Cover Page
Cover Page - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Document Information [Line Items] | ||
Document Type | 20-F | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
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 | |
ICFR Auditor Attestation Flag | true | |
Auditor Name | PricewaterhouseCoopers Zhong Tian LLP | KPMG Huazhen LLP |
Auditor Firm ID | 1424 | 1186 |
Auditor Location | Shanghai | Beijing, China |
Entity File Number | 1-15006 | |
Entity Incorporation, State or Country Code | F4 | |
Entity Address, Address Line One | 9 Dongzhimen North Street | |
Entity Address, City or Town | Dongcheng District | |
Entity Address, Postal Zip Code | 100007 | |
Document Registration Statement | false | |
Document Accounting Standard | International Financial Reporting Standards | |
Business Contact [Member] | ||
Document Information [Line Items] | ||
Entity Address, Country | CN | |
Entity Address, Address Line One | 9 Dongzhimen North Street | |
Entity Address, City or Town | Dongcheng District | |
Entity Address, Postal Zip Code | 100007 | |
Contact Personnel Name | Chai Shouping | |
City Area Code | 8610 | |
Local Phone Number | 59982622 | |
Contact Personnel Fax Number | (8610) 62099557 | |
Contact Personnel Email Address | zhouyunpeng@petrochina.com.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 | |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Profit or loss [abstract] | |||
REVENUE | ¥ 2,614,349 | ¥ 1,933,836 | ¥ 2,516,810 |
OPERATING EXPENSES | |||
Purchases, services and other | (1,770,019) | (1,267,797) | (1,697,834) |
Employee compensation costs | (154,835) | (147,604) | (154,318) |
Exploration expenses, including exploratory dry holes | (24,248) | (19,333) | (20,775) |
Depreciation, depletion and amortization | (231,269) | (213,875) | (225,262) |
Selling, general and administrative expenses | (57,802) | (64,345) | (68,596) |
Taxes other than income taxes | (228,003) | (195,850) | (228,436) |
Other income, net | 12,980 | 50,905 | 173 |
TOTAL OPERATING EXPENSES | (2,453,196) | (1,857,899) | (2,395,048) |
PROFIT FROM OPERATIONS | 161,153 | 75,937 | 121,762 |
FINANCE COSTS | |||
Exchange gain | 13,377 | 14,387 | 10,017 |
Exchange loss | (12,839) | (14,279) | (10,016) |
Interest income | 2,984 | 3,023 | 3,631 |
Interest expense | (19,739) | (26,528) | (30,409) |
TOTAL NET FINANCE COSTS | (16,217) | (23,397) | (26,777) |
SHARE OF PROFIT OF ASSOCIATES AND JOINT VENTURES | 13,267 | 3,533 | 8,229 |
PROFIT BEFORE INCOME TAX EXPENSE | 158,203 | 56,073 | 103,214 |
INCOME TAX EXPENSE | (43,507) | (22,588) | (36,199) |
PROFIT FOR THE YEAR | 114,696 | 33,485 | 67,015 |
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 | 232 | 113 | 156 |
Items that are or may be reclassified subsequently to profit or loss | |||
Currency translation differences | (4,729) | (10,802) | 8,357 |
Share of the other comprehensive income of associates and joint ventures accounted for using the equity method | (4) | (441) | 417 |
OTHER COMPREHENSIVE INCOME, NET OF TAX | (4,501) | (11,130) | 8,930 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 110,195 | 22,355 | 75,945 |
PROFIT FOR THE YEAR ATTRIBUTABLE TO: | |||
Owners of the Company | 92,170 | 19,006 | 45,682 |
Non-controlling interests | 22,526 | 14,479 | 21,333 |
PROFIT FOR THE YEAR | 114,696 | 33,485 | 67,015 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO: | |||
Owners of the Company | 89,561 | 14,634 | 50,323 |
Non-controlling interests | 20,634 | 7,721 | 25,622 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | ¥ 110,195 | ¥ 22,355 | ¥ 75,945 |
BASIC AND DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY(RMB) | ¥ 0.50 | ¥ 0.10 | ¥ 0.25 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - CNY (¥) ¥ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
NON-CURRENT ASSETS | ||
Property, plant and equipment | ¥ 1,459,296 | ¥ 1,452,091 |
Investments in associates and joint ventures | 265,785 | 250,603 |
Equity investments measured at fair value through other comprehensive income | 1,168 | 902 |
Right-of-use assets | 208,606 | 209,786 |
Intangible and other non-current assets | 66,344 | 67,494 |
Deferred tax assets | 12,161 | 11,364 |
Time deposits with maturities over one year | 8,064 | 9,119 |
TOTAL NON-CURRENT ASSETS | 2,021,424 | 2,001,359 |
CURRENT ASSETS | ||
Inventories | 143,848 | 128,539 |
Accounts receivable | 56,659 | 52,325 |
Prepayments and other current assets | 112,820 | 109,262 |
Financial assets at fair value through other comprehensive income | 3,975 | 8,076 |
Time deposits with maturities over three months but within one year | 26,747 | 27,319 |
Cash and cash equivalents | 136,789 | 118,631 |
Assets held for sale | 42,615 | |
TOTAL CURRENT ASSETS | 480,838 | 486,767 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 303,002 | 316,140 |
Contract liabilities | 78,481 | 91,477 |
Income taxes payable | 9,915 | 3,730 |
Other taxes payable | 66,859 | 59,994 |
Short-term borrowings | 53,275 | 117,542 |
Lease liabilities | 6,626 | 6,579 |
Liabilities directly associated with the assets held for sale | 9,956 | |
TOTAL CURRENT LIABILITIES | 518,158 | 605,418 |
NET CURRENT LIABILITIES | (37,320) | (118,651) |
TOTAL ASSETS LESS CURRENT LIABILITIES | 1,984,104 | 1,882,708 |
EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY: | ||
Share capital | 183,021 | 183,021 |
Retained earnings | 771,980 | 727,955 |
Reserves | 308,560 | 304,182 |
TOTAL EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY | 1,263,561 | 1,215,158 |
NON-CONTROLLING INTERESTS | 145,308 | 151,463 |
TOTAL EQUITY | 1,408,869 | 1,366,621 |
NON-CURRENT LIABILITIES | ||
Long-term borrowings | 287,175 | 251,379 |
Asset retirement obligations | 129,405 | 114,819 |
Lease liabilities | 123,222 | 122,644 |
Deferred tax liabilities | 26,638 | 16,380 |
Other long-term obligations | 8,795 | 10,865 |
TOTAL NON-CURRENT LIABILITIES | 575,235 | 516,087 |
TOTAL EQUITY AND NON-CURRENT LIABILITIES | ¥ 1,984,104 | ¥ 1,882,708 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Profit for the year | ¥ 114,696 | ¥ 33,485 | ¥ 67,015 |
Adjustments for: | |||
Income tax expense | 43,507 | 22,588 | 36,199 |
Depreciation, depletion and amortization | 231,269 | 213,875 | 225,262 |
Capitalized exploratory costs charged to expense | 12,557 | 8,934 | 8,900 |
Safety fund reserve | (1,750) | (1,505) | (1,318) |
Share of profit of associates and joint ventures | (13,267) | (3,533) | (8,229) |
Accrual/(reversal) of provision for impairment of receivables, net | 415 | 343 | (1,367) |
Write down in inventories, net | 580 | 8,151 | 1,260 |
Impairment of other non-current assets | 465 | 22 | |
Loss on disposal and scrap of property, plant and equipment | 18,959 | 5,398 | 9,809 |
Loss/(gain) on disposal and scrap of other non-current assets | 587 | (1,142) | (501) |
Gain on disposal of subsidiaries | (3,575) | (1,242) | (49) |
Gain on Pipeline restructuring | (18,320) | (46,946) | |
Dividend income | (17) | (25) | (22) |
Interest income | (2,984) | (3,023) | (3,631) |
Interest expense | 19,739 | 26,528 | 30,409 |
Changes in working capital: | |||
Accounts receivable, prepayments and other current assets | (8,265) | 14,751 | (5,017) |
Inventories | (15,889) | 43,645 | (5,624) |
Accounts payable and accrued liabilities | 2,251 | 8,410 | 27,416 |
Contract liabilities | (12,996) | 8,987 | 14,346 |
CASH FLOWS GENERATED FROM OPERATIONS | 367,962 | 337,679 | 394,880 |
Income taxes paid | (26,493) | (19,104) | (35,270) |
NET CASH FLOWS FROM OPERATING ACTIVITIES | 341,469 | 318,575 | 359,610 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Capital expenditures | (261,617) | (248,376) | (319,686) |
Acquisition of investments in associates and joint ventures | (387) | (2,599) | (4,326) |
Prepayments on long-term leases | (3,048) | (3,820) | |
Acquisition of intangible assets and other non-current assets | (3,946) | (5,303) | (3,256) |
Acquisition of subsidiaries | (1,822) | (1,947) | (183) |
Proceeds from disposal of property, plant and equipment | 2,746 | 1,195 | 1,830 |
Proceeds from disposal of other non-current assets | 4,183 | 2,224 | 507 |
Proceeds from Pipeline restructuring | 31,074 | 80,621 | |
Interest received | 2,836 | 2,532 | 2,860 |
Dividends received | 12,274 | 4,778 | 4,865 |
Decrease/(Increase) in time deposits with maturities over three months | 1,627 | (12,063) | (11,739) |
NET CASH FLOWS USED FOR INVESTING ACTIVITIES | (213,032) | (181,986) | (332,948) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Repayments of short-term borrowings | (758,307) | (797,892) | (614,525) |
Increase in short-term borrowings | 681,258 | 751,157 | 634,896 |
Repayments of long-term borrowings | (78,127) | (219,770) | (171,226) |
Increase in long-term borrowings | 128,834 | 238,335 | 201,562 |
Repayments of lease liabilities | (13,016) | (12,794) | (17,623) |
Interest paid | (12,821) | (16,700) | (16,830) |
Dividends paid to non-controlling interests | (16,508) | (14,264) | (14,245) |
Dividends paid to owners of the Company | (39,866) | (28,078) | (30,684) |
Cash paid to acquire non-controlling interests | (22) | (2) | (1,059) |
Cash contribution from non-controlling interests | 673 | 613 | 2,640 |
Capital reduction in subsidiaries paid to non-controlling interests | (69) | (5) | (182) |
NET CASH FLOWS USED FOR FINANCING ACTIVITIES | (107,971) | (99,400) | (27,276) |
TRANSLATION OF FOREIGN CURRENCY | (2,308) | (4,967) | 1,069 |
Increase in cash and cash equivalents | 18,158 | 32,222 | 455 |
Cash and cash equivalents at beginning of the year | 118,631 | 86,409 | 85,954 |
Cash and cash equivalents at end of the year | ¥ 136,789 | ¥ 118,631 | ¥ 86,409 |
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, 2018 | ¥ 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 |
Profit | 33,485 | 19,006 | 19,006 | 14,479 | ||
Other comprehensive income | (11,130) | (4,372) | (4,372) | (6,758) | ||
Special reserve-safety fund reserve | (1,505) | (1,633) | (1,633) | 128 | ||
Transfer to reserves | (6,275) | 6,275 | ||||
Dividends | (42,905) | (28,078) | (28,078) | (14,827) | ||
Transaction with non-controlling interests in subsidiaries | (2) | (2) | ||||
Capital contribution from non-controlling interests | 825 | 2 | 2 | 823 | ||
Pipeline restructuring | (57,425) | (57,425) | ||||
Acquisition of subsidiaries | 1,187 | 1 | 1 | 1,186 | ||
Disposal of subsidiaries | (489) | (489) | ||||
Other | 275 | 178 | (102) | 76 | 199 | |
Ending balance at Dec. 31, 2020 | 1,366,621 | 183,021 | 727,955 | 304,182 | 1,215,158 | 151,463 |
Profit | 114,696 | 92,170 | 92,170 | 22,526 | ||
Other comprehensive income | (4,501) | (2,609) | (2,609) | (1,892) | ||
Special reserve-safety fund reserve | (1,750) | (1,579) | (1,579) | (171) | ||
Transfer to reserves | (8,413) | 8,413 | ||||
Dividends | (55,841) | (39,866) | (39,866) | (15,975) | ||
Transaction with non-controlling interests in subsidiaries | (34) | (15) | (15) | (19) | ||
Capital contribution from non-controlling interests | 1,059 | 1,059 | ||||
Acquisition of subsidiaries | 769 | 769 | ||||
Disposal of subsidiaries | (12,380) | (12,380) | ||||
Other | 230 | 134 | 168 | 302 | (72) | |
Ending balance at Dec. 31, 2021 | ¥ 1,408,869 | ¥ 183,021 | ¥ 771,980 | ¥ 308,560 | ¥ 1,263,561 | ¥ 145,308 |
Organization and Principal Acti
Organization and Principal Activities | 12 Months Ended |
Dec. 31, 2021 | |
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, transportation 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 non-oil products, and trading business; and (iv) the transportation and the sale of natural gas (Note 3 9 |
Basis of Preparation
Basis of Preparation | 12 Months Ended |
Dec. 31, 2021 | |
Text block [abstract] | |
Basis of Preparation | 2 BASIS OF PREPARATION The consolidated financial statements of the Group have been prepared in accordance with the International Financial Reporting Standards (“IFRSs”) as issued by the International Accounting Standards Board (“IASB”). These financial statements also comply with the disclosure requirements of the Hong Kong Companies Ordinance and the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. A number of new or amended standards became applicable for the current reporting period. The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these new or amended standards. 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 judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 5. (a) New and amended standards and interpretations adopted by the Group On August 27, 2020, the IASB published amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16-Interest (b) New and amended standards and interpretations not yet adopted by the Group Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for the December 31, 2021 reporting period and have not been early adopted by the Group. These standards, amendments or interpretations are not expected to have a material impact on the Group in the current or future reporting periods and on foreseeable future transactions. |
Summary of Principal Accounting
Summary of Principal Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
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 Group accounts for business combinations (except for business combination under common control) using the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Group. In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. The Group has an option to apply a ‘concentration test’ that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. 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. The gain or loss resulting from a downstream transaction involving assets that constitute a business, as defined in IFRS 3, between the Group and its associate or joint veture is recognized in full in the consolidated financial statement. 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 1 6 (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 3 9 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) Discontinued operation A discontinued operation is a component of the Group’s business, the operation and cash flows of which can be clearly distinguished from the rest of the Group and which: - represents a separate major line of business of geographic area of operations; - is part of a single co-ordinated - is a subsidiary acquired exclusively with a view to resale. Classification as a discontinued operation occurs at the earlier of disposal or when the operation meets the criteria to be classified as held-for-sale. When an operation is classified as a discontinued operation, the comprehensive statement of profit or loss and other comprehensive income (“OCI”) is re-presented (g) Property, plant and equipment Property, plant and equipment, including oil and gas properties (Note 3(h)), 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(h)), 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 5 2.4 to 11.9 Equipment and Machinery 4 3 to 5 3.2 to 24.3 Motor Vehicles 4 5 6.8 to 23.8 Other 5 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(h)) 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(h)), 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. (h) 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(g)). 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. (i) 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. (j) Assets held for sale Non-current held-for-sale Such assets, or disposal groups, are generally measured at the lower of their carrying amount and fair value less costs to sell. Any impairment loss on a disposal group is allocated first to goodwill, and then to the remaining assets and liabilities on a pro rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets, employee benefit assets, investment property or biological assets, which continue to be measured in accordance with the Group’s other accounting policies. Impairment losses on initial classification as held-for-sale Once classified as held-for-sale, (k) 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 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 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 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. (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. (l) Impairment for financial assets 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 (m) Leases (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 Payments made to the Ministry of Natural Resources to secure land use rights (excluding mineral properties) are treated as leases. (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”. (n) Inventories Inventories include oil products, chemical products and crude oil and other raw 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. (o) 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(n)), property, plant and equipment (Note 3(g)), oil and gas properties (Note 3(h)) or intangible assets (Note 3(i)). 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. (p) 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(l) and are reclassified to receivables when the right to the consideration has become unconditional (Note 3(q)). 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(q)). When the contract includes a significant financing component, the contract balance includes interest accrued under the effective interest method (Note 3(v)). (q) 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(p)). Receivables are stated at amortized cost using the effective interest method less allowance for credit losses (Note 3(l)). (r) 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. (s) 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. (t) 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. (u) 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”. (v) 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 a |
Financial Risk and Capital Mana
Financial Risk and Capital Management | 12 Months Ended |
Dec. 31, 2021 | |
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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, natural gas, 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 2 9 (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. As at 31 December 2021, the Group had certain commodity contracts of crude oil, refined oil products and chemical products designated as hedges. As at 31 December 2021, the fair value of such derivative hedging financial instruments is derivative financial assets of RMB 3,913 (2020: RMB 1,411) and derivative financial liabilities of RMB 3,881 (2020: RMB 3,709). As at 31 December 2021, it is estimated that a general increase/decrease of USD 10 per barrel in basic price of derivative financial instruments, with all other variables held constant, would impact the fair value of derivative financial instruments, which would increase/decrease the Group’s profit for the year by approximately RMB 2,104 (2020: decrease/increase RMB 2,578), there is no effect on the Group’s other reserves (2020: Nil). This sensitivity analysis has been determined assuming that the change in prices had occurred at the balance sheet date and the change was applied to the Group’s derivative financial instruments at that date with exposure to commodity price risk. (b) Credit risk Credit risk arises from cash and cash equivalents, time deposits with banks, accounts receivable, prepayments and other current assets and intangible and other non-current assets. 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 carrying amounts of cash and cash equivalents, time deposits placed with banks, accounts receivable, prepayments and other current assets and financial assets at fair value through other comprehensive income 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 2 9 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, 2021 is 19.5% (December 31, 2020: 21.3%). 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, 2021 and 2020 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 9 The Group’s investments in derivative financial instruments and FVOCI are measured at fair value on the balance sheet date. The fair value of derivative financial instruments are mainly categorised into Level 1 and Level 2 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, or the inputs other than quoted prices included within Level 1 that are observable either directly or indirectly. Trade accounts receivable and bills receivable in FVOCI are mainly categorised into Level 3 of the fair value hierarchy, which are based on that trade accounts receivable and bills receivable are mainly short-term bills of acceptance issued by banks, their fair values approximate the face values of the bills. The equity investments in FVOCI that are not held for trading are measured at fair value at the end of the reporting period. The fair value of such equity investments are mainly categorised 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. As of December 31, 2021, financial assets and financial liabilities continuing to be measured at fair value are listed as follows in three levels: Level 1 Level 2 Level 3 Total RMB RMB RMB RMB Assets Accounts receivable: – Derivative financial assets 2,625 1,288 — 3,913 Financial assets at fair value through other comprehensive income: – Bills receivable — — 3,975 3,975 – Other Investments 905 — 263 1,168 3,530 1,288 4,238 9,056 Liabilities Accounts payable and accrued liabilities: – Derivative financial liabilities 726 3,155 — 3,881 726 3,155 — 3,881 As of December 31, 2020, financial assets and financial liabilities continuing to be measured at fair value are listed as follows in three levels: Level 1 Level 2 Level 3 Total RMB RMB RMB RMB Assets Accounts receivable: – Derivative financial assets 238 1,173 — 1,411 Financial assets at fair value through other comprehensive income: – Bills receivable — — 8,076 8,076 – Other Investments 653 — 249 902 891 1,173 8,325 10,389 Liabilities Accounts payable and accrued liabilities: – Derivative financial liabilities 2,813 896 — 3,709 2,813 896 — 3,709 The Group uses discounted cash flow model with inputted interest rate and commodity index, which were influenced by historical fluctuation and the probability of market fluctuation, to evaluate the fair value of the bills receivable classified as Level 3 financial assets. |
Critical Accounting Estimates a
Critical Accounting Estimates and Judgements | 12 Months Ended |
Dec. 31, 2021 | |
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Critical Accounting Estimates and Judgements | 5 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS 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 important elements in testing impairment of property, plant and equipment (Note 5(b)). Changes in proved oil and gas reserves, particularly proved developed reserves, will affect unit-of-production depreciation, depletion and amortization recorded in the consolidated financial statements for property, plant and equipment relating to oil and gas production activities. An increase/reduction in proved developed reserves will decrease/increase depreciation, depletion and amortization charges. Proved oil and gas reserves estimates are subject to revision, either upward or downward, based on new information, such as from development drilling and production activities or from changes in economic factors, including product prices, contract terms, evolution of technology or development plans, etc. (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 price and production profile of crude oil used for the expected future cash flows are different from the actual price and production profile of crude oil or respectively experienced in future, the Group may either over or under recognize the impairment losses for certain assets. (c) 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 management plan for the decommissioning of oil and gas properties, the estimation of the economic lives of oil and gas properties and estimates of discount rates. The estimations and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future period. 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. According to changes in the internal and external environment, accounting standards and company asset retirement expense measures and other relevant regulations, oil and gas field companies recalculate their asset retirement obligations of oil and gas properties based on the latest parameters, to more objectively reflect the actual situation of the Company’s asset retirement obligation of oil and gas properties. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2021 | |
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Revenue | 6 REVENUE Revenue represents revenues from the sale of crude oil, natural gas, refined products, chemical products, non-oil z 2021 Type of contract Exploration Production Refining Marketing Natural Gas Head Office and Total Type of goods and services Crude oil 464,298 — 685,743 — — 1,150,041 Natural gas 133,148 — 344,196 381,370 — 858,714 Refined products — 759,912 1,064,890 — — 1,824,802 Chemical products — 207,810 48,240 — — 256,050 Pipeline transportation business — — — 3,360 — 3,360 Non-oil — — 25,148 — — 25,148 Others 90,539 7,072 1,272 32,208 3,871 134,962 Intersegment elimination (571,705 ) (650,018 ) (397,485 ) (19,526 ) (1,201 ) (1,639,935 ) Revenue from contracts with customers 116,280 324,776 1,772,004 397,412 2,670 2,613,142 Other revenue 349 178 573 84 23 1,207 Total 116,629 324,954 1,772,577 397,496 2,693 2,614,349 Geographical Region Mainland China 68,327 324,776 832,229 397,412 2,670 1,625,414 Others 47,953 — 939,775 — — 987,728 Revenue from contracts with customers 116,280 324,776 1,772,004 397,412 2,670 2,613,142 Other revenue 349 178 573 84 23 1,207 Total 116,629 324,954 1,772,577 397,496 2,693 2,614,349 2020 Type of contract Exploration Production Refining Marketing Natural Gas Head Office and Total Type of goods and services Crude oil 333,557 — 447,384 — — 780,941 Natural gas 118,388 — 173,696 294,297 — 586,381 Refined products — 616,063 822,192 — — 1,438,255 Chemical products — 150,296 30,344 — — 180,640 Pipeline transportation business — — — 52,273 — 52,273 Non-oil — — 22,360 — — 22,360 Others 78,631 8,254 1,300 23,800 3,515 115,500 Intersegment elimination (437,670 ) (492,667 ) (276,503 ) (35,437 ) (1,320 ) (1,243,597 ) Revenue from contracts with customers 92,906 281,946 1,220,773 334,933 2,195 1,932,753 Other revenue 231 162 257 401 32 1,083 Total 93,137 282,108 1,221,030 335,334 2,227 1,933,836 Geographical Region Mainland China 27,028 281,946 554,620 334,933 2,195 1,200,722 Others 65,878 — 666,153 — — 732,031 Revenue from contracts with customers 92,906 281,946 1,220,773 334,933 2,195 1,932,753 Other revenue 231 162 257 401 32 1,083 Total 93,137 282,108 1,221,030 335,334 2,227 1,933,836 2019 Type of contract Exploration Production Refining Marketing Natural Gas Head Office and Total Type of goods and services Crude oil 476,974 — 623,757 — — 1,100,731 Natural gas 110,837 — 238,999 291,641 — 641,477 Refined products — 834,879 1,161,054 — — 1,995,933 Chemical products — 156,938 28,348 — — 185,286 Pipeline transportation business — — — 70,568 — 70,568 Non-oil — — 21,146 — — 21,146 Others 88,284 8,036 1,513 28,341 3,684 129,858 Elimination (552,672 ) (702,207 ) (332,164 ) (40,652 ) (1,644 ) (1,629,339 ) Revenue from contracts with customers 123,423 297,646 1,742,653 349,898 2,040 2,515,660 Other revenue 225 209 227 473 16 1,150 Total 123,648 297,855 1,742,880 350,371 2,056 2,516,810 Geographical Region Mainland China 41,596 297,646 784,379 349,898 2,040 1,475,559 Others 81,827 — 958,274 — — 1,040,101 Revenue from contracts with customers 123,423 297,646 1,742,653 349,898 2,040 2,515,660 Other revenue 225 209 227 473 16 1,150 Total 123,648 297,855 1,742,880 350,371 2,056 2,516,810 |
Profit Before Income Tax Expens
Profit Before Income Tax Expense | 12 Months Ended |
Dec. 31, 2021 | |
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Profit Before Income Tax Expense | 7 PROFIT BEFORE INCOME TAX EXPENSE 2021 2020 2019 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 (i) 17 25 22 Reversal of provision for impairment of receivables 360 95 1,630 Reversal of write down in inventories 76 186 201 Gain on disposal of investment in subsidiaries (i) 3,575 1,242 49 Gain on Pipeline restructuring (i) 18,320 46,946 — Charged Amortization of intangible and other assets 5,774 5,944 4,992 Depreciation and impairment losses: Owned property, plant and equipment 211,107 194,015 205,297 Right-of-use 14,388 13,916 14,973 Auditors’ remuneration (ii) 47 49 53 Cost of inventories recognized as expense 2,047,256 1,527,271 1,981,628 Provision for impairment of receivables 775 438 263 Loss on disposal and scrap of property, plant and equipment (i) 18,959 5,398 9,809 Variable lease payments, low-value 2,645 3,362 3,514 Research and development expenses 16,729 15,746 15,666 Write down in inventories 656 8,337 1,461 (i) Other income, net primarily includes dividend income from equity investments measured at fair value through other comprehensive income, gain on Pipeline restructuring (Notes 26 and 41) and disposal of investment in subsidiaries, loss on disposal of property, plant and equipment and government grants. (ii) The auditors’ remuneration above represents the annual audit fees paid by the Company. This remuneration does not include fees of RMB 41 (2020: RMB 62, 2019: RMB 60) 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, 2021 | |
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Employee Compensation Costs | 8 EMPLOYEE COMPENSATION COSTS 2021 2020 2019 RMB RMB RMB Wages, salaries and allowances 100,971 98,832 101,815 Social security costs 53,864 48,772 52,503 154,835 147,604 154,318 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 3 4 |
Taxes Other Than Income Taxes
Taxes Other Than Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
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Taxes Other Than Income Taxes | 9 TAXES OTHER THAN INCOME TAXES 2021 2020 2019 RMB RMB RMB Consumption tax 161,623 145,525 164,973 Resource tax 23,723 18,468 24,388 City maintenance and construction tax 16,078 13,647 16,001 Educational surcharge 11,660 9,882 11,732 Crude oil special gain levy 4,655 178 771 Urban and township land use tax 3,572 3,588 3,529 Other 6,692 4,562 7,042 228,003 195,850 228,436 |
Interest Expense
Interest Expense | 12 Months Ended |
Dec. 31, 2021 | |
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Interest Expense | 10 INTEREST EXPENSE 2021 2020 2019 RMB RMB RMB Interest on: Bank loans 2,540 1,677 3,094 Other loans 8,092 14,342 15,476 Lease liabilities 5,419 6,297 7,476 Accretion expense (Note 3 3 4,696 5,107 5,525 Less: Amounts capitalized (1,008 ) (895 ) (1,162 ) 19,739 26,528 30,409 Amounts capitalized are borrowing costs that are attributable to the construction of qualifying assets. The average interest rate used to capitalize such general borrowing cost was 4.19% per annum for the year ended December 31, 2021 (2020: 4.23% per annum, 2019: 4.28% per annum). |
Emoluments of Directors and Sup
Emoluments of Directors and Supervisors | 12 Months Ended |
Dec. 31, 2021 | |
Text block [abstract] | |
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, 2021, 2020 and 2019 are as follows: 2021 2020 2019 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. Hou Qijun (ii) — — — — — 983 Mr. Li Fanrong (i) — — — — — — Mr. Zhang Wei(vii) — — — — — — Executive directors: Mr. Huang Yongzhang (iii) — 505 124 629 — — Mr. Ren Lixin (ii) — 139 56 195 — — — 644 180 824 — 983 Non-executive Mr. Duan Liangwei (iii) — 196 41 237 735 — Mr. Liu Yuezhen — — — — — — Mr. Jiao Fangzheng(ix) — — — — — — Mr. Liu Hongbin(viii) — — — — — — Mr. Qin Weizhong(x) — — — — — — Mr. Lin Boqiang — — — — 388 386 Mr. Zhang Biyi — — — — 398 386 Ms. Elsie Leung Oi-sie 556 — — 556 331 319 Mr. Tokuchi Tatsuhito 527 — — 527 331 351 Mr. Simon Henry 499 — — 499 320 340 Mr. Cai Jinyong (iv) 575 — — 575 — — Mr. Jiang Xiaoming (iv) 575 — — 575 — — 2,732 196 41 2,969 2,503 1,782 Supervisors: Mr. Lv Bo (v) — — — — — — Mr. Xu Wenrong (v) — — — — — — Mr. Zhang Fengshan — — — — — — Mr. Jiang Lifu — — — — — — Mr. Lu Yaozhong — — — — — — Mr. Wang Liang — — — — — — Mr. Fu Suotang — 1,325 108 1,433 1,367 1,155 Mr. Li Jiamin — 1,109 146 1,255 1,006 978 Mr. Li Wendong (vi) — 102 35 137 1,193 1,067 Mr. Liu Xianhua — 847 98 945 1,011 845 — 3,383 387 3,770 4,577 4,045 2,732 4,223 608 7,563 7,080 6,810 (i) Mr. Wang Yilin ceased being the chairman from January 19, 2020. Mr. Dai Houliang was elected as the chairman and Mr. Li Fanrong was elected as the vice chairman from March 25, 2020. On May 10, 2021, Mr. Li Fanrong ceased being the vice chairman and the director. (ii) Mr. Hou Qijun and Mr. Ren Lixin was appointed as director from October 21, 2021; and Mr. Hou Qijun was appointed as Vice chairman from October 28, 2021. (iii) Mr. Duan Liangwei was appointed as the president and executive director from March 9, 2020; On March 25, 2021, Mr. Duan Liangwei resigned as the Company’s president and was transferred from an executive director to a non-executive (iv) Mr. Cai Jinyong and Mr. Jiang Xiaoming were elected as independent non-executive non-executive (v) Mr. Xu Wenrong ceased being the Chairman of the Supervisory Committee and supervisor and Mr. Lv Bo ceased being the non-executive (vi) On May 28, 2021, Mr. Li Wendong resigned as the employee representative supervisor of the Company. (vii) Mr. Zhang Wei was elected as the non-executive director and vice chairman from June 13, 2019 and ceased being the non-executive director and vice chairman from December 9, 2019. (viii) Mr. Liu Hongbin ceased being the non-executive director from December 3, 2019. (ix) Mr. Jiao Fangzheng was elected as the non-executive director from June 13, 2019. (x) Mr. Qin Weizhong ceased being the non-executive director from April 15, 2019. (xi) The emoluments above are all pre-tax amounts. None of the directors and supervisors has waived their remuneration during the year ended December 31, 2021, 2020 and 2019. The five highest paid individuals in the Company for the year ended December 31, 2021 include d is were were The five highest paid individuals in the Company for the year ended December 31, 2020 include d is were were The five highest paid individuals in the Company for the year ended December 31, 2019 include three supervisors and one director whose emoluments are reflected in the analysis shown above and the note; and one senior management whose allowances and other benefits was RMB 0.940, and whose contribution to retirement benefit scheme was RMB 0.161. During the years ended December 31, 2021, 2020 and 2019, 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, 2021 | |
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Income Tax Expense | 12 INCOME TAX EXPENSE 2021 2020 2019 RMB RMB RMB Current taxes 33,822 14,922 32,714 Deferred taxes (Note 3 2 9,685 7,666 3,485 43,507 22,588 36,199 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 Ministry o In-depth 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: 2021 2020 2019 RMB RMB RMB Profit before income tax expense 158,203 56,073 103,214 Tax calculated at a tax rate of 25% 39,551 14,018 25,804 Tax return true-up (256 ) 256 691 Effect of income taxes from international operations different from taxes at the PRC statutory tax rate 2,692 1,522 6,112 Effect of preferential tax rate (8,603 ) (1,312 ) (5,529 ) Tax effect of income not subject to tax (10,305 ) (3,612 ) (3,767 ) Tax effect of expenses not deductible for tax purposes 15,789 5,455 4,479 Tax effect of temporary differences and losses not recognized as deferred tax assets 4,639 6,261 8,409 Income tax expense 43,507 22,588 36,199 |
Basic and Diluted Earnings Per
Basic and Diluted Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
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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, 2021, 2020 and 2019 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, 2021 | |
Text block [abstract] | |
Dividends | 14 DIVIDENDS 2021 2020 2019 RMB RMB RMB Interim dividends attributable to owners of the Company for 2021 (a) 23,866 — — Proposed final dividends attributable to owners of the Company for 2021 (b) 17,610 — — Interim dividends attributable to owners of the Company for 2020 (c) — 16,000 — Final dividends attributable to owners of the Company for 2020 (d) — 16,000 — Interim dividends attributable to owners of the Company for 2019 (e) — — 14,212 Final dividends attributable to owners of the Company for 2019 (f) — — 12,081 41,476 32,000 26,293 (a) Interim dividends attributable to owners of the Company in respect of 2021 of RMB 0.13040 yuan (inclusive of applicable tax) per share , (b) At the 14 th th (in clusive of applicable tax) p er share (c) Interim dividends attributable to owners of the Company in respect of 2020 of RMB 0.08742 yuan (inclusive of applicable tax) per share amounting to a total of RMB 16,000. The dividends were paid on September 22, 2020 (A shares) and November 13, 2020 (H shares). (d) Final dividends attributable to owners of the Company in respect of 2020 of RMB 0.08742 yuan (inclusive of applicable tax) per share, amounting to a total of RMB 16,000. The dividends approved at the 2020 Annual General Meeting held on 10 June, 2021, and were paid on June 29, 2021 (A shares) and July 30, 2021 (H shares). (e) Interim dividends attributable to owners of the Company in respect of 2019 of RMB 0.07765 yuan (inclusive of applicable tax) per share amounting to a total of RMB 14,212. The dividends were paid on September 24, 2019 (A shares) and November 1, 2019 (H shares). (f) Final dividends attributable to owners of the Company in respect of 2019 of RMB 0.06601 yuan (inclusive of applicable tax) per share amounting to a total of RMB 12,081 and were paid on June 30, 2020 (A shares) and July 31, 2020 (H shares). |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Text block [abstract] | |
Property, Plant and Equipment | 15 PROPERTY, PLANT AND EQUIPMENT Year Ended December 31, 2021 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 248,948 2,355,925 746,404 22,857 45,014 228,882 3,648,030 Additions 1,561 18,556 5,305 645 1,880 241,843 269,790 Transfers 13,736 160,810 38,649 — 2,369 (215,564 ) — Disposals or write offs (5,101 ) (75,411 ) (12,010 ) (1,588 ) (1,675 ) (22,175 ) (117,960 ) Currency translation differences (286 ) (7,255 ) (345 ) (11 ) (313 ) (704 ) (8,914 ) At end of the year 258,858 2,452,625 778,003 21,903 47,275 232,282 3,790,946 Accumulated depreciation and impairment At beginning of the year (110,899 ) (1,542,037 ) (488,109 ) (17,431 ) (31,937 ) (5,526 ) (2,195,939 ) Charge for the year and others (11,057 ) (138,251 ) (33,404 ) (992 ) (2,485 ) — (186,189 ) Impairment charge (516 ) (19,463 ) (2,723 ) — (121 ) (3,648 ) (26,471 ) Disposals or write offs or transfers 1,952 58,312 7,429 1,421 997 396 70,507 Currency translation differences 103 5,602 158 11 401 167 6,442 At end of the year (120,417 ) (1,635,837 ) (516,649 ) (16,991 ) (33,145 ) (8,611 ) (2,331,650 ) Net book value At end of the year 138,441 816,788 261,354 4,912 14,130 223,671 1,459,296 Year Ended December 31, 2020 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 252,174 2,261,203 1,153,616 27,148 36,155 255,302 3,985,598 Additions 3,620 1,044 8,425 1,419 776 188,591 203,875 Transfers 16,827 152,389 23,618 — 12,169 (205,003 ) — Disposals or write offs (22,910 ) (39,497 ) (438,169 ) (5,661 ) (3,340 ) (8,934 ) (518,511 ) Currency translation differences (763 ) (19,214 ) (1,086 ) (49 ) (746 ) (1,074 ) (22,932 ) At end of the year 248,948 2,355,925 746,404 22,857 45,014 228,882 3,648,030 Accumulated depreciation and impairment At beginning of the year (107,943 ) (1,429,389 ) (615,770 ) (19,947 ) (23,092 ) (6,233 ) (2,202,374 ) Charge for the year and others (11,005 ) (136,433 ) (45,912 ) (1,260 ) (10,573 ) — (205,183 ) Impairment charge (214 ) (13,908 ) (113 ) — (837 ) (295 ) (15,367 ) Disposals or write offs or transfers 7,948 24,234 173,196 3,739 2,031 1,012 212,160 Currency translation differences 315 13,459 490 37 534 (10 ) 14,825 At end of the year (110,899 ) (1,542,037 ) (488,109 ) (17,431 ) (31,937 ) (5,526 ) (2,195,939 ) Net book value At end of the year 138,049 813,888 258,295 5,426 13,077 223,356 1,452,091 The Group’s exploration and production segment determines whether there are any indicators of impairment for the oil fields or blocks and using the discounted cash flow model. after-tax %) per annum. 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, 2021, 2020 and 2019. 2021 2020 2019 RMB RMB RMB At beginning of the year 38,807 36,101 26,905 Additions to capitalized exploratory well costs pending the determination of proved reserves 30,338 30,104 35,098 Reclassified to wells, facilities, and equipment based on the determination of proved reserves (27,201 ) (18,464 ) (17,002 ) Capitalized exploratory well costs charged to expense (12,557 ) (8,934 ) (8,900 ) At end of the year 29,387 38,807 36,101 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 19,354 23,428 Over one year 10,033 15,379 Balance at December 31 29,387 38,807 Capitalized exploratory well costs over one year are principally related to the |
Interests in Other Entities
Interests in Other Entities | 12 Months Ended |
Dec. 31, 2021 | |
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 % China Oil & Gas Piping Network Corporation (“PipeChina”) PRC 500,000 Pipeline transport, storage service, import of equipment, import and export of techniques, science and technology research, research and application of informatization, technology consulting, technology service, technology transfer, promotion of technology 29.90 — China Petroleum Finance Co., Ltd. (“CP Finance”) 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 USD Engages in investing activities, the principle activities of its main subsidiaries are exploration, development 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 Interest in Associates Summarized financial information in respect of the Group’s principal associates and reconciliation to carrying amount is as follow s PipeChina (Note 41) CP Finance CNPC Captive Insurance Co., Ltd. December 31, December 31, December 31, December 31, December 31, December 31, RMB RMB RMB RMB RMB RMB Percentage ownership interest (%) 29.90 29.90 32.00 32.00 49.00 49.00 Current assets 86,335 74,012 415,139 313,741 9,100 11,267 Non-current 768,161 655,982 116,765 177,344 2,618 2,956 Current liabilities 136,150 55,562 446,369 404,201 859 4,752 Non-current 103,243 104,150 8,396 12,617 3,900 2,776 Net assets 615,103 570,282 77,139 74,267 6,959 6,695 Group’s share of net assets 157,346 151,135 24,684 23,765 3,410 3,281 Goodwill — — 349 349 — — Carrying amount of interest in associates 157,346 151,135 25,033 24,114 3,410 3,281 Summarized statement of comprehensive income and dividends received by the Group are as follow: PipeChina (Note 41) CP CNPC Captive Insurance Co., Ltd. Dec 31, From Oct 01, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, RMB RMB RMB RMB RMB RMB RMB Revenue 101,572 22,766 12,691 7,954 9,672 1,510 735 712 Profit for the year 29,776 6,444 6,304 7,819 7,810 424 389 349 Other comprehensive income/(loss) 2 — (606 ) (1,603 ) 1,356 — — (1 ) Total comprehensive income 29,778 6,444 5,698 6,216 9,166 424 389 348 Group’s share of total comprehensive income 6,846 1,532 1,823 1,989 2,933 207 191 170 Dividends received by the Group 943 — 904 677 1,268 78 74 62 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 1,571 1,685 9,927 10,586 44,011 39,809 Current assets 11,305 7,319 2,220 830 1,437 2,886 Including: cash and cash equivalents 2,292 1,343 1,631 74 1,411 739 Non-current 540 158 2,033 3,008 2,147 2,330 Including: Non-current — 1 — 848 2,101 2,330 Current liabilities 9,997 5,927 872 575 483 235 Including: Current financial liabilities excluding trade and other payables 5,810 3,267 — — — — Net assets 2,339 2,919 9,242 7,833 42,818 40,130 Net assets attributable to owners of the Company 1,952 2,672 9,242 7,833 42,818 40,130 Group’s share of net assets 976 1,336 4,621 3,917 21,409 20,065 Carrying amount of interest in joint ventures 976 1,336 4,621 3,917 21,409 20,065 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 2021 2020 2019 2021 2020 2019 2021 2020 2019 RMB RMB RMB RMB RMB RMB RMB RMB RMB Revenue 58,210 36,695 42,116 11,543 8,152 15,104 17 18 23 Depreciation, depletion and amortization (190 ) (195 ) (81 ) (1,002 ) (1,048 ) (883 ) (57 ) (38 ) (37 ) Interest income 11 16 23 3 4 2 31 42 51 Interest expense (72 ) (60 ) (88 ) (141 ) (160 ) (158 ) (56 ) (58 ) (57 ) Income tax expense (56 ) (57 ) (92 ) (846 ) (293 ) (925 ) — 1 — Net (loss)/profit (610 ) 185 142 2,114 362 2,818 4,067 3,060 4,070 Total comprehensive ( ) (691 ) 140 169 1,874 (650 ) 2,978 3,508 (3,007 ) 7,940 Group’s share of total comprehensive (loss)/ income (344 ) 46 85 937 (325 ) 1,489 1,754 (1,504 ) 3,970 Dividends received by the Group 29 — — 233 539 1,115 410 — 175 Dividends received or receivable from associates and joint ventures were RMB 4,715 in 2021 (2020: RMB 4,517, 2019: RMB 4,432). In 2021, investments in associates and joint ventures of RMB 489 (2020: RMB 1,687, 2019: RMB 119) were disposed of, resulting in a loss of RMB 4(2020: a loss of RMB 5, 2019: a gain of RMB 238 ) which was included in other income. In 2021, the share of profit and other comprehensive income in all individually immaterial associates and joint ventures accounted for using equity method in aggregate was loss of RMB 1 , 423 |
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 Sichuan Petrochemical Company Limited PRC 10,000 Limited liability company 90.00 90.00 Engaged in oil refining, petrochemical, chemical products production, sales, chemical technology development, technical transfer and services KunLun Energy Company Limited (ii) Bermuda HKD 160 million Limited liability company 54.38 54.38 Investment holding. The principal activities of its principal subsidiaries, associates and joint ventures are the sales of natural gas, sales of liquefied petroleum gas and liquefied natural gas processing and terminal business in the PRC and the exploration and production of crude oil and natural gas in the PRC, the Republic of Kazakhstan, the Sultanate of Oman, the Republic of Peru, the Kingdom of Thailand and the Republic of Azerbaijan. (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. (ii) Kunlun Energy Co., Ltd. is a company listed on The Stock Exchange of Hong Kong Limited. Summarized financial information in respect of the Group’s principal subsidiaries with significant non-controlling CNPC Exploration and PetroChina Sichuan December 31, December 31, December 31, December 31, RMB RMB RMB RMB Percentage ownership interest (%) 50.00 50.00 90.00 90.00 Current assets 15,596 16,046 3,973 4,278 Non-current 184,486 182,392 25,317 26,371 Current liabilities 11,282 21,820 3,876 5,382 Non-current 30,293 22,566 382 486 Net assets 158,507 154,052 25,032 24,781 Summarized statement of comprehensive income is as follows: CNPC Exploration and PetroChina Sichuan 2021 2020 2019 2021 2020 2019 RMB RMB RMB RMB RMB RMB Revenue 42,730 33,312 47,096 48,493 35,319 49,858 Net profit 8,413 6,006 14,126 3,383 520 544 Total comprehensive income/(loss) 5,231 (6,972 ) 17,879 3,383 520 544 Profit attributable to non-controlling 4,837 3,311 8,274 338 52 54 Dividends paid to non-controlling 1,485 1,498 1,923 307 12 19 Summarized statement of cash flows is as follows: CNPC Exploration and PetroChina Sichuan 2021 2020 2019 2021 2020 2019 RMB RMB RMB RMB RMB RMB Net cash inflow from operating activities 13,320 5,681 17,780 2,666 5,119 3,413 Net cash (outflow) / inflow from investing activities (5,191 ) (16,187 ) (17,306 ) (231 ) (380 ) 537 Net cash (outflow) / inflow from financing activities (8,531 ) 7,410 (1,118 ) (3,995 ) (3,186 ) (4,035 ) Effect of foreign exchange rate changes on cash and cash equivalents (15 ) (776 ) 220 — — — Net (decrease) / increase in cash and cash equivalents (417 ) (3,872 ) (424 ) (1,560 ) 1,553 (85 ) Cash and cash equivalents at the beginning of the year 9,202 13,074 13,498 1,561 8 93 Cash and cash equivalents at the end of the year 8,785 9,202 13,074 1 1,561 8 |
Equity investments measured at
Equity investments measured at fair value through other comprehensive income | 12 Months Ended |
Dec. 31, 2021 | |
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, December 31, RMB RMB Chengdu Huaqi Houpu Holding Co., Ltd. 534 228 China Pacific Insurance (Group)Co., Ltd. 133 188 Other items 501 486 1,168 902 Dividends amounting to RMB 17 were received on these investments during the year ended December 31, 2021 (2020 : RMB 25, 2019 : RMB 22). |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of quantitative information about leases for lessee [abstract] | |
Leases | 19 LEASES The leases where the Group is a lessee. (a) Right-of-use assets December 31, 2020 Additions Reduction December 31, 2021 Cost Land 171,941 9,331 (672 ) 180,600 Buildings 57,337 5,120 (5,567 ) 56,890 Equipment and Machinery 2,641 2,614 (781 ) 4,474 Other 2,195 186 (563 ) 1,818 Total 234,114 17,251 (7,583 ) 243,782 Accumulated depreciation Land (11,611 ) (7,022 ) 216 (18,417 ) Buildings (10,839 ) (6,334 ) 2,748 (14,425 ) Equipment and Machinery (1,166 ) (1,096 ) 685 (1,577 ) Other (712 ) (313 ) 268 (757 ) Total (24,328 ) (14,765 ) 3,917 (35,176 ) Net book value Land 160,330 162,183 Buildings 46,498 42,465 Equipment and Machinery 1,475 2,897 Other 1,483 1,061 Total 209,786 208,606 December 31, 2019 Additions Reduction December 31, 2020 Cost Land 172,897 19,547 (20,503 ) 171,941 Buildings 91,920 6,020 (40,603 ) 57,337 Equipment and Machinery 2,934 29 (322 ) 2,641 Other 2,068 723 (596 ) 2,195 Total 269,819 26,319 (62,024 ) 234,114 Accumulated depreciation Land (6,595 ) (7,344 ) 2,328 (11,611 ) Buildings (7,369 ) (6,601 ) 3,131 (10,839 ) Equipment and Machinery (718 ) (703 ) 255 (1,166 ) Other (401 ) (426 ) 115 (712 ) Total (15,083 ) (15,074 ) 5,829 (24,328 ) Net book value Land 166,302 160,330 Buildings 84,551 46,498 Equipment and Machinery 2,216 1,475 Other 1,667 1,483 Total 254,736 209,786 The Group’s use of right assets mainly include leased land, buildings, equipment and machinery. The leases underlying assets classified as buildings are mainly the leased gas filling stations, oil storages and office buildings. The leases underlying assets classified as equipment and machinery are mainly drilling equipment, production equipment and other movable equipment. (b) Lease liabilities December 31, 2021 December 31, 2020 RMB RMB Lease liabilities 129,848 129,223 Less: Lease liabilities due within one year (6,626 ) (6,579 ) 123,222 122,644 Depreciation charged to profit or loss provided on right-of-use assets for the year ended December 31, 2021 was RMB 14,388 (2020:RMB 13,916). Analysis of the undiscounted cash flow of the lease liabilities is as follows : December 31, 2021 December 31, 2020 RMB RMB Within 1 year 12,495 11,824 Between 1 and 2 years 11,181 10,236 Between 2 and 5 years 30,541 29,862 Over 5 years 154,636 153,967 208,853 205,889 |
Intangible and Other Non-curren
Intangible and Other Non-current Assets | 12 Months Ended |
Dec. 31, 2021 | |
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Intangible and Other Non-current Assets | 20 INTANGIBLE AND OTHER NON-CURRENT December 31, 2021 December 31, 2020 Cost Accumulated Net Cost Accumulated Net RMB RMB RMB RMB RMB RMB Patents and technical know-how 8,213 (6,905 ) 1,308 7,846 (6,657 ) 1,189 Computer software 13,016 (9,751 ) 3,265 12,517 (9,528 ) 2,989 Goodwill (i) 8,023 (36 ) 7,987 8,161 (36 ) 8,125 Other 27,335 (10,889 ) 16,446 26,135 (9,797 ) 16,338 Intangible assets 56,587 (27,581 ) 29,006 54,659 (26,018 ) 28,641 Other assets 37,338 38,853 66,344 67,494 (i) Goodwill primarily relates to the acquisition of Singapore Petroleum Company and PetroIneos Trading Limited, subsidiaries in the Marketing segment, completed in 2009 and 2011, respectively. The impairment of goodwill shall be tested in combination with its related asset groups. The recoverable amount of all cash-generating units has been determined based on value-in-use calculations use post-tax post-tax For impairment test of the goodwill, the post-tax In September 2020, the Group sold its major oil and gas pipelines to PipeChina, thus losing control of PetroChina United Pipelines Co., Ltd. (Note 41). The related goodwill generated from the acquisition of CNPC Pipeline United Co., Ltd. in 2015, with carrying amount of RMB 34,285 (including relevant impairment provision), was derecognized accordingly. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
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Inventories | 2 1 INVENTORIES December 31, December 31, RMB RMB Crude oil and other raw materials 40,334 35,855 Work in progress 15,393 12,387 Finished goods 88,811 80,739 Spare parts and consumables 91 75 144,629 129,056 Less: Write down in inventories (781 ) (517 ) 143,848 128,539 |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2021 | |
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Accounts Receivable | 2 2 ACCOUNTS RECEIVABLE December 31, December 31, RMB RMB Accounts receivable 58,073 53,465 Less: Provision for impairment of receivables (1,414 ) (1,140 ) 56,659 52,325 As of December 31, 2021, accounts receivable of the Group included derivative financial assets, which were generated by hedges, of RMB 3,913 (2020 : 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, 2021 and 2020 is as follows: December 31, December 31, RMB RMB Within 1 year 55,446 51,641 Between 1 and 2 years 816 374 Between 2 and 3 years 194 209 Over 3 years 203 101 56,659 52,325 The Group offers its customers credit terms up to 180 days. Movements in the provision for impairment of accounts receivable are as follows: 2021 2020 2019 RMB RMB RMB At beginning of the year 1,140 2,431 4,053 Provision for impairment of accounts receivable 396 426 226 Reversal of provision for impairment of accounts receivable (110 ) (76 ) (1,604 ) Receivables written off as uncollectible (12 ) (1,641 ) (244 ) At end of the year 1,414 1,140 2,431 The Group measures loss allowance for accounts receivable at an amount equal to lifetime ECLs. The ECLs were calculated by reference to the 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. Gross Impairment Impairment provision on Loss Weighted- Impairment December 31, 2021 RMB RMB % RMB RMB Current (not past due) 53,098 — 0.1 % 55 55 Within 1 year past due 3,153 26 1.6 % 50 76 1 to 2 years past due 648 153 25.5 % 126 279 2 to 3 years past due 329 67 45.0 % 118 185 Over 3 years past due 845 352 94.7 % 467 819 Total 58,073 598 816 1,414 Gross Impairment Impairment provision on Loss Weighted- loss rate Impairment December 31, 2020 RMB RMB % RMB RMB Current (not past due) 46,849 — 0.1 % 34 34 Within 1 year past due 5,326 154 0.4 % 19 173 1 to 2 years past due 386 65 6.9 % 22 87 2 to 3 years past due 50 11 25.6 % 10 21 Over 3 years past due 854 342 94.3 % 483 825 Total 53,465 572 568 1,140 |
Prepayments and Other Current A
Prepayments and Other Current Assets | 12 Months Ended |
Dec. 31, 2021 | |
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Prepayments and Other Current Assets | 2 3 PREPAYMENTS AND OTHER CURRENT ASSETS December 31, December 31, RMB RMB Other receivables (i) 40,983 21,128 Advances to suppliers 14,900 22,330 55,883 43,458 Less: Provision for impairment (2,986 ) (3,378 ) 52,897 40,080 Value-added tax to recoverable 42,644 44,514 Prepaid expenses 505 373 Prepaid income taxes 4,853 5,997 Other current assets (ii) 11,921 18,298 112,820 109,262 (i) As of December 31, 2021 and December 31, 2020, the Group’s other receivables are mainly in the first stage. (ii) Other current assets consist primarily of receivables from associates, dividends receivables, interests receivables, etc. |
Financial Assets At Fair Value
Financial Assets At Fair Value Through Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2021 | |
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Financial assets at fair value through other comprehensive income | 2 4 FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME Financial assets at fair value through other comprehensive income represent mainly bills of acceptance issued by banks. The Group’s business model of financial assets at fair value through other comprehensive income is achieved both by collecting contractual cash flows and selling of these assets. All financial assets at fair value through other comprehensive income 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, 2021 | |
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Cash and Cash Equivalents | 2 5 CASH AND CASH EQUIVALENTS The weighted average effective interest rate on bank deposits was 1.68% per annum for the year ended December 31, 2021 (2020: 1.69% per annum, 2019: 1.69% per annum). |
Assets and Liabilities Held for
Assets and Liabilities Held for Sale | 12 Months Ended |
Dec. 31, 2021 | |
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Assets and Liabilities Held for Sale | 26 ASSETS AND LIABILITIES HELD FOR SALE On December 22, 2020, a subsidiary of the Company, Kunlun Energy Company Limited (Kunlun Energy), and PipeChina entered into an agreement pursuant to which Kunlun Energy agreed to transfer the 60% equity interest in PetroChina Beijing Gas Pipeline Co., Ltd (“Beijing Pipeline”) and 75% equity interest in PetroChina Dalian LNG Company Limited (“Dalian LNG”) (Beijing Pipeline and Dalian LNG collectively refer as “Target Companies”) at a base consideration of approximately RMB 40,886 (subject to the adjustments according to the price adjustment mechanism as set out in the agreement), which all will be settled in cash by PipeChina. The transaction was completed in April 2021 and the Group ceased to hold any equity interests in the Target Companies, thus losing the control of these two companies. The assets and liabilities of Beijing Pipeline and Dalian LNG are presented as assets held for sale RMB 42,615 and liabilities held for sale RMB 9,956 respectively on December 31, 2020. The assets held for sale mainly included property, plant and equipment amounted to RMB 41,158, and the liabilities held for sale mainly included long-term and short-term borrowings amounted to RMB 6,500 and accounts payable and other payables amounted to RMB 3,291. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
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Accounts Payable and Accrued Liabilities | 27 ACCOUNTS PAYABLE AND ACCRUED LIABILITIES December 31, December 31, RMB RMB Trade payables 144,419 113,119 Salaries and welfare payable 8,975 8,649 Dividends payable by subsidiaries to non-controlling 419 952 Interests payable 2,672 4,034 Construction fee and equipment cost payables 92,683 107,199 Other (i) 53,834 82,187 303,002 316,140 (i) Other consists primarily of notes payables, insurance payable, etc. As of December 31, 2021, trade payables included derivative financial liabilities, which were generated by hedges, of RMB 3,881 (2020: RMB The aging analysis of trade payables at December 31, 2021 and 2020 is as follows: December 31, 2021 December 31, 2020 RMB RMB Within 1 year 134,744 104,812 Between 1 and 2 years 2,767 1,696 Between 2 and 3 years 948 2,342 Over 3 years 5,960 4,269 144,419 113,119 |
Contract Liabilities
Contract Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
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Contract Liabilities | 2 8 CONTRACT LIABILITIES As of December 31, 2021 and December 31, 2020, contract liabilities mainly represented advances from customers related to the sales of crude oil, natural gas and refined oil, etc. The majority of related obligations were expected to be performed with corresponding revenue recognized within one year. Substantially all of contract liabilities at the beginning of the year has been recognized as revenue for the year ended December 31, 2021. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
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Borrowings | 2 9 BORROWINGS December 31, 2021 December 31, 2020 RMB RMB Short-term borrowings excluding current portion of long-term borrowings 40,010 42,354 Current portion of long-term borrowings 13,265 75,188 53,275 117,542 Long-term borrowings 287,175 251,379 340,450 368,921 December 31, 2021 December 31, 2020 RMB RMB Bank loans 114,469 80,345 Corporate debentures 20,170 51,239 Medium-term notes 71,000 86,000 Other loans 134,811 151,337 340,450 368,921 Borrowings of the Group of RMB 13,558 were guaranteed by CNPC and its fellow subsidiaries and non-controlling interests of the subsidiaries of the Group at December 31, 2021 (December 31, 2020: RMB13,726). The Group’s borrowings include mortgage loans totaling RMB 1,185 at December 31,2021 (2020: RMB 3,486), which were secured by property, plant and equipment with net book value of RMB 1,287 and intangible and other non-current December 31, 2021 December 31, 2020 RMB RMB Total borrowings: - interest free 101 110 - at fixed rates 131,705 192,079 - at floating rates 208,644 176,732 340,450 368,921 Weighted average effective interest rates: - bank loans 2.18 % 2.20 % - corporate debentures 4.14 % 3.49 % - medium-term notes 3.28 % 3.32 % - other loans 2.51 % 3.47 % The borrowings by major currency at December 31, 2021 and 2020 are as follows: December 31, 2021 December 31, 2020 RMB RMB RMB 238,361 262,458 US Dollar 94,803 98,553 Other currencies 7,286 7,910 340,450 368,921 The fair values of the Group’s long-term borrowings including the current portion of long-term borrowings are RMB 290,937 at December 31, 2021 (December 31, 2020: RMB 323,809). The carrying amounts of short-term borrowings approximate their fair values.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 statement of financial position. Such discount rates ranged from 0.10% to 5.14% per annum as of December 31, 2021 (December 31, 2020: -0.49% The following table sets out the borrowings’ remaining contractual maturities at the date of the consolidated statement of financial position, which are based on contractual undiscounted cash flows including principal and interest, and the earliest contractual maturity date: December 31, 2021 December 31, 2020 RMB RMB Within 1 year 58,923 124,777 Between 1 and 2 years 53,250 53,526 Between 2 and 5 years 226,124 188,012 After 5 years 28,053 27,894 366,350 394,209 Reconciliation of movements of borrowings to cash flows arising from financing activities: 2021 2020 RMB RMB At beginning of the year 368,921 466,722 Changes from financing cash flows : Increase in borrowings 810,092 989,492 Repayments of borrowings (836,434 ) (1,017,662 ) Total changes from financing cash flows (26,342 ) (28,170 ) Exchange adjustments (2,129 ) (6,282 ) Pipeline restructuring (Note 41) — (56,849 ) Reclassified as liabilities held for sale (Note 2 6 — (6,500 ) At end of the year 340,450 368,921 |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2021 | |
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Share Capital | 30 SHARE CAPITAL December 31, 2021 December 31, 2020 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 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 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 T 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. 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, 2021 | |
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Reserves | 31 RESERVES 2021 2020 RMB RMB Capital Reserve Beginning balance 133,308 133,308 Ending balance 133,308 133,308 Statutory Common Reserve Fund (a) Beginning balance 203,557 197,282 Transfer from retained earnings 8,413 6,275 Ending balance 211,970 203,557 Special Reserve-Safety Fund Reserve Beginning balance 10,810 12,443 Safety fund reserve (1,579 ) (1,633 ) Ending balance 9,231 10,810 Currency Translation Differences (b) Beginning balance (32,848 ) (28,939 ) Currency translation differences (2,684 ) (3,909 ) Ending balance (35,532 ) (32,848 ) Other Reserves Beginning balance (10,645 ) (10,083 ) Transaction with non-controlling (15 ) — Fair value changes in equity investments measured at fair value through other comprehensive income 79 (22 ) Share of the other comprehensive income of associates and joint ventures accounted for using the equity method (4 ) (441 ) Other 168 (99 ) Ending balance (10,417 ) (10,645 ) 308,560 304,182 (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. |
Deferred Taxation
Deferred Taxation | 12 Months Ended |
Dec. 31, 2021 | |
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Deferred Taxation | 32 DEFERRED TAXATION The movements in the deferred taxation account are as follows: 2021 2020 2019 RMB RMB RMB At beginning of the year (5,016 ) 2,848 6,483 Transfer to profit and loss (Note 12) (9,685 ) (7,666 ) (3,485 ) Credit / (debit) to other comprehensive income 224 (198 ) (150 ) At end of the year (14,477 ) (5,016 ) 2,848 Deferred tax balances before offset are attributable to the following items: December 31, December 31, RMB RMB Deferred tax assets: Receivables and inventories 9,124 4,740 Tax losses 1,892 24,646 Impairment, depreciation and depletion of long-term assets 8,250 6,309 Other 7,897 6,622 Total deferred tax assets 27,163 42,317 Deferred tax liabilities: Accelerated tax depreciation 16,023 24,147 Other 25,617 23,186 Total deferred tax liabilities 41,640 47,333 Net deferred tax liabilities (14,477 ) (5,016 ) Deferred tax balances after offset are listed as follows: December 31, December 31, RMB RMB Deferred tax assets 12,161 11,364 Deferred tax liabilities 26,638 16,380 At December 31, 2021, certain subsidiaries of the Company did not recognize |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2021 | |
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Asset Retirement Obligations | 33 ASSET RETIREMENT OBLIGATIONS 2021 2020 2019 RMB RMB RMB At beginning of the year 114,819 137,935 132,780 Net liabilities incurred, including reassessment(i) 16,057 (24,059 ) 2,026 Liabilities settled (5,969 ) (3,510 ) (2,427 ) Accretion expense (Note 10) 4,696 5,107 5,525 Currency translation differences (198 ) (654 ) 31 At end of the year 129,405 114,819 137,935 (i) In 2020, domestic oil and gas field companies adjusted the discount period with reference to the remaining life corresponding to the proved developed reserves in each block, updated various oil and gas assets retirement standards based on the latest legal requirements, technology and price levels, reviewed the adopted discount rate, and then recalculate and adjust the provision for the asset retirement expense of oil and gas properties at the end of the year. The changes in related accounting estimates and new liabilities provided resulted in a reduction in estimated liabilities of RMB 24,059. Asset retirement obligations relate to oil and gas properties (Note 15). |
Pensions
Pensions | 12 Months Ended |
Dec. 31, 2021 | |
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Pensions | 3 4 PENSIONS The Group participates in various employee retirement benefit plans (Note 3(aa)). Expenses incurred by the Group in connection with the retirement benefit plans for the year ended December 31, 2021 amounted to RMB 19,939 (2020: RMB 16,833, 2019: RMB 20,196). For the years ended December 31, 2021 , |
Contingent Liabilities
Contingent Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
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Contingent Liabilities | 3 5 CONTINGENT LIABILITIES (a) Bank and other guarantees At December 31, 2021 and 2020, the Group did not guarantee related parties or third parties any significant borrowings or others. (b) Environmental liabilities The PRC has enacted comprehensive environmental laws and regulations that affect the operation of the oil and gas industry. Management believes that there are no probable liabilities under existing legislation, 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. As of December 31,2021, the amounts of asset retirement obligations which have already been reflected in the consolidated financial statements relating to environmental liability were RMB 129,405 (2020: 114,819) 3 (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 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 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, 2021 | |
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Commitments | 3 6 COMMITMENTS (a) Capital commitments At December 31, 2021, the Group’s capital commitments contracted but not provided for, mainly relating to property, plant and equipment were RMB 882 (December 31, 2020: RMB 714). (b) 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 744 for the year ended December 31, 2021 (2020: RMB 700, 2019: RMB 535). 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 500 800 Between one and two years 500 800 Between two and three years 500 800 Between three and four years 500 800 Between four and five years 500 800 |
Major Customers
Major Customers | 12 Months Ended |
Dec. 31, 2021 | |
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Major Customers | 3 7 MAJOR CUSTOMERS The Group’s major customers are as follows: 2021 2020 2019 Revenue Percentage t revenue Revenue Percentage t revenue Revenue Percentage t revenue RMB % RMB % RMB % China Petrochemical Corporation and its fellow subsidiaries 136,500 5 98,636 5 105,855 4 CNPC and its fellow subsidiaries 69,058 3 63,623 3 99,279 4 205,558 8 162,259 8 205,134 8 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
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Related Party Transactions | 3 8 RELATED PARTY TRANSACTIONS CNPC, the immediate parent of the Company, is a limited liability company incorporated in PRC and directly controlled by the PRC government. Equity interest and voting rights of CNPC in the Company in 2021 was 80.41% (Dec e 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 , (a) Transactions with CNPC and its fellow subsidiaries, associates and joint ventures The Group has extensive transactions with other companies in CNPC and its fellow subsidiaries, associates and joint ventures. 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, associates and joint ventures 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, which were carried out in the ordinary course of business, are as follows: The Company and CNPC entered into a new Comprehensive Products and Services Agreement on August 27, 2020 for a period of three years effective from January 1, 2021. The Comprehensive Products and Services Agreement provides for a range of products and services which may be required and requested by either party. The products and services to be provided by CNPC and its fellow subsidiaries to the Group under the Comprehensive Products and Services Agreement include construction and technical services, production services, supply of material services, social services, ancillary services and financial services. The products and services required and requested by either party are provided in accordance with (1) government-prescribed prices; or (2) where there is no government-prescribed price, with reference to relevant market prices; or (3) where neither (1) nor (2) is applicable, then the actual cost incurred or the agreed contractual prices are used. On August 25, On August 24, 2017, the Company entered into a new Buildings Leasing Contract with CNPC , which took effect on January 1, 2018 for a period of 20 years. The Company and CNPC may adjust the area of buildings leased and the rental fees every three years as appropriate by reference to the production and operations of the Company and the prevailing market prices, but the adjusted rental shall not exceed the comparable fair market prices. On August 27, 2020, the Company and CNPC issued a confirmation letter to the Buildings Leasing Contract, Transactions with CNPC and its fellow subsidiaries, associates and joint ventures are summarised as follows: • 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 115,587 • 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 8,313 for the year ended December 31, 2021 (2020: RMB 8,593, 2019: RMB 10,055). • 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 416,561 for the year ended December 31, 2021 (2020: RMB 321,858, 2019: RMB 388,802). • 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 1,051 for the year ended December 31, 2021 (2020: RMB 767, 2019: RMB 1,701). • Interest income represents interests from deposits placed with CNPC and its fellow subsidiaries. The total interest income amounted to RMB 270 for the year ended December 31, 2021 (2020: RMB 381, 2019: RMB 460). The balance of deposits at December 31, 202 1 • Interest expense and other financial service expense, principally represents interest charged on the loans from CNPC and its fellow subsidiaries, insurance fee charged on the insurance services from CNPC and its fellow subsidiaries, etc. The total amount of these transactions amounted to RMB 4,878 for the year ended December 31, 2021 (2020: RMB 8,051 , 2019: RMB8,759 ) . • The borrowings from CNPC and its fellow subsidiaries at December 31, 2021 were RMB 133,800 (December 31, 2020: RMB 96,298). • Rents and other payments paid to CNPC and its fellow subsidiaries including Amounts due from and to CNPC and its fellow subsidiaries, associates and joint ventures included in the following accounts captions are summarized as follows: December 31, 2021 December 31, 2020 RMB RMB Accounts receivable 7,395 8,651 Prepayments and other current assets 24,925 35,063 Financial assets at fair value through other comprehensive income 1,850 — Intangible and other non-current 15,696 15,251 Accounts payable and accrued liabilities 49,526 67,262 Contract liabilities 613 2,692 Lease liabilities 101,453 99,725 (b) Key management compensation Year End December 31, 2021 2020 2019 RMB’000 RMB’000 RMB’000 Emoluments and other benefits 15,143 16,598 13,042 Contribution to retirement benefit scheme 1,568 1,338 1,796 16,711 17,936 14,838 (c) Transactions with other state-controlled entities in the PRC Apart from transactions with CNPC and its fellow subsidiaries, associates and joint ventures, the Group’s transactions with other state-controlled entities include but are • 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, 2021 | |
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Segment Information | 3 9 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, transportation, 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 non-oil The Natural Gas and Pipeline segment is engaged in the transportation and 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 other operating business segments of the Group. In 2020, in order to promote the transformation and upgrading of refining and chemicals business, promote the quality-oriented business development of refined products and lubricating oil production and marketing, promote specialized operation, market-oriented operation, lean management and integrated coordination, the Group transferred PetroChina Fuel Oil Co., Ltd. and PetroChina Lubricant Company from Marking to Refining and Chemicals, and synchronize budget control and performance evaluation indicator accordingly. The comparative data regarding the Refining and Chemicals and the Marketing segment in the same period of 2019 is restated, and two companies above are as included in the Refining and Chemicals segment from the earliest reporting period as reported. 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, 2021, 2020 and 2019 are as follows: Year Ended December 31, 2021 Exploration and Production Refining and Chemicals Marketing Natural Head Office and Other Total RMB RMB RMB RMB RMB RMB Revenue 688,334 974,972 2,170,062 417,022 3,894 4,254,284 Less: Intersegment sales (571,705 ) (650,018 ) (397,485 ) (19,526 ) (1,201 ) (1,639,935 ) Revenue from external customers 116,629 324,954 1,772,577 397,496 2,693 2,614,349 Depreciation, depletion and amortization (175,329 ) (28,466 ) (20,338 ) (5,288 ) (1,848 ) (231,269 ) Including: Impairment losses of property, plant and equipment (20,218 ) (4,681 ) (1,396 ) (176 ) — (26,471 ) Profit / (loss) from operations 68,452 49,740 13,277 43,965 (14,281 ) 161,153 Finance costs: Exchange gain 13,377 Exchange loss (12,839 ) Interest income 2,984 Interest expense (19,739 ) Total net finance costs (16,217 ) Share of profit of associates and joint ventures 2,633 68 680 7,570 2,316 13,267 Profit before income tax expense 158,203 Income tax expense (43,507 ) Profit for the year 114,696 Segment assets 1,391,129 457,914 520,938 164,934 1,573,900 4,108,815 Other assets 17,014 Investments in associates and joint ventures 44,289 1,966 19,020 169,611 30,899 265,785 Elimination of intersegment balances (a) (1,889,352 ) Total assets 2,502,262 Capital expenditures 178,259 54,487 10,982 6,750 700 251,178 Segment liabilities 550,365 199,159 349,609 128,490 566,602 1,794,225 Other liabilities 103,412 Elimination of intersegment balances (a) (804,244 ) Total liabilities 1,093,393 Year Ended December 31, 2020 Exploration and Production Refining and Chemicals Marketing Natural Head Office and Other Total RMB RMB RMB RMB RMB RMB Revenue 530,807 774,775 1,497,533 370,771 3,547 3,177,433 Less: Intersegment sales (437,670 ) (492,667 ) (276,503 ) (35,437 ) (1,320 ) (1,243,597 ) Revenue from external customers 93,137 282,108 1,221,030 335,334 2,227 1,933,836 Depreciation, depletion and amortization (150,849 ) (23,893 ) (17,833 ) (19,475 ) (1,825 ) (213,875 ) Including: Impairment losses of property, plant and equipment (15,364 ) — (3 ) — — (15,367 ) Profit / (loss) from operations 23,092 (1,834 ) (2,906 ) 72,410 (14,825 ) 75,937 Finance costs: Exchange gain 14,387 Exchange loss (14,279 ) Interest income 3,023 Interest expense (26,528 ) Total net finance costs (23,397 ) Share of (loss)/profit of associates and joint ventures (616 ) (24 ) (728 ) 2,128 2,773 3,533 Profit before income tax expense 56,073 Income tax expense (22,588 ) Profit for the year 33,485 Segment assets 1,452,554 432,022 489,984 195,353 1,631,577 4,201,490 Other assets 17,361 Investments in associates and joint ventures 41,461 1,289 18,239 160,730 28,884 250,603 Elimination of intersegment balances (a) (1,981,328 ) Total assets 2,488,126 Capital expenditures 186,620 21,810 16,294 21,143 626 246,493 Segment liabilities 658,521 186,332 321,460 192,456 573,340 1,932,109 Other liabilities 80,104 Elimination of intersegment balances (a) (890,708 ) Total liabilities 1,121,505 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 1,000,062 2,075,044 391,023 3,700 4,146,149 Less: intersegment sales (552,672 ) (702,207 ) (332,164 ) (40,652 ) (1,644 ) (1,629,339 ) Revenue from external customers 123,648 297,855 1,742,880 350,371 2,056 2,516,810 Depreciation, depletion and amortization (158,874 ) (25,469 ) (16,657 ) (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 16,077 (2,878 ) 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 — 1,460 501 2,755 8,229 Profit before income tax expense 103,214 Income tax expense (36,199 ) Profit for the year 67,015 Segment assets 1,520,697 404,264 485,085 536,298 1,409,368 4,355,712 Other assets 29,908 Investments in associates and joint ventures 45,721 1,371 18,810 9,713 26,458 102,073 Elimination of intersegment balances (a) (1,754,783 ) Total assets 2,732,910 Capital expenditures 230,117 21,823 17,074 27,004 758 296,776 Segment liabilities 720,028 151,051 305,804 277,370 594,000 2,048,253 Other liabilities 88,793 Elimination of intersegment balances (a) (848,441 ) Total liabilities 1,288,605 Geographical information Revenue Non-current (b) 2021 2020 2019 December 31, December 31, RMB RMB RMB RMB RMB Mainland China 1,626,616 1,212,821 1,476,693 1,838,505 1,789,349 Other 987,733 721,015 1,040,117 165,117 190,625 2,614,349 1,933,836 2,516,810 2,003,622 1,979,974 (a) Elimination of intersegment balances represents elimination of intersegment accounts and investments. (b) Non-current non-current |
Approval of Financial Statement
Approval of Financial Statements | 12 Months Ended |
Dec. 31, 2021 | |
Text block [abstract] | |
Approval of Financial Statements | 40 APPROVAL OF FINANCIAL STATEMENTS The financial statements were approved by the Board of Directors on April 29, 2022. |
Transaction On Pipeline Restruc
Transaction On Pipeline Restructuring | 12 Months Ended |
Dec. 31, 2021 | |
Text block [abstract] | |
Transaction On Pipeline Restructuring | 41 TRANSACTION ON PIPELINE RESTRUCTURING In 2020, the “Other income, net” mainly included the gain on Pipeline restructuring. On July 23, 2020, the Company entered into the Framework Agreement on Transaction of Oil and Gas Pipeline Relevant Assets and 10 sub-agreements including the Equity Acquisition Agreement on PetroChina Pipeline Co., Ltd., and the Production and Operation Agreement with PipeChina (“Transaction Agreements”) which was approved at the sixth meeting of the Board of Directors of the Company in 2020 and forth meeting of the Supervisory Committee of the Company in 2020. The Company sold its major oil and gas pipelines, certain gas storages, LNG terminals and initial oil and gas (including its equity interests) (“Target Assets”) to PipeChina for 29.9% of its equity interests (RMB 149,500) and corresponding cash consideration (the “Pipeline restructuring”). On September 28, 2020, the Pipeline restructuring was reviewed and approved by the second extraordinary general meeting of the Company in 2020. On September 30, 2020, all of the conditions precedent set out in the Transaction Agreements have been satisfied. The ownership and risk of the Target Assets has been passed to PipeChina by 24:00 on September 30, 2020. In this transaction, the equity consideration and cash consideration received by the Company amount to RMB 247,471, and the net assets attributable to the Company on the disposal date amount to RMB 200,525, and the corresponding gain on Pipeline restructuring was RMB 46,946. September 30, 2020 RMB Current assets 36,573 Non-current Assets 319,874 Total assets 356,447 Current liabilities 36,886 Non-current Liabilities 61,611 Total liabilities 98,497 Net assets 257,950 Net assets attributable to the Company 200,525 Consideration 247,471 Gain on Pipeline restructuring 46,946 |
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, 2021 | |
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 Extractive Activities – Oil and Gas (Topic 932): Oil and Gas Reserve Estimation and Disclosures (an update of Accounting Standards Codification Topic 932 Extractive Activities – Oil and Gas or “ASC 932”) issued by the Financial Accounting Standards Board and corresponding disclosure requirements of the U.S. Securities and Exchange Commission, this section provides supplemental information on oil and gas exploration and development; and results of operation related to oil and gas producing activities of the Company and its subsidiaries (the “Group”) and also the Group’s investments that are accounted for using the equity method of accounting. 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, Australia 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, 2021, 2020 and 2019 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 Natural Gas Total (million barrels) (billion (million barrels Proved developed and undeveloped reserves The Group Reserves at December 31, 2018 7,641 76,467 20,385 Changes resulting from: Purchase — — — Revisions of previous estimates (50 ) (766 ) (177 ) Improved recovery 91 — 91 Extensions and discoveries 480 4,443 1,221 Sales — — — Production (909 ) (3,908 ) (1,561 ) Reserves at December 31, 2019 7,253 76,236 19,959 Changes resulting from: Purchase 15 107 33 Revisions of previous estimates (1,553 ) (595 ) (1,652 ) Improved recovery 108 — 108 Extensions and discoveries 385 4,976 1,215 Sales (80 ) (66 ) (91 ) Production (922 ) (4,221 ) (1,626 ) Reserves at December 31, 2020 5,206 76,437 17,946 Changes resulting from: Purchase — — — Revisions of previous estimates 1,160 (2,011 ) 825 Improved recovery 117 27 121 Extensions and discoveries 472 4,885 1,286 Sales (3 ) (2 ) (3 ) Production (888 ) (4,420 ) (1,625 ) Reserves at December 31, 2021 6,064 74,916 18,550 Proved developed reserves at: December 31, 2019 5,474 39,870 12,119 December 31, 2020 4,654 42,077 11,667 December 31, 2021 5,375 42,576 12,471 Proved undeveloped reserves at: December 31, 2019 1,779 36,366 7,840 December 31, 2020 552 34,360 6,279 December 31, 2021 689 32,340 6,079 Equity method investments Share of proved developed and undeveloped reserves of associates and joint ventures December 31, 2019 287 394 353 December 31, 2020 196 363 256 December 31, 2021 208 511 294 At December 31, 2021, total proved developed and undeveloped reserves of the Group and equity method investments is 18,844 million barrels of oil equivalent (December 31, 2020: 18,202 million barrels of oil equivalent, December 31, 2019: 20,312 million barrels of oil equivalent), comprising 6,272 million barrels of crude oil and condensate (December 31, 2020: 5,402 million barrels, December 31, 2019: 7,540 million barrels) and 75,427 billion cubic feet of natural gas (December 31, 2020: 76,800 billion cubic feet, December 31, 2019: 76,630 billion cubic feet). At December 31, 2021, 5,286 million barrels (December 31, 2020: million barrels, December 31, 2019: million barrels) of crude oil and condensate and billion cubic feet (December 31, 2020: billion cubic feet, December 31, 2019: billion cubic feet) of natural gas proved developed and undeveloped reserves of the Group are located within Mainland China, and million barrels (December 31, 2020: million barrels, December 31, 2019: million barrels) of crude oil and condensate and billion cubic feet (December 31, 2020: billion cubic feet, December 31, 2019: 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, 2021 | |
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 1,969,409 1,890,903 Support facilities 483,216 465,022 Construction-in-progress 119,583 150,535 Total capitalized costs 2,572,208 2,506,460 Accumulated depreciation, depletion and amortization (1,635,837 ) (1,542,037 ) Net capitalized costs 936,371 964,423 Equity method investments Share of net capitalized costs of associates and joint ventures 19,056 20,465 |
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, 2021 | |
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 2021 Mainland China Other Total RMB RMB RMB The Group Property acquisition costs — 7,610 7,610 Exploration costs 37,351 879 38,230 Development costs 132,829 12,084 144,913 Total 170,180 20,573 190,753 Equity method investments Share of costs of property acquisition, exploration and development of associates and joint ventures — 2,110 2,110 2020 Mainland China Other Total RMB RMB RMB The Group Property acquisition costs — 3,712 3,712 Exploration costs 35,862 1,051 36,913 Development costs 129,738 16,420 146,158 Total 165,600 21,183 186,783 Equity method investments Share of costs of property acquisition, exploration and development of associates and joint ventures — 1,462 1,462 2019 Mainland China 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 |
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, 2021 | |
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, 2021, 2020 and 2019 are presented below. “Revenue” includes sales to third parties and inter-segment sales (at arm’s-length other than income taxes”. Income taxes are computed using the applicable statutory tax rate, reflecting tax deductions and tax credits for the respective years ended. 2021 Mainland China Other Total RMB RMB RMB The Group Revenue Sales to third parties 82,654 40,695 123,349 Inter-segment sales 388,611 25,149 413,760 471,265 65,844 537,109 Production costs excluding taxes (126,916 ) (12,177 ) (139,093 ) Exploration expenses (23,418 ) (830 ) (24,248 ) Depreciation, depletion and amortization (128,297 ) (29,417 ) (157,714 ) Taxes other than income taxes (28,611 ) (5,810 ) (34,421 ) Accretion expense (4,557 ) (139 ) (4,696 ) Income taxes (22,084 ) (11,210 ) (33,294 ) Results of operations from producing activities 137,382 6,261 143,643 Equity method investments Share of profit for producing activities of associates and joint ventures — 1,904 1,904 Total of the Group and equity method investments results of operations for producing activities 137,382 8,165 145,547 2020 Mainland China Other Total RMB RMB RMB The Group Revenue Sales to third parties 32,662 30,855 63,517 Inter-segment sales 306,623 12,408 319,031 339,285 43,263 382,548 Production costs excluding taxes (124,154 ) (9,605 ) (133,759 ) Exploration expenses (18,851 ) (482 ) (19,333 ) Depreciation, depletion and amortization (134,007 ) (15,953 ) (149,960 ) Taxes other than income taxes (18,865 ) (2,690 ) (21,555 ) Accretion expense (4,905 ) (202 ) (5,107 ) Income taxes (9,369 ) (5,340 ) (14,709 ) Results of operations from producing activities 29,134 8,991 38,125 Equity method investments Share of profit for producing activities of associates and joint ventures — (76 ) (76 ) Total of the Group and equity method investments results of operations for producing activities 29,134 8,915 38,049 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 |
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, 2021 | |
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, 2021, 2020 and 2019 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, 2021, 2020 and 2019 is as follows: RMB The Group At December 31, 2021 Future cash inflows 5,244,811 Future production costs (1,723,220 ) Future development costs (462,411 ) Future income tax expense (549,495 ) Future net cash flows 2,509,685 Discount at 10% for estimated timing of cash flows (1,108,580 ) Standardized measure of discounted future net cash flows 1,401,105 RMB The Group At December 31, 2020 Future cash inflows 4,366,906 Future production costs (1,470,460 ) Future development costs (445,462 ) Future income tax expense (441,668 ) Future net cash flows 2,009,316 Discount at 10% for estimated timing of cash flows (947,035 ) Standardized measure of discounted future net cash flows 1,062,281 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 At December 31, 2021, RMB 1,336,419 (December 31, 2020: RMB 1,028,640, December 31, 2019: RMB 1,278,180) of standardized measure of discounted future net cash flows related to proved oil and gas reserves located within mainland China and RMB 64,686 (December 31, 2020: RMB 33,641, December 31, 2019: RMB 46,889) 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, 2021 14,788 December 31, 2020 8,573 December 31, 2019 20,356 |
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, 2021 | |
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, 2021, 2020 and 2019 are as follows: Year Ended December 31, 2021 2020 2019 RMB RMB RMB The Group Beginning of the year 1,062,281 1,325,069 1,382,066 Sales and transfers of oil and gas produced, net of production costs (344,643 ) (215,390 ) (303,222 ) Net changes in prices and production costs and other 407,882 (358,008 ) (87,046 ) Extensions, discoveries and improved recovery 150,979 112,834 134,631 Development costs incurred 23,675 39,238 53,450 Revisions of previous quantity estimates 88,332 (138,772 ) (17,380 ) Accretion of discount 86,172 146,137 149,693 Net change in income taxes (73,272 ) 156,122 12,877 Net change due to purchases and sales of minerals in place (301 ) (4,949 ) — End of the year 1,401,105 1,062,281 1,325,069 |
Summary of Principal Accounti_2
Summary of Principal Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
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 Group accounts for business combinations (except for business combination under common control) using the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Group. In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. The Group has an option to apply a ‘concentration test’ that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. 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. The gain or loss resulting from a downstream transaction involving assets that constitute a business, as defined in IFRS 3, between the Group and its associate or joint veture is recognized in full in the consolidated financial statement. 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 1 6 |
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 3 9 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. |
Discontinued operation | (f) Discontinued operation A discontinued operation is a component of the Group’s business, the operation and cash flows of which can be clearly distinguished from the rest of the Group and which: - represents a separate major line of business of geographic area of operations; - is part of a single co-ordinated - is a subsidiary acquired exclusively with a view to resale. Classification as a discontinued operation occurs at the earlier of disposal or when the operation meets the criteria to be classified as held-for-sale. When an operation is classified as a discontinued operation, the comprehensive statement of profit or loss and other comprehensive income (“OCI”) is re-presented |
Property, plant and equipment | (g) Property, plant and equipment Property, plant and equipment, including oil and gas properties (Note 3(h)), 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(h)), 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 5 2.4 to 11.9 Equipment and Machinery 4 3 to 5 3.2 to 24.3 Motor Vehicles 4 5 6.8 to 23.8 Other 5 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(h)) 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(h)), 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 | (h) 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(g)). 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 | (i) 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. |
Assets held for sale | (j) Assets held for sale Non-current held-for-sale Such assets, or disposal groups, are generally measured at the lower of their carrying amount and fair value less costs to sell. Any impairment loss on a disposal group is allocated first to goodwill, and then to the remaining assets and liabilities on a pro rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets, employee benefit assets, investment property or biological assets, which continue to be measured in accordance with the Group’s other accounting policies. Impairment losses on initial classification as held-for-sale Once classified as held-for-sale, |
Financial instruments | (k) 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 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 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 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. (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 | (l) Impairment for financial assets 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 |
Leases | (m) Leases (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 Payments made to the Ministry of Natural Resources to secure land use rights (excluding mineral properties) are treated as leases. (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”. |
Inventories | (n) Inventories Inventories include oil products, chemical products and crude oil and other raw 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 | (o) 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(n)), property, plant and equipment (Note 3(g)), oil and gas properties (Note 3(h)) or intangible assets (Note 3(i)). 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 | (p) 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(l) and are reclassified to receivables when the right to the consideration has become unconditional (Note 3(q)). 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(q)). When the contract includes a significant financing component, the contract balance includes interest accrued under the effective interest method (Note 3(v)). |
Accounts receivable | (q) 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(p)). Receivables are stated at amortized cost using the effective interest method less allowance for credit losses (Note 3(l)). |
Cash and cash equivalents | (r) 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 | (s) 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 | (t) 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 | (u) 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 | (v) 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 | (w) 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 | (x) Revenue recognition Income is classified by the Group as revenue when it arises from the the sale of crude oil, natural gas, refined products, chemical products , non-oil 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 | (y) 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. |
Research and development | (z) 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 | (aa) Retirement benefit plans The Group contributes to various employee retirement benefit plans organized 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 | (ab) 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) 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. |
Summary of Principal Accounti_3
Summary of Principal Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text block [abstract] | |
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 5 2.4 to 11.9 Equipment and Machinery 4 3 to 5 3.2 to 24.3 Motor Vehicles 4 5 6.8 to 23.8 Other 5 5 7.9 to 19.0 |
Financial Risk and Capital Ma_2
Financial Risk and Capital Management (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text block [abstract] | |
Disclosure Financial Assets And Financial Liabilities Continuing To Be Measured At Fair Value | As of December 31, 2021, financial assets and financial liabilities continuing to be measured at fair value are listed as follows in three levels: Level 1 Level 2 Level 3 Total RMB RMB RMB RMB Assets Accounts receivable: – Derivative financial assets 2,625 1,288 — 3,913 Financial assets at fair value through other comprehensive income: – Bills receivable — — 3,975 3,975 – Other Investments 905 — 263 1,168 3,530 1,288 4,238 9,056 Liabilities Accounts payable and accrued liabilities: – Derivative financial liabilities 726 3,155 — 3,881 726 3,155 — 3,881 As of December 31, 2020, financial assets and financial liabilities continuing to be measured at fair value are listed as follows in three levels: Level 1 Level 2 Level 3 Total RMB RMB RMB RMB Assets Accounts receivable: – Derivative financial assets 238 1,173 — 1,411 Financial assets at fair value through other comprehensive income: – Bills receivable — — 8,076 8,076 – Other Investments 653 — 249 902 891 1,173 8,325 10,389 Liabilities Accounts payable and accrued liabilities: – Derivative financial liabilities 2,813 896 — 3,709 2,813 896 — 3,709 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text block [abstract] | |
Schedule of Revenue Information | Revenue from contracts with customers is mainly recogni z 2021 Type of contract Exploration Production Refining Marketing Natural Gas Head Office and Total Type of goods and services Crude oil 464,298 — 685,743 — — 1,150,041 Natural gas 133,148 — 344,196 381,370 — 858,714 Refined products — 759,912 1,064,890 — — 1,824,802 Chemical products — 207,810 48,240 — — 256,050 Pipeline transportation business — — — 3,360 — 3,360 Non-oil — — 25,148 — — 25,148 Others 90,539 7,072 1,272 32,208 3,871 134,962 Intersegment elimination (571,705 ) (650,018 ) (397,485 ) (19,526 ) (1,201 ) (1,639,935 ) Revenue from contracts with customers 116,280 324,776 1,772,004 397,412 2,670 2,613,142 Other revenue 349 178 573 84 23 1,207 Total 116,629 324,954 1,772,577 397,496 2,693 2,614,349 Geographical Region Mainland China 68,327 324,776 832,229 397,412 2,670 1,625,414 Others 47,953 — 939,775 — — 987,728 Revenue from contracts with customers 116,280 324,776 1,772,004 397,412 2,670 2,613,142 Other revenue 349 178 573 84 23 1,207 Total 116,629 324,954 1,772,577 397,496 2,693 2,614,349 2020 Type of contract Exploration Production Refining Marketing Natural Gas Head Office and Total Type of goods and services Crude oil 333,557 — 447,384 — — 780,941 Natural gas 118,388 — 173,696 294,297 — 586,381 Refined products — 616,063 822,192 — — 1,438,255 Chemical products — 150,296 30,344 — — 180,640 Pipeline transportation business — — — 52,273 — 52,273 Non-oil — — 22,360 — — 22,360 Others 78,631 8,254 1,300 23,800 3,515 115,500 Intersegment elimination (437,670 ) (492,667 ) (276,503 ) (35,437 ) (1,320 ) (1,243,597 ) Revenue from contracts with customers 92,906 281,946 1,220,773 334,933 2,195 1,932,753 Other revenue 231 162 257 401 32 1,083 Total 93,137 282,108 1,221,030 335,334 2,227 1,933,836 Geographical Region Mainland China 27,028 281,946 554,620 334,933 2,195 1,200,722 Others 65,878 — 666,153 — — 732,031 Revenue from contracts with customers 92,906 281,946 1,220,773 334,933 2,195 1,932,753 Other revenue 231 162 257 401 32 1,083 Total 93,137 282,108 1,221,030 335,334 2,227 1,933,836 2019 Type of contract Exploration Production Refining Marketing Natural Gas Head Office and Total Type of goods and services Crude oil 476,974 — 623,757 — — 1,100,731 Natural gas 110,837 — 238,999 291,641 — 641,477 Refined products — 834,879 1,161,054 — — 1,995,933 Chemical products — 156,938 28,348 — — 185,286 Pipeline transportation business — — — 70,568 — 70,568 Non-oil — — 21,146 — — 21,146 Others 88,284 8,036 1,513 28,341 3,684 129,858 Elimination (552,672 ) (702,207 ) (332,164 ) (40,652 ) (1,644 ) (1,629,339 ) Revenue from contracts with customers 123,423 297,646 1,742,653 349,898 2,040 2,515,660 Other revenue 225 209 227 473 16 1,150 Total 123,648 297,855 1,742,880 350,371 2,056 2,516,810 Geographical Region Mainland China 41,596 297,646 784,379 349,898 2,040 1,475,559 Others 81,827 — 958,274 — — 1,040,101 Revenue from contracts with customers 123,423 297,646 1,742,653 349,898 2,040 2,515,660 Other revenue 225 209 227 473 16 1,150 Total 123,648 297,855 1,742,880 350,371 2,056 2,516,810 |
Profit Before Income Tax Expe_2
Profit Before Income Tax Expense (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text block [abstract] | |
Summary of Profit Before Income Tax Expense | 2021 2020 2019 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 (i) 17 25 22 Reversal of provision for impairment of receivables 360 95 1,630 Reversal of write down in inventories 76 186 201 Gain on disposal of investment in subsidiaries (i) 3,575 1,242 49 Gain on Pipeline restructuring (i) 18,320 46,946 — Charged Amortization of intangible and other assets 5,774 5,944 4,992 Depreciation and impairment losses: Owned property, plant and equipment 211,107 194,015 205,297 Right-of-use 14,388 13,916 14,973 Auditors’ remuneration (ii) 47 49 53 Cost of inventories recognized as expense 2,047,256 1,527,271 1,981,628 Provision for impairment of receivables 775 438 263 Loss on disposal and scrap of property, plant and equipment (i) 18,959 5,398 9,809 Variable lease payments, low-value 2,645 3,362 3,514 Research and development expenses 16,729 15,746 15,666 Write down in inventories 656 8,337 1,461 (i) Other income, net primarily includes dividend income from equity investments measured at fair value through other comprehensive income, gain on Pipeline restructuring (Notes 26 and 41) and disposal of investment in subsidiaries, loss on disposal of property, plant and equipment and government grants. (ii) The auditors’ remuneration above represents the annual audit fees paid by the Company. This remuneration does not include fees of RMB 41 (2020: RMB 62, 2019: RMB 60) 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, 2021 | |
Text block [abstract] | |
Disclosure Of Detailed Information About Employee Compensation Costs | 2021 2020 2019 RMB RMB RMB Wages, salaries and allowances 100,971 98,832 101,815 Social security costs 53,864 48,772 52,503 154,835 147,604 154,318 |
Taxes Other Than Income Taxes (
Taxes Other Than Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text block [abstract] | |
Summary of Taxes Other Than Income Taxes | 2021 2020 2019 RMB RMB RMB Consumption tax 161,623 145,525 164,973 Resource tax 23,723 18,468 24,388 City maintenance and construction tax 16,078 13,647 16,001 Educational surcharge 11,660 9,882 11,732 Crude oil special gain levy 4,655 178 771 Urban and township land use tax 3,572 3,588 3,529 Other 6,692 4,562 7,042 228,003 195,850 228,436 |
Interest Expense (Tables)
Interest Expense (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text block [abstract] | |
Summary of Interest Expense | 2021 2020 2019 RMB RMB RMB Interest on: Bank loans 2,540 1,677 3,094 Other loans 8,092 14,342 15,476 Lease liabilities 5,419 6,297 7,476 Accretion expense (Note 3 3 4,696 5,107 5,525 Less: Amounts capitalized (1,008 ) (895 ) (1,162 ) 19,739 26,528 30,409 |
Emoluments of Directors and S_2
Emoluments of Directors and Supervisors (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text block [abstract] | |
Details of the Emoluments of Directors and Supervisors | Details of the emoluments of directors and supervisors for the years ended December 31, 2021, 2020 and 2019 are as follows: 2021 2020 2019 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. Hou Qijun (ii) — — — — — 983 Mr. Li Fanrong (i) — — — — — — Mr. Zhang Wei(vii) — — — — — — Executive directors: Mr. Huang Yongzhang (iii) — 505 124 629 — — Mr. Ren Lixin (ii) — 139 56 195 — — — 644 180 824 — 983 Non-executive Mr. Duan Liangwei (iii) — 196 41 237 735 — Mr. Liu Yuezhen — — — — — — Mr. Jiao Fangzheng(ix) — — — — — — Mr. Liu Hongbin(viii) — — — — — — Mr. Qin Weizhong(x) — — — — — — Mr. Lin Boqiang — — — — 388 386 Mr. Zhang Biyi — — — — 398 386 Ms. Elsie Leung Oi-sie 556 — — 556 331 319 Mr. Tokuchi Tatsuhito 527 — — 527 331 351 Mr. Simon Henry 499 — — 499 320 340 Mr. Cai Jinyong (iv) 575 — — 575 — — Mr. Jiang Xiaoming (iv) 575 — — 575 — — 2,732 196 41 2,969 2,503 1,782 Supervisors: Mr. Lv Bo (v) — — — — — — Mr. Xu Wenrong (v) — — — — — — Mr. Zhang Fengshan — — — — — — Mr. Jiang Lifu — — — — — — Mr. Lu Yaozhong — — — — — — Mr. Wang Liang — — — — — — Mr. Fu Suotang — 1,325 108 1,433 1,367 1,155 Mr. Li Jiamin — 1,109 146 1,255 1,006 978 Mr. Li Wendong (vi) — 102 35 137 1,193 1,067 Mr. Liu Xianhua — 847 98 945 1,011 845 — 3,383 387 3,770 4,577 4,045 2,732 4,223 608 7,563 7,080 6,810 (i) Mr. Wang Yilin ceased being the chairman from January 19, 2020. Mr. Dai Houliang was elected as the chairman and Mr. Li Fanrong was elected as the vice chairman from March 25, 2020. On May 10, 2021, Mr. Li Fanrong ceased being the vice chairman and the director. (ii) Mr. Hou Qijun and Mr. Ren Lixin was appointed as director from October 21, 2021; and Mr. Hou Qijun was appointed as Vice chairman from October 28, 2021. (iii) Mr. Duan Liangwei was appointed as the president and executive director from March 9, 2020; On March 25, 2021, Mr. Duan Liangwei resigned as the Company’s president and was transferred from an executive director to a non-executive (iv) Mr. Cai Jinyong and Mr. Jiang Xiaoming were elected as independent non-executive non-executive (v) Mr. Xu Wenrong ceased being the Chairman of the Supervisory Committee and supervisor and Mr. Lv Bo ceased being the non-executive (vi) On May 28, 2021, Mr. Li Wendong resigned as the employee representative supervisor of the Company. (vii) Mr. Zhang Wei was elected as the non-executive director and vice chairman from June 13, 2019 and ceased being the non-executive director and vice chairman from December 9, 2019. (viii) Mr. Liu Hongbin ceased being the non-executive director from December 3, 2019. (ix) Mr. Jiao Fangzheng was elected as the non-executive director from June 13, 2019. (x) Mr. Qin Weizhong ceased being the non-executive director from April 15, 2019. (xi) The emoluments above are all pre-tax amounts. |
Income Tax Expense (Tables)
Income Tax Expense (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text block [abstract] | |
Summary of Income Tax Expense | 2021 2020 2019 RMB RMB RMB Current taxes 33,822 14,922 32,714 Deferred taxes (Note 3 2 9,685 7,666 3,485 43,507 22,588 36,199 |
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: 2021 2020 2019 RMB RMB RMB Profit before income tax expense 158,203 56,073 103,214 Tax calculated at a tax rate of 25% 39,551 14,018 25,804 Tax return true-up (256 ) 256 691 Effect of income taxes from international operations different from taxes at the PRC statutory tax rate 2,692 1,522 6,112 Effect of preferential tax rate (8,603 ) (1,312 ) (5,529 ) Tax effect of income not subject to tax (10,305 ) (3,612 ) (3,767 ) Tax effect of expenses not deductible for tax purposes 15,789 5,455 4,479 Tax effect of temporary differences and losses not recognized as deferred tax assets 4,639 6,261 8,409 Income tax expense 43,507 22,588 36,199 |
Dividends (Tables)
Dividends (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text block [abstract] | |
Summary of Dividends | 2021 2020 2019 RMB RMB RMB Interim dividends attributable to owners of the Company for 2021 (a) 23,866 — — Proposed final dividends attributable to owners of the Company for 2021 (b) 17,610 — — Interim dividends attributable to owners of the Company for 2020 (c) — 16,000 — Final dividends attributable to owners of the Company for 2020 (d) — 16,000 — Interim dividends attributable to owners of the Company for 2019 (e) — — 14,212 Final dividends attributable to owners of the Company for 2019 (f) — — 12,081 41,476 32,000 26,293 (a) Interim dividends attributable to owners of the Company in respect of 2021 of RMB 0.13040 yuan (inclusive of applicable tax) per share , (b) At the 14 th th (in clusive of applicable tax) p er share (c) Interim dividends attributable to owners of the Company in respect of 2020 of RMB 0.08742 yuan (inclusive of applicable tax) per share amounting to a total of RMB 16,000. The dividends were paid on September 22, 2020 (A shares) and November 13, 2020 (H shares). (d) Final dividends attributable to owners of the Company in respect of 2020 of RMB 0.08742 yuan (inclusive of applicable tax) per share, amounting to a total of RMB 16,000. The dividends approved at the 2020 Annual General Meeting held on 10 June, 2021, and were paid on June 29, 2021 (A shares) and July 30, 2021 (H shares). (e) Interim dividends attributable to owners of the Company in respect of 2019 of RMB 0.07765 yuan (inclusive of applicable tax) per share amounting to a total of RMB 14,212. The dividends were paid on September 24, 2019 (A shares) and November 1, 2019 (H shares). (f) Final dividends attributable to owners of the Company in respect of 2019 of RMB 0.06601 yuan (inclusive of applicable tax) per share amounting to a total of RMB 12,081 and were paid on June 30, 2020 (A shares) and July 31, 2020 (H shares). |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text block [abstract] | |
Summary of Property, Plant and Equipment | Year Ended December 31, 2021 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 248,948 2,355,925 746,404 22,857 45,014 228,882 3,648,030 Additions 1,561 18,556 5,305 645 1,880 241,843 269,790 Transfers 13,736 160,810 38,649 — 2,369 (215,564 ) — Disposals or write offs (5,101 ) (75,411 ) (12,010 ) (1,588 ) (1,675 ) (22,175 ) (117,960 ) Currency translation differences (286 ) (7,255 ) (345 ) (11 ) (313 ) (704 ) (8,914 ) At end of the year 258,858 2,452,625 778,003 21,903 47,275 232,282 3,790,946 Accumulated depreciation and impairment At beginning of the year (110,899 ) (1,542,037 ) (488,109 ) (17,431 ) (31,937 ) (5,526 ) (2,195,939 ) Charge for the year and others (11,057 ) (138,251 ) (33,404 ) (992 ) (2,485 ) — (186,189 ) Impairment charge (516 ) (19,463 ) (2,723 ) — (121 ) (3,648 ) (26,471 ) Disposals or write offs or transfers 1,952 58,312 7,429 1,421 997 396 70,507 Currency translation differences 103 5,602 158 11 401 167 6,442 At end of the year (120,417 ) (1,635,837 ) (516,649 ) (16,991 ) (33,145 ) (8,611 ) (2,331,650 ) Net book value At end of the year 138,441 816,788 261,354 4,912 14,130 223,671 1,459,296 Year Ended December 31, 2020 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 252,174 2,261,203 1,153,616 27,148 36,155 255,302 3,985,598 Additions 3,620 1,044 8,425 1,419 776 188,591 203,875 Transfers 16,827 152,389 23,618 — 12,169 (205,003 ) — Disposals or write offs (22,910 ) (39,497 ) (438,169 ) (5,661 ) (3,340 ) (8,934 ) (518,511 ) Currency translation differences (763 ) (19,214 ) (1,086 ) (49 ) (746 ) (1,074 ) (22,932 ) At end of the year 248,948 2,355,925 746,404 22,857 45,014 228,882 3,648,030 Accumulated depreciation and impairment At beginning of the year (107,943 ) (1,429,389 ) (615,770 ) (19,947 ) (23,092 ) (6,233 ) (2,202,374 ) Charge for the year and others (11,005 ) (136,433 ) (45,912 ) (1,260 ) (10,573 ) — (205,183 ) Impairment charge (214 ) (13,908 ) (113 ) — (837 ) (295 ) (15,367 ) Disposals or write offs or transfers 7,948 24,234 173,196 3,739 2,031 1,012 212,160 Currency translation differences 315 13,459 490 37 534 (10 ) 14,825 At end of the year (110,899 ) (1,542,037 ) (488,109 ) (17,431 ) (31,937 ) (5,526 ) (2,195,939 ) Net book value At end of the year 138,049 813,888 258,295 5,426 13,077 223,356 1,452,091 |
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, 2021, 2020 and 2019. 2021 2020 2019 RMB RMB RMB At beginning of the year 38,807 36,101 26,905 Additions to capitalized exploratory well costs pending the determination of proved reserves 30,338 30,104 35,098 Reclassified to wells, facilities, and equipment based on the determination of proved reserves (27,201 ) (18,464 ) (17,002 ) Capitalized exploratory well costs charged to expense (12,557 ) (8,934 ) (8,900 ) At end of the year 29,387 38,807 36,101 |
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 19,354 23,428 Over one year 10,033 15,379 Balance at December 31 29,387 38,807 |
Interests in Other Entities (Ta
Interests in Other Entities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 % China Oil & Gas Piping Network Corporation (“PipeChina”) PRC 500,000 Pipeline transport, storage service, import of equipment, import and export of techniques, science and technology research, research and application of informatization, technology consulting, technology service, technology transfer, promotion of technology 29.90 — China Petroleum Finance Co., Ltd. (“CP Finance”) 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 USD Engages in investing activities, the principle activities of its main subsidiaries are exploration, development 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 |
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 s PipeChina (Note 41) CP Finance CNPC Captive Insurance Co., Ltd. December 31, December 31, December 31, December 31, December 31, December 31, RMB RMB RMB RMB RMB RMB Percentage ownership interest (%) 29.90 29.90 32.00 32.00 49.00 49.00 Current assets 86,335 74,012 415,139 313,741 9,100 11,267 Non-current 768,161 655,982 116,765 177,344 2,618 2,956 Current liabilities 136,150 55,562 446,369 404,201 859 4,752 Non-current 103,243 104,150 8,396 12,617 3,900 2,776 Net assets 615,103 570,282 77,139 74,267 6,959 6,695 Group’s share of net assets 157,346 151,135 24,684 23,765 3,410 3,281 Goodwill — — 349 349 — — Carrying amount of interest in associates 157,346 151,135 25,033 24,114 3,410 3,281 Summarized statement of comprehensive income and dividends received by the Group are as follow: PipeChina (Note 41) CP CNPC Captive Insurance Co., Ltd. Dec 31, From Oct 01, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, RMB RMB RMB RMB RMB RMB RMB Revenue 101,572 22,766 12,691 7,954 9,672 1,510 735 712 Profit for the year 29,776 6,444 6,304 7,819 7,810 424 389 349 Other comprehensive income/(loss) 2 — (606 ) (1,603 ) 1,356 — — (1 ) Total comprehensive income 29,778 6,444 5,698 6,216 9,166 424 389 348 Group’s share of total comprehensive income 6,846 1,532 1,823 1,989 2,933 207 191 170 Dividends received by the Group 943 — 904 677 1,268 78 74 62 |
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 1,571 1,685 9,927 10,586 44,011 39,809 Current assets 11,305 7,319 2,220 830 1,437 2,886 Including: cash and cash equivalents 2,292 1,343 1,631 74 1,411 739 Non-current 540 158 2,033 3,008 2,147 2,330 Including: Non-current — 1 — 848 2,101 2,330 Current liabilities 9,997 5,927 872 575 483 235 Including: Current financial liabilities excluding trade and other payables 5,810 3,267 — — — — Net assets 2,339 2,919 9,242 7,833 42,818 40,130 Net assets attributable to owners of the Company 1,952 2,672 9,242 7,833 42,818 40,130 Group’s share of net assets 976 1,336 4,621 3,917 21,409 20,065 Carrying amount of interest in joint ventures 976 1,336 4,621 3,917 21,409 20,065 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 2021 2020 2019 2021 2020 2019 2021 2020 2019 RMB RMB RMB RMB RMB RMB RMB RMB RMB Revenue 58,210 36,695 42,116 11,543 8,152 15,104 17 18 23 Depreciation, depletion and amortization (190 ) (195 ) (81 ) (1,002 ) (1,048 ) (883 ) (57 ) (38 ) (37 ) Interest income 11 16 23 3 4 2 31 42 51 Interest expense (72 ) (60 ) (88 ) (141 ) (160 ) (158 ) (56 ) (58 ) (57 ) Income tax expense (56 ) (57 ) (92 ) (846 ) (293 ) (925 ) — 1 — Net (loss)/profit (610 ) 185 142 2,114 362 2,818 4,067 3,060 4,070 Total comprehensive ( ) (691 ) 140 169 1,874 (650 ) 2,978 3,508 (3,007 ) 7,940 Group’s share of total comprehensive (loss)/ income (344 ) 46 85 937 (325 ) 1,489 1,754 (1,504 ) 3,970 Dividends received by the Group 29 — — 233 539 1,115 410 — 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, 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 Sichuan Petrochemical Company Limited PRC 10,000 Limited liability company 90.00 90.00 Engaged in oil refining, petrochemical, chemical products production, sales, chemical technology development, technical transfer and services KunLun Energy Company Limited (ii) Bermuda HKD 160 million Limited liability company 54.38 54.38 Investment holding. The principal activities of its principal subsidiaries, associates and joint ventures are the sales of natural gas, sales of liquefied petroleum gas and liquefied natural gas processing and terminal business in the PRC and the exploration and production of crude oil and natural gas in the PRC, the Republic of Kazakhstan, the Sultanate of Oman, the Republic of Peru, the Kingdom of Thailand and the Republic of Azerbaijan. (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. (ii) Kunlun Energy Co., Ltd. is a company listed on The Stock Exchange of Hong Kong Limited. |
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 Sichuan December 31, December 31, December 31, December 31, RMB RMB RMB RMB Percentage ownership interest (%) 50.00 50.00 90.00 90.00 Current assets 15,596 16,046 3,973 4,278 Non-current 184,486 182,392 25,317 26,371 Current liabilities 11,282 21,820 3,876 5,382 Non-current 30,293 22,566 382 486 Net assets 158,507 154,052 25,032 24,781 Summarized statement of comprehensive income is as follows: CNPC Exploration and PetroChina Sichuan 2021 2020 2019 2021 2020 2019 RMB RMB RMB RMB RMB RMB Revenue 42,730 33,312 47,096 48,493 35,319 49,858 Net profit 8,413 6,006 14,126 3,383 520 544 Total comprehensive income/(loss) 5,231 (6,972 ) 17,879 3,383 520 544 Profit attributable to non-controlling 4,837 3,311 8,274 338 52 54 Dividends paid to non-controlling 1,485 1,498 1,923 307 12 19 Summarized statement of cash flows is as follows: CNPC Exploration and PetroChina Sichuan 2021 2020 2019 2021 2020 2019 RMB RMB RMB RMB RMB RMB Net cash inflow from operating activities 13,320 5,681 17,780 2,666 5,119 3,413 Net cash (outflow) / inflow from investing activities (5,191 ) (16,187 ) (17,306 ) (231 ) (380 ) 537 Net cash (outflow) / inflow from financing activities (8,531 ) 7,410 (1,118 ) (3,995 ) (3,186 ) (4,035 ) Effect of foreign exchange rate changes on cash and cash equivalents (15 ) (776 ) 220 — — — Net (decrease) / increase in cash and cash equivalents (417 ) (3,872 ) (424 ) (1,560 ) 1,553 (85 ) Cash and cash equivalents at the beginning of the year 9,202 13,074 13,498 1,561 8 93 Cash and cash equivalents at the end of the year 8,785 9,202 13,074 1 1,561 8 |
Equity Investment Measured at F
Equity Investment Measured at Fair Value Through Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text block [abstract] | |
Schedule of Equity Investments Designates as Financial Asset at Fair Value Through Other Comprehensive Income | December 31, December 31, RMB RMB Chengdu Huaqi Houpu Holding Co., Ltd. 534 228 China Pacific Insurance (Group)Co., Ltd. 133 188 Other items 501 486 1,168 902 |
Leases (Table)
Leases (Table) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of quantitative information about leases for lessee [abstract] | |
Summary of Right-of-use assets | (a) Right-of-use assets December 31, 2020 Additions Reduction December 31, 2021 Cost Land 171,941 9,331 (672 ) 180,600 Buildings 57,337 5,120 (5,567 ) 56,890 Equipment and Machinery 2,641 2,614 (781 ) 4,474 Other 2,195 186 (563 ) 1,818 Total 234,114 17,251 (7,583 ) 243,782 Accumulated depreciation Land (11,611 ) (7,022 ) 216 (18,417 ) Buildings (10,839 ) (6,334 ) 2,748 (14,425 ) Equipment and Machinery (1,166 ) (1,096 ) 685 (1,577 ) Other (712 ) (313 ) 268 (757 ) Total (24,328 ) (14,765 ) 3,917 (35,176 ) Net book value Land 160,330 162,183 Buildings 46,498 42,465 Equipment and Machinery 1,475 2,897 Other 1,483 1,061 Total 209,786 208,606 December 31, 2019 Additions Reduction December 31, 2020 Cost Land 172,897 19,547 (20,503 ) 171,941 Buildings 91,920 6,020 (40,603 ) 57,337 Equipment and Machinery 2,934 29 (322 ) 2,641 Other 2,068 723 (596 ) 2,195 Total 269,819 26,319 (62,024 ) 234,114 Accumulated depreciation Land (6,595 ) (7,344 ) 2,328 (11,611 ) Buildings (7,369 ) (6,601 ) 3,131 (10,839 ) Equipment and Machinery (718 ) (703 ) 255 (1,166 ) Other (401 ) (426 ) 115 (712 ) Total (15,083 ) (15,074 ) 5,829 (24,328 ) Net book value Land 166,302 160,330 Buildings 84,551 46,498 Equipment and Machinery 2,216 1,475 Other 1,667 1,483 Total 254,736 209,786 |
Summary Of Lease Liabilities | (b) Lease liabilities December 31, 2021 December 31, 2020 RMB RMB Lease liabilities 129,848 129,223 Less: Lease liabilities due within one year (6,626 ) (6,579 ) 123,222 122,644 |
Summary of the undiscounted cash flow of the lease liability | Analysis of the undiscounted cash flow of the lease liabilities is as follows : December 31, 2021 December 31, 2020 RMB RMB Within 1 year 12,495 11,824 Between 1 and 2 years 11,181 10,236 Between 2 and 5 years 30,541 29,862 Over 5 years 154,636 153,967 208,853 205,889 |
Intangible and Other Non-curr_2
Intangible and Other Non-current Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text block [abstract] | |
Summary of Intangible and Other Non-current Assets | December 31, 2021 December 31, 2020 Cost Accumulated Net Cost Accumulated Net RMB RMB RMB RMB RMB RMB Patents and technical know-how 8,213 (6,905 ) 1,308 7,846 (6,657 ) 1,189 Computer software 13,016 (9,751 ) 3,265 12,517 (9,528 ) 2,989 Goodwill (i) 8,023 (36 ) 7,987 8,161 (36 ) 8,125 Other 27,335 (10,889 ) 16,446 26,135 (9,797 ) 16,338 Intangible assets 56,587 (27,581 ) 29,006 54,659 (26,018 ) 28,641 Other assets 37,338 38,853 66,344 67,494 (i) Goodwill primarily relates to the acquisition of Singapore Petroleum Company and PetroIneos Trading Limited, subsidiaries in the Marketing segment, completed in 2009 and 2011, respectively. The impairment of goodwill shall be tested in combination with its related asset groups. The recoverable amount of all cash-generating units has been determined based on value-in-use |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text block [abstract] | |
Summary of Inventories | December 31, December 31, RMB RMB Crude oil and other raw materials 40,334 35,855 Work in progress 15,393 12,387 Finished goods 88,811 80,739 Spare parts and consumables 91 75 144,629 129,056 Less: Write down in inventories (781 ) (517 ) 143,848 128,539 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text block [abstract] | |
Disclosure Of Detailed Information About Accounts Receivable Explanatory | December 31, December 31, RMB RMB Accounts receivable 58,073 53,465 Less: Provision for impairment of receivables (1,414 ) (1,140 ) 56,659 52,325 |
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, 2021 and 2020 is as follows: December 31, December 31, RMB RMB Within 1 year 55,446 51,641 Between 1 and 2 years 816 374 Between 2 and 3 years 194 209 Over 3 years 203 101 56,659 52,325 |
Movements in Provision for Impairment of Accounts Receivable | Movements in the provision for impairment of accounts receivable are as follows: 2021 2020 2019 RMB RMB RMB At beginning of the year 1,140 2,431 4,053 Provision for impairment of accounts receivable 396 426 226 Reversal of provision for impairment of accounts receivable (110 ) (76 ) (1,604 ) Receivables written off as uncollectible (12 ) (1,641 ) (244 ) At end of the year 1,414 1,140 2,431 |
Disclosure of Exposure to Credit Risk and Expected Credit Losses for Accounts Receivables | The Group measures loss allowance for accounts receivable at an amount equal to lifetime ECLs. The ECLs were calculated by reference to the 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. Gross Impairment Impairment provision on Loss Weighted- Impairment December 31, 2021 RMB RMB % RMB RMB Current (not past due) 53,098 — 0.1 % 55 55 Within 1 year past due 3,153 26 1.6 % 50 76 1 to 2 years past due 648 153 25.5 % 126 279 2 to 3 years past due 329 67 45.0 % 118 185 Over 3 years past due 845 352 94.7 % 467 819 Total 58,073 598 816 1,414 Gross Impairment Impairment provision on Loss Weighted- loss rate Impairment December 31, 2020 RMB RMB % RMB RMB Current (not past due) 46,849 — 0.1 % 34 34 Within 1 year past due 5,326 154 0.4 % 19 173 1 to 2 years past due 386 65 6.9 % 22 87 2 to 3 years past due 50 11 25.6 % 10 21 Over 3 years past due 854 342 94.3 % 483 825 Total 53,465 572 568 1,140 |
Prepayments and Other Current_2
Prepayments and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text block [abstract] | |
Summary of Prepayments and Other Current Assets | December 31, December 31, RMB RMB Other receivables (i) 40,983 21,128 Advances to suppliers 14,900 22,330 55,883 43,458 Less: Provision for impairment (2,986 ) (3,378 ) 52,897 40,080 Value-added tax to recoverable 42,644 44,514 Prepaid expenses 505 373 Prepaid income taxes 4,853 5,997 Other current assets (ii) 11,921 18,298 112,820 109,262 (i) As of December 31, 2021 and December 31, 2020, the Group’s other receivables are mainly in the first stage. (ii) Other current assets consist primarily of receivables from associates, dividends receivables, interests receivables, etc. |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text block [abstract] | |
Summary of Accounts Payable and Accrued Liabilities | December 31, December 31, RMB RMB Trade payables 144,419 113,119 Salaries and welfare payable 8,975 8,649 Dividends payable by subsidiaries to non-controlling 419 952 Interests payable 2,672 4,034 Construction fee and equipment cost payables 92,683 107,199 Other (i) 53,834 82,187 303,002 316,140 (i) Other consists primarily of notes payables, insurance payable, etc. |
Aging Analysis of Trade Payables | The aging analysis of trade payables at December 31, 2021 and 2020 is as follows: December 31, 2021 December 31, 2020 RMB RMB Within 1 year 134,744 104,812 Between 1 and 2 years 2,767 1,696 Between 2 and 3 years 948 2,342 Over 3 years 5,960 4,269 144,419 113,119 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text block [abstract] | |
Summary of Borrowings | December 31, 2021 December 31, 2020 RMB RMB Short-term borrowings excluding current portion of long-term borrowings 40,010 42,354 Current portion of long-term borrowings 13,265 75,188 53,275 117,542 Long-term borrowings 287,175 251,379 340,450 368,921 |
Summary Of Type Of Borrowings | December 31, 2021 December 31, 2020 RMB RMB Bank loans 114,469 80,345 Corporate debentures 20,170 51,239 Medium-term notes 71,000 86,000 Other loans 134,811 151,337 340,450 368,921 |
Borrowings by Interest Rate | The Group’s borrowings include mortgage loans totaling RMB 1,185 at December 31,2021 (2020: RMB 3,486), which were secured by property, plant and equipment with net book value of RMB 1,287 and intangible and other non-current December 31, 2021 December 31, 2020 RMB RMB Total borrowings: - interest free 101 110 - at fixed rates 131,705 192,079 - at floating rates 208,644 176,732 340,450 368,921 Weighted average effective interest rates: - bank loans 2.18 % 2.20 % - corporate debentures 4.14 % 3.49 % - medium-term notes 3.28 % 3.32 % - other loans 2.51 % 3.47 % |
Borrowings by Major Currency | The borrowings by major currency at December 31, 2021 and 2020 are as follows: December 31, 2021 December 31, 2020 RMB RMB RMB 238,361 262,458 US Dollar 94,803 98,553 Other currencies 7,286 7,910 340,450 368,921 |
Borrowings' Remaining Contractual Maturities | The following table sets out the borrowings’ remaining contractual maturities at the date of the consolidated statement of financial position, which are based on contractual undiscounted cash flows including principal and interest, and the earliest contractual maturity date: December 31, 2021 December 31, 2020 RMB RMB Within 1 year 58,923 124,777 Between 1 and 2 years 53,250 53,526 Between 2 and 5 years 226,124 188,012 After 5 years 28,053 27,894 366,350 394,209 |
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: 2021 2020 RMB RMB At beginning of the year 368,921 466,722 Changes from financing cash flows : Increase in borrowings 810,092 989,492 Repayments of borrowings (836,434 ) (1,017,662 ) Total changes from financing cash flows (26,342 ) (28,170 ) Exchange adjustments (2,129 ) (6,282 ) Pipeline restructuring (Note 41) — (56,849 ) Reclassified as liabilities held for sale (Note 2 6 — (6,500 ) At end of the year 340,450 368,921 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text block [abstract] | |
Summary of Share Capital | December 31, 2021 December 31, 2020 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, 2021 | |
Text block [abstract] | |
Summary of Reserves | 2021 2020 RMB RMB Capital Reserve Beginning balance 133,308 133,308 Ending balance 133,308 133,308 Statutory Common Reserve Fund (a) Beginning balance 203,557 197,282 Transfer from retained earnings 8,413 6,275 Ending balance 211,970 203,557 Special Reserve-Safety Fund Reserve Beginning balance 10,810 12,443 Safety fund reserve (1,579 ) (1,633 ) Ending balance 9,231 10,810 Currency Translation Differences (b) Beginning balance (32,848 ) (28,939 ) Currency translation differences (2,684 ) (3,909 ) Ending balance (35,532 ) (32,848 ) Other Reserves Beginning balance (10,645 ) (10,083 ) Transaction with non-controlling (15 ) — Fair value changes in equity investments measured at fair value through other comprehensive income 79 (22 ) Share of the other comprehensive income of associates and joint ventures accounted for using the equity method (4 ) (441 ) Other 168 (99 ) Ending balance (10,417 ) (10,645 ) 308,560 304,182 (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. |
Deferred Taxation (Tables)
Deferred Taxation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text block [abstract] | |
Movements in Deferred Taxation | The movements in the deferred taxation account are as follows: 2021 2020 2019 RMB RMB RMB At beginning of the year (5,016 ) 2,848 6,483 Transfer to profit and loss (Note 12) (9,685 ) (7,666 ) (3,485 ) Credit / (debit) to other comprehensive income 224 (198 ) (150 ) At end of the year (14,477 ) (5,016 ) 2,848 |
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 9,124 4,740 Tax losses 1,892 24,646 Impairment, depreciation and depletion of long-term assets 8,250 6,309 Other 7,897 6,622 Total deferred tax assets 27,163 42,317 Deferred tax liabilities: Accelerated tax depreciation 16,023 24,147 Other 25,617 23,186 Total deferred tax liabilities 41,640 47,333 Net deferred tax liabilities (14,477 ) (5,016 ) |
Deferred Tax Balances After Offset | Deferred tax balances after offset are listed as follows: December 31, December 31, RMB RMB Deferred tax assets 12,161 11,364 Deferred tax liabilities 26,638 16,380 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text block [abstract] | |
Summary of Asset Retirement Obligations | 2021 2020 2019 RMB RMB RMB At beginning of the year 114,819 137,935 132,780 Net liabilities incurred, including reassessment(i) 16,057 (24,059 ) 2,026 Liabilities settled (5,969 ) (3,510 ) (2,427 ) Accretion expense (Note 10) 4,696 5,107 5,525 Currency translation differences (198 ) (654 ) 31 At end of the year 129,405 114,819 137,935 (i) In 2020, domestic oil and gas field companies adjusted the discount period with reference to the remaining life corresponding to the proved developed reserves in each block, updated various oil and gas assets retirement standards based on the latest legal requirements, technology and price levels, reviewed the adopted discount rate, and then recalculate and adjust the provision for the asset retirement expense of oil and gas properties at the end of the year. The changes in related accounting estimates and new liabilities provided resulted in a reduction in estimated liabilities of RMB 24,059. |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text block [abstract] | |
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 500 800 Between one and two years 500 800 Between two and three years 500 800 Between three and four years 500 800 Between four and five years 500 800 |
Major Customers (Tables)
Major Customers (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text block [abstract] | |
Group's Major Customers | The Group’s major customers are as follows: 2021 2020 2019 Revenue Percentage t revenue Revenue Percentage t revenue Revenue Percentage t revenue RMB % RMB % RMB % China Petrochemical Corporation and its fellow subsidiaries 136,500 5 98,636 5 105,855 4 CNPC and its fellow subsidiaries 69,058 3 63,623 3 99,279 4 205,558 8 162,259 8 205,134 8 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text block [abstract] | |
Amounts Due From and To CNPC and its Fellow Subsidiaries, Associates and Joint Ventures of the Group | December 31, 2021 December 31, 2020 RMB RMB Accounts receivable 7,395 8,651 Prepayments and other current assets 24,925 35,063 Financial assets at fair value through other comprehensive income 1,850 — Intangible and other non-current 15,696 15,251 Accounts payable and accrued liabilities 49,526 67,262 Contract liabilities 613 2,692 Lease liabilities 101,453 99,725 |
Key Management Compensation | (b) Key management compensation Year End December 31, 2021 2020 2019 RMB’000 RMB’000 RMB’000 Emoluments and other benefits 15,143 16,598 13,042 Contribution to retirement benefit scheme 1,568 1,338 1,796 16,711 17,936 14,838 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text block [abstract] | |
Segment Information for the Operating Segments | The segment information for the operating segments for the years ended December 31, 2021, 2020 and 2019 are as follows: Year Ended December 31, 2021 Exploration and Production Refining and Chemicals Marketing Natural Head Office and Other Total RMB RMB RMB RMB RMB RMB Revenue 688,334 974,972 2,170,062 417,022 3,894 4,254,284 Less: Intersegment sales (571,705 ) (650,018 ) (397,485 ) (19,526 ) (1,201 ) (1,639,935 ) Revenue from external customers 116,629 324,954 1,772,577 397,496 2,693 2,614,349 Depreciation, depletion and amortization (175,329 ) (28,466 ) (20,338 ) (5,288 ) (1,848 ) (231,269 ) Including: Impairment losses of property, plant and equipment (20,218 ) (4,681 ) (1,396 ) (176 ) — (26,471 ) Profit / (loss) from operations 68,452 49,740 13,277 43,965 (14,281 ) 161,153 Finance costs: Exchange gain 13,377 Exchange loss (12,839 ) Interest income 2,984 Interest expense (19,739 ) Total net finance costs (16,217 ) Share of profit of associates and joint ventures 2,633 68 680 7,570 2,316 13,267 Profit before income tax expense 158,203 Income tax expense (43,507 ) Profit for the year 114,696 Segment assets 1,391,129 457,914 520,938 164,934 1,573,900 4,108,815 Other assets 17,014 Investments in associates and joint ventures 44,289 1,966 19,020 169,611 30,899 265,785 Elimination of intersegment balances (a) (1,889,352 ) Total assets 2,502,262 Capital expenditures 178,259 54,487 10,982 6,750 700 251,178 Segment liabilities 550,365 199,159 349,609 128,490 566,602 1,794,225 Other liabilities 103,412 Elimination of intersegment balances (a) (804,244 ) Total liabilities 1,093,393 Year Ended December 31, 2020 Exploration and Production Refining and Chemicals Marketing Natural Head Office and Other Total RMB RMB RMB RMB RMB RMB Revenue 530,807 774,775 1,497,533 370,771 3,547 3,177,433 Less: Intersegment sales (437,670 ) (492,667 ) (276,503 ) (35,437 ) (1,320 ) (1,243,597 ) Revenue from external customers 93,137 282,108 1,221,030 335,334 2,227 1,933,836 Depreciation, depletion and amortization (150,849 ) (23,893 ) (17,833 ) (19,475 ) (1,825 ) (213,875 ) Including: Impairment losses of property, plant and equipment (15,364 ) — (3 ) — — (15,367 ) Profit / (loss) from operations 23,092 (1,834 ) (2,906 ) 72,410 (14,825 ) 75,937 Finance costs: Exchange gain 14,387 Exchange loss (14,279 ) Interest income 3,023 Interest expense (26,528 ) Total net finance costs (23,397 ) Share of (loss)/profit of associates and joint ventures (616 ) (24 ) (728 ) 2,128 2,773 3,533 Profit before income tax expense 56,073 Income tax expense (22,588 ) Profit for the year 33,485 Segment assets 1,452,554 432,022 489,984 195,353 1,631,577 4,201,490 Other assets 17,361 Investments in associates and joint ventures 41,461 1,289 18,239 160,730 28,884 250,603 Elimination of intersegment balances (a) (1,981,328 ) Total assets 2,488,126 Capital expenditures 186,620 21,810 16,294 21,143 626 246,493 Segment liabilities 658,521 186,332 321,460 192,456 573,340 1,932,109 Other liabilities 80,104 Elimination of intersegment balances (a) (890,708 ) Total liabilities 1,121,505 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 1,000,062 2,075,044 391,023 3,700 4,146,149 Less: intersegment sales (552,672 ) (702,207 ) (332,164 ) (40,652 ) (1,644 ) (1,629,339 ) Revenue from external customers 123,648 297,855 1,742,880 350,371 2,056 2,516,810 Depreciation, depletion and amortization (158,874 ) (25,469 ) (16,657 ) (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 16,077 (2,878 ) 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 — 1,460 501 2,755 8,229 Profit before income tax expense 103,214 Income tax expense (36,199 ) Profit for the year 67,015 Segment assets 1,520,697 404,264 485,085 536,298 1,409,368 4,355,712 Other assets 29,908 Investments in associates and joint ventures 45,721 1,371 18,810 9,713 26,458 102,073 Elimination of intersegment balances (a) (1,754,783 ) Total assets 2,732,910 Capital expenditures 230,117 21,823 17,074 27,004 758 296,776 Segment liabilities 720,028 151,051 305,804 277,370 594,000 2,048,253 Other liabilities 88,793 Elimination of intersegment balances (a) (848,441 ) Total liabilities 1,288,605 |
Geographical Information | Geographical information Revenue Non-current (b) 2021 2020 2019 December 31, December 31, RMB RMB RMB RMB RMB Mainland China 1,626,616 1,212,821 1,476,693 1,838,505 1,789,349 Other 987,733 721,015 1,040,117 165,117 190,625 2,614,349 1,933,836 2,516,810 2,003,622 1,979,974 (a) Elimination of intersegment balances represents elimination of intersegment accounts and investments. (b) Non-current non-current |
Transaction On Pipeline Restr_2
Transaction On Pipeline Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text block [abstract] | |
Summary of Disposal Transactions on Pipeline Restructing | In this transaction, the equity consideration and cash consideration received by the Company amount to RMB 247,471, and the net assets attributable to the Company on the disposal date amount to RMB 200,525, and the corresponding gain on Pipeline restructuring was RMB 46,946. September 30, 2020 RMB Current assets 36,573 Non-current Assets 319,874 Total assets 356,447 Current liabilities 36,886 Non-current Liabilities 61,611 Total liabilities 98,497 Net assets 257,950 Net assets attributable to the Company 200,525 Consideration 247,471 Gain on Pipeline restructuring 46,946 |
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, 2021 | |
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 residual value ratio for depreciation | 3.00% |
Property plant and equipment estimated annual depreciation rate for depreciation | 3.20% |
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 residual value ratio for depreciation | 5.00% |
Property plant and equipment estimated annual depreciation rate for depreciation | 24.30% |
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% |
Financial Risk and Capital Ma_3
Financial Risk and Capital Management - Disclosure of financial assets and financial liabilities continuing to be measured at fair value (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts Payable and accrued liabilities [Member] | ||
Disclosure of fair value measurement of financial assets and financial liabilities [Line Items] | ||
Financial assets, at fair value | ¥ 3,881 | ¥ 3,709 |
Financial assets measured at fair value through other comprehensive income, category [member] | ||
Disclosure of fair value measurement of financial assets and financial liabilities [Line Items] | ||
Financial assets, at fair value | 9,056 | 10,389 |
Derivatives [member] | Accounts Payable and accrued liabilities [Member] | ||
Disclosure of fair value measurement of financial assets and financial liabilities [Line Items] | ||
Financial assets, at fair value | 3,881 | 3,709 |
Derivatives [member] | Accounts Receivable [Member] | ||
Disclosure of fair value measurement of financial assets and financial liabilities [Line Items] | ||
Financial assets, at fair value | 3,913 | 1,411 |
Bills receivable [Member] | Financial assets measured at fair value through other comprehensive income, category [member] | ||
Disclosure of fair value measurement of financial assets and financial liabilities [Line Items] | ||
Financial assets, at fair value | 3,975 | 8,076 |
Other Investments [Member] | Financial assets measured at fair value through other comprehensive income, category [member] | ||
Disclosure of fair value measurement of financial assets and financial liabilities [Line Items] | ||
Financial assets, at fair value | 1,168 | 902 |
Level 1 of fair value hierarchy [member] | Accounts Payable and accrued liabilities [Member] | ||
Disclosure of fair value measurement of financial assets and financial liabilities [Line Items] | ||
Financial assets, at fair value | 726 | 2,813 |
Level 1 of fair value hierarchy [member] | Financial assets measured at fair value through other comprehensive income, category [member] | ||
Disclosure of fair value measurement of financial assets and financial liabilities [Line Items] | ||
Financial assets, at fair value | 3,530 | 891 |
Level 1 of fair value hierarchy [member] | Derivatives [member] | Accounts Payable and accrued liabilities [Member] | ||
Disclosure of fair value measurement of financial assets and financial liabilities [Line Items] | ||
Financial assets, at fair value | 726 | 2,813 |
Level 1 of fair value hierarchy [member] | Derivatives [member] | Accounts Receivable [Member] | ||
Disclosure of fair value measurement of financial assets and financial liabilities [Line Items] | ||
Financial assets, at fair value | 2,625 | 238 |
Level 1 of fair value hierarchy [member] | Other Investments [Member] | Financial assets measured at fair value through other comprehensive income, category [member] | ||
Disclosure of fair value measurement of financial assets and financial liabilities [Line Items] | ||
Financial assets, at fair value | 905 | 653 |
Level 2 of fair value hierarchy [member] | Accounts Payable and accrued liabilities [Member] | ||
Disclosure of fair value measurement of financial assets and financial liabilities [Line Items] | ||
Financial assets, at fair value | 3,155 | 896 |
Level 2 of fair value hierarchy [member] | Financial assets measured at fair value through other comprehensive income, category [member] | ||
Disclosure of fair value measurement of financial assets and financial liabilities [Line Items] | ||
Financial assets, at fair value | 1,288 | 1,173 |
Level 2 of fair value hierarchy [member] | Derivatives [member] | Accounts Payable and accrued liabilities [Member] | ||
Disclosure of fair value measurement of financial assets and financial liabilities [Line Items] | ||
Financial assets, at fair value | 3,155 | 896 |
Level 2 of fair value hierarchy [member] | Derivatives [member] | Accounts Receivable [Member] | ||
Disclosure of fair value measurement of financial assets and financial liabilities [Line Items] | ||
Financial assets, at fair value | 1,288 | 1,173 |
Level 3 of fair value hierarchy [member] | Financial assets measured at fair value through other comprehensive income, category [member] | ||
Disclosure of fair value measurement of financial assets and financial liabilities [Line Items] | ||
Financial assets, at fair value | 4,238 | 8,325 |
Level 3 of fair value hierarchy [member] | Bills receivable [Member] | Financial assets measured at fair value through other comprehensive income, category [member] | ||
Disclosure of fair value measurement of financial assets and financial liabilities [Line Items] | ||
Financial assets, at fair value | 3,975 | 8,076 |
Level 3 of fair value hierarchy [member] | Other Investments [Member] | Financial assets measured at fair value through other comprehensive income, category [member] | ||
Disclosure of fair value measurement of financial assets and financial liabilities [Line Items] | ||
Financial assets, at fair value | ¥ 263 | ¥ 249 |
Financial Risk and Capital Ma_4
Financial Risk and Capital Management - Additional Information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | |
Disclosure of objectives, policies and processes for managing capital [abstract] | |||
Gearing ratio, which is calculated as interest-bearing borrowings / (interest-bearing borrowings + total equity) | 19.50% | 21.30% | |
Current derivative financial assets | ¥ 3,913 | ¥ 1,411 | |
Current derivative financial liabilities | 3,881 | 3,709 | |
Changes in basic price of derivative financial instruments per barrel | $ | $ 10 | ||
fair value of derivative financial instruments | 2,104 | 2,578 | |
Changes in Groups other reserves | ¥ 0 | ¥ 0 |
Revenue - Schedule of Revenue I
Revenue - Schedule of Revenue Information (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | ¥ 2,613,142 | ¥ 1,932,753 | ¥ 2,515,660 |
Other revenue | 1,207 | 1,083 | 1,150 |
Total | 2,614,349 | 1,933,836 | 2,516,810 |
Mainland China [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 1,625,414 | 1,200,722 | 1,475,559 |
Total | 1,626,616 | 1,212,821 | 1,476,693 |
Other countries [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 987,728 | 732,031 | 1,040,101 |
Total | 987,733 | 721,015 | 1,040,117 |
Operating segments [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 4,254,284 | 3,177,433 | 4,146,149 |
Operating segments [member] | Crude oil and condensate [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 1,150,041 | 780,941 | 1,100,731 |
Operating segments [member] | Natural gas [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 858,714 | 586,381 | 641,477 |
Operating segments [member] | Refined products [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 1,824,802 | 1,438,255 | 1,995,933 |
Operating segments [member] | Chemical Products [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 256,050 | 180,640 | 185,286 |
Operating segments [member] | Pipeline transportation business [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 3,360 | 52,273 | 70,568 |
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 | 25,148 | 22,360 | 21,146 |
Operating segments [member] | Other goods and services [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 134,962 | 115,500 | 129,858 |
Intersegment elimination [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | (1,639,935) | (1,243,597) | (1,629,339) |
Total | (1,639,935) | (1,243,597) | (1,629,339) |
Exploration and production [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 116,280 | 92,906 | 123,423 |
Other revenue | 349 | 231 | 225 |
Total | 116,629 | 93,137 | 123,648 |
Exploration and production [member] | Mainland China [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 68,327 | 27,028 | 41,596 |
Exploration and production [member] | Other countries [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 47,953 | 65,878 | 81,827 |
Exploration and production [member] | Operating segments [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 688,334 | 530,807 | 676,320 |
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 | 464,298 | 333,557 | 476,974 |
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 | 133,148 | 118,388 | 110,837 |
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 | 90,539 | 78,631 | 88,284 |
Exploration and production [member] | Intersegment elimination [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | (571,705) | (437,670) | (552,672) |
Total | (571,705) | (437,670) | (552,672) |
Refining and chemicals [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 324,776 | 281,946 | 297,646 |
Other revenue | 178 | 162 | 209 |
Total | 324,954 | 282,108 | 297,855 |
Refining and chemicals [member] | Mainland China [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 324,776 | 281,946 | 297,646 |
Refining and chemicals [member] | Operating segments [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 974,972 | 774,775 | 1,000,062 |
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 | 759,912 | 616,063 | 834,879 |
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 | 207,810 | 150,296 | 156,938 |
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 | 7,072 | 8,254 | 8,036 |
Refining and chemicals [member] | Intersegment elimination [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | (650,018) | (492,667) | (702,207) |
Total | (650,018) | (492,667) | (702,207) |
Marketing [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 1,772,004 | 1,220,773 | 1,742,653 |
Other revenue | 573 | 257 | 227 |
Total | 1,772,577 | 1,221,030 | 1,742,880 |
Marketing [member] | Mainland China [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 832,229 | 554,620 | 784,379 |
Marketing [member] | Other countries [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 939,775 | 666,153 | 958,274 |
Marketing [member] | Operating segments [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 2,170,062 | 1,497,533 | 2,075,044 |
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 | 685,743 | 447,384 | 623,757 |
Marketing [member] | Operating segments [member] | Natural gas [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 344,196 | 173,696 | 238,999 |
Marketing [member] | Operating segments [member] | Refined products [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 1,064,890 | 822,192 | 1,161,054 |
Marketing [member] | Operating segments [member] | Chemical Products [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 48,240 | 30,344 | 28,348 |
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 | 25,148 | 22,360 | 21,146 |
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 | 1,272 | 1,300 | 1,513 |
Marketing [member] | Intersegment elimination [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | (397,485) | (276,503) | (332,164) |
Total | (397,485) | (276,503) | (332,164) |
Natural gas and pipeline [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 397,412 | 334,933 | 349,898 |
Other revenue | 84 | 401 | 473 |
Total | 397,496 | 335,334 | 350,371 |
Natural gas and pipeline [member] | Mainland China [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 397,412 | 334,933 | 349,898 |
Natural gas and pipeline [member] | Operating segments [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 417,022 | 370,771 | 391,023 |
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 | 381,370 | 294,297 | 291,641 |
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 | 3,360 | 52,273 | 70,568 |
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 | 32,208 | 23,800 | 28,341 |
Natural gas and pipeline [member] | Intersegment elimination [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | (19,526) | (35,437) | (40,652) |
Total | (19,526) | (35,437) | (40,652) |
Head office and other [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 2,670 | 2,195 | 2,040 |
Other revenue | 23 | 32 | 16 |
Total | 2,693 | 2,227 | 2,056 |
Head office and other [member] | Mainland China [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 2,670 | 2,195 | 2,040 |
Head office and other [member] | Other countries [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 0 | ||
Head office and other [member] | Operating segments [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 3,894 | 3,547 | 3,700 |
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 | 3,871 | 3,515 | 3,684 |
Head office and other [member] | Intersegment elimination [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | (1,201) | (1,320) | (1,644) |
Total | ¥ (1,201) | ¥ (1,320) | ¥ (1,644) |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Profit or loss [abstract] | |||
Dividend income from equity investments measured at fair value through other comprehensive income | ¥ 17 | ¥ 25 | ¥ 22 |
Reversal of provision for impairment of receivables | 360 | 95 | 1,630 |
Reversal of write down in inventories | 76 | 186 | 201 |
Gain on disposal of investment in subsidiaries | 3,575 | 1,242 | 49 |
Gain on Pipeline restructuring | 18,320 | 46,946 | |
Amortization of intangible and other assets | 5,774 | 5,944 | 4,992 |
Owned property, plant and equipment | 211,107 | 194,015 | 205,297 |
Right-of-use assets | 14,388 | 13,916 | 14,973 |
Auditors' remuneration | 47 | 49 | 53 |
Cost of inventories recognized as expense | 2,047,256 | 1,527,271 | 1,981,628 |
Provision for impairment of receivables | 775 | 438 | 263 |
Loss on disposal and scrap of property, plant and equipment | 18,959 | 5,398 | 9,809 |
Variable lease payments, low-value and short-term lease payment not included in the measurement of lease liabilities | 2,645 | 3,362 | 3,514 |
Research and development expenses | 16,729 | 15,746 | 15,666 |
Write down in inventories | ¥ 656 | ¥ 8,337 | ¥ 1,461 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of transactions between related parties [Line Items] | |||
Auditors' remuneration, fees paid by subsidiaries | ¥ 47 | ¥ 49 | ¥ 53 |
Subsidiaries [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Auditors' remuneration, fees paid by subsidiaries | ¥ 41 | ¥ 62 | ¥ 60 |
Employee Compensation Costs - S
Employee Compensation Costs - Summary of Employee Compensation Costs (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Short-term employee benefits expense [abstract] | |||
Wages, salaries and allowances | ¥ 100,971 | ¥ 98,832 | ¥ 101,815 |
Social security costs | 53,864 | 48,772 | 52,503 |
Employee compensation costs | ¥ 154,835 | ¥ 147,604 | ¥ 154,318 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Taxes Other Than Income Taxes [abstract] | |||
Consumption tax | ¥ 161,623 | ¥ 145,525 | ¥ 164,973 |
Resource tax | 23,723 | 18,468 | 24,388 |
City maintenance and construction tax | 16,078 | 13,647 | 16,001 |
Educational surcharge | 11,660 | 9,882 | 11,732 |
Crude oil special gain levy | 4,655 | 178 | 771 |
Urban and township land use tax | 3,572 | 3,588 | 3,529 |
Other | 6,692 | 4,562 | 7,042 |
Taxes other than income taxes | ¥ 228,003 | ¥ 195,850 | ¥ 228,436 |
Interest Expense - Summary of I
Interest Expense - Summary of Interest Expense (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest costs [abstract] | |||
Interest on Bank loans | ¥ 2,540 | ¥ 1,677 | ¥ 3,094 |
Other loans | 8,092 | 14,342 | 15,476 |
Lease liabilities | 5,419 | 6,297 | 7,476 |
Accretion expense (Note 33) | 4,696 | 5,107 | 5,525 |
Less: Amounts capitalized | (1,008) | (895) | (1,162) |
Interest expense | ¥ 19,739 | ¥ 26,528 | ¥ 30,409 |
Interest Expense - Additional I
Interest Expense - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest costs [abstract] | |||
Average interest rate used to capitalize borrowing costs that are attributable to the construction of a qualifying assets | 4.19% | 4.23% | 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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | ¥ 15,143 | ¥ 16,598 | ¥ 13,042 |
Contribution to retirement benefit scheme | 1,568 | 1,338 | 1,796 |
Total | 16,711 | 17,936 | 14,838 |
Executive director [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | 644 | ||
Contribution to retirement benefit scheme | 180 | ||
Total | 824 | 0 | 983 |
Executive director [member] | Mr. Duan Liangwei [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | 196 | ||
Contribution to retirement benefit scheme | 41 | ||
Total | 237 | ||
Executive director [member] | Mr. Huang Yongzhang [Member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | 505 | ||
Contribution to retirement benefit scheme | 124 | ||
Total | 629 | ||
Executive director [member] | Mr. Ren Lixin [Member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | 139 | ||
Contribution to retirement benefit scheme | 56 | ||
Total | 195 | 0 | |
Non-executive directors [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Fee for directors and supervisors | 2,732 | ||
Salaries, allowances and other benefits | 196 | ||
Contribution to retirement benefit scheme | 41 | ||
Total | 2,969 | 2,503 | 1,782 |
Non-executive directors [member] | Mr. Duan Liangwei [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Total | 735 | ||
Non-executive directors [member] | Mr. Lin Boqiang [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Total | 0 | 388 | 386 |
Non-executive directors [member] | Mr. Zhang Biyi [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Total | 0 | 398 | 386 |
Non-executive directors [member] | Ms. Elsie Leung Oi-sie [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Fee for directors and supervisors | 556 | ||
Total | 556 | 331 | 319 |
Non-executive directors [member] | Mr. Tokuchi Tatsuhito [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Fee for directors and supervisors | 527 | ||
Total | 527 | 331 | 351 |
Non-executive directors [member] | Mr. Simon Henry [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Fee for directors and supervisors | 499 | ||
Total | 499 | 320 | 340 |
Non-executive directors [member] | Mr. Cai Jinyong [Member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Fee for directors and supervisors | 575 | ||
Total | 575 | ||
Non-executive directors [member] | Mr. Jiang Xiaoming [Member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Fee for directors and supervisors | 575 | ||
Total | 575 | ||
Supervisors [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | 3,383 | ||
Contribution to retirement benefit scheme | 387 | ||
Total | 3,770 | 4,577 | 4,045 |
Supervisors [member] | Fu Suotang [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | 1,325 | ||
Contribution to retirement benefit scheme | 108 | ||
Total | 1,433 | 1,367 | 1,155 |
Supervisors [member] | Mr. Li Jiamin [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | 1,109 | ||
Contribution to retirement benefit scheme | 146 | ||
Total | 1,255 | 1,006 | 978 |
Supervisors [member] | Mr. Liu Xianhua [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | 847 | ||
Contribution to retirement benefit scheme | 98 | ||
Total | 945 | 1,011 | 845 |
Supervisors [member] | Mr. Li Wendong [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | 102 | ||
Contribution to retirement benefit scheme | 35 | ||
Total | 137 | 1,193 | 1,067 |
Directors and supervisors [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Fee for directors and supervisors | 2,732 | ||
Salaries, allowances and other benefits | 4,223 | ||
Contribution to retirement benefit scheme | 608 | ||
Total | ¥ 7,563 | ¥ 7,080 | ¥ 6,810 |
Emoluments of Directors and S_4
Emoluments of Directors and Supervisors - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2021CNY (¥)Employee | Dec. 31, 2020CNY (¥)Employee | Dec. 31, 2019CNY (¥)Employee | |
Disclosure of transactions between related parties [Line Items] | |||
Number of highest paid employees | Employee | 5 | 5 | 5 |
Salaries, allowances and other benefits | ¥ 15,143,000 | ¥ 16,598,000 | ¥ 13,042,000 |
Contribution to retirement benefit scheme | 1,568,000 | ¥ 1,338,000 | ¥ 1,796,000 |
Severance payment | ¥ 0 | ||
Directors [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Number of highest paid employees | Employee | 1 | ||
Supervisors [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Number of highest paid employees | Employee | 1 | 1 | 3 |
Salaries, allowances and other benefits | ¥ 3,383,000 | ||
Contribution to retirement benefit scheme | ¥ 387,000 | ||
Senior management [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Number of highest paid employees | Employee | 4 | 4 | 1 |
Senior management one [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | ¥ 1,533,000 | ¥ 1,550,000 | ¥ 940,000 |
Contribution to retirement benefit scheme | 164,000 | 116,000 | ¥ 161,000 |
Senior management two [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | 1,310,000 | 1,310,000 | |
Contribution to retirement benefit scheme | 164,000 | 116,000 | |
Senior management third [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | 1,308,000 | 1,292,000 | |
Contribution to retirement benefit scheme | 164,000 | 116,000 | |
Senior management four [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | 1,257,000 | 1,270,000 | |
Contribution to retirement benefit scheme | ¥ 164,000 | ¥ 116,000 |
Income Tax Expense - Summary of
Income Tax Expense - Summary of Income Tax Expense (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Major components of tax expense (income) [abstract] | |||
Current taxes | ¥ 33,822 | ¥ 14,922 | ¥ 32,714 |
Deferred taxes (Note 32) | 9,685 | 7,666 | 3,485 |
Income tax expense | ¥ 43,507 | ¥ 22,588 | ¥ 36,199 |
Income Tax Expense - Additional
Income Tax Expense - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||
Profit before income tax expense | ¥ 158,203 | ¥ 56,073 | ¥ 103,214 |
Tax calculated at a tax rate of 25% | 39,551 | 14,018 | 25,804 |
Tax return true-up | (256) | 256 | 691 |
Effect of income taxes from international operations different from taxes at the PRC statutory tax rate | 2,692 | 1,522 | 6,112 |
Effect of preferential tax rate | (8,603) | (1,312) | (5,529) |
Tax effect of income not subject to tax | (10,305) | (3,612) | (3,767) |
Tax effect of expenses not deductible for tax purposes | 15,789 | 5,455 | 4,479 |
Tax effect of temporary differences and losses not recognized as deferred tax assets | 4,639 | 6,261 | 8,409 |
Income tax expense | ¥ 43,507 | ¥ 22,588 | ¥ 36,199 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Basic And Diluted Earning 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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Dividend attributable to owners [Line Items] | |||
Dividends attributable to owners of the Company | ¥ 41,476 | ¥ 32,000 | ¥ 26,293 |
Interim dividends [member] | |||
Dividend attributable to owners [Line Items] | |||
Dividends attributable to owners of the Company | 23,866 | 16,000 | 14,212 |
Final dividends [member] | |||
Dividend attributable to owners [Line Items] | |||
Dividends attributable to owners of the Company | ¥ 17,610 | ¥ 16,000 | ¥ 12,081 |
Dividends - Summary of Divide_2
Dividends - Summary of Dividends (Parenthetical) (Detail) - CNY (¥) ¥ / shares in Units, ¥ in Millions | Sep. 17, 2021 | Sep. 22, 2020 | Sep. 24, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Dividend attributable to owners [abstract] | ||||||
Dividends attributable to owners of the Company, per share | ¥ 0.13040 | ¥ 0.08742 | ¥ 0.07765 | ¥ 0.09622 | ¥ 0.08742 | ¥ 0.06601 |
Dividends attributable to owners of the Company, total amount paid | ¥ 23,866 | ¥ 16,000 | ¥ 14,212 | ¥ 55,841 | ¥ 42,905 | ¥ 44,963 |
Dividends attributable to owners of the Company, proposed total | ¥ 17,610 | ¥ 16,000 | ¥ 12,081 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | ¥ 1,452,091 | ||
Impairment charge | (26,471) | ¥ (15,367) | ¥ (13,419) |
At end of the year | 1,459,296 | 1,452,091 | |
Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | 3,648,030 | 3,985,598 | |
Additions | 269,790 | 203,875 | |
Disposals or write offs | (117,960) | (518,511) | |
Currency translation differences | (8,914) | (22,932) | |
At end of the year | 3,790,946 | 3,648,030 | 3,985,598 |
Accumulated amortization, including impairment losses [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | (2,195,939) | (2,202,374) | |
Charge for the year and others | (186,189) | (205,183) | |
Impairment charge | (26,471) | (15,367) | |
Disposals or write offs or transfers | 70,507 | 212,160 | |
Currency translation differences | 6,442 | 14,825 | |
At end of the year | (2,331,650) | (2,195,939) | (2,202,374) |
Buildings [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | 138,049 | ||
At end of the year | 138,441 | 138,049 | |
Buildings [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | 248,948 | 252,174 | |
Additions | 1,561 | 3,620 | |
Transfers | 13,736 | 16,827 | |
Disposals or write offs | (5,101) | (22,910) | |
Currency translation differences | (286) | (763) | |
At end of the year | 258,858 | 248,948 | 252,174 |
Buildings [member] | Accumulated amortization, including impairment losses [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | (110,899) | (107,943) | |
Charge for the year and others | (11,057) | (11,005) | |
Impairment charge | (516) | (214) | |
Disposals or write offs or transfers | 1,952 | 7,948 | |
Currency translation differences | 103 | 315 | |
At end of the year | (120,417) | (110,899) | (107,943) |
Oil and gas properties [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | 813,888 | ||
At end of the year | 816,788 | 813,888 | |
Oil and gas properties [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | 2,355,925 | 2,261,203 | |
Additions | 18,556 | 1,044 | |
Transfers | 160,810 | 152,389 | |
Disposals or write offs | (75,411) | (39,497) | |
Currency translation differences | (7,255) | (19,214) | |
At end of the year | 2,452,625 | 2,355,925 | 2,261,203 |
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 | (1,542,037) | (1,429,389) | |
Charge for the year and others | (138,251) | (136,433) | |
Impairment charge | (19,463) | (13,908) | |
Disposals or write offs or transfers | 58,312 | 24,234 | |
Currency translation differences | 5,602 | 13,459 | |
At end of the year | (1,635,837) | (1,542,037) | (1,429,389) |
Equipment and machinery [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | 258,295 | ||
At end of the year | 261,354 | 258,295 | |
Equipment and machinery [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | 746,404 | 1,153,616 | |
Additions | 5,305 | 8,425 | |
Transfers | 38,649 | 23,618 | |
Disposals or write offs | (12,010) | (438,169) | |
Currency translation differences | (345) | (1,086) | |
At end of the year | 778,003 | 746,404 | 1,153,616 |
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 | (488,109) | (615,770) | |
Charge for the year and others | (33,404) | (45,912) | |
Impairment charge | (2,723) | (113) | |
Disposals or write offs or transfers | 7,429 | 173,196 | |
Currency translation differences | 158 | 490 | |
At end of the year | (516,649) | (488,109) | (615,770) |
Motor vehicles [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | 5,426 | ||
At end of the year | 4,912 | 5,426 | |
Motor vehicles [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | 22,857 | 27,148 | |
Additions | 645 | 1,419 | |
Transfers | 0 | ||
Disposals or write offs | (1,588) | (5,661) | |
Currency translation differences | (11) | (49) | |
At end of the year | 21,903 | 22,857 | 27,148 |
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 | (17,431) | (19,947) | |
Charge for the year and others | (992) | (1,260) | |
Impairment charge | 0 | 0 | |
Disposals or write offs or transfers | 1,421 | 3,739 | |
Currency translation differences | 11 | 37 | |
At end of the year | (16,991) | (17,431) | (19,947) |
Other [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | 13,077 | ||
At end of the year | 14,130 | 13,077 | |
Other [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | 45,014 | 36,155 | |
Additions | 1,880 | 776 | |
Transfers | 2,369 | 12,169 | |
Disposals or write offs | (1,675) | (3,340) | |
Currency translation differences | (313) | (746) | |
At end of the year | 47,275 | 45,014 | 36,155 |
Other [member] | Accumulated amortization, including impairment losses [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | (31,937) | (23,092) | |
Charge for the year and others | (2,485) | (10,573) | |
Impairment charge | (121) | (837) | |
Disposals or write offs or transfers | 997 | 2,031 | |
Currency translation differences | 401 | 534 | |
At end of the year | (33,145) | (31,937) | (23,092) |
Construction in progress [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | 223,356 | ||
At end of the year | 223,671 | 223,356 | |
Construction in progress [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | 228,882 | 255,302 | |
Additions | 241,843 | 188,591 | |
Transfers | (215,564) | (205,003) | |
Disposals or write offs | (22,175) | (8,934) | |
Currency translation differences | (704) | (1,074) | |
At end of the year | 232,282 | 228,882 | 255,302 |
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 | (5,526) | (6,233) | |
Impairment charge | (3,648) | (295) | |
Disposals or write offs or transfers | 396 | 1,012 | |
Currency translation differences | 167 | (10) | |
At end of the year | ¥ (8,611) | ¥ (5,526) | ¥ (6,233) |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Impairment charge | ¥ (26,471) | ¥ (15,367) | ¥ (13,419) |
Exploration and production [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Impairment charge | (20,218) | (15,364) | (11,562) |
Oil and gas properties [member] | Exploration and production [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Impairment charge | ¥ 19,463 | ¥ 13,908 | ¥ 11,562 |
Bottom of range [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
After-tax discount rates adopted by most oil blocks | 7.60% | 5.90% | 6.40% |
Top of range [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
After-tax discount rates adopted by most oil blocks | 15.00% | 12.00% | 15.40% |
Property, Plant and Equipment_3
Property, Plant and Equipment - Changes to Exploratory Well Costs (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Capitalized exploratory well costs charged to expense | ¥ (12,557) | ¥ (8,934) | ¥ (8,900) |
Construction in progress [member] | Exploratory well costs [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | 38,807 | 36,101 | 26,905 |
Additions to capitalized exploratory well costs pending the determination of proved reserves | 30,338 | 30,104 | 35,098 |
Reclassified to wells, facilities, and equipment based on the determination of proved reserves | (27,201) | (18,464) | (17,002) |
Capitalized exploratory well costs charged to expense | (12,557) | (8,934) | (8,900) |
At end of the year | ¥ 29,387 | ¥ 38,807 | ¥ 36,101 |
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, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
One year or less | ¥ 19,354 | ¥ 23,428 |
Over one year | 10,033 | 15,379 |
Capitalized Exploratory Well Costs | ¥ 29,387 | ¥ 38,807 |
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 | 12 Months Ended | ||
Dec. 31, 2021CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2021USD ($) | |
Disclosure of associates and joint ventures [Line Items] | |||
Registered Capital | ¥ 183,021 | ¥ 183,021 | |
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% | |
Mangistau Investment B.V. [Member] | |||
Disclosure of associates and joint ventures [Line Items] | |||
Associate, Country of Incorporation | Netherlands | ||
Registered Capital | $ | $ 131 | ||
Principal Activities | Engages in investing activities, the principle activities of its main subsidiaries are exploration, development and sale of oil and gas. | ||
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% | |
China Oil & Gas Piping Network Corporation ("PipeChina") [member] | |||
Disclosure of associates and joint ventures [Line Items] | |||
Associate, Country of Incorporation | PRC | ||
Registered Capital | ¥ 500,000 | ||
Principal Activities | Pipeline transport, storage service, import of equipment, import and export of techniques, science and technology research, research and application of informatization, technology consulting, technology service, technology transfer, promotion of technology | ||
Associate, Interest Direct % | 29.90% | ||
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% |
Investments in Associates and_2
Investments in Associates and Joint Ventures - Additional Information (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of associates and joint ventures [Line Items] | |||
Share of profit accounted for using equity method | ¥ 13,267 | ¥ 3,533 | ¥ 8,229 |
Associates and joint ventures [member] | |||
Disclosure of associates and joint ventures [Line Items] | |||
Dividends received or receivable from associates and joint ventures | 4,715 | 4,517 | 4,432 |
Associates and joint ventures disposal [member] | |||
Disclosure of associates and joint ventures [Line Items] | |||
Investments in associates and joint ventures that were disposed of | 489 | 1,687 | 119 |
Investments in associates and joint ventures that were disposed of, gain (loss) | 4 | (5) | 238 |
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 | 1,423 | 2,468 | 2,207 |
Share of other comprehensive income accounted for using equity method | ¥ 622 | ¥ 3,631 | ¥ 2,098 |
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 | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of associates [Line Items] | ||||
Current assets | ¥ 486,767 | ¥ 480,838 | ¥ 486,767 | |
Non-current assets | 2,001,359 | 2,021,424 | 2,001,359 | |
Current liabilities | 605,418 | 518,158 | 605,418 | |
Non-current liabilities | 516,087 | 575,235 | 516,087 | |
REVENUE | 2,614,349 | 1,933,836 | ¥ 2,516,810 | |
profit for the year | 114,696 | 33,485 | 67,015 | |
Other comprehensive income | (4,501) | (11,130) | 8,930 | |
Total comprehensive income | ¥ 110,195 | ¥ 22,355 | 75,945 | |
PipeChina [member] | ||||
Disclosure of associates [Line Items] | ||||
Percentage ownership interest (%) | 29.90% | 29.90% | ||
Current assets | 74,012 | ¥ 86,335 | ¥ 74,012 | |
Non-current assets | 655,982 | 768,161 | 655,982 | |
Current liabilities | 55,562 | 136,150 | 55,562 | |
Non-current liabilities | 104,150 | 103,243 | 104,150 | |
Net assets | 570,282 | 615,103 | 570,282 | |
Group's share of net assets | 151,135 | 157,346 | 151,135 | |
Goodwill | 0 | 0 | 0 | |
Carrying amount of interest in associates | 151,135 | 157,346 | ¥ 151,135 | |
REVENUE | 22,766 | 101,572 | ||
profit for the year | 6,444 | 29,776 | ||
Other comprehensive income | 0 | 2 | ||
Total comprehensive income | 6,444 | 29,778 | ||
Group's share of total comprehensive income | 1,532 | 6,846 | ||
Dividends received by the Group | 0 | ¥ 943 | ||
China Petroleum Finance Co., Ltd. [member] | ||||
Disclosure of associates [Line Items] | ||||
Percentage ownership interest (%) | 32.00% | 32.00% | ||
Current assets | 313,741 | ¥ 415,139 | ¥ 313,741 | |
Non-current assets | 177,344 | 116,765 | 177,344 | |
Current liabilities | 404,201 | 446,369 | 404,201 | |
Non-current liabilities | 12,617 | 8,396 | 12,617 | |
Net assets | 74,267 | 77,139 | 74,267 | |
Group's share of net assets | 23,765 | 24,684 | 23,765 | |
Goodwill | 349 | 349 | 349 | |
Carrying amount of interest in associates | 24,114 | 25,033 | 24,114 | |
REVENUE | 12,691 | 7,954 | 9,672 | |
profit for the year | 6,304 | 7,819 | 7,810 | |
Other comprehensive income | (606) | (1,603) | 1,356 | |
Total comprehensive income | 5,698 | 6,216 | 9,166 | |
Group's share of total comprehensive income | 1,823 | 1,989 | 2,933 | |
Dividends received by the Group | ¥ 904 | ¥ 677 | 1,268 | |
CNPC Captive Insurance Co., Ltd. [member] | ||||
Disclosure of associates [Line Items] | ||||
Percentage ownership interest (%) | 49.00% | 49.00% | ||
Current assets | 11,267 | ¥ 9,100 | ¥ 11,267 | |
Non-current assets | 2,956 | 2,618 | 2,956 | |
Current liabilities | 4,752 | 859 | 4,752 | |
Non-current liabilities | 2,776 | 3,900 | 2,776 | |
Net assets | 6,695 | 6,959 | 6,695 | |
Group's share of net assets | 3,281 | 3,410 | 3,281 | |
Goodwill | 0 | 0 | 0 | |
Carrying amount of interest in associates | ¥ 3,281 | 3,410 | 3,281 | |
REVENUE | 1,510 | 735 | 712 | |
profit for the year | 424 | 389 | 349 | |
Other comprehensive income | 0 | 0 | (1) | |
Total comprehensive income | 424 | 389 | 348 | |
Group's share of total comprehensive income | 207 | 191 | 170 | |
Dividends received by the Group | ¥ 78 | ¥ 74 | ¥ 62 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of joint ventures [Line Items] | ||||
Non-current assets | ¥ 2,021,424 | ¥ 2,001,359 | ||
Current assets | 480,838 | 486,767 | ||
Including: cash and cash equivalents | 136,789 | 118,631 | ¥ 86,409 | ¥ 85,954 |
Non-current liabilities | 575,235 | 516,087 | ||
Current liabilities | 518,158 | 605,418 | ||
REVENUE | 2,614,349 | 1,933,836 | 2,516,810 | |
Depreciation, depletion and amortization | (231,269) | (213,875) | (225,262) | |
Interest expense | (19,739) | (26,528) | (30,409) | |
INCOME TAX EXPENSE | (43,507) | (22,588) | (36,199) | |
Net profit | 114,696 | 33,485 | 67,015 | |
Total comprehensive income | ¥ 110,195 | ¥ 22,355 | 75,945 | |
China Marine Bunker (PetroChina) Co., Ltd. [member] | ||||
Disclosure of joint ventures [Line Items] | ||||
Percentage ownership interest (%) | 50.00% | 50.00% | ||
Non-current assets | ¥ 1,571 | ¥ 1,685 | ||
Current assets | 11,305 | 7,319 | ||
Including: cash and cash equivalents | 2,292 | 1,343 | ||
Non-current liabilities | 540 | 158 | ||
Including: Non-current financial liabilities | 0 | 1 | ||
Current liabilities | 9,997 | 5,927 | ||
Including: Current financial liabilities excluding trade and other payables | 5,810 | 3,267 | ||
Net assets | 2,339 | 2,919 | ||
Net assets attributable to owners of the Company | 1,952 | 2,672 | ||
Group's share of net assets | 976 | 1,336 | ||
Carrying amount of interest in joint ventures | 976 | 1,336 | ||
REVENUE | 58,210 | 36,695 | 42,116 | |
Depreciation, depletion and amortization | (190) | (195) | (81) | |
Interest income | 11 | 16 | 23 | |
Interest expense | (72) | (60) | (88) | |
INCOME TAX EXPENSE | (56) | (57) | (92) | |
Net profit | (610) | 185 | 142 | |
Total comprehensive income | (691) | 140 | 169 | |
Group's share of total comprehensive income | (344) | 46 | 85 | |
Dividends received by the Group | ¥ 29 | ¥ 0 | 0 | |
Trans-Asia Gas Pipeline Co., Ltd. [member] | ||||
Disclosure of joint ventures [Line Items] | ||||
Percentage ownership interest (%) | 50.00% | 50.00% | ||
Non-current assets | ¥ 44,011 | ¥ 39,809 | ||
Current assets | 1,437 | 2,886 | ||
Including: cash and cash equivalents | 1,411 | 739 | ||
Non-current liabilities | 2,147 | 2,330 | ||
Including: Non-current financial liabilities | 2,101 | 2,330 | ||
Current liabilities | 483 | 235 | ||
Net assets | 42,818 | 40,130 | ||
Net assets attributable to owners of the Company | 42,818 | 40,130 | ||
Group's share of net assets | 21,409 | 20,065 | ||
Carrying amount of interest in joint ventures | 21,409 | 20,065 | ||
REVENUE | 17 | 18 | 23 | |
Depreciation, depletion and amortization | (57) | (38) | (37) | |
Interest income | 31 | 42 | 51 | |
Interest expense | (56) | (58) | (57) | |
INCOME TAX EXPENSE | 0 | 1 | 0 | |
Net profit | 4,067 | 3,060 | 4,070 | |
Total comprehensive income | 3,508 | (3,007) | 7,940 | |
Group's share of total comprehensive income | 1,754 | (1,504) | 3,970 | |
Dividends received by the Group | ¥ 410 | ¥ 0 | 175 | |
Mangistau Investment BV [Member] | ||||
Disclosure of joint ventures [Line Items] | ||||
Percentage ownership interest (%) | 50.00% | 50.00% | ||
Non-current assets | ¥ 9,927 | ¥ 10,586 | ||
Current assets | 2,220 | 830 | ||
Including: cash and cash equivalents | 1,631 | 74 | ||
Non-current liabilities | 2,033 | 3,008 | ||
Including: Non-current financial liabilities | 0 | 848 | ||
Current liabilities | 872 | 575 | ||
Net assets | 9,242 | 7,833 | ||
Net assets attributable to owners of the Company | 9,242 | 7,833 | ||
Group's share of net assets | 4,621 | 3,917 | ||
Carrying amount of interest in joint ventures | 4,621 | 3,917 | ||
REVENUE | 11,543 | 8,152 | 15,104 | |
Depreciation, depletion and amortization | (1,002) | (1,048) | (883) | |
Interest income | 3 | 4 | 2 | |
Interest expense | (141) | (160) | (158) | |
INCOME TAX EXPENSE | (846) | (293) | (925) | |
Net profit | 2,114 | 362 | 2,818 | |
Total comprehensive income | 1,874 | (650) | 2,978 | |
Group's share of total comprehensive income | 937 | (325) | 1,489 | |
Dividends received by the Group | ¥ 233 | ¥ 539 | ¥ 1,115 |
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, 2021 | Dec. 31, 2020 |
Financial assets measured at fair value through other comprehensive income [line items] | ||
Financial assets measured at fair value through other comprehensive income | ¥ 1,168 | ¥ 902 |
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 | 133 | 188 |
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 | 534 | 228 |
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 | ¥ 501 | ¥ 486 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financial assets measured at fair value through other comprehensive income [abstract] | |||
Dividend received | ¥ 17 | ¥ 25 | ¥ 22 |
Subsidiaries - Principal Subsid
Subsidiaries - Principal Subsidiaries of the Group (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021CNY (¥) | Dec. 31, 2020 | Dec. 31, 2021HKD ($) | |
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 Sichuan Petrochemical Company Limited [member] | |||
Disclosure of subsidiaries [Line Items] | |||
Country of Incorporation | PRC | ||
Registered Capital | ¥ 10,000 | ||
Type of Legal Entity | Limited liability company | ||
Attributable Equity Interest % | 90.00% | 90.00% | |
Voting Rights % | 90.00% | ||
Principal Activities | Engaged in oil refining, petrochemical, chemical products production, sales, chemical technology development, technical transfer and services | ||
KunLun Energy Company Limited [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Country of Incorporation | Bermuda | ||
Registered Capital | $ | $ 160 | ||
Type of Legal Entity | Limited liability company | ||
Attributable Equity Interest % | 54.38% | ||
Voting Rights % | 54.38% | ||
Principal Activities | Investment holding. The principal activities of its principal subsidiaries, associates and joint ventures are the sales of natural gas, sales of liquefied petroleum gas and liquefied natural gas processing and terminal business in the PRC and the exploration and production of crude oil and natural gas in the PRC, the Republic of Kazakhstan, the Sultanate of Oman, the Republic of Peru, the Kingdom of Thailand and the Republic of Azerbaijan. |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of subsidiaries [Line Items] | |||
Current assets | ¥ 480,838 | ¥ 486,767 | |
Non-current assets | 2,021,424 | 2,001,359 | |
Current liabilities | 518,158 | 605,418 | |
Non-current liabilities | 575,235 | 516,087 | |
Revenue | 2,614,349 | 1,933,836 | ¥ 2,516,810 |
Total comprehensive income | 110,195 | 22,355 | 75,945 |
Profit attributable to non-controlling interests | 22,526 | 14,479 | 21,333 |
Net cash inflow from operating activities | 341,469 | 318,575 | 359,610 |
Net cash (outflow) / inflow from investing activities | (213,032) | (181,986) | (332,948) |
Net cash (outflow) / inflow from financing activities | (107,971) | (99,400) | (27,276) |
Effect of foreign exchange rate changes on cash and cash equivalents | (2,308) | (4,967) | 1,069 |
Net (decrease) / increase in cash and cash equivalents | 18,158 | 32,222 | 455 |
Cash and cash equivalents at beginning of the year | 118,631 | 86,409 | 85,954 |
Cash and cash equivalents at end of the year | ¥ 136,789 | ¥ 118,631 | 86,409 |
CNPC Exploration and Development Company Limited [member] | |||
Disclosure of subsidiaries [Line Items] | |||
Percentage ownership interest (%) | 50.00% | 50.00% | |
Current assets | ¥ 15,596 | ¥ 16,046 | |
Non-current assets | 184,486 | 182,392 | |
Current liabilities | 11,282 | 21,820 | |
Non-current liabilities | 30,293 | 22,566 | |
Net assets | 158,507 | 154,052 | |
Revenue | 42,730 | 33,312 | 47,096 |
Profit from continuing operations | 8,413 | 6,006 | 14,126 |
Total comprehensive income | 5,231 | (6,972) | 17,879 |
Profit attributable to non-controlling interests | 4,837 | 3,311 | 8,274 |
Dividends paid to non-controlling interests | 1,485 | 1,498 | 1,923 |
Net cash inflow from operating activities | 13,320 | 5,681 | 17,780 |
Net cash (outflow) / inflow from investing activities | (5,191) | (16,187) | (17,306) |
Net cash (outflow) / inflow from financing activities | (8,531) | 7,410 | (1,118) |
Effect of foreign exchange rate changes on cash and cash equivalents | (15) | (776) | 220 |
Net (decrease) / increase in cash and cash equivalents | (417) | (3,872) | (424) |
Cash and cash equivalents at beginning of the year | 9,202 | 13,074 | 13,498 |
Cash and cash equivalents at end of the year | ¥ 8,785 | ¥ 9,202 | 13,074 |
PetroChina Sichuan Petrochemical Company Limited [member] | |||
Disclosure of subsidiaries [Line Items] | |||
Percentage ownership interest (%) | 90.00% | 90.00% | |
Current assets | ¥ 3,973 | ¥ 4,278 | |
Non-current assets | 25,317 | 26,371 | |
Current liabilities | 3,876 | 5,382 | |
Non-current liabilities | 382 | 486 | |
Net assets | 25,032 | 24,781 | |
Revenue | 48,493 | 35,319 | 49,858 |
Profit from continuing operations | 3,383 | 520 | 544 |
Total comprehensive income | 3,383 | 520 | 544 |
Profit attributable to non-controlling interests | 338 | 52 | 54 |
Dividends paid to non-controlling interests | 307 | 12 | 19 |
Net cash inflow from operating activities | 2,666 | 5,119 | 3,413 |
Net cash (outflow) / inflow from investing activities | (231) | (380) | 537 |
Net cash (outflow) / inflow from financing activities | (3,995) | (3,186) | (4,035) |
Effect of foreign exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net (decrease) / increase in cash and cash equivalents | (1,560) | 1,553 | (85) |
Cash and cash equivalents at beginning of the year | 1,561 | 8 | 93 |
Cash and cash equivalents at end of the year | ¥ 1 | ¥ 1,561 | ¥ 8 |
Leases - Summary of Right-of-us
Leases - Summary of Right-of-use assets (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning Balance | ¥ 209,786 | ||
Ending Balance | 208,606 | ¥ 209,786 | |
Gross [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning Balance | 234,114 | 234,114 | ¥ 269,819 |
Additions | 17,251 | 26,319 | |
Reduction | (7,583) | (62,024) | |
Ending Balance | 243,782 | 234,114 | 234,114 |
Accumulated depreciation [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning Balance | (24,328) | (24,328) | (15,083) |
Additions | (14,765) | (15,074) | |
Reduction | 3,917 | 5,829 | |
Ending Balance | (35,176) | (24,328) | (24,328) |
Net book value [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning Balance | 209,786 | 209,786 | 254,736 |
Ending Balance | 208,606 | 209,786 | 209,786 |
Land [member] | Gross [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning Balance | 171,941 | 171,941 | 172,897 |
Additions | 9,331 | 19,547 | |
Reduction | (672) | (20,503) | |
Ending Balance | 180,600 | 171,941 | 171,941 |
Land [member] | Accumulated depreciation [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning Balance | (11,611) | (11,611) | (6,595) |
Additions | (7,022) | (7,344) | |
Reduction | 216 | 2,328 | |
Ending Balance | (18,417) | (11,611) | (11,611) |
Land [member] | Net book value [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning Balance | 160,330 | 160,330 | 166,302 |
Ending Balance | 162,183 | 160,330 | 160,330 |
Buildings [member] | Gross [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning Balance | 57,337 | 57,337 | 91,920 |
Additions | 5,120 | 6,020 | |
Reduction | (5,567) | (40,603) | |
Ending Balance | 56,890 | 57,337 | 57,337 |
Buildings [member] | Accumulated depreciation [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning Balance | (10,839) | (10,839) | (7,369) |
Additions | (6,334) | (6,601) | |
Reduction | 2,748 | 3,131 | |
Ending Balance | (14,425) | (10,839) | (10,839) |
Buildings [member] | Net book value [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning Balance | 46,498 | 46,498 | 84,551 |
Ending Balance | 42,465 | 46,498 | 46,498 |
Equipment and Machinery [member] | Gross [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning Balance | 2,641 | 2,641 | 2,934 |
Additions | 2,614 | 29 | |
Reduction | (781) | (322) | |
Ending Balance | 4,474 | 2,641 | 2,641 |
Equipment and Machinery [member] | Accumulated depreciation [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning Balance | (1,166) | (1,166) | (718) |
Additions | (1,096) | (703) | |
Reduction | 685 | 255 | |
Ending Balance | (1,577) | (1,166) | (1,166) |
Equipment and Machinery [member] | Net book value [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning Balance | 1,475 | 1,475 | 2,216 |
Ending Balance | 2,897 | 1,475 | 1,475 |
Other assets [member] | Gross [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning Balance | 2,195 | 2,195 | 2,068 |
Additions | 186 | 723 | |
Reduction | (563) | (596) | |
Ending Balance | 1,818 | 2,195 | 2,195 |
Other assets [member] | Accumulated depreciation [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning Balance | (712) | (712) | (401) |
Additions | (313) | (426) | |
Reduction | 268 | 115 | |
Ending Balance | (757) | (712) | (712) |
Other assets [member] | Net book value [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning Balance | 1,483 | 1,483 | 1,667 |
Ending Balance | ¥ 1,061 | ¥ 1,483 | ¥ 1,483 |
Leases - Additional Information
Leases - Additional Information (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of Leases [Line Items] | ||
Depreciation right of use assets | ¥ 14,388 | ¥ 13,916 |
Leases - Summary Of Lease Liabi
Leases - Summary Of Lease Liabilities (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of quantitative information about leases for lessee [abstract] | ||
Lease Liability | ¥ 129,848 | ¥ 129,223 |
Less: Lease liabilities due within one year | (6,626) | (6,579) |
Non-current lease liabilities | ¥ 123,222 | ¥ 122,644 |
Leases - Summary of the undisco
Leases - Summary of the undiscounted cash flow of the lease liability (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Undiscounted Cash Flow For Lease Liability [Line Items] | ||
Undiscounted cash flow in the lease liability | ¥ 208,853 | ¥ 205,889 |
Within 1 year [member] | ||
Disclosure Of Undiscounted Cash Flow For Lease Liability [Line Items] | ||
Undiscounted cash flow in the lease liability | 12,495 | 11,824 |
Between 1 and 2 years [member] | ||
Disclosure Of Undiscounted Cash Flow For Lease Liability [Line Items] | ||
Undiscounted cash flow in the lease liability | 11,181 | 10,236 |
Between 2 and 5 years [member] | ||
Disclosure Of Undiscounted Cash Flow For Lease Liability [Line Items] | ||
Undiscounted cash flow in the lease liability | 30,541 | 29,862 |
Over 5 years [member] | ||
Disclosure Of Undiscounted Cash Flow For Lease Liability [Line Items] | ||
Undiscounted cash flow in the lease liability | ¥ 154,636 | ¥ 153,967 |
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, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | ¥ 29,006 | ¥ 28,641 |
Other assets | 37,338 | 38,853 |
Total intangible and other non-current assets | 66,344 | 67,494 |
Patents and technical know-how [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | 1,308 | 1,189 |
Computer software [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | 3,265 | 2,989 |
Goodwill [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | 7,987 | 8,125 |
Other [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | 16,446 | 16,338 |
Cost [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | 56,587 | 54,659 |
Cost [member] | Patents and technical know-how [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | 8,213 | 7,846 |
Cost [member] | Computer software [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | 13,016 | 12,517 |
Cost [member] | Goodwill [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | 8,023 | 8,161 |
Cost [member] | Other [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | 27,335 | 26,135 |
Accumulated amortization, including impairment losses [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | (27,581) | (26,018) |
Accumulated amortization, including impairment losses [member] | Patents and technical know-how [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | (6,905) | (6,657) |
Accumulated amortization, including impairment losses [member] | Computer software [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | (9,751) | (9,528) |
Accumulated amortization, including impairment losses [member] | Goodwill [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | (36) | (36) |
Accumulated amortization, including impairment losses [member] | Other [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | ¥ (10,889) | ¥ (9,797) |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about intangible assets [Line Items] | |||
Goodwill derecognised | ¥ 34,285 | ||
Others [Member] | |||
Disclosure of detailed information about intangible assets [Line Items] | |||
Impairment charge | ¥ 0 | ¥ 0 | ¥ 0 |
Others [Member] | Bottom of range [member] | |||
Disclosure of detailed information about intangible assets [Line Items] | |||
Post-tax discount rates | 8.50% | 4.90% | 6.50% |
Others [Member] | Top of range [member] | |||
Disclosure of detailed information about intangible assets [Line Items] | |||
Post-tax discount rates | 14.70% | 10.50% | 10.50% |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of inventories [Line Items] | |||
Inventories | ¥ 143,848 | ¥ 128,539 | |
Write down in inventories | (656) | (8,337) | ¥ (1,461) |
Cost [member] | |||
Disclosure of inventories [Line Items] | |||
Crude oil and other raw materials | 40,334 | 35,855 | |
Work in progress | 15,393 | 12,387 | |
Finished goods | 88,811 | 80,739 | |
Spare parts and consumables | 91 | 75 | |
Inventories | 144,629 | 129,056 | |
Write down in inventories | ¥ (781) | ¥ (517) |
Accounts Receivable - Summary o
Accounts Receivable - Summary of Accounts Receivable (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of financial assets [Line Items] | ||
Accounts receivable | ¥ 56,659 | ¥ 52,325 |
Cost [member] | ||
Disclosure of financial assets [Line Items] | ||
Accounts receivable | 58,073 | 53,465 |
Accumulated impairment [member] | ||
Disclosure of financial assets [Line Items] | ||
Accounts receivable | ¥ (1,414) | ¥ (1,140) |
Accounts Receivable - Aging Ana
Accounts Receivable - Aging Analysis of Accounts Receivable (Net of Impairment of Accounts Receivable) (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of financial assets [Line Items] | ||
Accounts receivable | ¥ 56,659 | ¥ 52,325 |
Within 1 year [member] | ||
Disclosure of financial assets [Line Items] | ||
Accounts receivable | 55,446 | 51,641 |
Between 1 and 2 years [member] | ||
Disclosure of financial assets [Line Items] | ||
Accounts receivable | 816 | 374 |
Between 2 and 3 years [member] | ||
Disclosure of financial assets [Line Items] | ||
Accounts receivable | 194 | 209 |
Over 3 years [member] | ||
Disclosure of financial assets [Line Items] | ||
Accounts receivable | ¥ 203 | ¥ 101 |
Accounts Receivable - Additiona
Accounts Receivable - Additional Information (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of financial assets [abstract] | ||
Customers credit term | 180 days | |
Current derivative financial assets | ¥ 3,913 | ¥ 1,411 |
Accounts Receivable - Movements
Accounts Receivable - Movements in Provision for Impairment of Accounts Receivable (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of financial assets [abstract] | |||
At beginning of the year | ¥ 1,140 | ¥ 2,431 | ¥ 4,053 |
Provision for impairment of accounts receivable | 396 | 426 | 226 |
Reversal of provision for impairment of accounts receivable | (110) | (76) | (1,604) |
Receivables written off as uncollectible | (12) | (1,641) | (244) |
At end of the year | ¥ 1,414 | ¥ 1,140 | ¥ 2,431 |
Accounts Receivables - Disclos
Accounts Receivables - Disclosure of Exposure to Credit Risk and Expected Credit Losses for Accounts Receivables (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of credit risk exposure [line items] | ||||
Gross carrying amount | ¥ 58,073 | ¥ 53,465 | ||
Impairment provision on individual basis | 598 | 572 | ||
Impairment provision | 816 | 568 | ||
Loss allowance | 1,414 | 1,140 | ¥ 2,431 | ¥ 4,053 |
Current (not past due) [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Gross carrying amount | 53,098 | 46,849 | ||
Impairment provision on individual basis | ¥ 0 | ¥ 0 | ||
Weighted - average loss rate | 0.10% | 0.10% | ||
Impairment provision | ¥ 55 | ¥ 34 | ||
Loss allowance | 55 | 34 | ||
Within 1 year [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Gross carrying amount | 3,153 | 5,326 | ||
Impairment provision on individual basis | ¥ 26 | ¥ 154 | ||
Weighted - average loss rate | 1.60% | 0.40% | ||
Impairment provision | ¥ 50 | ¥ 19 | ||
Loss allowance | 76 | 173 | ||
Between 1 to 2 years [Member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Gross carrying amount | 648 | 386 | ||
Impairment provision on individual basis | ¥ 153 | ¥ 65 | ||
Weighted - average loss rate | 25.50% | 6.90% | ||
Impairment provision | ¥ 126 | ¥ 22 | ||
Loss allowance | 279 | 87 | ||
Between 2 and 3 years [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Gross carrying amount | 329 | 50 | ||
Impairment provision on individual basis | ¥ 67 | ¥ 11 | ||
Weighted - average loss rate | 45.00% | 25.60% | ||
Impairment provision | ¥ 118 | ¥ 10 | ||
Loss allowance | 185 | 21 | ||
Over 3 years [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Gross carrying amount | 845 | 854 | ||
Impairment provision on individual basis | ¥ 352 | ¥ 342 | ||
Weighted - average loss rate | 94.70% | 94.30% | ||
Impairment provision | ¥ 467 | ¥ 483 | ||
Loss allowance | ¥ 819 | ¥ 825 |
Prepayments and Other Current_3
Prepayments and Other Current Assets - Summary of Prepayments and Other Current Assets (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about prepayments and other current assets [Line Items] | ||
Other receivables and advances to suppliers | ¥ 52,897 | ¥ 40,080 |
Value-added tax to recoverable | 42,644 | 44,514 |
Prepaid expenses | 505 | 373 |
Prepaid income taxes | 4,853 | 5,997 |
Other current assets | 11,921 | 18,298 |
Prepayments and other current assets | 112,820 | 109,262 |
Cost [member] | ||
Disclosure of detailed information about prepayments and other current assets [Line Items] | ||
Other receivables | 40,983 | 21,128 |
Advances to suppliers | 14,900 | 22,330 |
Other receivables and advances to suppliers | 55,883 | 43,458 |
Accumulated impairment [member] | ||
Disclosure of detailed information about prepayments and other current assets [Line Items] | ||
Other receivables and advances to suppliers | ¥ (2,986) | ¥ (3,378) |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash and cash equivalents [abstract] | |||
Weighted average effective interest rate on bank deposits | 1.68% | 1.69% | 1.69% |
Assets and Liabilities Held f_2
Assets and Liabilities Held for Sale - Additional Information (Detail) - CNY (¥) ¥ in Millions | Dec. 22, 2020 | Dec. 31, 2020 |
Disclosure Of Disposal Groups Classified As Held For Sale [Line Items] | ||
Base Consideration on transfer of equity interest | ¥ 40,886 | |
Estimated date of completion of transaction | April 2021 | |
Assets held for sale | ¥ 42,615 | |
Liabilities directly associated with the assets held for sale | 9,956 | |
Property, plant and equipment [member] | ||
Disclosure Of Disposal Groups Classified As Held For Sale [Line Items] | ||
Liabilities directly associated with the assets held for sale | 41,158 | |
Short Term And Long Term Borrowings [Member] | ||
Disclosure Of Disposal Groups Classified As Held For Sale [Line Items] | ||
Liabilities directly associated with the assets held for sale | 6,500 | |
Accounts Payable And Other Payables [Member] | ||
Disclosure Of Disposal Groups Classified As Held For Sale [Line Items] | ||
Liabilities directly associated with the assets held for sale | ¥ 3,291 | |
Petro China Beijing Gas Pipeline Co Ltd [Member] | ||
Disclosure Of Disposal Groups Classified As Held For Sale [Line Items] | ||
Percentage of sale of equity interest in target companies | 60.00% | |
Petro China Dalian LNG Company Limited [Member] | ||
Disclosure Of Disposal Groups Classified As Held For Sale [Line Items] | ||
Percentage of sale of equity interest in target companies | 75.00% |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities - Summary of Accounts Payable and Accrued Liabilities (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Trade and other current payables [abstract] | ||
Trade payables | ¥ 144,419 | ¥ 113,119 |
Salaries and welfare payable | 8,975 | 8,649 |
Dividends payable by subsidiaries to non-controlling shareholders | 419 | 952 |
Interests payable | 2,672 | 4,034 |
Construction fee and equipment cost payables | 92,683 | 107,199 |
Other | 53,834 | 82,187 |
Accounts payable and accrued liabilities | ¥ 303,002 | ¥ 316,140 |
Accounts Payable and Accrued _4
Accounts Payable and Accrued Liabilities - Aging Analysis of Trade Payables (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of financial liabilities [Line Items] | ||
Trade payables | ¥ 144,419 | ¥ 113,119 |
Within 1 year [member] | ||
Disclosure of financial liabilities [Line Items] | ||
Trade payables | 134,744 | 104,812 |
Between 1 and 2 years [member] | ||
Disclosure of financial liabilities [Line Items] | ||
Trade payables | 2,767 | 1,696 |
Between 2 and 3 years [member] | ||
Disclosure of financial liabilities [Line Items] | ||
Trade payables | 948 | 2,342 |
Over 3 years [member] | ||
Disclosure of financial liabilities [Line Items] | ||
Trade payables | ¥ 5,960 | ¥ 4,269 |
Accounts Payable and Accrued _5
Accounts Payable and Accrued Liabilities - Additional Information (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of financial assets [line items] | ||
Trade payables included derivative financial liabilities | ¥ 144,419 | ¥ 113,119 |
Derivative Financial Liabilities [Member] | ||
Disclosure of financial assets [line items] | ||
Trade payables included derivative financial liabilities | ¥ 3,881 | ¥ 3,709 |
Borrowings - Summary of Borrowi
Borrowings - Summary of Borrowings (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about borrowings [abstract] | ||
Short-term borrowings excluding current portion of long-term borrowings | ¥ 40,010 | ¥ 42,354 |
Current portion of long-term borrowings | 13,265 | 75,188 |
Short-term borrowings | 53,275 | 117,542 |
Long-term borrowings | 287,175 | 251,379 |
Total borrowings | ¥ 340,450 | ¥ 368,921 |
Borrowings - Summary of Type of
Borrowings - Summary of Type of Borrowings (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Detailed Information About Types Of Borrowings [Line Items] | ||
Borrowings | ¥ 340,450 | ¥ 368,921 |
Bank loans [member] | ||
Disclosure Of Detailed Information About Types Of Borrowings [Line Items] | ||
Borrowings | 114,469 | 80,345 |
Corporate debentures [member] | ||
Disclosure Of Detailed Information About Types Of Borrowings [Line Items] | ||
Borrowings | 20,170 | 51,239 |
Medium-term notes [member] | ||
Disclosure Of Detailed Information About Types Of Borrowings [Line Items] | ||
Borrowings | 71,000 | 86,000 |
Other loans [member] | ||
Disclosure Of Detailed Information About Types Of Borrowings [Line Items] | ||
Borrowings | ¥ 134,811 | ¥ 151,337 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings | ¥ 340,450 | ¥ 368,921 |
Property, plant and equipment [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Property Plant And Equipment Secured For Borrowings | 1,287 | |
Intangibles And Other Noncurrent Assets [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Property Plant And Equipment Secured For Borrowings | ¥ 117 | |
Bottom of range [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Discount rates | 0.10% | (0.49%) |
Top of range [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Discount rates | 5.14% | 4.65% |
At fair value [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings | ¥ 290,937 | ¥ 323,809 |
Guaranteed by CNPC, its fellow subsidiaries and a third party [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings | 13,558 | 13,726 |
Mortgage Loans [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings, secured liabilities | ¥ 1,185 | ¥ 3,486 |
Borrowings - Borrowings by Inte
Borrowings - Borrowings by Interest Rate (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about borrowings [Line Items] | ||
Total borrowings | ¥ 340,450 | ¥ 368,921 |
Bank loans [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Total borrowings | ¥ 114,469 | ¥ 80,345 |
Bank loans [member] | Weighted average [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Weighted average effective interest rates | 2.18% | 2.20% |
Corporate debentures [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Total borrowings | ¥ 20,170 | ¥ 51,239 |
Corporate debentures [member] | Weighted average [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Weighted average effective interest rates | 4.14% | 3.49% |
Medium-term notes [member] | Weighted average [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Weighted average effective interest rates | 3.28% | 3.32% |
Other loans [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Total borrowings | ¥ 134,811 | ¥ 151,337 |
Other loans [member] | Weighted average [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Weighted average effective interest rates | 2.51% | 3.47% |
Interest free [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Total borrowings | ¥ 101 | ¥ 110 |
At fixed rates [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Total borrowings | 131,705 | 192,079 |
At floating rates [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Total borrowings | ¥ 208,644 | ¥ 176,732 |
Borrowings - Borrowings by Majo
Borrowings - Borrowings by Major Currency (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about borrowings [Line Items] | ||
Total borrowings | ¥ 340,450 | ¥ 368,921 |
RMB [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Total borrowings | 238,361 | 262,458 |
US Dollar [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Total borrowings | 94,803 | 98,553 |
Other currency [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Total borrowings | ¥ 7,286 | ¥ 7,910 |
Borrowings - Borrowings' Remain
Borrowings - Borrowings' Remaining Contractual Maturities (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about borrowings [Line Items] | ||
Remaining contractual maturities of borrowings | ¥ 366,350 | ¥ 394,209 |
Within 1 year [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Remaining contractual maturities of borrowings | 58,923 | 124,777 |
Between 1 and 2 years [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Remaining contractual maturities of borrowings | 53,250 | 53,526 |
Between 2 and 5 years [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Remaining contractual maturities of borrowings | 226,124 | 188,012 |
After 5 years [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Remaining contractual maturities of borrowings | ¥ 28,053 | ¥ 27,894 |
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, 2021 | Dec. 31, 2020 | |
Disclosure of reconciliation of liabilities arising from financing activities [abstract] | ||
Beginning balance | ¥ 368,921 | ¥ 466,722 |
Increase in borrowings | 810,092 | 989,492 |
Repayments of borrowings | (836,434) | (1,017,662) |
Total changes from financing cash flows | (26,342) | (28,170) |
Exchange adjustments | (2,129) | (6,282) |
Pipeline restructuring (Note 41) | (56,849) | |
Reclassified as liabilities held for sale (Note 26) | (6,500) | |
Ending balance | ¥ 340,450 | ¥ 368,921 |
Share Capital - Summary of Shar
Share Capital - Summary of Share Capital (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
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, 2005$ / shares | Sep. 01, 2005CNY (¥)shares | Apr. 07, 2000$ / shares | Apr. 07, 2000CNY (¥)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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of reserves within equity [Line Items] | |||
Beginning balance | ¥ 1,366,621 | ¥ 1,444,305 | ¥ 1,408,891 |
Safety fund reserve | (1,750) | (1,505) | (1,318) |
Currency translation differences | (4,729) | (10,802) | 8,357 |
Transaction with non-controlling interests | 1,059 | 825 | 6,767 |
Share of the other comprehensive income of associates and joint ventures accounted for using the equity method | (4) | (441) | 417 |
Ending balance | 1,408,869 | 1,366,621 | 1,444,305 |
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 | 203,557 | 197,282 | |
Transfer from retained earnings | 8,413 | 6,275 | |
Ending balance | 211,970 | 203,557 | 197,282 |
Special reserve-safety fund reserve [member] | |||
Disclosure of reserves within equity [Line Items] | |||
Beginning balance | 10,810 | 12,443 | |
Safety fund reserve | (1,579) | (1,633) | |
Ending balance | 9,231 | 10,810 | 12,443 |
Currency translation differences [member] | |||
Disclosure of reserves within equity [Line Items] | |||
Beginning balance | (32,848) | (28,939) | |
Currency translation differences | (2,684) | (3,909) | |
Ending balance | (35,532) | (32,848) | (28,939) |
Other reserves [member] | |||
Disclosure of reserves within equity [Line Items] | |||
Beginning balance | (10,645) | (10,083) | |
Transaction with non-controlling interests | (15) | ||
Fair value changes in equity investments measured at fair value through other comprehensive income | 79 | (22) | |
Share of the other comprehensive income of associates and joint ventures accounted for using the equity method | (4) | (441) | |
Other | 168 | (99) | |
Ending balance | (10,417) | (10,645) | (10,083) |
Reserves [member] | |||
Disclosure of reserves within equity [Line Items] | |||
Beginning balance | 304,182 | 304,011 | 299,599 |
Transfer from retained earnings | 8,413 | 6,275 | 3,037 |
Safety fund reserve | (1,579) | (1,633) | (1,388) |
Transaction with non-controlling interests | 2 | 120 | |
Ending balance | ¥ 308,560 | ¥ 304,182 | ¥ 304,011 |
Reserves - Summary of Reserve_2
Reserves - Summary of Reserves (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
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% |
Deferred Taxation - Movements i
Deferred Taxation - Movements in Deferred Taxation (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Deferred tax assets and liabilities [abstract] | |||
At beginning of the year | ¥ (5,016) | ¥ 2,848 | ¥ 6,483 |
Transfer to profit and loss (Note 12) | (9,685) | (7,666) | (3,485) |
Credit/(Debit) to other comprehensive income | 224 | (198) | (150) |
At end of the year | ¥ (14,477) | ¥ (5,016) | ¥ 2,848 |
Deferred Taxation - Deferred Ta
Deferred Taxation - Deferred Tax Balances Before Offset (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||||
Deferred tax assets | ¥ 12,161 | ¥ 11,364 | ||
Deferred tax liabilities | 26,638 | 16,380 | ||
Net deferred tax (liabilities)/ assets | (14,477) | (5,016) | ¥ 2,848 | ¥ 6,483 |
Cost [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||||
Deferred tax assets | 27,163 | 42,317 | ||
Deferred tax liabilities | 41,640 | 47,333 | ||
Net deferred tax (liabilities)/ assets | (14,477) | (5,016) | ||
Cost [member] | Receivables and inventories [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||||
Deferred tax assets | 9,124 | 4,740 | ||
Cost [member] | Unused tax losses [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||||
Deferred tax assets | 1,892 | 24,646 | ||
Cost [member] | Impairment, Depreciation and Depletion of Longterm Assets [Member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||||
Deferred tax assets | 8,250 | 6,309 | ||
Cost [member] | Other [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||||
Deferred tax assets | 7,897 | 6,622 | ||
Deferred tax liabilities | 25,617 | 23,186 | ||
Cost [member] | Accelerated tax depreciation [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||||
Deferred tax liabilities | ¥ 16,023 | ¥ 24,147 |
Deferred Taxation - Deferred _2
Deferred Taxation - Deferred Tax Balances After Offset (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets and liabilities [abstract] | ||
Deferred tax assets | ¥ 12,161 | ¥ 11,364 |
Deferred tax liabilities | ¥ 26,638 | ¥ 16,380 |
Deferred Taxation - Additional
Deferred Taxation - Additional Information (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | |||||
Dec. 31, 2026 | Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred tax assets and liabilities [abstract] | ||||||
Deferred tax asset of deductible tax losses | ¥ 109,752 | |||||
Deferred tax expense | ¥ 13,866 | |||||
Tax losses carry forwards | ¥ 104,573 | ¥ 3,669 | ¥ 585 | ¥ 400 | ¥ 525 | |
Tax losses carry forward period | 2026 | 2025 | 2024 | 2023 | 2022 |
Asset Retirement Obligations -
Asset Retirement Obligations - Summary of Asset Retirement Obligations (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Disposals and retirements, property, plant and equipment [abstract] | ||||
At beginning of the year | ¥ 114,819 | ¥ 137,935 | ¥ 132,780 | |
Net liabilities incurred, including reassessment | [1] | 16,057 | (24,059) | 2,026 |
Liabilities settled | (5,969) | (3,510) | (2,427) | |
Accretion expense (Note 10) | 4,696 | 5,107 | 5,525 | |
Currency translation differences | (198) | (654) | 31 | |
At end of the year | ¥ 129,405 | ¥ 114,819 | ¥ 137,935 | |
[1] | In 2020, domestic oil and gas field companies adjusted the discount period with reference to the remaining life corresponding to the proved developed reserves in each block, updated various oil and gas assets retirement standards based on the latest legal requirements, technology and price levels, reviewed the adopted discount rate, and then recalculate and adjust the provision for the asset retirement expense of oil and gas properties at the end of the year. The changes in related accounting estimates and new liabilities provided resulted in a reduction in estimated liabilities of RMB 24,059. |
Asset Retirement Obligations _2
Asset Retirement Obligations - Summary of Asset Retirement Obligations (Parenthetical) (Detail) ¥ in Millions | 12 Months Ended |
Dec. 31, 2020CNY (¥) | |
Disposals and retirements, property, plant and equipment [abstract] | |
Reduction of accounting estimate | ¥ 24,059 |
Pensions - Additional Informati
Pensions - Additional Information (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of changes in net assets available for benefits [abstract] | |||
Expenses incurred in connection with employee retirement benefit plans | ¥ 19,939 | ¥ 16,833 | ¥ 20,196 |
Defined Contribution Plan Forfeited | no |
Contingent Liabilities - Additi
Contingent Liabilities - Additional Information (Detail) - CNY (¥) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of contingent liabilities [Line Items] | ||||
Non Current Asset Retirement Obligation | ¥ 129,405,000,000 | ¥ 114,819,000,000 | ¥ 137,935,000,000 | ¥ 132,780,000,000 |
Environment liabilities [member] | ||||
Disclosure of contingent liabilities [Line Items] | ||||
Contingent liabilities | 0 | |||
Non Current Asset Retirement Obligation | ¥ 129,405,000,000 | ¥ 114,819,000,000 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of commitments [line items] | |||
Capital commitments relating to property, plant and equipment | ¥ 882 | ¥ 714 | |
Exploration and production licenses [member] | |||
Disclosure of commitments [line items] | |||
Payments incurred to exploration and production licenses | ¥ 744 | ¥ 700 | ¥ 535 |
Commitments - Exploration and P
Commitments - Exploration and Production Licenses Estimated Annual Payments (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Within 1 year [member] | ||
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Estimated annual payments | ¥ 500 | ¥ 800 |
Between 1 and 2 years [member] | ||
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Estimated annual payments | 500 | 800 |
Between 2 and 3 years [member] | ||
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Estimated annual payments | 500 | 800 |
Between 3 and 4 years [member] | ||
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Estimated annual payments | 500 | 800 |
Between 4 and 5 years [member] | ||
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Estimated annual payments | ¥ 500 | ¥ 800 |
Major Customers - Group's Major
Major Customers - Group's Major Customers (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of major customers [Line Items] | |||
Revenue | ¥ 2,614,349 | ¥ 1,933,836 | ¥ 2,516,810 |
China Petrochemical Corporation and its fellow subsidiaries [member] | |||
Disclosure of major customers [Line Items] | |||
Revenue | ¥ 136,500 | ¥ 98,636 | ¥ 105,855 |
Percentage of Total revenue | 5.00% | 5.00% | 4.00% |
CNPC and its fellow subsidiaries [Member] | |||
Disclosure of major customers [Line Items] | |||
Revenue | ¥ 69,058 | ¥ 63,623 | ¥ 99,279 |
Percentage of Total revenue | 3.00% | 3.00% | 4.00% |
Customers [member] | |||
Disclosure of major customers [Line Items] | |||
Revenue | ¥ 205,558 | ¥ 162,259 | ¥ 205,134 |
Percentage of Total revenue | 8.00% | 8.00% | 8.00% |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) ¥ in Millions | Aug. 27, 2020CNY (¥)m² | Aug. 24, 2017 | Aug. 25, 2011 | Dec. 31, 2021CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Jul. 23, 2020 |
Disclosure of transactions between related parties [Line Items] | |||||||
Comprehensive products and services agreement effective Period | 3 years | ||||||
Borrowings | ¥ 340,450 | ¥ 368,921 | |||||
Annual fee | 129,848 | 129,223 | |||||
Percentage of voting equity interests acquired | 29.90% | ||||||
Term Of Land Use Rights Leasing Contract | 50 years | ||||||
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 | 1,142 | ||||||
Annual fee | ¥ 5,673 | ||||||
Property, plant and equipment subject to operating leases [member] | Buildings [member] | |||||||
Disclosure of transactions between related parties [Line Items] | |||||||
Annual fee | ¥ 713 | ||||||
Revised Building Leasing Contract, aggregate area of building | m² | 1,287,486 | ||||||
China National Petroleum Corporation and its fellow subsidiaries, associates and joint ventures [member] | |||||||
Disclosure of transactions between related parties [Line Items] | |||||||
New comprehensive products and services agreement effective Period | 3 years | ||||||
Sales of goods | 115,587 | 105,535 | ¥ 122,927 | ||||
Sales of services | 8,313 | 8,593 | 10,055 | ||||
Purchases of goods and services | 416,561 | 321,858 | 388,802 | ||||
Purchases of assets | 1,051 | 767 | 1,701 | ||||
Interest income | 270 | 381 | 460 | ||||
Deposits | 36,489 | 40,377 | |||||
Borrowings | 133,800 | 96,298 | |||||
Rents and other payments made under financial leasing | 6,797 | 8,294 | 10,106 | ||||
Annual fee | 101,453 | 99,725 | |||||
Expiry Period Of Land Use Rights Leasing Contract | 2050 | ||||||
Interest on Loans and Other Financial Service Expenses | ¥ 4,878 | ¥ 8,051 | ¥ 8,759 | ||||
China Petroleum Chemical Corporation [Member] | |||||||
Disclosure of transactions between related parties [Line Items] | |||||||
Percentage of voting equity interests acquired | 80.41% | 80.41% | |||||
China Petroleum Chemical Corporation [Member] | New Building Lease Agreement [Member] | |||||||
Disclosure of transactions between related parties [Line Items] | |||||||
Adjustment Period Of Annual Rental Fees Not Exceeding Fair Market Prices | 3 years |
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, 2021 | Dec. 31, 2020 |
Disclosure of transactions between related parties [Line Items] | ||
Accounts receivable | ¥ 56,659 | ¥ 52,325 |
Prepayments and other receivables | 112,820 | 109,262 |
Accounts payable and accrued liabilities | 303,002 | 316,140 |
Lease liabilities | 129,848 | 129,223 |
China National Petroleum Corporation and its fellow subsidiaries, associates and joint ventures [member] | ||
Disclosure of transactions between related parties [Line Items] | ||
Accounts receivable | 7,395 | 8,651 |
Prepayments and other receivables | 24,925 | 35,063 |
Financial assets at fair value through other comprehensive income | 1,850 | 0 |
Intangible and other non-current assets | 15,696 | 15,251 |
Accounts payable and accrued liabilities | 49,526 | 67,262 |
Contract liabilities | 613 | 2,692 |
Lease liabilities | ¥ 101,453 | ¥ 99,725 |
Related Party Transactions - Ke
Related Party Transactions - Key Management Compensation (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of transactions between related parties [abstract] | |||
Emoluments and other benefits | ¥ 15,143 | ¥ 16,598 | ¥ 13,042 |
Contribution to retirement benefit scheme | 1,568 | 1,338 | 1,796 |
Key management compensation | ¥ 16,711 | ¥ 17,936 | ¥ 14,838 |
Segment Information - Segment I
Segment Information - Segment Information for the Operating Segments (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of operating segments [Line Items] | |||
Revenue | ¥ 2,614,349 | ¥ 1,933,836 | ¥ 2,516,810 |
Depreciation, depletion and amortization | (231,269) | (213,875) | (225,262) |
Including: Impairment losses of property, plant and equipment | (26,471) | (15,367) | (13,419) |
Profit / (loss) from operations | 161,153 | 75,937 | 121,762 |
Finance costs: | |||
Exchange gain | 13,377 | 14,387 | 10,017 |
Exchange loss | (12,839) | (14,279) | (10,016) |
Interest income | 2,984 | 3,023 | 3,631 |
Interest expense | (19,739) | (26,528) | (30,409) |
Total net finance costs | (16,217) | (23,397) | (26,777) |
Share of profit / (loss) of associates and joint ventures | 13,267 | 3,533 | 8,229 |
Profit before income tax expense | 158,203 | 56,073 | 103,214 |
Income tax expense | (43,507) | (22,588) | (36,199) |
Profit for the year | 114,696 | 33,485 | 67,015 |
Other assets | 17,014 | 17,361 | 29,908 |
Investments in associates and joint ventures | 265,785 | 250,603 | 102,073 |
Assets | 2,502,262 | 2,488,126 | 2,732,910 |
Capital expenditures | 251,178 | 246,493 | 296,776 |
Liabilities | 1,093,393 | 1,121,505 | 1,288,605 |
Other liabilities | 103,412 | 80,104 | 88,793 |
Exploration and production [member] | |||
Disclosure of operating segments [Line Items] | |||
Revenue | 116,629 | 93,137 | 123,648 |
Depreciation, depletion and amortization | (175,329) | (150,849) | (158,874) |
Including: Impairment losses of property, plant and equipment | (20,218) | (15,364) | (11,562) |
Profit / (loss) from operations | 68,452 | 23,092 | 96,097 |
Finance costs: | |||
Share of profit / (loss) of associates and joint ventures | 2,633 | (616) | 3,513 |
Investments in associates and joint ventures | 44,289 | 41,461 | 45,721 |
Capital expenditures | 178,259 | 186,620 | 230,117 |
Refining and chemicals [member] | |||
Disclosure of operating segments [Line Items] | |||
Revenue | 324,954 | 282,108 | 297,855 |
Depreciation, depletion and amortization | (28,466) | (23,893) | (25,469) |
Including: Impairment losses of property, plant and equipment | (4,681) | (1,444) | |
Profit / (loss) from operations | 49,740 | (1,834) | 16,077 |
Finance costs: | |||
Share of profit / (loss) of associates and joint ventures | 68 | (24) | |
Investments in associates and joint ventures | 1,966 | 1,289 | 1,371 |
Capital expenditures | 54,487 | 21,810 | 21,823 |
Marketing [member] | |||
Disclosure of operating segments [Line Items] | |||
Revenue | 1,772,577 | 1,221,030 | 1,742,880 |
Depreciation, depletion and amortization | (20,338) | (17,833) | (16,657) |
Including: Impairment losses of property, plant and equipment | (1,396) | (3) | (1) |
Profit / (loss) from operations | 13,277 | (2,906) | (2,878) |
Finance costs: | |||
Share of profit / (loss) of associates and joint ventures | 680 | (728) | 1,460 |
Investments in associates and joint ventures | 19,020 | 18,239 | 18,810 |
Capital expenditures | 10,982 | 16,294 | 17,074 |
Natural gas and pipeline [member] | |||
Disclosure of operating segments [Line Items] | |||
Revenue | 397,496 | 335,334 | 350,371 |
Depreciation, depletion and amortization | (5,288) | (19,475) | (22,375) |
Including: Impairment losses of property, plant and equipment | (176) | (412) | |
Profit / (loss) from operations | 43,965 | 72,410 | 26,108 |
Finance costs: | |||
Share of profit / (loss) of associates and joint ventures | 7,570 | 2,128 | 501 |
Investments in associates and joint ventures | 169,611 | 160,730 | 9,713 |
Capital expenditures | 6,750 | 21,143 | 27,004 |
Head office and other [member] | |||
Disclosure of operating segments [Line Items] | |||
Revenue | 2,693 | 2,227 | 2,056 |
Depreciation, depletion and amortization | (1,848) | (1,825) | (1,887) |
Profit / (loss) from operations | (14,281) | (14,825) | (13,642) |
Finance costs: | |||
Share of profit / (loss) of associates and joint ventures | 2,316 | 2,773 | 2,755 |
Investments in associates and joint ventures | 30,899 | 28,884 | 26,458 |
Capital expenditures | 700 | 626 | 758 |
Operating segments [member] | |||
Disclosure of operating segments [Line Items] | |||
Revenue | 4,254,284 | 3,177,433 | 4,146,149 |
Finance costs: | |||
Assets | 4,108,815 | 4,201,490 | 4,355,712 |
Liabilities | 1,794,225 | 1,932,109 | 2,048,253 |
Operating segments [member] | Exploration and production [member] | |||
Disclosure of operating segments [Line Items] | |||
Revenue | 688,334 | 530,807 | 676,320 |
Finance costs: | |||
Assets | 1,391,129 | 1,452,554 | 1,520,697 |
Liabilities | 550,365 | 658,521 | 720,028 |
Operating segments [member] | Refining and chemicals [member] | |||
Disclosure of operating segments [Line Items] | |||
Revenue | 974,972 | 774,775 | 1,000,062 |
Finance costs: | |||
Assets | 457,914 | 432,022 | 404,264 |
Liabilities | 199,159 | 186,332 | 151,051 |
Operating segments [member] | Marketing [member] | |||
Disclosure of operating segments [Line Items] | |||
Revenue | 2,170,062 | 1,497,533 | 2,075,044 |
Finance costs: | |||
Assets | 520,938 | 489,984 | 485,085 |
Liabilities | 349,609 | 321,460 | 305,804 |
Operating segments [member] | Natural gas and pipeline [member] | |||
Disclosure of operating segments [Line Items] | |||
Revenue | 417,022 | 370,771 | 391,023 |
Finance costs: | |||
Assets | 164,934 | 195,353 | 536,298 |
Liabilities | 128,490 | 192,456 | 277,370 |
Operating segments [member] | Head office and other [member] | |||
Disclosure of operating segments [Line Items] | |||
Revenue | 3,894 | 3,547 | 3,700 |
Finance costs: | |||
Assets | 1,573,900 | 1,631,577 | 1,409,368 |
Liabilities | 566,602 | 573,340 | 594,000 |
Intersegment elimination [member] | |||
Disclosure of operating segments [Line Items] | |||
Revenue | (1,639,935) | (1,243,597) | (1,629,339) |
Finance costs: | |||
Assets | (804,244) | (1,981,328) | (848,441) |
Liabilities | (1,889,352) | (890,708) | (1,754,783) |
Intersegment elimination [member] | Exploration and production [member] | |||
Disclosure of operating segments [Line Items] | |||
Revenue | (571,705) | (437,670) | (552,672) |
Intersegment elimination [member] | Refining and chemicals [member] | |||
Disclosure of operating segments [Line Items] | |||
Revenue | (650,018) | (492,667) | (702,207) |
Intersegment elimination [member] | Marketing [member] | |||
Disclosure of operating segments [Line Items] | |||
Revenue | (397,485) | (276,503) | (332,164) |
Intersegment elimination [member] | Natural gas and pipeline [member] | |||
Disclosure of operating segments [Line Items] | |||
Revenue | (19,526) | (35,437) | (40,652) |
Intersegment elimination [member] | Head office and other [member] | |||
Disclosure of operating segments [Line Items] | |||
Revenue | ¥ (1,201) | ¥ (1,320) | ¥ (1,644) |
Segment Information - Geographi
Segment Information - Geographical Information (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of geographical areas [Line Items] | |||
Revenue | ¥ 2,614,349 | ¥ 1,933,836 | ¥ 2,516,810 |
Non-current assets | 2,003,622 | 1,979,974 | |
Mainland China [member] | |||
Disclosure of geographical areas [Line Items] | |||
Revenue | 1,626,616 | 1,212,821 | 1,476,693 |
Non-current assets | 1,838,505 | 1,789,349 | |
Other countries [member] | |||
Disclosure of geographical areas [Line Items] | |||
Revenue | 987,733 | 721,015 | ¥ 1,040,117 |
Non-current assets | ¥ 165,117 | ¥ 190,625 |
Transaction On Pipeline Restr_3
Transaction On Pipeline Restructuring - Summary of Disposal Transactions on Pipeline Restructuring (Details) - CNY (¥) ¥ in Millions | Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of Detailed Information About Disposal Transactions On Pipeline Restructuring Activities Explanatory [Line Items] | |||
Gain on Pipeline restructuring | ¥ 18,320 | ¥ 46,946 | |
Disposal of Pipeline [Member] | |||
Disclosure of Detailed Information About Disposal Transactions On Pipeline Restructuring Activities Explanatory [Line Items] | |||
Current assets | ¥ 36,573 | ||
Non-current Assets | 319,874 | ||
Total assets | 356,447 | ||
Current liabilities | 36,886 | ||
Non-current Liabilities | 61,611 | ||
Total liabilities | 98,497 | ||
Net assets | 257,950 | ||
Net assets attributable to the Company | 200,525 | ||
Consideration | 247,471 | ||
Gain on Pipeline restructuring | ¥ 46,946 |
Transaction On Pipeline Restr_4
Transaction On Pipeline Restructuring - Additional Information (Details) - CNY (¥) ¥ in Millions | Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Jul. 23, 2020 |
Disclosure of Detailed Information About Disposal Transactions On Pipeline Restructuring Activities Explanatory [Line Items] | ||||
Percentage of voting equity interests acquired | 29.90% | |||
Gain on Pipeline restructuring | ¥ 18,320 | ¥ 46,946 | ||
Disposal of Pipeline [Member] | ||||
Disclosure of Detailed Information About Disposal Transactions On Pipeline Restructuring Activities Explanatory [Line Items] | ||||
Consideration | ¥ 247,471 | |||
Net assets attributable to the Company | 200,525 | |||
Gain on Pipeline restructuring | ¥ 46,946 | |||
PipeChina [member] | ||||
Disclosure of Detailed Information About Disposal Transactions On Pipeline Restructuring Activities Explanatory [Line Items] | ||||
Equity interests of acquirer | ¥ 149,500 |
Supplementary Information on _7
Supplementary Information on Oil and Gas Exploration and Production Activities (Unaudited) - Proved Oil and Gas Reserve Estimates (Detail) ¥ in Millions, bbl in Millions, MMBoe in Millions, MMBbls in Millions, Bcfe in Billions | 12 Months Ended | ||
Dec. 31, 2021CNY (¥)BcfeMMBoeMMBbls | Dec. 31, 2020CNY (¥)BcfeMMBoeMMBblsbbl | Dec. 31, 2019CNY (¥)MMBoeBcfebblMMBbls | |
Reserve Quantities [Line Items] | |||
Proved developed and undeveloped reserves, Ending balance | MMBoe | 18,844 | 18,202 | 20,312 |
Consolidated entities [member] | |||
Reserve Quantities [Line Items] | |||
Proved developed and undeveloped reserves, Beginning balance | bbl | 19,959 | 20,385 | |
Revisions of previous estimates | bbl | (177) | ||
Improved recovery | bbl | 91 | ||
Extensions and discoveries | bbl | 1,221 | ||
Production | bbl | (1,561) | ||
Proved developed and undeveloped reserves, Ending balance | bbl | 19,959 | ||
Revisions of previous estimates | MMBoe | 825 | (1,652) | |
Improved recovery | MMBoe | 121 | 108 | |
Extensions and discoveries | MMBoe | 1,286 | 1,215 | |
Production | MMBoe | (1,625) | (1,626) | |
Proved developed and undeveloped reserves, Ending balance | MMBoe | 18,550 | 17,946 | |
Proved developed reserves | MMBoe | 12,471 | 11,667 | 12,119 |
Proved undeveloped reserves | MMBoe | 6,079 | 6,279 | 7,840 |
Purchase | ¥ | ¥ 33 | ¥ 0 | |
Sales | ¥ | ¥ (3) | ¥ (91) | ¥ 0 |
Equity method investments [member] | |||
Reserve Quantities [Line Items] | |||
Proved developed and undeveloped reserves, Ending balance | MMBoe | 294 | 256 | 353 |
Natural gas [member] | |||
Reserve Quantities [Line Items] | |||
Proved developed and undeveloped reserves, Ending balance | Bcfe | 75,427 | 76,800 | 76,630 |
Natural gas [member] | Consolidated entities [member] | |||
Reserve Quantities [Line Items] | |||
Proved developed and undeveloped reserves, Beginning balance | bbl | 76,236,000 | 76,467,000 | |
Revisions of previous estimates | bbl | (766,000) | ||
Improved recovery | bbl | 0 | ||
Extensions and discoveries | bbl | 4,443,000 | ||
Production | bbl | (3,908,000) | ||
Proved developed and undeveloped reserves, Ending balance | bbl | 76,236,000 | ||
Revisions of previous estimates | Bcfe | (2,011) | (595) | |
Improved recovery | Bcfe | 27 | ||
Extensions and discoveries | Bcfe | 4,885 | 4,976 | |
Production | Bcfe | (4,420) | (4,221) | |
Proved developed and undeveloped reserves, Ending balance | Bcfe | 74,916 | 76,437 | |
Proved developed reserves | Bcfe | 42,576 | 42,077 | 39,870 |
Proved undeveloped reserves | Bcfe | 32,340 | 34,360 | 36,366 |
Purchase | ¥ | ¥ 107 | ¥ 0 | |
Sales | ¥ | ¥ (2) | ¥ (66) | ¥ 0 |
Natural gas [member] | Equity method investments [member] | |||
Reserve Quantities [Line Items] | |||
Proved developed and undeveloped reserves, Ending balance | Bcfe | 511 | 363 | 394 |
Crude oil and condensate [member] | |||
Reserve Quantities [Line Items] | |||
Proved developed and undeveloped reserves, Beginning balance | MMBbls | 5,402 | 7,540 | |
Proved developed and undeveloped reserves, Ending balance | MMBbls | 6,272 | 5,402 | 7,540 |
Crude oil and condensate [member] | Consolidated entities [member] | |||
Reserve Quantities [Line Items] | |||
Proved developed and undeveloped reserves, Beginning balance | MMBbls | 5,206 | 7,253 | 7,641 |
Revisions of previous estimates | MMBbls | 1,160 | (1,553) | (50) |
Improved recovery | MMBbls | 117 | 108 | 91 |
Extensions and discoveries | MMBbls | 472 | 385 | 480 |
Production | MMBbls | (888) | (922) | (909) |
Proved developed and undeveloped reserves, Ending balance | MMBbls | 6,064 | 5,206 | 7,253 |
Proved developed reserves | MMBbls | 5,375 | 4,654 | 5,474 |
Proved undeveloped reserves | MMBbls | 689 | 552 | 1,779 |
Purchase | ¥ | ¥ 15 | ¥ 0 | |
Sales | ¥ | ¥ (3) | ¥ (80) | ¥ 0 |
Crude oil and condensate [member] | Equity method investments [member] | |||
Reserve Quantities [Line Items] | |||
Proved developed and undeveloped reserves, Beginning balance | MMBbls | 196 | 287 | |
Proved developed and undeveloped reserves, Ending balance | MMBbls | 208 | 196 | 287 |
Supplementary Information on _8
Supplementary Information on Oil and Gas Exploration and Production Activities (Unaudited) - Proved Oil and Gas Reserve Estimates - Additional Information (Detail) bbl in Millions, MMBoe in Millions, MMBbls in Millions, Bcfe in Billions | Dec. 31, 2021BcfeMMBoeMMBbls | Dec. 31, 2020BcfeMMBoeMMBbls | Dec. 31, 2019MMBoeBcfeMMBblsbbl | Dec. 31, 2018bblMMBbls |
Schedule of Proved Oil and Gas Reserve Estimates [line items] | ||||
Proved developed and undeveloped reserves | MMBoe | 18,844 | 18,202 | 20,312 | |
Consolidated entities [member] | ||||
Schedule of Proved Oil and Gas Reserve Estimates [line items] | ||||
Proved developed and undeveloped reserves | MMBoe | 18,550 | 17,946 | ||
Proved developed and undeveloped reserves | bbl | 19,959 | 20,385 | ||
Crude oil and condensate [member] | ||||
Schedule of Proved Oil and Gas Reserve Estimates [line items] | ||||
Proved developed and undeveloped reserves | MMBbls | 6,272 | 5,402 | 7,540 | |
Crude oil and condensate [member] | Consolidated entities [member] | ||||
Schedule of Proved Oil and Gas Reserve Estimates [line items] | ||||
Proved developed and undeveloped reserves | MMBbls | 6,064 | 5,206 | 7,253 | 7,641 |
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 | 5,286 | 4,375 | 6,500 | |
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 | 778 | 831 | 753 | |
Natural gas [member] | ||||
Schedule of Proved Oil and Gas Reserve Estimates [line items] | ||||
Proved developed and undeveloped reserves | Bcfe | 75,427 | 76,800 | 76,630 | |
Natural gas [member] | Consolidated entities [member] | ||||
Schedule of Proved Oil and Gas Reserve Estimates [line items] | ||||
Proved developed and undeveloped reserves | Bcfe | 74,916 | 76,437 | ||
Proved developed and undeveloped reserves | bbl | 76,236,000 | 76,467,000 | ||
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 | 73,459 | 74,794 | 74,533 | |
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 | 1,455 | 1,643 | 1,703 |
Supplementary Information on _9
Supplementary Information on Oil and Gas Exploration and Production Activities (Unaudited) - Capitalized Costs (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Consolidated entities [member] | ||
Capitalized Costs Relating to Oil and Gas Producing Activities by Geographic Area [line items] | ||
Property costs and producing assets | ¥ 1,969,409 | ¥ 1,890,903 |
Support facilities | 483,216 | 465,022 |
Construction-in-progress | 119,583 | 150,535 |
Total capitalized costs | 2,572,208 | 2,506,460 |
Accumulated depreciation, depletion and amortization | (1,635,837) | (1,542,037) |
Net capitalized costs | 936,371 | 964,423 |
Equity method investments [member] | ||
Capitalized Costs Relating to Oil and Gas Producing Activities by Geographic Area [line items] | ||
Net capitalized costs | ¥ 19,056 | ¥ 20,465 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated entities [member] | |||
Costs Incurred Oil and Gas Property Acquisition Exploration and Development Activities [line items] | |||
Property acquisition costs | ¥ 7,610 | ¥ 3,712 | |
Exploration costs | 38,230 | 36,913 | ¥ 43,659 |
Development costs | 144,913 | 146,158 | 187,696 |
Total | 190,753 | 186,783 | 231,355 |
Consolidated entities [member] | Mainland China [member] | |||
Costs Incurred Oil and Gas Property Acquisition Exploration and Development Activities [line items] | |||
Property acquisition costs | 0 | ||
Exploration costs | 37,351 | 35,862 | 41,687 |
Development costs | 132,829 | 129,738 | 166,321 |
Total | 170,180 | 165,600 | 208,008 |
Consolidated entities [member] | Other countries [member] | |||
Costs Incurred Oil and Gas Property Acquisition Exploration and Development Activities [line items] | |||
Property acquisition costs | 7,610 | 3,712 | |
Exploration costs | 879 | 1,051 | 1,972 |
Development costs | 12,084 | 16,420 | 21,375 |
Total | 20,573 | 21,183 | 23,347 |
Equity method investments [member] | |||
Costs Incurred Oil and Gas Property Acquisition Exploration and Development Activities [line items] | |||
Total | 2,110 | 1,462 | 2,178 |
Equity method investments [member] | Mainland China [member] | |||
Costs Incurred Oil and Gas Property Acquisition Exploration and Development Activities [line items] | |||
Total | 0 | ||
Equity method investments [member] | Other countries [member] | |||
Costs Incurred Oil and Gas Property Acquisition Exploration and Development Activities [line items] | |||
Total | ¥ 2,110 | ¥ 1,462 | ¥ 2,178 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue | |||
Results of operations from producing activities | ¥ 145,547 | ¥ 38,049 | ¥ 120,595 |
Mainland China [member] | |||
Revenue | |||
Results of operations from producing activities | 137,382 | 29,134 | 106,345 |
Other countries [member] | |||
Revenue | |||
Results of operations from producing activities | 8,165 | 8,915 | 14,250 |
Consolidated entities [member] | |||
Revenue | |||
Sales to third parties | 123,349 | 63,517 | 94,612 |
Inter-segment sales | 413,760 | 319,031 | 394,924 |
Revenue | 537,109 | 382,548 | 489,536 |
Production costs excluding taxes | (139,093) | (133,759) | (138,911) |
Exploration expenses | (24,248) | (19,333) | (20,775) |
Depreciation, depletion and amortization | (157,714) | (149,960) | (140,440) |
Taxes other than income taxes | (34,421) | (21,555) | (30,729) |
Accretion expense | (4,696) | (5,107) | (5,525) |
Income taxes | (33,294) | (14,709) | (35,814) |
Results of operations from producing activities | 143,643 | 38,125 | 117,342 |
Consolidated entities [member] | Mainland China [member] | |||
Revenue | |||
Sales to third parties | 82,654 | 32,662 | 44,001 |
Inter-segment sales | 388,611 | 306,623 | 379,968 |
Revenue | 471,265 | 339,285 | 423,969 |
Production costs excluding taxes | (126,916) | (124,154) | (127,900) |
Exploration expenses | (23,418) | (18,851) | (19,821) |
Depreciation, depletion and amortization | (128,297) | (134,007) | (115,648) |
Taxes other than income taxes | (28,611) | (18,865) | (24,876) |
Accretion expense | (4,557) | (4,905) | (5,294) |
Income taxes | (22,084) | (9,369) | (24,085) |
Results of operations from producing activities | 137,382 | 29,134 | 106,345 |
Consolidated entities [member] | Other countries [member] | |||
Revenue | |||
Sales to third parties | 40,695 | 30,855 | 50,611 |
Inter-segment sales | 25,149 | 12,408 | 14,956 |
Revenue | 65,844 | 43,263 | 65,567 |
Production costs excluding taxes | (12,177) | (9,605) | (11,011) |
Exploration expenses | (830) | (482) | (954) |
Depreciation, depletion and amortization | (29,417) | (15,953) | (24,792) |
Taxes other than income taxes | (5,810) | (2,690) | (5,853) |
Accretion expense | (139) | (202) | (231) |
Income taxes | (11,210) | (5,340) | (11,729) |
Results of operations from producing activities | 6,261 | 8,991 | 10,997 |
Equity method investments [member] | |||
Revenue | |||
Results of operations from producing activities | 1,904 | (76) | 3,253 |
Equity method investments [member] | Other countries [member] | |||
Revenue | |||
Results of operations from producing activities | ¥ 1,904 | ¥ (76) | ¥ 3,253 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Consolidated entities [member] | ||||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||||
Future cash inflows | ¥ 5,244,811 | ¥ 4,366,906 | ¥ 5,872,624 | |
Future production costs | (1,723,220) | (1,470,460) | (1,947,039) | |
Future development costs | (462,411) | (445,462) | (640,281) | |
Future income tax expense | (549,495) | (441,668) | (746,506) | |
Future net cash flows | 2,509,685 | 2,009,316 | 2,538,798 | |
Discount at 10% for estimated timing of cash flows | (1,108,580) | (947,035) | (1,213,729) | |
Standardized measure of discounted future net cash flows | 1,401,105 | 1,062,281 | 1,325,069 | ¥ 1,382,066 |
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 | ¥ 14,788 | ¥ 8,573 | ¥ 20,356 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Proved Oil and Gas Reserve Estimates [line items] | ||||
Standardized measure of discounted future net cash flows | ¥ 1,401,105 | ¥ 1,062,281 | ¥ 1,325,069 | ¥ 1,382,066 |
Mainland China [member] | ||||
Schedule of Proved Oil and Gas Reserve Estimates [line items] | ||||
Standardized measure of discounted future net cash flows | 1,336,419 | 1,028,640 | 1,278,180 | |
Other countries [member] | ||||
Schedule of Proved Oil and Gas Reserve Estimates [line items] | ||||
Standardized measure of discounted future net cash flows | ¥ 64,686 | ¥ 33,641 | ¥ 46,889 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | |||
Beginning of the year | ¥ 1,062,281 | ¥ 1,325,069 | ¥ 1,382,066 |
Sales and transfers of oil and gas produced, net of production costs | (344,643) | (215,390) | (303,222) |
Net changes in prices and production costs and other | 407,882 | (358,008) | (87,046) |
Extensions, discoveries and improved recovery | 150,979 | 112,834 | 134,631 |
Development costs incurred | 23,675 | 39,238 | 53,450 |
Revisions of previous quantity estimates | 88,332 | (138,772) | (17,380) |
Accretion of discount | 86,172 | 146,137 | 149,693 |
Net change in income taxes | (73,272) | 156,122 | 12,877 |
Net change due to purchases and sales of minerals in place | (301) | (4,949) | 0 |
End of the year | ¥ 1,401,105 | ¥ 1,062,281 | ¥ 1,325,069 |