3.68% |
Other loans [member] | Weighted average [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Weighted average effective interest rates | 3.80% | 4.07% |
Interest free [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Total borrowings | ¥ 124 | ¥ 129 |
At fixed rates [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Total borrowings | 250,297 | 208,876 |
At floating rates [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Total borrowings | ¥ 216,301 | ¥ 205,567 |
Borrowings - Borrowings by Majo
Borrowings - Borrowings by Major Currency (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about borrowings [Line Items] | ||
Total borrowings | ¥ 466,722 | ¥ 414,572 |
RMB [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Total borrowings | 356,704 | 297,847 |
US Dollar [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Total borrowings | 100,374 | 107,473 |
Other currency [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Total borrowings | ¥ 9,644 | ¥ 9,252 |
Borrowings - Borrowings' Remain
Borrowings - Borrowings' Remaining Contractual Maturities (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about borrowings [Line Items] | ||
Remaining contractual maturities of borrowings | ¥ 504,355 | ¥ 452,437 |
Within 1 year [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Remaining contractual maturities of borrowings | 188,771 | 158,782 |
Between 1 and 2 years [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Remaining contractual maturities of borrowings | 30,090 | 98,939 |
Between 2 and 5 years [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Remaining contractual maturities of borrowings | 253,918 | 150,837 |
After 5 years [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Remaining contractual maturities of borrowings | ¥ 31,576 | ¥ 43,879 |
Borrowings - Summary of Reconci
Borrowings - Summary of Reconciliation of Movements of Borrowings to Cash Flows Arising from Financing Activities (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of reconciliation of liabilities arising from financing activities [abstract] | ||
Beginning balance | ¥ 414,572 | ¥ 473,955 |
Increase in borrowings | 836,458 | 704,281 |
Repayments of borrowings | (785,751) | (770,141) |
Total changes from financing cash flows | 50,707 | (65,860) |
Exchange adjustments | 1,443 | 6,477 |
Ending balance | ¥ 466,722 | ¥ 414,572 |
Share Capital - Summary of Shar
Share Capital - Summary of Share Capital (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of classes of share capital [Line Items] | ||
Share capital | ¥ 183,021 | ¥ 183,021 |
A shares [member] | ||
Disclosure of classes of share capital [Line Items] | ||
Share capital | 161,922 | 161,922 |
H shares [member] | ||
Disclosure of classes of share capital [Line Items] | ||
Share capital | ¥ 21,099 | ¥ 21,099 |
Share Capital - Additional Info
Share Capital - Additional Information (Detail) ¥ / shares in Units, ¥ in Millions | Sep. 01, 2005CNY (¥)shares | Sep. 01, 2005$ / shares | Apr. 07, 2000CNY (¥)shares | Apr. 07, 2000$ / shares | Apr. 06, 2000$ / shares | Oct. 31, 2007CNY (¥)¥ / sharesshares | Nov. 05, 1999¥ / sharesshares |
Disclosure of classes of share capital [Line Items] | |||||||
Number of state-owned shares issued | 160,000,000,000 | ||||||
Number of state-owned shares issued, par value per share | ¥ / shares | ¥ 1 | ||||||
Number of shares issued | 17,582,418,000 | ||||||
Number of shares issued, net proceeds | ¥ | ¥ 20,000 | ||||||
A shares [member] | |||||||
Disclosure of classes of share capital [Line Items] | |||||||
Number of shares issued | 4,000,000,000 | ||||||
Number of shares issued, price | ¥ / shares | ¥ 16.70 | ||||||
Number of shares issued, net proceeds | ¥ | ¥ 66,243 | ||||||
H shares [member] | |||||||
Disclosure of classes of share capital [Line Items] | |||||||
Number of shares issued | 3,196,801,818 | 13,447,897,000 | |||||
Number of ordinary shares represented by 1 ADS | 100 | ||||||
Number of shares issued, price | $ / shares | $ 6 | $ 1.28 | |||||
Number of shares issued, net proceeds | ¥ | ¥ 19,692 | ||||||
Number of state-owned shares converted for sale in the Global Offering | 1,758,242,000 | ||||||
Number of shares sold | 319,680,182 | ||||||
American depositary shares [member] | |||||||
Disclosure of classes of share capital [Line Items] | |||||||
Number of shares issued | 41,345,210 | ||||||
Number of shares issued, price | $ / shares | $ 16.44 |
Reserves - Summary of Reserves
Reserves - Summary of Reserves (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Disclosure of reserves within equity [Line Items] | ||||||
Beginning balance | ¥ 1,408,891 | [1] | ¥ 1,377,988 | ¥ 1,372,735 | [1] | |
Ending balance | 1,444,305 | 1,408,891 | [1] | 1,377,988 | ||
Adjusted for the acquisition of Dalian West Pacific | (5,933) | |||||
Beginning balance, as adjusted | 1,366,802 | |||||
Safety fund reserve | (1,318) | 608 | 327 | |||
Currency translation differences | 8,357 | (2,667) | (431) | |||
Transaction with non-controlling interests | 6,767 | 2,300 | 2,584 | |||
Share of the other comprehensive income of associates and joint ventures accounted for using the equity method | 417 | 220 | (326) | |||
Capital reserve [member] | ||||||
Disclosure of reserves within equity [Line Items] | ||||||
Beginning balance | 133,308 | 133,308 | ||||
Ending balance | 133,308 | 133,308 | 133,308 | |||
Statutory common reserve fund [member] | ||||||
Disclosure of reserves within equity [Line Items] | ||||||
Beginning balance | 194,245 | 188,769 | ||||
Ending balance | 197,282 | 194,245 | 188,769 | |||
Transfer from retained earnings | 3,037 | 5,476 | ||||
Special reserve-safety fund reserve [member] | ||||||
Disclosure of reserves within equity [Line Items] | ||||||
Beginning balance | 13,831 | 13,366 | ||||
Ending balance | 12,443 | 13,831 | 13,366 | |||
Safety fund reserve | (1,388) | 465 | ||||
Currency translation differences [member] | ||||||
Disclosure of reserves within equity [Line Items] | ||||||
Beginning balance | (33,067) | (28,045) | ||||
Ending balance | (28,939) | (33,067) | (28,045) | |||
Currency translation differences | 4,128 | (5,022) | ||||
Other reserves [member] | ||||||
Disclosure of reserves within equity [Line Items] | ||||||
Beginning balance | (8,718) | (9,336) | ||||
Ending balance | (10,083) | (8,718) | (9,336) | |||
Adjusted for the acquisition of Dalian West Pacific | 516 | |||||
Beginning balance, as adjusted | (8,718) | (8,820) | ||||
Transaction with non-controlling interests | (2,007) | 13 | ||||
Fair value gain/(loss) from equity investments measured at fair value through other comprehensive income | 96 | (162) | ||||
Share of the other comprehensive income of associates and joint ventures accounted for using the equity method | 417 | 220 | ||||
Other | 129 | 31 | ||||
Reserves [member] | ||||||
Disclosure of reserves within equity [Line Items] | ||||||
Beginning balance | 299,599 | [1] | 298,578 | 294,806 | [1] | |
Ending balance | 304,011 | 299,599 | [1] | 298,578 | ||
Adjusted for the acquisition of Dalian West Pacific | 516 | |||||
Beginning balance, as adjusted | 295,322 | |||||
Transfer from retained earnings | 3,037 | 5,476 | 1,929 | |||
Safety fund reserve | (1,388) | ¥ 465 | ¥ 178 | |||
Transaction with non-controlling interests | ¥ 120 | |||||
[1] | The comparative amounts in the financial statements are presented as if the Dalian West Pacific had been consolidated from the beginning of the earliest financial year presented (see Note 40). Furthermore, the Group has initially applied IFRS 16 at January 1, 2019 using the modified retrospective approach. Under this approach chosen, the comparative information is not restated in this respect (see Note 3(aa)). |
Reserves - Summary of Reserve_2
Reserves - Summary of Reserves (Parenthetical) (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of reserves within equity [abstract] | ||
Percentage of net profit the Company is required to transfer to a Statutory Common Reserve Fund | 10.00% | |
Percentage of registered capital when the appropriation to the Reserve Fund may cease | 50.00% | |
Minimum percentage of Reserve Fund to registered capital, after bonus share issuance, that must be maintained | 25.00% | |
Distributable reserve amount | ¥ 590,727 | ¥ 594,169 |
Deferred Taxation - Movements i
Deferred Taxation - Movements in Deferred Taxation (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred tax assets and liabilities [abstract] | |||
At beginning of the year | ¥ 6,483 | ¥ 14,064 | ¥ 6,720 |
Transfer to profit and loss (Note 12) | (3,485) | (7,807) | 7,539 |
(Debit) / credit to other comprehensive income | (150) | 226 | (195) |
At end of the year | ¥ 2,848 | ¥ 6,483 | ¥ 14,064 |
Deferred Taxation - Deferred Ta
Deferred Taxation - Deferred Tax Balances Before Offset (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||||
Deferred tax assets | ¥ 24,259 | ¥ 23,498 | ||
Net deferred tax assets | 2,848 | 6,483 | ¥ 14,064 | ¥ 6,720 |
Deferred tax liabilities | 21,411 | 17,015 | ||
Cost [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||||
Deferred tax assets | 45,551 | 49,580 | ||
Net deferred tax assets | 2,848 | 6,483 | ||
Deferred tax liabilities | 42,703 | 43,097 | ||
Cost [member] | Receivables and inventories [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||||
Deferred tax assets | 6,841 | 8,528 | ||
Cost [member] | Unused tax losses [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||||
Deferred tax assets | 20,391 | 26,027 | ||
Cost [member] | Accumulated impairment [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||||
Deferred tax assets | 9,676 | 7,838 | ||
Cost [member] | Other [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||||
Deferred tax assets | 8,643 | 7,187 | ||
Deferred tax liabilities | 15,057 | 15,149 | ||
Cost [member] | Accelerated tax depreciation [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||||
Deferred tax liabilities | ¥ 27,646 | ¥ 27,948 |
Deferred Taxation - Deferred _2
Deferred Taxation - Deferred Tax Balances After Offset (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets and liabilities [abstract] | ||
Deferred tax assets | ¥ 24,259 | ¥ 23,498 |
Deferred tax liabilities | ¥ 21,411 | ¥ 17,015 |
Asset Retirement Obligations -
Asset Retirement Obligations - Summary of Asset Retirement Obligations (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disposals and retirements, property, plant and equipment [abstract] | |||
At beginning of the year | ¥ 132,780 | ¥ 131,546 | ¥ 125,392 |
Net liabilities incurred, including reassessment | 2,026 | (2,220) | 2,981 |
Liabilities settled | (2,427) | (2,034) | (2,012) |
Accretion expense (Note 10) | 5,525 | 5,678 | 5,453 |
Currency translation differences | 31 | (190) | (268) |
At end of the year | ¥ 137,935 | ¥ 132,780 | ¥ 131,546 |
Pensions - Additional Informati
Pensions - Additional Information (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of changes in net assets available for benefits [abstract] | |||
Expenses incurred in connection with employee retirement benefit plans | ¥ 20,196 | ¥ 19,432 | ¥ 16,054 |
Contingent Liabilities - Additi
Contingent Liabilities - Additional Information (Detail) | Dec. 31, 2019CNY (¥) |
Environment liabilities [member] | |
Disclosure of contingent liabilities [Line Items] | |
Contingent liabilities | ¥ 0 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of commitments [line items] | |||
Capital commitments relating to property, plant and equipment | ¥ 56,856 | ¥ 41,989 | |
Exploration and production licenses [member] | |||
Disclosure of commitments [line items] | |||
Payments incurred to exploration and production licenses | ¥ 535 | ¥ 650 | ¥ 609 |
Bottom of range [member] | |||
Disclosure of commitments [line items] | |||
Lease term | 1 year | ||
Top of range [member] | |||
Disclosure of commitments [line items] | |||
Lease term | 50 years |
Commitments - Future Minimum Le
Commitments - Future Minimum Lease Payments Under Non-cancellable Operating Leases (Detail) ¥ in Millions | Dec. 31, 2018CNY (¥) |
Disclosure of finance lease and operating lease by lessee [Line Items] | |
Minimum lease payments payable under non-cancellable operating lease | ¥ 227,935 |
Within 1 year [member] | |
Disclosure of finance lease and operating lease by lessee [Line Items] | |
Minimum lease payments payable under non-cancellable operating lease | 12,664 |
Later than 1 year and no later than 5 years [member] | |
Disclosure of finance lease and operating lease by lessee [Line Items] | |
Minimum lease payments payable under non-cancellable operating lease | 39,222 |
After 5 years [member] | |
Disclosure of finance lease and operating lease by lessee [Line Items] | |
Minimum lease payments payable under non-cancellable operating lease | ¥ 176,049 |
Commitments - Exploration and P
Commitments - Exploration and Production Licenses Estimated Annual Payments (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Within 1 year [member] | ||
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Estimated annual payments | ¥ 800 | ¥ 800 |
Between 1 and 2 years [member] | ||
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Estimated annual payments | 800 | 800 |
Between 2 and 3 years [member] | ||
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Estimated annual payments | 800 | 800 |
Between 3 and 4 years [member] | ||
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Estimated annual payments | 800 | 800 |
Between 4 and 5 years [member] | ||
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Estimated annual payments | ¥ 800 | ¥ 800 |
Major Customers - Group's Major
Major Customers - Group's Major Customers (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of major customers [Line Items] | |||
REVENUE | ¥ 2,516,810 | ¥ 2,374,934 | ¥ 2,032,298 |
China Petroleum & Chemical Corporation [member] | |||
Disclosure of major customers [Line Items] | |||
REVENUE | ¥ 105,855 | ¥ 96,990 | ¥ 65,767 |
Percentage of Total revenue | 4.00% | 4.00% | 3.00% |
China National Petroleum Corporation [member] | |||
Disclosure of major customers [Line Items] | |||
REVENUE | ¥ 99,279 | ¥ 83,670 | ¥ 92,173 |
Percentage of Total revenue | 4.00% | 4.00% | 5.00% |
Customers [member] | |||
Disclosure of major customers [Line Items] | |||
REVENUE | ¥ 205,134 | ¥ 180,660 | ¥ 157,940 |
Percentage of Total revenue | 8.00% | 8.00% | 8.00% |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) ¥ in Millions | Aug. 24, 2017CNY (¥)m² | Jan. 01, 2012 | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Jan. 01, 2019CNY (¥) |
Disclosure of transactions between related parties [Line Items] | ||||||
Comprehensive products and services agreement effective Period | 3 years | |||||
New comprehensive products and services agreement effective Period | 3 years | |||||
Borrowings | ¥ 466,722 | ¥ 414,572 | ||||
Annual fee | 171,536 | ¥ 163,196 | ||||
Property, plant and equipment subject to operating leases [member] | Land [member] | ||||||
Disclosure of transactions between related parties [Line Items] | ||||||
Supplemental Land Use Rights Leasing Contract, aggregate area of land | m² | 1,773,000,000 | |||||
Annual fee | ¥ 5,783 | |||||
Property, plant and equipment subject to operating leases [member] | Buildings [member] | ||||||
Disclosure of transactions between related parties [Line Items] | ||||||
Annual fee | ¥ 730 | |||||
Revised Building Leasing Contract, aggregate area of building | m² | 1,152,968 | |||||
Lease term | 3 years | |||||
China National Petroleum Corporation and its fellow subsidiaries, associates and joint ventures [member] | ||||||
Disclosure of transactions between related parties [Line Items] | ||||||
Sales of goods | 122,927 | 105,434 | ¥ 113,306 | |||
Sales of services | 10,055 | 7,938 | 6,160 | |||
Purchases of goods and services | 388,802 | 364,912 | 330,379 | |||
Purchases of assets | 1,701 | 1,195 | 1,634 | |||
Interest income | 460 | 535 | 425 | |||
Deposits | 28,304 | 22,532 | ||||
Purchases of financial service | 8,759 | 11,970 | 11,294 | |||
Borrowings | 179,699 | 196,161 | ||||
Rents and other payments made under financial leasing | 10,106 | ¥ 7,092 | ¥ 7,351 | |||
Annual fee | ¥ 139,250 | |||||
Leasing contract expiration date | Dec. 31, 2037 |
Related Party Transactions - Am
Related Party Transactions - Amounts Due From and To CNPC and its Fellow Subsidiaries, Associates and Joint Ventures of the Group (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Disclosure of transactions between related parties [Line Items] | |||
Accounts receivable | ¥ 64,184 | ¥ 59,522 | |
Prepayments and other receivables | 103,127 | 89,345 | |
Other current assets | 11,152 | 10,843 | |
Other non-current assets | 38,272 | 37,778 | |
Accounts payable and accrued liabilities | 328,314 | 299,848 | |
Lease liabilities | 171,536 | ¥ 163,196 | |
Other non-current liabilities | 12,815 | 16,339 | |
China National Petroleum Corporation and its fellow subsidiaries, associates and joint ventures [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Accounts receivable | 12,784 | 11,896 | |
Prepayments and other receivables | 11,441 | 11,467 | |
Other current assets | 11,951 | 7,852 | |
Other non-current assets | 16,242 | 16,511 | |
Accounts payable and accrued liabilities | 61,205 | 64,511 | |
Contract liabilities | 792 | 568 | |
Lease liabilities | 139,250 | ||
Other non-current liabilities | ¥ 827 | ¥ 2,296 |
Related Party Transactions - Ke
Related Party Transactions - Key Management Compensation (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of transactions between related parties [abstract] | |||
Salaries, allowances and other benefits | ¥ 13,042 | ¥ 13,385 | ¥ 11,779 |
Contribution to retirement benefit scheme | 1,796 | 1,781 | 1,645 |
Key management compensation | ¥ 14,838 | ¥ 15,166 | ¥ 13,424 |
Segment Information - Segment I
Segment Information - Segment Information for the Operating Segments (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of operating segments [Line Items] | |||
REVENUE | ¥ 2,516,810 | ¥ 2,374,934 | ¥ 2,032,298 |
Depreciation, depletion and amortization | (225,262) | (232,276) | (237,807) |
Including: Impairment losses of property, plant and equipment | (13,419) | (29,925) | (17,947) |
Profit / (loss) from operations | 121,762 | 122,942 | 70,836 |
Finance costs: | |||
Exchange gain | 10,017 | 12,701 | 8,252 |
Exchange loss | (10,016) | (11,581) | (9,436) |
Interest income | 3,631 | 3,779 | 2,912 |
Interest expense | (30,409) | (22,718) | (22,841) |
Total net finance costs | (26,777) | (17,819) | (21,113) |
Share of profit / (loss) of associates and joint ventures | 8,229 | 11,647 | 5,968 |
Profit before income tax expense | 103,214 | 116,770 | 55,691 |
INCOME TAX EXPENSE | (36,199) | (42,790) | (16,296) |
Profit for the year | 67,015 | 73,980 | 39,395 |
Other assets | 29,908 | 24,759 | 26,724 |
Investments in associates and joint ventures | 102,073 | 89,362 | 81,159 |
Assets | 2,732,910 | 2,440,877 | 2,413,499 |
Capital expenditures | 296,776 | 256,106 | 216,381 |
Liabilities | 1,288,605 | 1,031,986 | 1,035,511 |
Other liabilities | 88,793 | 100,303 | 70,666 |
Exploration and production [member] | |||
Disclosure of operating segments [Line Items] | |||
REVENUE | 123,648 | 119,417 | 96,127 |
Depreciation, depletion and amortization | (158,874) | (169,622) | (169,484) |
Including: Impairment losses of property, plant and equipment | (11,562) | (26,002) | (6,565) |
Profit / (loss) from operations | 96,097 | 73,519 | 15,475 |
Finance costs: | |||
Share of profit / (loss) of associates and joint ventures | 3,513 | 4,224 | 1,716 |
Investments in associates and joint ventures | 45,721 | 39,235 | 39,517 |
Capital expenditures | 230,117 | 196,109 | 161,997 |
Refining and chemicals [member] | |||
Disclosure of operating segments [Line Items] | |||
REVENUE | 190,501 | 204,665 | 188,926 |
Depreciation, depletion and amortization | (24,995) | (25,318) | (32,751) |
Including: Impairment losses of property, plant and equipment | (1,444) | (3,393) | (10,223) |
Profit / (loss) from operations | 13,764 | 44,701 | 43,075 |
Finance costs: | |||
Share of profit / (loss) of associates and joint ventures | 58 | 63 | (89) |
Investments in associates and joint ventures | 1,022 | 1,010 | 1,375 |
Capital expenditures | 21,279 | 15,419 | 17,859 |
Marketing [member] | |||
Disclosure of operating segments [Line Items] | |||
REVENUE | 1,850,234 | 1,722,355 | 1,480,610 |
Depreciation, depletion and amortization | (17,131) | (13,511) | (12,734) |
Including: Impairment losses of property, plant and equipment | (1) | (7) | |
Profit / (loss) from operations | (565) | (6,450) | 8,279 |
Finance costs: | |||
Share of profit / (loss) of associates and joint ventures | 1,402 | 4,214 | 1,501 |
Investments in associates and joint ventures | 19,159 | 17,437 | 11,938 |
Capital expenditures | 17,618 | 17,010 | 10,982 |
Natural gas and pipeline [member] | |||
Disclosure of operating segments [Line Items] | |||
REVENUE | 350,371 | 326,727 | 265,236 |
Depreciation, depletion and amortization | (22,375) | (21,985) | (21,146) |
Including: Impairment losses of property, plant and equipment | (412) | (530) | (1,150) |
Profit / (loss) from operations | 26,108 | 25,515 | 15,688 |
Finance costs: | |||
Share of profit / (loss) of associates and joint ventures | 501 | 496 | 279 |
Investments in associates and joint ventures | 9,713 | 7,022 | 5,534 |
Capital expenditures | 27,004 | 26,502 | 24,529 |
Head office and other [member] | |||
Disclosure of operating segments [Line Items] | |||
REVENUE | 2,056 | 1,770 | 1,399 |
Depreciation, depletion and amortization | (1,887) | (1,840) | (1,692) |
Including: Impairment losses of property, plant and equipment | (2) | ||
Profit / (loss) from operations | (13,642) | (14,343) | (11,681) |
Finance costs: | |||
Share of profit / (loss) of associates and joint ventures | 2,755 | 2,650 | 2,561 |
Investments in associates and joint ventures | 26,458 | 24,658 | 22,795 |
Capital expenditures | 758 | 1,066 | 1,014 |
Operating segments [member] | |||
Disclosure of operating segments [Line Items] | |||
REVENUE | 4,139,113 | 3,938,043 | 3,199,215 |
Finance costs: | |||
Assets | 4,355,697 | 3,873,184 | 3,813,963 |
Liabilities | 2,048,238 | 1,488,705 | 1,525,761 |
Operating segments [member] | Exploration and production [member] | |||
Disclosure of operating segments [Line Items] | |||
REVENUE | 676,320 | 658,712 | 505,430 |
Finance costs: | |||
Assets | 1,520,697 | 1,227,613 | 1,211,912 |
Liabilities | 720,028 | 466,097 | 525,085 |
Operating segments [member] | Refining and chemicals [member] | |||
Disclosure of operating segments [Line Items] | |||
REVENUE | 902,679 | 911,224 | 735,486 |
Finance costs: | |||
Assets | 365,013 | 324,639 | 327,186 |
Liabilities | 132,018 | 59,139 | 91,632 |
Operating segments [member] | Marketing [member] | |||
Disclosure of operating segments [Line Items] | |||
REVENUE | 2,165,391 | 2,003,105 | 1,660,456 |
Finance costs: | |||
Assets | 524,321 | 429,854 | 397,813 |
Liabilities | 324,822 | 239,187 | 199,340 |
Operating segments [member] | Natural gas and pipeline [member] | |||
Disclosure of operating segments [Line Items] | |||
REVENUE | 391,023 | 362,626 | 295,786 |
Finance costs: | |||
Assets | 536,298 | 519,553 | 519,249 |
Liabilities | 277,370 | 158,153 | 120,244 |
Operating segments [member] | Head office and other [member] | |||
Disclosure of operating segments [Line Items] | |||
REVENUE | 3,700 | 2,376 | 2,057 |
Finance costs: | |||
Assets | 1,409,368 | 1,371,525 | 1,357,803 |
Liabilities | 594,000 | 566,129 | 589,460 |
Elimination of intersegment amounts [member] | |||
Disclosure of operating segments [Line Items] | |||
REVENUE | (1,622,303) | (1,563,109) | (1,166,917) |
Finance costs: | |||
Assets | (1,754,768) | (1,546,428) | (1,508,347) |
Liabilities | (848,426) | (557,022) | (560,916) |
Elimination of intersegment amounts [member] | Exploration and production [member] | |||
Disclosure of operating segments [Line Items] | |||
REVENUE | (552,672) | (539,295) | (409,303) |
Elimination of intersegment amounts [member] | Refining and chemicals [member] | |||
Disclosure of operating segments [Line Items] | |||
REVENUE | (712,178) | (706,559) | (546,560) |
Elimination of intersegment amounts [member] | Marketing [member] | |||
Disclosure of operating segments [Line Items] | |||
REVENUE | (315,157) | (280,750) | (179,846) |
Elimination of intersegment amounts [member] | Natural gas and pipeline [member] | |||
Disclosure of operating segments [Line Items] | |||
REVENUE | (40,652) | (35,899) | (30,550) |
Elimination of intersegment amounts [member] | Head office and other [member] | |||
Disclosure of operating segments [Line Items] | |||
REVENUE | ¥ (1,644) | ¥ (606) | ¥ (658) |
Segment Information - Geographi
Segment Information - Geographical Information (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of geographical areas [Line Items] | |||
REVENUE | ¥ 2,516,810 | ¥ 2,374,934 | ¥ 2,032,298 |
Non-current assets | 2,240,696 | 1,975,299 | |
Mainland China [member] | |||
Disclosure of geographical areas [Line Items] | |||
REVENUE | 1,476,693 | 1,538,315 | 1,302,695 |
Non-current assets | 2,027,428 | 1,782,624 | |
Other countries [member] | |||
Disclosure of geographical areas [Line Items] | |||
REVENUE | 1,040,117 | 836,619 | ¥ 729,603 |
Non-current assets | ¥ 213,268 | ¥ 192,675 |
Business Combination Involvin_3
Business Combination Involving Entities Under Common Control - Disclosure of detailed information about business combination (Detail) - CNY (¥) ¥ in Millions | May 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about business combination [line items] | ||||
Revenue | ¥ 2,516,810 | ¥ 2,374,934 | ¥ 2,032,298 | |
Net profit | 67,015 | 73,980 | 39,395 | |
Net cash outflow | ¥ 455 | (37,746) | ¥ 24,642 | |
Dalian West Pacific [Member] | ||||
Disclosure of detailed information about business combination [line items] | ||||
Name of acquiree | Dalian West Pacific | |||
Proportion of equity interests acquired in business combination | 56.04% | |||
Basis for business combination under common control | The Company and Dalian West Pacific are under the ultimate control of CNPC before and after the business combination and the control is not temporary | |||
Acquisition Date | May 31, 2019 | |||
Basis for determination of acquisition date | Acquisition of actual control | |||
Revenue | ¥ 10,763 | 37,385 | ||
Net profit | 1 | ¥ 1,564 | ||
Net cash outflow | ¥ (53) |
Business Combination Involvin_4
Business Combination Involving Entities Under Common Control - Additional Information (Detail) - Dalian West Pacific [Member] | May 30, 2019 | Dec. 31, 2019 |
Disclosure of Business Combination Involving Entities Under Common Control [Line Items] | ||
Proportion of ownership interest in associate | 28.44% | |
Proportion of ownership interest in subsidary | 84.48% |
Business Combination Involvin_5
Business Combination Involving Entities Under Common Control - Disclosure Of Results Of Operations And The Assets And Liabilities Under Business Combination (Detail) - CNY (¥) ¥ / shares in Units, ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Detail Of Results Of Operations Post Business Combination [Line Items] | |||
Revenue | ¥ 2,516,810 | ¥ 2,374,934 | ¥ 2,032,298 |
Profit from operations | 121,762 | 122,942 | 70,836 |
Profit | 67,015 | 73,980 | 39,395 |
Profit for the year attributable to owners of the Company | 45,682 | 53,036 | 23,537 |
Profit attributable to non-controlling interests | ¥ 21,333 | ¥ 20,944 | ¥ 15,858 |
Basic and diluted earnings per share (RMB Yuan) | ¥ 0.25 | ¥ 0.29 | ¥ 0.13 |
The Group, as previously reported [Member] | |||
Disclosure Detail Of Results Of Operations Post Business Combination [Line Items] | |||
Revenue | ¥ 2,353,588 | ¥ 2,015,890 | |
Total operating expenses | (2,232,591) | (1,948,168) | |
Profit from operations | 120,997 | 67,722 | |
Profit | 72,416 | 36,793 | |
Profit for the year attributable to owners of the Company | 52,591 | 22,798 | |
Profit attributable to non-controlling interests | ¥ 19,825 | ¥ 13,995 | |
Basic and diluted earnings per share (RMB Yuan) | ¥ 0.29 | ¥ 0.12 | |
Dalian West Pacific [Member] | |||
Disclosure Detail Of Results Of Operations Post Business Combination [Line Items] | |||
Revenue | ¥ 37,385 | ¥ 27,715 | |
Total operating expenses | (35,440) | (24,601) | |
Profit from operations | 1,945 | 3,114 | |
Profit | 1,564 | 2,602 | |
Profit for the year attributable to owners of the Company | 1,564 | 2,602 | |
Consolidation adjustment [Member] | |||
Disclosure Detail Of Results Of Operations Post Business Combination [Line Items] | |||
Revenue | (16,039) | (11,307) | |
Total operating expenses | 16,039 | 11,307 | |
Profit for the year attributable to owners of the Company | (1,119) | (1,863) | |
Profit attributable to non-controlling interests | 1,119 | 1,863 | |
The Group as restated [Member] | |||
Disclosure Detail Of Results Of Operations Post Business Combination [Line Items] | |||
Revenue | 2,374,934 | 2,032,298 | |
Total operating expenses | (2,251,992) | (1,961,462) | |
Profit from operations | 122,942 | 70,836 | |
Profit | 73,980 | 39,395 | |
Profit for the year attributable to owners of the Company | 53,036 | 23,537 | |
Profit attributable to non-controlling interests | ¥ 20,944 | ¥ 15,858 | |
Basic and diluted earnings per share (RMB Yuan) | ¥ 0.29 | ¥ 0.13 |
Business Combination Involvin_6
Business Combination Involving Entities Under Common Control - Disclosure Detail Of Assets And Liabilities Post Business Combination (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | [1] | |
Disclosure Detail Of Assets And Liabilities Post Business Combination [Line Items] | ||||||
Current assets | ¥ 466,913 | ¥ 438,241 | ||||
Non-current assets | 2,265,997 | 2,002,636 | ||||
Total assets | 2,732,910 | 2,440,877 | ¥ 2,413,499 | |||
Current liabilities | 661,419 | 596,430 | ||||
Non-current liabilities | 627,186 | 435,556 | ||||
Liabilities | 1,288,605 | 1,031,986 | 1,035,511 | |||
Non-controlling interests | 214,149 | 195,108 | ||||
Total equity attributable to owner of the Company | ¥ 1,444,305 | 1,408,891 | [1] | ¥ 1,377,988 | ¥ 1,372,735 | |
The Group, as previously reported [Member] | ||||||
Disclosure Detail Of Assets And Liabilities Post Business Combination [Line Items] | ||||||
Current assets | 433,128 | |||||
Non-current assets | 1,999,138 | |||||
Total assets | 2,432,266 | |||||
Current liabilities | 586,386 | |||||
Non-current liabilities | 435,222 | |||||
Liabilities | 1,021,608 | |||||
Non-controlling interests | 196,372 | |||||
Total equity attributable to owner of the Company | 1,214,286 | |||||
Dalian West Pacific [Member] | ||||||
Disclosure Detail Of Assets And Liabilities Post Business Combination [Line Items] | ||||||
Current assets | 5,126 | |||||
Non-current assets | 3,498 | |||||
Total assets | 8,624 | |||||
Current liabilities | 10,057 | |||||
Non-current liabilities | 334 | |||||
Liabilities | 10,391 | |||||
Total equity attributable to owner of the Company | (1,767) | |||||
Consolidation adjustment [Member] | ||||||
Disclosure Detail Of Assets And Liabilities Post Business Combination [Line Items] | ||||||
Current assets | (13) | |||||
Total assets | (13) | |||||
Current liabilities | (13) | |||||
Liabilities | (13) | |||||
Non-controlling interests | (1,264) | |||||
Total equity attributable to owner of the Company | 1,264 | |||||
The Group as restated [Member] | ||||||
Disclosure Detail Of Assets And Liabilities Post Business Combination [Line Items] | ||||||
Current assets | 438,241 | |||||
Non-current assets | 2,002,636 | |||||
Total assets | 2,440,877 | |||||
Current liabilities | 596,430 | |||||
Non-current liabilities | 435,556 | |||||
Liabilities | 1,031,986 | |||||
Non-controlling interests | 195,108 | |||||
Total equity attributable to owner of the Company | ¥ 1,213,783 | |||||
[1] | The comparative amounts in the financial statements are presented as if the Dalian West Pacific had been consolidated from the beginning of the earliest financial year presented (see Note 40). Furthermore, the Group has initially applied IFRS 16 at January 1, 2019 using the modified retrospective approach. Under this approach chosen, the comparative information is not restated in this respect (see Note 3(aa)). |
Leases - Summary of Right-of-us
Leases - Summary of Right-of-use assets (Detail) ¥ in Millions | 12 Months Ended |
Dec. 31, 2019CNY (¥) | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Beginning Balance | |
Ending Balance | 254,736 |
Gross [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Beginning Balance | 240,642 |
Additions | 29,929 |
Reduction | (752) |
Ending Balance | 269,819 |
Accumulated depreciation [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Additions | (15,184) |
Reduction | 101 |
Ending Balance | (15,083) |
Net book value [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Beginning Balance | 240,642 |
Ending Balance | 254,736 |
Land [member] | Gross [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Beginning Balance | 153,178 |
Additions | 20,471 |
Reduction | (752) |
Ending Balance | 172,897 |
Land [member] | Accumulated depreciation [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Additions | (6,696) |
Reduction | 101 |
Ending Balance | (6,595) |
Land [member] | Net book value [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Beginning Balance | 153,178 |
Ending Balance | 166,302 |
Buildings [member] | Gross [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Beginning Balance | 83,552 |
Additions | 8,368 |
Ending Balance | 91,920 |
Buildings [member] | Accumulated depreciation [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Additions | (7,369) |
Ending Balance | (7,369) |
Buildings [member] | Net book value [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Beginning Balance | 83,552 |
Ending Balance | 84,551 |
Equipment and Machinery [member] | Gross [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Beginning Balance | 2,295 |
Additions | 639 |
Ending Balance | 2,934 |
Equipment and Machinery [member] | Accumulated depreciation [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Additions | (718) |
Ending Balance | (718) |
Equipment and Machinery [member] | Net book value [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Beginning Balance | 2,295 |
Ending Balance | 2,216 |
Other assets [member] | Gross [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Beginning Balance | 1,617 |
Additions | 451 |
Ending Balance | 2,068 |
Other assets [member] | Accumulated depreciation [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Additions | (401) |
Ending Balance | (401) |
Other assets [member] | Net book value [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Beginning Balance | 1,617 |
Ending Balance | ¥ 1,667 |
Leases - Additional Information
Leases - Additional Information (Detail) ¥ in Millions | 12 Months Ended |
Dec. 31, 2019CNY (¥) | |
Disclosure of Leases [Line Items] | |
Depreciation right of use assets | ¥ 14,973 |
Land [member] | Bottom of range [member] | |
Disclosure of Leases [Line Items] | |
Remaining lease term | 2 years |
Land [member] | Top of range [member] | |
Disclosure of Leases [Line Items] | |
Remaining lease term | 30 years |
Leases - Summary Of Lease Liabi
Leases - Summary Of Lease Liabilities (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2019 | Jan. 01, 2019 |
Disclosure of quantitative information about leases for lessee [abstract] | ||
Lease Liability | ¥ 171,536 | ¥ 163,196 |
Less: Lease liabilities due within one year | (7,393) | |
Non-current lease liabilities | ¥ 164,143 |
Leases - Summary of the undisco
Leases - Summary of the undiscounted cash flow of the lease liability (Detail) ¥ in Millions | Dec. 31, 2019CNY (¥) |
Disclosure Of Undiscounted Cash Flow For Lease Liability [Line Items] | |
Undiscounted cash flow in the lease liability | ¥ 276,154 |
Within 1 year [member] | |
Disclosure Of Undiscounted Cash Flow For Lease Liability [Line Items] | |
Undiscounted cash flow in the lease liability | 14,304 |
Between 1 and 2 years [member] | |
Disclosure Of Undiscounted Cash Flow For Lease Liability [Line Items] | |
Undiscounted cash flow in the lease liability | 13,569 |
Between 2 and 5 years [member] | |
Disclosure Of Undiscounted Cash Flow For Lease Liability [Line Items] | |
Undiscounted cash flow in the lease liability | 37,531 |
Over 5 years [member] | |
Disclosure Of Undiscounted Cash Flow For Lease Liability [Line Items] | |
Undiscounted cash flow in the lease liability | ¥ 210,750 |
Supplementary Information on _7
Supplementary Information on Oil and Gas Exploration and Production Activities (Unaudited) - Proved Oil and Gas Reserve Estimates (Detail) MMBoe in Millions, MMBbls in Millions, Bcfe in Billions | 12 Months Ended | ||
Dec. 31, 2019MMBoeBcfeMMBbls | Dec. 31, 2018MMBoeBcfeMMBbls | Dec. 31, 2017MMBoeBcfeMMBbls | |
Reserve Quantities [Line Items] | |||
Proved developed and undeveloped reserves, Beginning balance | MMBoe | 20,778 | 20,753 | |
Proved developed and undeveloped reserves, Ending balance | MMBoe | 20,312 | 20,778 | 20,753 |
Consolidated entities [member] | |||
Reserve Quantities [Line Items] | |||
Proved developed and undeveloped reserves, Beginning balance | MMBoe | 20,385 | 20,296 | 20,556 |
Revisions of previous estimates | MMBoe | (177) | 297 | 195 |
Improved recovery | MMBoe | 91 | 96 | 98 |
Extensions and discoveries | MMBoe | 1,221 | 1,188 | 905 |
Production | MMBoe | (1,561) | (1,492) | (1,458) |
Proved developed and undeveloped reserves, Ending balance | MMBoe | 19,959 | 20,385 | 20,296 |
Proved developed reserves | MMBoe | 12,119 | 12,531 | 12,133 |
Proved undeveloped reserves | MMBoe | 7,840 | 7,854 | 8,163 |
Equity method investments [member] | |||
Reserve Quantities [Line Items] | |||
Proved developed and undeveloped reserves, Beginning balance | MMBoe | 393 | 457 | |
Proved developed and undeveloped reserves, Ending balance | MMBoe | 353 | 393 | 457 |
Natural gas [member] | |||
Reserve Quantities [Line Items] | |||
Proved developed and undeveloped reserves, Beginning balance | Bcfe | 76,896 | 77,260 | |
Proved developed and undeveloped reserves, Ending balance | Bcfe | 76,630 | 76,896 | 77,260 |
Natural gas [member] | Consolidated entities [member] | |||
Reserve Quantities [Line Items] | |||
Proved developed and undeveloped reserves, Beginning balance | Bcfe | 76,467 | 76,888 | 78,712 |
Revisions of previous estimates | Bcfe | (766) | (1,378) | (1,751) |
Extensions and discoveries | Bcfe | 4,443 | 4,565 | 3,350 |
Production | Bcfe | (3,908) | (3,608) | (3,423) |
Proved developed and undeveloped reserves, Ending balance | Bcfe | 76,236 | 76,467 | 76,888 |
Proved developed reserves | Bcfe | 39,870 | 40,128 | 39,243 |
Proved undeveloped reserves | Bcfe | 36,366 | 36,339 | 37,645 |
Natural gas [member] | Equity method investments [member] | |||
Reserve Quantities [Line Items] | |||
Proved developed and undeveloped reserves, Beginning balance | Bcfe | 429 | 372 | |
Proved developed and undeveloped reserves, Ending balance | Bcfe | 394 | 429 | 372 |
Crude oil and condensate [member] | |||
Reserve Quantities [Line Items] | |||
Proved developed and undeveloped reserves, Beginning balance | MMBbls | 7,962 | 7,876 | |
Proved developed and undeveloped reserves, Ending balance | MMBbls | 7,540 | 7,962 | 7,876 |
Crude oil and condensate [member] | Consolidated entities [member] | |||
Reserve Quantities [Line Items] | |||
Proved developed and undeveloped reserves, Beginning balance | MMBbls | 7,641 | 7,481 | 7,438 |
Revisions of previous estimates | MMBbls | (50) | 526 | 486 |
Improved recovery | MMBbls | 91 | 96 | 98 |
Extensions and discoveries | MMBbls | 480 | 428 | 346 |
Production | MMBbls | (909) | (890) | (887) |
Proved developed and undeveloped reserves, Ending balance | MMBbls | 7,253 | 7,641 | 7,481 |
Proved developed reserves | MMBbls | 5,474 | 5,843 | 5,593 |
Proved undeveloped reserves | MMBbls | 1,779 | 1,798 | 1,888 |
Crude oil and condensate [member] | Equity method investments [member] | |||
Reserve Quantities [Line Items] | |||
Proved developed and undeveloped reserves, Beginning balance | MMBbls | 321 | 395 | |
Proved developed and undeveloped reserves, Ending balance | MMBbls | 287 | 321 | 395 |
Supplementary Information on _8
Supplementary Information on Oil and Gas Exploration and Production Activities (Unaudited) - Proved Oil and Gas Reserve Estimates - Additional Information (Detail) MMBoe in Millions, MMBbls in Millions, Bcfe in Billions | Dec. 31, 2019MMBoeBcfeMMBbls | Dec. 31, 2018MMBoeBcfeMMBbls | Dec. 31, 2017MMBoeBcfeMMBbls | Dec. 31, 2016MMBoeBcfeMMBbls |
Schedule of Proved Oil and Gas Reserve Estimates [line items] | ||||
Proved developed and undeveloped reserves | MMBoe | 20,312 | 20,778 | 20,753 | |
Consolidated entities [member] | ||||
Schedule of Proved Oil and Gas Reserve Estimates [line items] | ||||
Proved developed and undeveloped reserves | MMBoe | 19,959 | 20,385 | 20,296 | 20,556 |
Crude oil and condensate [member] | ||||
Schedule of Proved Oil and Gas Reserve Estimates [line items] | ||||
Proved developed and undeveloped reserves | MMBbls | 7,540 | 7,962 | 7,876 | |
Crude oil and condensate [member] | Consolidated entities [member] | ||||
Schedule of Proved Oil and Gas Reserve Estimates [line items] | ||||
Proved developed and undeveloped reserves | MMBbls | 7,253 | 7,641 | 7,481 | 7,438 |
Crude oil and condensate [member] | Consolidated entities [member] | Mainland China [member] | ||||
Schedule of Proved Oil and Gas Reserve Estimates [line items] | ||||
Proved developed and undeveloped reserves | MMBbls | 6,500 | 6,830 | 6,622 | |
Crude oil and condensate [member] | Consolidated entities [member] | Other countries [member] | ||||
Schedule of Proved Oil and Gas Reserve Estimates [line items] | ||||
Proved developed and undeveloped reserves | MMBbls | 753 | 811 | 859 | |
Natural gas [member] | ||||
Schedule of Proved Oil and Gas Reserve Estimates [line items] | ||||
Proved developed and undeveloped reserves | Bcfe | 76,630 | 76,896 | 77,260 | |
Natural gas [member] | Consolidated entities [member] | ||||
Schedule of Proved Oil and Gas Reserve Estimates [line items] | ||||
Proved developed and undeveloped reserves | Bcfe | 76,236 | 76,467 | 76,888 | 78,712 |
Natural gas [member] | Consolidated entities [member] | Mainland China [member] | ||||
Schedule of Proved Oil and Gas Reserve Estimates [line items] | ||||
Proved developed and undeveloped reserves | Bcfe | 74,533 | 74,480 | 74,702 | |
Natural gas [member] | Consolidated entities [member] | Other countries [member] | ||||
Schedule of Proved Oil and Gas Reserve Estimates [line items] | ||||
Proved developed and undeveloped reserves | Bcfe | 1,703 | 1,987 | 2,186 |
Supplementary Information on _9
Supplementary Information on Oil and Gas Exploration and Production Activities (Unaudited) - Capitalized Costs (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Consolidated entities [member] | ||
Capitalized Costs Relating to Oil and Gas Producing Activities by Geographic Area [line items] | ||
Property costs and producing assets | ¥ 1,820,481 | ¥ 1,692,861 |
Support facilities | 440,722 | 420,505 |
Construction-in-progress | 149,068 | 119,501 |
Total capitalized costs | 2,410,271 | 2,232,867 |
Accumulated depreciation, depletion and amortization | (1,429,389) | (1,312,907) |
Net capitalized costs | 980,882 | 919,960 |
Equity method investments [member] | ||
Capitalized Costs Relating to Oil and Gas Producing Activities by Geographic Area [line items] | ||
Net capitalized costs | ¥ 24,785 | ¥ 25,963 |
Supplementary Information on_10
Supplementary Information on Oil and Gas Exploration and Production Activities (Unaudited) - Costs Incurred for Property Acquisitions, Exploration and Development Activities (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Consolidated entities [member] | |||
Costs Incurred Oil and Gas Property Acquisition Exploration and Development Activities [line items] | |||
Exploration costs | ¥ 43,659 | ¥ 35,164 | ¥ 32,569 |
Development costs | 187,696 | 159,681 | 128,700 |
Total | 231,355 | 194,845 | 161,269 |
Consolidated entities [member] | Mainland China [member] | |||
Costs Incurred Oil and Gas Property Acquisition Exploration and Development Activities [line items] | |||
Exploration costs | 41,687 | 33,618 | 31,585 |
Development costs | 166,321 | 134,634 | 110,104 |
Total | 208,008 | 168,252 | 141,689 |
Consolidated entities [member] | Other countries [member] | |||
Costs Incurred Oil and Gas Property Acquisition Exploration and Development Activities [line items] | |||
Exploration costs | 1,972 | 1,546 | 984 |
Development costs | 21,375 | 25,047 | 18,596 |
Total | 23,347 | 26,593 | 19,580 |
Equity method investments [member] | |||
Costs Incurred Oil and Gas Property Acquisition Exploration and Development Activities [line items] | |||
Total | 2,178 | 3,114 | 2,503 |
Equity method investments [member] | Other countries [member] | |||
Costs Incurred Oil and Gas Property Acquisition Exploration and Development Activities [line items] | |||
Total | ¥ 2,178 | ¥ 3,114 | ¥ 2,503 |
Supplementary Information on_11
Supplementary Information on Oil and Gas Exploration and Production Activities (Unaudited) - Results of Operations for Oil and Gas Producing Activities (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue | |||
Results of operations from producing activities | ¥ 120,595 | ¥ 115,138 | ¥ 47,975 |
Mainland China [member] | |||
Revenue | |||
Results of operations from producing activities | 106,345 | 109,053 | 42,373 |
Other countries [member] | |||
Revenue | |||
Results of operations from producing activities | 14,250 | 6,085 | 5,602 |
Consolidated entities [member] | |||
Revenue | |||
Sales to third parties | 94,612 | 104,026 | 78,918 |
Inter-segment sales | 394,924 | 386,282 | 310,418 |
Revenue | 489,536 | 490,308 | 389,336 |
Production costs excluding taxes | (138,911) | (128,740) | (120,012) |
Exploration expenses | (20,775) | (18,726) | (23,884) |
Depreciation, depletion and amortization | (140,440) | (153,386) | (154,139) |
Taxes other than income taxes | (30,729) | (36,402) | (24,158) |
Accretion expense | (5,525) | (5,678) | (5,453) |
Income taxes | (35,814) | (36,105) | (15,765) |
Results of operations from producing activities | 117,342 | 111,271 | 45,925 |
Consolidated entities [member] | Mainland China [member] | |||
Revenue | |||
Sales to third parties | 44,001 | 46,051 | 39,588 |
Inter-segment sales | 379,968 | 381,740 | 305,336 |
Revenue | 423,969 | 427,791 | 344,924 |
Production costs excluding taxes | (127,900) | (118,979) | (112,182) |
Exploration expenses | (19,821) | (17,767) | (16,732) |
Depreciation, depletion and amortization | (115,648) | (120,378) | (135,703) |
Taxes other than income taxes | (24,876) | (30,140) | (20,624) |
Accretion expense | (5,294) | (5,483) | (5,212) |
Income taxes | (24,085) | (25,991) | (12,098) |
Results of operations from producing activities | 106,345 | 109,053 | 42,373 |
Consolidated entities [member] | Other countries [member] | |||
Revenue | |||
Sales to third parties | 50,611 | 57,975 | 39,330 |
Inter-segment sales | 14,956 | 4,542 | 5,082 |
Revenue | 65,567 | 62,517 | 44,412 |
Production costs excluding taxes | (11,011) | (9,761) | (7,830) |
Exploration expenses | (954) | (959) | (7,152) |
Depreciation, depletion and amortization | (24,792) | (33,008) | (18,436) |
Taxes other than income taxes | (5,853) | (6,262) | (3,534) |
Accretion expense | (231) | (195) | (241) |
Income taxes | (11,729) | (10,114) | (3,667) |
Results of operations from producing activities | 10,997 | 2,218 | 3,552 |
Equity method investments [member] | |||
Revenue | |||
Results of operations from producing activities | 3,253 | 3,867 | 2,050 |
Equity method investments [member] | Other countries [member] | |||
Revenue | |||
Results of operations from producing activities | ¥ 3,253 | ¥ 3,867 | ¥ 2,050 |
Supplementary Information on_12
Supplementary Information on Oil and Gas Exploration and Production Activities (Unaudited) - Standardized Measure of Discounted Future Net Cash Flows (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Consolidated entities [member] | ||||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||||
Future cash inflows | ¥ 5,872,624 | ¥ 6,234,378 | ¥ 5,287,272 | |
Future production costs | (1,947,039) | (2,087,979) | (1,909,890) | |
Future development costs | (640,281) | (556,893) | (571,125) | |
Future income tax expense | (746,506) | (809,594) | (594,085) | |
Future net cash flows | 2,538,798 | 2,779,912 | 2,212,172 | |
Discount at 10% for estimated timing of cash flows | (1,213,729) | (1,397,846) | (1,187,646) | |
Standardized measure of discounted future net cash flows | 1,325,069 | 1,382,066 | 1,024,526 | ¥ 756,811 |
Equity method investments [member] | ||||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||||
Standardized measure of discounted future net cash flows | ¥ 20,356 | ¥ 24,805 | ¥ 17,345 |
Supplementary Information on_13
Supplementary Information on Oil and Gas Exploration and Production Activities (Unaudited) - Standardized Measure of Discounted Future Net Cash Flows - Additional Information (Detail) - Consolidated entities [member] - CNY (¥) ¥ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Proved Oil and Gas Reserve Estimates [line items] | ||||
Standardized measure of discounted future net cash flows | ¥ 1,325,069 | ¥ 1,382,066 | ¥ 1,024,526 | ¥ 756,811 |
Mainland China [member] | ||||
Schedule of Proved Oil and Gas Reserve Estimates [line items] | ||||
Standardized measure of discounted future net cash flows | 1,278,180 | 1,320,478 | 979,330 | |
Other countries [member] | ||||
Schedule of Proved Oil and Gas Reserve Estimates [line items] | ||||
Standardized measure of discounted future net cash flows | ¥ 46,889 | ¥ 61,588 | ¥ 45,196 |
Supplementary Information on_14
Supplementary Information on Oil and Gas Exploration and Production Activities (Unaudited) - Changes in Standardized Measure of Discounted Future Net Cash Flows (Detail) - Consolidated entities [member] - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | |||
Beginning of the year | ¥ 1,382,066 | ¥ 1,024,526 | ¥ 756,811 |
Sales and transfers of oil and gas produced, net of production costs | (303,222) | (308,217) | (232,387) |
Net changes in prices and production costs and other | (87,046) | 510,325 | 367,132 |
Extensions, discoveries and improved recovery | 134,631 | 129,824 | 77,249 |
Development costs incurred | 53,450 | 39,725 | 38,613 |
Revisions of previous quantity estimates | (17,380) | 10,018 | 14,555 |
Accretion of discount | 149,693 | 103,225 | 76,860 |
Net change in income taxes | 12,877 | (127,360) | (74,307) |
End of the year | ¥ 1,325,069 | ¥ 1,382,066 | ¥ 1,024,526 |