Cover Page
Cover Page - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2020 | |
Document Information [Line Items] | ||
Document Type | 20-F | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
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 | WANG Hua | |
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 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Profit or loss [abstract] | |||
REVENUE | ¥ 3,239,167 | ¥ 2,614,349 | ¥ 1,933,836 |
OPERATING EXPENSES | |||
Purchases, services and other | (2,213,080) | (1,770,019) | (1,267,797) |
Employee compensation costs | (163,073) | (154,835) | (147,604) |
Exploration expenses, including exploratory dry holes | (27,074) | (24,248) | (19,333) |
Depreciation, depletion and amortization | (238,036) | (231,269) | (213,875) |
Selling, general and administrative expenses | (59,529) | (57,802) | (64,345) |
Taxes other than income taxes | (278,055) | (228,003) | (195,850) |
Other (expense)/ income, net | (43,660) | 12,980 | 50,905 |
TOTAL OPERATING EXPENSES | (3,022,507) | (2,453,196) | (1,857,899) |
PROFIT FROM OPERATIONS | 216,660 | 161,153 | 75,937 |
FINANCE COSTS | |||
Exchange gain | 23,772 | 13,377 | 14,387 |
Exchange loss | (25,590) | (12,839) | (14,279) |
Interest income | 4,738 | 2,984 | 3,023 |
Interest expense | (21,554) | (19,739) | (26,528) |
TOTAL NET FINANCE COSTS | (18,634) | (16,217) | (23,397) |
SHARE OF PROFIT OF ASSOCIATES AND JOINT VENTURES | 15,251 | 13,267 | 3,533 |
PROFIT BEFORE INCOME TAX EXPENSE | 213,277 | 158,203 | 56,073 |
INCOME TAX EXPENSE | (49,295) | (43,507) | (22,588) |
PROFIT FOR THE YEAR | 163,982 | 114,696 | 33,485 |
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 | (116) | 232 | 113 |
Currency translation differences | 6,201 | (2,045) | (6,893) |
Items that are or may be reclassified subsequently to profit or loss | |||
Gains on cash flow hedges | 11,273 | 0 | 0 |
Share of the other comprehensive income of associates and joint ventures accounted for using the equity method | 654 | (4) | (441) |
Currency translation differences | 3,758 | (2,684) | (3,909) |
OTHER COMPREHENSIVE INCOME, NET OF TAX | 21,770 | (4,501) | (11,130) |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 185,752 | 110,195 | 22,355 |
PROFIT FOR THE YEAR ATTRIBUTABLE TO: | |||
Owners of the Company | 149,380 | 92,170 | 19,006 |
Non-controlling interests | 14,602 | 22,526 | 14,479 |
PROFIT FOR THE YEAR | 163,982 | 114,696 | 33,485 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO: | |||
Owners of the Company | 165,050 | 89,561 | 14,634 |
Non-controlling interests | 20,702 | 20,634 | 7,721 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | ¥ 185,752 | ¥ 110,195 | ¥ 22,355 |
BASIC AND DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY(RMB) | ¥ 0.82 | ¥ 0.5 | ¥ 0.1 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
NON-CURRENT ASSETS | ||
Property, plant and equipment | ¥ 1,492,513 | ¥ 1,459,296 |
Investments in associates and joint ventures | 269,569 | 265,785 |
Equity investments measured at fair value through other comprehensive income | 943 | 1,168 |
Right-of-use assets | 203,065 | 208,606 |
Intangible and other non-current assets | 69,813 | 66,344 |
Deferred tax assets | 19,699 | 12,161 |
Time deposits with maturities over one year | 4,016 | 8,064 |
TOTAL NON-CURRENT ASSETS | 2,059,618 | 2,021,424 |
CURRENT ASSETS | ||
Inventories | 167,751 | 143,848 |
Accounts receivable | 72,028 | 52,746 |
Derivative financial instruments | 21,133 | 3,913 |
Prepayments and other current assets | 119,654 | 112,820 |
Financial assets at fair value through other comprehensive income | 4,376 | 3,975 |
Financial assets at fair value through profit or loss | 3,876 | 0 |
Time deposits with maturities over three months but within one year | 33,859 | 26,747 |
Cash and cash equivalents | 191,190 | 136,789 |
TOTAL CURRENT ASSETS | 613,867 | 480,838 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 372,369 | 299,121 |
Contract liabilities | 77,337 | 78,481 |
Income taxes payable | 16,471 | 9,915 |
Other taxes payable | 37,043 | 66,859 |
Short-term borrowings | 100,639 | 53,275 |
Derivative financial instruments | 11,146 | 3,881 |
Lease liabilities | 7,560 | 6,626 |
Financial liabilities at fair value through profit or loss | 1,698 | 0 |
TOTAL CURRENT LIABILITIES | 624,263 | 518,158 |
NET CURRENT LIABILITIES | (10,396) | (37,320) |
TOTAL ASSETS LESS CURRENT LIABILITIES | 2,049,222 | 1,984,104 |
EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY: | ||
Share capital | 183,021 | 183,021 |
Retained earnings | 853,585 | 771,980 |
Reserves | 332,721 | 308,560 |
TOTAL EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY | 1,369,327 | 1,263,561 |
NON-CONTROLLING INTERESTS | 168,526 | 145,308 |
TOTAL EQUITY | 1,537,853 | 1,408,869 |
NON-CURRENT LIABILITIES | ||
Long-term borrowings | 222,478 | 287,175 |
Asset retirement obligations | 142,081 | 129,405 |
Lease liabilities | 118,200 | 123,222 |
Deferred tax liabilities | 21,016 | 26,638 |
Other long-term obligations | 7,594 | 8,795 |
TOTAL NON-CURRENT LIABILITIES | 511,369 | 575,235 |
TOTAL EQUITY AND NON-CURRENT LIABILITIES | ¥ 2,049,222 | ¥ 1,984,104 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Profit for the year | ¥ 163,982 | ¥ 114,696 | ¥ 33,485 |
Adjustments for: | |||
Income tax expense | 49,295 | 43,507 | 22,588 |
Depreciation, depletion and amortization | 238,036 | 231,269 | 213,875 |
Capitalized exploratory costs charged to expense | 14,118 | 12,557 | 8,934 |
Safety fund reserve | (691) | (1,750) | (1,505) |
Share of profit of associates and joint ventures | (15,251) | (13,267) | (3,533) |
Accrual of provision for impairment of receivables, net | 1,625 | 415 | 343 |
Write down in inventories, net | 8,567 | 580 | 8,151 |
Impairment of other non-current assets | 4,653 | 465 | 0 |
Loss on disposal and scrap of property, plant and equipment | 20,726 | 18,959 | 5,398 |
(Gain)/loss on disposal and scrap of other non-current assets | (479) | 587 | (1,142) |
Loss/(gain) on disposal of subsidiaries | 185 | (3,575) | (1,242) |
Gain on Pipeline restructuring | 0 | (18,320) | (46,946) |
Fair value loss | 2,464 | 0 | 0 |
Dividend income | (15) | (17) | (25) |
Interest income | (4,738) | (2,984) | (3,023) |
Interest expense | 21,554 | 19,739 | 26,528 |
Changes in working capital: | |||
Accounts receivable, prepayments and other current assets | (20,127) | (8,265) | 14,751 |
Inventories | (32,470) | (15,889) | 43,645 |
Accounts payable and accrued liabilities | 7,504 | 2,251 | 8,410 |
Contract liabilities | (1,144) | (12,996) | 8,987 |
CASH FLOWS GENERATED FROM OPERATIONS | 457,794 | 367,962 | 337,679 |
Income taxes paid | (64,026) | (26,493) | (19,104) |
NET CASH FLOWS FROM OPERATING ACTIVITIES | 393,768 | 341,469 | 318,575 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Capital expenditures | (243,349) | (261,617) | (248,376) |
Acquisition of investments in associates and joint ventures | (1,396) | (387) | (2,599) |
Prepayments on long-term leases | 0 | (3,048) | |
Acquisition of intangible assets and other non-current assets | (1,524) | (3,946) | (5,303) |
Acquisition of subsidiaries | (460) | (1,822) | (1,947) |
Acquisition of financial assets at fair value through profit or loss | (2,830) | 0 | 0 |
Proceeds from disposal of property, plant and equipment | (364) | 2,746 | 1,195 |
Proceeds from disposal of other non-current assets | 2,830 | 4,183 | 2,224 |
Proceeds from Pipeline restructuring | 3,445 | 31,074 | 80,621 |
Interest received | 3,001 | 2,836 | 2,532 |
Dividends received | 10,740 | 12,274 | 4,778 |
(Increase)/decrease in time deposits with maturities over three months | (3,064) | 1,627 | (12,063) |
NET CASH FLOWS USED FOR INVESTING ACTIVITIES | (232,971) | (213,032) | (181,986) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Repayments of short-term borrowings | (800,692) | (758,307) | (797,892) |
Repayments of long-term borrowings | (90,637) | (78,127) | (219,770) |
Repayments of lease liabilities | (12,730) | (13,016) | (12,794) |
Interest paid | (12,298) | (12,821) | (16,700) |
Dividends paid to non-controlling interests | (9,547) | (16,508) | (14,264) |
Dividends paid to owners of the Company | (54,686) | (39,866) | (28,078) |
Cash paid to acquire non-controlling interests | 0 | (22) | (2) |
Increase in short-term borrowings | 784,049 | 681,258 | 751,157 |
Increase in long-term borrowings | 82,299 | 128,834 | 238,335 |
Cash contribution from non-controlling interests | 529 | 673 | 613 |
Capital reduction in subsidiaries paid to non-controlling interests | 0 | (69) | (5) |
NET CASH FLOWS USED FOR FINANCING ACTIVITIES | (113,713) | (107,971) | (99,400) |
TRANSLATION OF FOREIGN CURRENCY | 7,317 | (2,308) | (4,967) |
Increase in cash and cash equivalents | 54,401 | 18,158 | 32,222 |
Cash and cash equivalents at beginning of the year | 136,789 | 118,631 | 86,409 |
Cash and cash equivalents at end of the year | ¥ 191,190 | ¥ 136,789 | ¥ 118,631 |
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, 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) | 0 | (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 |
Profit | 163,982 | 149,380 | 149,380 | 14,602 | ||
Other comprehensive income | 21,770 | 15,670 | 15,670 | 6,100 | ||
Special reserve-safety fund reserve | (691) | (741) | (741) | 50 | ||
Transfer to reserves | (12,987) | 12,987 | ||||
Dividends | (64,395) | (54,686) | (54,686) | (9,709) | ||
Capital contribution from non-controlling interests | 11,128 | 3 | 3 | 11,125 | ||
Acquisition of subsidiaries | 634 | 634 | ||||
Disposal of subsidiaries | 7 | 7 | ||||
Other | (3,451) | (102) | (3,758) | (3,860) | 409 | |
Ending balance at Dec. 31, 2022 | ¥ 1,537,853 | ¥ 183,021 | ¥ 853,585 | ¥ 332,721 | ¥ 1,369,327 | ¥ 168,526 |
Organization and Principal Acti
Organization and Principal Activities | 12 Months Ended |
Dec. 31, 2022 | |
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, and new energy business; (ii) the refining of crude oil and petroleum products, production and marketing of primary petrochemical products, derivative petrochemical products and other chemical products, and new materials business; (iii) the marketing of refined products and non-oil |
Basis of Preparation
Basis of Preparation | 12 Months Ended |
Dec. 31, 2022 | |
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 The IASB has issued the following amendments to IFRSs that are first effective for the current accounting period of the Group: • Rent Concessions Extension of the practical expedient — Amendments to IFRS 16 • Reference to the Conceptual Framework — Amendments to IFRS 3 • Property, Plant and Equipment: Proceeds before Intended Use — Amendments to IAS 16 • Onerous Contracts — Cost of Fulfilling a Contract — Amendments to IAS 37 • Annual Improvements to IFRS Standards 2018-2020 These amendments listed above have no material impact on the Group for the December 31, 2022 reporting period. (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, 2022 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, 2022 | |
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 19. (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 ve n A listing of the Group’s principal associates is shown in Note 17. (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 17. (d) Investments in joint operations A joint operation is a joint arrangement whereby the Group and other joint operators that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. The Group recognises items related to its interest in a joint operation as follows: • its assets, including its share of any assets held jointly; • its liabilities, including its share of liabilities incurred jointly; • its revenue from the sale of its share of the output arising from the joint operation; • its share of the revenue from the sale of the output by the joint operation; and • its expenses, including its share of any expenses incurred jointly. (e) 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. (f) 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 40), and the functional currency of the Company and most of the consolidated subsidiaries is the Renminbi (“RMB”). The consolidated financial statements are presented in the presentation currency of RMB. Foreign currency transactions of the Group are accounted for at the exchange rates prevailing at the respective dates of the transactions; monetary assets and liabilities denominated in foreign currencies are translated at exchange rates at the date of the statement of financial position; gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities are recognized in profit or loss. For the Group entities that have a functional currency different from the Group’s presentation currency, assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of the statement of financial position. Income and expenses for each statement of comprehensive income presented are translated at the average exchange rates for each period and the resulting exchange differences are recognized in other comprehensive income. (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 to 40 years 5 2.4 to 11.9 Equipment and Machinery 4 to 30 years 3 to 5 3.2 to 24.3 Motor Vehicles 4 to 14 years 5 6.8 to 23.8 Other 5 to 12 years 5 7.9 to 19.0 No depreciation is provided on construction in progress until the assets are completed and ready for use. The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. Property, plant and equipment, including oil and gas properties (Note 3(h)), are reviewed for possible impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the carrying amount of a cash-generating unit exceeds the higher of its fair value less costs to sell and its value in use. Value in use is the estimated net present value of future cash flows to be derived from the cash-generating unit. 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 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) Financial instruments (a) Recognition and initial measurement Accounts receivable and debt securities issued are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a accounts receivable without a significant financing component) or financial liability is initially measured at fair value plus or minus, 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: amortised cost; Fair value through other comprehensive income (“FVOCI”) — debt investment; FVOCI — equity investment; or FVTPL. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortised 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 amortised 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 recognised in profit or loss. Financial assets at amortised cost These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised 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 recognised in profit or loss. Other net gains and losses are recognised 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 recognised 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 recognised in OCI and are never reclassified to profit or loss. (c) Derecognition Financial assets The Group derecognises 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 recognised 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 derecognised. Financial liabilities The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group also derecognises 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 recognised 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 realise the asset and settle the liability simultaneously. (e) Derivative financial instruments and hedge accounting Derivative financial instruments are recognised initially at fair value. At each date of the statement of financial position, the fair value is remeasured. The gain or loss on remeasurement to fair value is recognised immediately in profit or loss, except where the derivatives qualify for hedge accounting. Hedge accounting is a method which recognises the offsetting effects on profit or loss (or other comprehensive income) of changes in the fair values of the hedging instrument and the hedged item in the same accounting period, to represent the effect of risk management activities. Hedged items are the items that expose the Group to risks of changes in future fair value or future cash flows and that are designated as being hedged and that must be reliably measurable. The Group’s hedged items include a forecast transaction that is settled with an undetermined future market price and exposes the Group to risk of variability in cash flows, etc. A hedging instrument is a designated derivative whose changes in fair value or cash flows are expected to offset changes in fair value or cash flows of the hedged item. The hedging relationship meets all of the following hedge effectiveness requirements: (i) There is an economic relationship between the hedged item and the hedging instrument, which shares a risk and that gives rise to opposite changes in fair value that tend to offset each other. (ii) The effect of credit risk does not dominate the value changes that result from that economic relationship. (iii) The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the entity actually hedges and the quantity of the hedging instrument that the entity actually uses to hedge that quantity of hedged item. However, that designation does not reflect an imbalance between the weightings of the hedged item and the hedging instrument. Cash flow hedges Cash flow hedge is a hedge of the exposure to variability in cash flows that is attributable to a particular risk associated with all, or a component of, a recognised asset or liability or a highly probable forecast transaction, and could affect profit or loss. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. As long as a cash flow hedge meets the qualifying criteria for hedge accounting, the separate component of equity associated with the hedged item (cash flow hedge reserve) is adjusted to the lower of the following (in absolute amounts): (i) The cumulative gain or loss on the hedging instrument from inception of the hedge; and (ii) The cumulative change in fair value (present value) of the hedged item (i.e. the present value of the cumulative change in the hedged expected future cash flows) from inception of the hedge. The gain or loss on the hedging instrument that is determined to be an effective hedge is recognised in other comprehensive income. The portion of the gain or loss on the hedging instrument that is determined to be an ineffective hedge is recognised in profit or loss. The amount that has been accumulated in the cash flow hedge reserve shall be accounted for as follows: (i) If a hedged forecast transaction subsequently results in the recognition of a non-financial non-financial non-financial non-financial (ii) For cash flow hedges, other than those covered by the preceding policy statements, that amount is reclassified from the cash flow hedge reserve to profit or loss as a reclassification adjustment in the same period or periods during which the hedged expected future cash flows affect profit or loss. (iii) If the amount that has been accumulated in the cash flow hedge reserve is a loss and the Group expects that all or a portion of that loss will not be recovered in one or more future periods, the Group immediately reclassifies the amount that is not expected to be recovered into profit or loss. An entity shall discontinue hedge accounting prospectively only when the hedging relationship (or a part of a hedging relationship) ceases to meet the qualifying criteria such as situations as follows: (i) When the hedging relationship no longer meets the risk management objective on the basis of which it qualified for hedge accounting (i.e. the entity no longer pursues that risk management objective); (ii) When a hedging instrument expires or is sold, terminated, exercised; (iii) There is no longer an economic relationship between the hedged item and the hedging instrument or the effect of credit risk starts to dominate the value changes that result from that economic relationship (iv) When the hedging relationship no longer meets other criteria for hedge accounting. When an entity discontinues hedge accounting for a cash flow hedge, it shall account for the amount that has been accumulated in the cash flow hedge reserve as follows: (i) If the hedged future cash flows are still expected to occur, that amount shall remain in the cash flow hedge reserve and is accounted for as cash flow hedges. (ii) If the hedged future cash flows are no longer expected to occur, that amount shall be immediately reclassified from the cash flow hedge reserve to profit or loss as a reclassification adjustment. A hedged future cash flow that is no longer highly probable to occur may still be expected to occur. (k) 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 (l) 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”. (m) 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. (n) 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(m)), property, plant and equipment (Note 3(g)), oil and gas properties (Note 3(h)) or intangible assets (Note 3(i)). Incremental cos |
Financial Risk and Capital Mana
Financial Risk and Capital Management | 12 Months Ended |
Dec. 31, 2022 | |
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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 30 (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 forwards As at 31 December 2022, the Group had certain commodity contracts of crude oil, refined oil products and chemical products designated as hedges. As at 31 December 2022, the fair value of such derivative hedging financial instruments is derivative financial assets of RMB 20,988 (2021: RMB 3,913) As at 31 December 2022, 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 decrease/ th decrease/ comprehensive income for the year by approximately RMB 1,074 (2021: 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 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 23. 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 30 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, 2022 is 17.4% (December 31, 2021: 19.5%). 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, 2022 and 2021 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 30 The Group’s investments in FVTPL, derivative financial instruments and FVOCI are measured at fair value on the balance sheet date. The fair value of FVTPL are 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. 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. Bills receivable in FVOCI are mainly categorised into Level 3 of the fair value hierarchy, which are based on that bills receivable are mainly short-term bills of acceptance issued by banks, and 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, 2022, 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 Financial assets Financial assets at fair value through profit or loss: — Financial assets at fair value through profit or loss 3,876 — — 3,876 Derivative financial instruments: — Derivative financial assets 14,508 6,625 — 21,133 Financial assets at fair value through other comprehensive income: — Bills receivable — — 4,376 4,376 — Other Investments 623 — 320 943 19,007 6,625 4,696 30,328 Financial liabilities Financial liabilities at fair value through profit or loss — Financial liabilities at fair value through profit or loss 1,698 — — 1,698 Derivative financial instruments: — Derivative financial liabilities 983 10,163 — 11,146 2,681 10,163 — 12,844 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 Financial assets Derivative financial instruments: — 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 Financial liabilities Derivative financial instruments: — Derivative financial liabilities 726 3,155 — 3,881 726 3,155 — 3,881 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, 2022 | |
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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 (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, 2022 | |
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Revenue | 6 REVENUE Revenue represents revenues from the sale of crude oil, natural gas, refined products, chemical products, non-oil 2022 Type of contract Oil, Gas and Refining, Marketing Natural Gas Head Office and Total Type of goods and services Crude oil 667,205 — 813,328 — — 1,480,533 Natural gas 151,241 — 553,551 482,590 — 1,187,382 Refined products — 938,829 880,682 — — 1,819,511 Chemical products — 219,089 60,872 — — 279,961 Pipeline transportation business — — — 829 — 829 Non-oil — — 30,590 — — 30,590 Others 110,550 6,515 432,103 35,730 5,452 590,350 Intersegment elimination (777,846 ) (827,572 ) (520,502 ) (22,156 ) (3,210 ) (2,151,286 ) Revenue from contracts with customers 151,150 336,861 2,250,624 496,993 2,242 3,237,870 Other revenue 283 163 768 62 21 1,297 Total 151,433 337,024 2,251,392 497,055 2,263 3,239,167 Geographical Region China’s mainland 86,645 336,861 964,872 496,993 2,242 1,887,613 Others 64,505 — 1,285,752 — — 1,350,257 Revenue from contracts with customers 151,150 336,861 2,250,624 496,993 2,242 3,237,870 Other revenue 283 163 768 62 21 1,297 Total 151,433 337,024 2,251,392 497,055 2,263 3,239,167 2021 Type of contract Oil, Gas and 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 China’s mainland 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 Oil, Gas and 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 China’s mainland 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 |
Profit Before Income Tax Expens
Profit Before Income Tax Expense | 12 Months Ended |
Dec. 31, 2022 | |
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Profit Before Income Tax Expense | 7 PROFIT BEFORE INCOME TAX EXPENSE 2022 2021 2020 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 15 17 25 Reversal of provision for impairment of receivables 160 360 95 Reversal of write down in inventories 42 76 186 (Loss)/Gain on disposal of investment in subsidiaries (i) (185 ) 3,575 1,242 Gain on Pipeline restructuring (i) — 18,320 46,946 Gain from ineffective portion of cash flow hedges (i) 2,217 — — Charged Amortization of intangible and other assets 5,574 5,774 5,944 Depreciation and impairment losses: Owned property, plant and equipment 217,731 211,107 194,015 Right-of-use 14,731 14,388 13,916 Auditors’ remuneration (ii) 47 47 49 Cost of inventories recognized as expense 2,500,861 2,047,256 1,527,271 Provision for impairment of receivables 1,784 775 438 Loss on disposal and scrap of property, plant and equipment (i) 20,726 18,959 5,398 Variable lease payments, low-value 2,083 2,645 3,362 Research and development expenses 20,016 16,729 15,746 Write down in inventories 8,609 656 8,337 Investment loss from disposal of derivative financial instruments (i) 28,931 — — Impairment of other non-current (i) 4,653 465 — (i) Other income, net primarily includes (loss)/gain on disposal of investment in subsidiaries, gain on Pipeline restructuring, financial instruments, impairment of other non-current assets. (ii) The auditors’ remuneration above represents the annual audit fees paid by the Company. This remuneration does not include fees of RMB 39 (2021: RMB 41, 2020: RMB 62) 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, 2022 | |
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Employee Compensation Costs | 8 EMPLOYEE COMPENSATION COSTS 2022 2021 2020 RMB RMB RMB Wages, salaries and allowances 107,808 100,971 98,832 Social security costs 55,265 53,864 48,772 163,073 154,835 147,604 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 35). |
Taxes Other Than Income Taxes
Taxes Other Than Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
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Taxes Other Than Income Taxes | 9 TAXES OTHER THAN INCOME TAXES 2022 2021 2020 RMB RMB RMB Consumption tax 159,132 161,623 145,525 Resource tax 32,991 23,723 18,468 City maintenance and construction tax 17,003 16,078 13,647 Educational surcharge 12,436 11,660 9,882 Crude oil special gain levy 43,768 4,655 178 Urban and township land use tax 3,702 3,572 3,588 Other s 9,023 6,692 4,562 278,055 228,003 195,850 |
Interest Expense
Interest Expense | 12 Months Ended |
Dec. 31, 2022 | |
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Interest Expense | 10 INTEREST EXPENSE 2022 2021 2020 RMB RMB RMB Interest on Bank loans 4,160 2,540 1,677 Other loans 7,583 8,092 14,342 Lease liabilities 5,447 5,419 6,297 Accretion expense (Note 34) 5,681 4,696 5,107 22,871 20,747 27,423 Less: Amounts capitalized (1,317 ) (1,008 ) (895 ) 21,554 19,739 26,528 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 4.14% per annum for the year ended December 31, 2022 (2021: 4.19% per annum, 2020: 4.23% per annum). |
Emoluments of Directors and Sup
Emoluments of Directors and Supervisors | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022, 2021 and 2020 are as follows: 2022 2021 2020 Name Fee for Salaries, Contribution to 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) — — — — — — Mr. Li Fanrong (i) — — — — — — Executive directors: Mr. Jiao Fangzheng (iv) — 638 123 761 — — Mr. Huang Yongzhang (iii) — 931 183 1,114 629 — Mr. Ren Lixin (ii) — 1,044 182 1,226 195 — — 2,613 488 3,101 824 — Non-executive Mr. Duan Liangwei (iii) — — — — 237 735 Mr.Xie Jun (v) — — — — — — Mr. Liu Yuezhen (iv) — — — — — — Mr. Lin Boqiang (x) — — — — — 388 Mr. Zhang Biyi (x) — — — — — 398 Ms. Elsie Leung Oi-sie 529 — — 529 556 331 Mr. Tokuchi Tatsuhito 539 — — 539 527 331 Mr. Simon Peter (vi) 510 — — 510 499 320 Mr. Cai Jinyong (x) 593 — — 593 575 — Mr. Jiang Xiaoming (x) 603 — — 603 575 — 2,774 — — 2,774 2,969 2,503 Supervisors: Mr. Cai Anhui (v) — — — — — — Mr. Lv Bo (v) — — — — — — Mr. Xu Wenrong (v) — — — — — Mr. Xie Haibing (v) — — — — — — Ms. Zhao Ying (v) — — — — — — Mr. Cai Yong (v) — — — — — — Mr. Lan Jianbin (vii) — 642 89 731 — — Mr. He Jiangchuan (vii) — 846 84 930 — — Mr. Jin Yanjiang (vii) — 694 53 747 — — Mr. Fu Bin (viii) — 445 61 506 — — Mr. Zhang Fengshan (v) — — — — — — Mr. Jiang Lifu (v) — — — — — — Mr. Lu Yaozhong (v) — — — — — — 2022 2021 2020 Name Fee for Salaries, Contribution to Total Total Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Mr. Wang Liang (viii) — — — — — — Mr. Fu Suotang (vii) — 115 28 143 1,433 1,367 Mr. Li Jiamin (vii) — 192 59 251 1,255 1,006 Mr. Li Wendong (ix) — — — — 137 1,193 Mr. Liu Xianhua (vii) — 184 46 230 945 1,011 — 3,118 420 3,538 3,770 4,577 2,774 5,731 908 9,413 7,563 7,080 (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. Mr. Li Fanrong ceased being the vice chairman and the director from May 10, 2021. (ii) Mr. Hou Qijun and Mr. Ren Lixin were s (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. Jiao Fangzheng was transferred from a non-executive (v) Mr. Xie Jun was elected as director of the Company from June 9, 2022; Mr. Lv Bo ceased being the chairman and supervisor of the Supervisory Committee of the Company, and Mr. Zhang Fengshan, Mr. Jiang Lifu and Mr. Lu Yaozhong ceased being the supervisors of the Company; (vi) Mr. Simon Peter non-executive (vii) Mr. Fu Suotang, Mr. Li Jiamin and Mr. Liu Xianhua ceased being the supervisors of the Company from May 19, 2022; Mr. Lan Jianbin, Mr. He Jiangchuan and Mr. Jin Yanjiang were elected as supervisors of the Company. (viii) Mr. Wang Liang ceased being a supervisor of the Company from September 29,2022; Mr. Fu Bin was elected as a supervisor of the Company. (ix) On May 28, 2021, Mr. Li Wendong resigned as the employee representative supervisor of the Company. (x) Mr. Cai Jinyong and Mr. Jiang Xiaoming were elected as independent non-executive non-executive (xi) The emoluments above are all pre-tax paid by calender year . (xii) The above emoluments for 2022 do not include the tenure incentive some None of the directors and supervisors has waived their remuneration during the year ended December 31, 2022, 2021 and 2020. The five highest paid individuals in the Company for the year ended December 31, 2022 are the five senior management whose allowances and other benefits were RMB 1.439, RMB 1.359, RMB 1.323, RMB 1.265 and RMB 1.044, respectively, and whose contribution to retirement benefit scheme were RMB 0.182, RMB 0.182, RMB 0.182, RMB 0.182 and RMB 0.182, respectively. The five highest paid individuals in the Company for the year ended December 31, 2021 included one supervisor whose emolument is reflected in the analysis shown above and the note; and four senior management whose allowances and other benefits were RMB 1.533, RMB 1.310, RMB 1.308 and RMB 1.257, respectively, and whose contribution to retirement benefit scheme were RMB 0.164, RMB 0.164, RMB 0.164 and RMB 0.164, respectively. The five highest paid individuals in the Company for the year ended December 31, 2020 included one supervisor whose emolument is reflected in the analysis shown above and the note; and four senior management whose allowances and other benefits were RMB 1.550, RMB 1.310, RMB 1.292 and RMB 1.270, respectively, and whose contribution to retirement benefit scheme were RMB 0.116, RMB 0.116, RMB 0.116 and RMB 0.116, respectively. During the years ended December 31, 2022, 2021 and 2020, 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, 2022 | |
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Income Tax Expense | 12 INCOME TAX EXPENSE 2022 2021 2020 RMB RMB RMB Current taxes 63,328 33,822 14,922 Deferred taxes (Note 33) (14,033 ) 9,685 7,666 49,295 43,507 22,588 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 of Finance (“MOF”), the General Administration of Customs of the PRC and the State Administration of Taxation (“SAT”) on Issues Concerning Tax Policies for 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: 2022 2021 2020 RMB RMB RMB Profit before income tax expense 213,277 158,203 56,073 Tax calculated at a tax rate of 25% 53,319 39,551 14,018 Tax return true-up (910 ) (256 ) 256 Effect of income taxes from international operations different from taxes at the PRC statutory tax rate 7,857 2,692 1,522 Effect of preferential tax rate (14,197 ) (8,603 ) (1,312 ) Tax effect of income not subject to tax (7,347 ) (10,305 ) (3,612 ) Tax effect of expenses not deductible for tax purposes 9,241 15,789 5,455 Tax effect of temporary differences and losses not recognized 1,332 4,639 6,261 Income tax expense 49,295 43,507 22,588 |
Profit Attributable To Owners O
Profit Attributable To Owners Of The Company | 12 Months Ended |
Dec. 31, 2022 | |
Profit Attributable To The Owners Of The Company [Abstract] | |
Profit Attributable To Owners Of The Company | 13 PROFIT ATTRIBUTABLE TO OWNERS OF THE COMPANY The profit attributable to owners of the Company in the consolidated financial statements of the Group is RMB 149,380 for the year ended December 31, 2022 (2021: RMB 92,170 , 2020: 19,006 ) |
Basic and Diluted Earnings Per
Basic and Diluted Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Basic and Diluted Earnings Per Share | 14 BASIC AND DILUTED EARNINGS PER SHARE Basic and diluted earnings per share for the years ended December 31, 2022, 2021 and 2020 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, 2022 | |
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Dividends | 15 DIVIDENDS 2022 2021 2020 RMB RMB RMB Interim dividends attributable to owners of the Company for 2022 (a) 37,076 — — Proposed final dividends attributable to owners of the Company for 2022 (b) 40,265 — — Interim dividends attributable to owners of the Company for 2021 (c) — 23,866 — Final — 17,610 — Interim dividends attributable to owners of the Company for 2020 (e) — — 16,000 Final dividends attributable to owners of the Company for 2020 (f) — — 16,000 77,341 41,476 32,000 (a) Interim dividends attributable to owners of the Company in respect of 2022 of RMB 0.20258 yuan (inclusive of applicable tax) per share, amounting to a total of RMB 37,076. The dividends were paid on September 20, 2022 (A shares) and October 28, 2022 (H shares). (b) At the 20th meeting of the 8th Board, the Board of Directors proposed final dividends attributable to owners of the Company in respect of 2022 of RMB 0.22 to a total of RMB 40,265. These consolidated financial statements do not reflect this dividend payable as the final dividends were proposed after the reporting period and will be accounted for in equity as an appropriation of retained earnings during the year ended December 31, 2023 when approved at the forthcoming 2022 Annual General Meeting. (c) Interim dividends attributable to owners of the Company in respect of 2021 of RMB 0.13040 yuan (inclusive of applicable tax) per share, amounting to a total of RMB 23,866. The dividends were paid on September 17, 2021 (A shares) and October 29, 2021 (H shares). (d) Final dividends attributable to owners of the Company in respect of 2021 of RMB 0.09622 yuan (inclusive of applicable tax) per share, amounting to a total of RMB 17,610. The dividends approved at the 2021 Annual General Meeting held on June 9, 2022, and were paid on June 28, 2022 (A shares) and July 29, 2022 (H shares). (e) Interim dividends attributable to owners of the Company in respect of 2020 of RMB 0.08742 yuan (inclusive of applicable tax) per share , (f) 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). |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Property, Plant and Equipment | 16 PROPERTY, PLANT AND EQUIPMENT Year Ended December 31, 2022 Buildings Oil and Gas Equipment and Machinery Motor Other s Construction in Progress Total RMB RMB RMB RMB RMB RMB RMB Cost At beginning of the year 258,858 2,452,625 778,003 21,903 47,275 232,282 3,790,946 Additions 327 78,917 3,877 125 462 258,562 342,270 Transfers 17,536 171,634 78,205 427 2,106 (269,908 ) — Disposals or write offs (2,388 ) (70,106 ) (12,059 ) (1,470 ) (1,250 ) (17,468 ) (104,741 ) Currency translation differences 671 20,534 1,110 19 539 1,387 24,260 At end of the year 275,004 2,653,604 849,136 21,004 49,132 204,855 4,052,735 Accumulated depreciation and impairment At beginning of the year (120,417 ) (1,635,837 ) (516,649 ) (16,991 ) (33,145 ) (8,611 ) (2,331,650 ) Charge for the year and others (10,678 ) (206,472 ) (32,650 ) (859 ) (2,011 ) — (252,670 ) Impairment charge (957 ) (14,750 ) (3,510 ) (20 ) (1,328 ) (1,830 ) (22,395 ) Disposals or write offs or transfers 31 52,701 6,450 1,355 1,180 2,366 64,083 Currency translation differences (187 ) (16,636 ) (475 ) (19 ) (369 ) 96 (17,590 ) At end of the year (132,208 ) (1,820,994 ) (546,834 ) (16,534 ) (35,673 ) (7,979 ) (2,560,222 ) Net book value At end of the year 142,796 832,610 302,302 4,470 13,459 196,876 1,492,513 Year Ended December 31, 2021 Buildings Oil and Gas Equipment and Machinery Motor Other s 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 The Group’s oil, gas and new energy resource segment determines whether there are any indicators of impairment for the oil fields related to oil and gas properties under the oil, gas and new energy resource segment for the year ended December 31, related to oil and gas properties under the oil, gas and new energy resource segment, 2020: related to oil and gas properties under the oil, gas and new energy resource segment) due to the decline of oil and gas reserves in certain oilfield or change in business condition. The carrying amount of those impaired oil and gas properties was written down to their respective recoverable amounts, which were primarily determined using the discounted cash flow model. The Group referred to the weighted average cost of capital of the oil and gas industry when determining discount rate, and made relevant adjustments according to specific risks in different countries or regions. In 2022, the after-tax from 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, 2022, 2021 and 2020. 2022 2021 2020 RMB RMB RMB At beginning of the year 29,387 38,807 36,101 Additions to capitalized exploratory well costs pending the determination of proved reserves 29,199 30,338 30,104 Reclassified to wells, facilities, and equipment based on the determination of proved reserves (19,623 ) (27,201 ) (18,464 ) Capitalized exploratory well costs charged to expense (14,118 ) (12,557 ) (8,934 ) At end of the year 24,845 29,387 38,807 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 16,780 19,354 Over one year 8,065 10,033 Balance at December 31 24,845 29,387 Capitalized exploratory well costs over one year are principally related to the wells that are under further evaluation of drilling results or pending completion of development planning to ascertain economic viability. |
Interests in Other Entities
Interests in Other Entities | 12 Months Ended |
Dec. 31, 2022 | |
Associates and joint ventures [member] | |
Statement [Line Items] | |
Interests in Other Entities | 17 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 Capital 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 — Name Country of Incorporation Registered Capital Principal Activities Interest Held Direct % Indirect % China Petroleum Finance Co., Ltd. (“CP Finance”) PRC 16,395 Deposits, loans, settlement, lending, bills acceptance discounting, guarantee and other banking business 32.00 — CNPC Captive Insurance Co., Ltd. PRC 6,000 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 131 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 consolidated statement of financial information in respect of the Group’s principal associates and reconciliation to carrying amount is as follows: PipeChina CP Finance CNPC Captive 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 104,889 86,335 401,971 415,139 8,859 9,100 Non-current 816,301 768,161 126,363 116,765 2,349 2,618 Current liabilities 132,266 136,150 442,283 446,369 470 859 Non-current 199,675 103,243 3,823 8,396 3,504 3,900 Net assets 589,249 615,103 82,228 77,139 7,234 6,959 Net assets attributable to owners of the Company 525,235 526,241 82,228 77,139 7,234 6,959 Group’s share of net assets 157,045 157,346 26,313 24,684 3,545 3,410 Goodwill — — 349 349 — — Carrying amount of interest in associates 157,045 157,346 26,662 25,033 3,545 3,410 Summarized statement of comprehensive income and dividends received by the Group are as follow: PipeChina CP Finance CNPC Captive Insurance Co., Ltd. 2022 2021 From Oct 01, 2022 2021 2020 2022 2021 2020 RMB RMB RMB RMB RMB RMB RMB RMB RMB Revenue 112,832 101,572 22,766 13,302 12,691 7,954 931 1,510 735 Profit for the year 31,908 29,776 6,444 6,312 6,304 7,819 449 424 389 Other comprehensive income/(loss) — 2 — 1,174 (606 ) (1,603 ) — — — Total comprehensive income 31,908 29,778 6,444 7,486 5,698 6,216 449 424 389 Total comprehensive income attributable to owners of the Company 26,212 22,895 5,124 7,486 5,698 6,216 449 424 389 Group’s share of total comprehensive income 7,837 6,846 1,532 2,396 1,823 1,989 220 207 191 Dividends received by the Group 4,312 943 — 767 904 677 85 78 74 Interest in Joint Ventures Summarized consolidated 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 1,803 1,571 10,392 9,927 48,715 44,011 Current assets 10,551 11,305 1,196 2,220 644 1,437 Including: cash and cash equivalents 1,661 2,292 431 1,631 634 1,411 Non-current 196 540 2,333 2,033 2,105 2,147 Including: Non-current — — 14 — 2,100 2,101 Current liabilities 9,778 9,997 823 872 74 483 Including: Current financial liabilities excluding trade and other payables 6,143 5,810 — — — — Net assets 2,380 2,339 8,432 9,242 47,180 42,818 Net assets attributable to owners of the Company 2,070 1,952 8,432 9,242 47,180 42,818 Group’s share of net assets 1,035 976 4,216 4,621 23,590 21,409 Carrying amount of interest in joint ventures 978 976 4,216 4,621 23,590 21,409 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 2022 2021 2020 2022 2021 2020 2022 2021 2020 RMB RMB RMB RMB RMB RMB RMB RMB RMB Revenue 80,086 58,210 36,695 13,279 11,543 8,152 16 17 18 Depreciation, depletion and amortization (180 ) (190 ) (195 ) (950 ) (1,002 ) (1,048 ) (11 ) (57 ) (38 ) Interest income 48 11 16 16 3 4 36 31 42 Interest expense (219 ) (72 ) (60 ) (137 ) (141 ) (160 ) (47 ) (56 ) (58 ) Income tax expense (72 ) (56 ) (57 ) (558 ) (846 ) (293 ) (27 ) — 1 Profit/(loss) for the year 126 (610 ) 185 1,486 2,114 362 4,112 4,067 3,060 Total comprehensive income / (loss) 163 (691 ) 140 1,878 1,874 (650 ) 5,031 3,508 (3,007 ) Total comprehensive income/(loss) attributable to owners of the Company 118 (687 ) 92 1,878 1,874 (650 ) 5,031 3,508 (3,007 ) Group’s share of total comprehensive income/ (loss) 59 (344 ) 46 939 937 (325 ) 2,516 1,754 (1,504 ) Dividends received by the Group — 29 — 1,344 233 539 335 410 — Dividends received or receivable from associates and joint ventures were RMB 9,803 in 2022 (2021: RMB 4,715, 2020: RMB 4,517). In 2022, investments in associates and joint ventures of RMB 721(2021: RMB 489, 2020: RMB 1,687) were disposed of, resulting in a loss of RMB 24 (2021: RMB 4, 2020: RMB 5 ) In 2022, the share of profit and other comprehensive loss in all individually immaterial associates and joint ventures accounted for using equity method in aggregate was RMB 2,324 (2021: RMB 1,418, 2020: a loss of RMB 2,468) and RMB 386(2021: an income of RMB 622, 2020: an income of RMB 3,631), respectively. |
Subsidiaries [member] | |
Statement [Line Items] | |
Interests in Other Entities | 19 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 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 Company Name Country of Incorporation Registered Capital Type of Attributable Equity Voting Principal Activities 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 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 Development PetroChina Sichuan Petrochemical 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 20,186 15,596 4,391 3,973 Non-current 190,630 184,486 22,131 25,317 Current liabilities 15,463 11,282 1,700 3,876 Non-current 20,904 30,293 313 382 Net assets 174,449 158,507 24,509 25,032 Summarized statement of comprehensive income is as follows: CNPC Exploration and Development PetroChina Sichuan Petrochemical 2022 2021 2020 2022 2021 2020 RMB RMB RMB RMB RMB RMB Revenue 55,499 42,730 33,312 58,131 48,493 35,319 Net profit 12,390 8,413 6,006 33 3,383 520 Total comprehensive income/(loss) 23,813 5,231 (6,972 ) 33 3,383 520 Profit attributable to non-controlling 6,956 4,837 3,311 3 338 52 Dividends paid to non-controlling 4,383 1,485 1,498 62 307 12 Summarized statement of cash flows is as follows: CNPC Exploration and Development PetroChina Sichuan Petrochemical 2022 2021 2020 2022 2021 2020 RMB RMB RMB RMB RMB RMB Net cash inflow/(outflow) from operating activities 16,850 13,320 5,681 (771 ) 2,666 5,119 Net cash inflow/(outflow) from investing activities 3,013 (5,191 ) (16,187 ) 1,466 (231 ) (380 ) Net cash (outflow)/inflow from financing activities (16,628 ) (8,531 ) 7,410 (695 ) (3,995 ) (3,186 ) Effect of foreign exchange rate changes on cash and cash equivalents 33 (15 ) (776 ) — — — Net increase/(decrease) in cash and cash equivalents 3,268 (417 ) (3,872 ) — (1,560 ) 1,553 Cash and cash equivalents at the beginning of the year 8,785 9,202 13,074 1 1,561 8 Cash and cash equivalents at the end of the year 12,053 8,785 9,202 1 1 1,561 |
Equity investments measured at
Equity investments measured at fair value through other comprehensive income | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Equity investments measured at fair value through other comprehensive income | 18 EQUITY INVESTMENTS MEASURED AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME December 31, 2022 December 31, 2021 RMB RMB Houpu Clean Energy Group Co., Ltd. 251 534 China Pacific Insurance (Group) Co., Ltd. 120 133 Other items 572 501 943 1,168 Dividends amounting to RMB 15 were received on these investments during the year ended December 31, 2022 (2021: RMB 17, 2020: RMB 25). |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of quantitative information about leases for lessee [abstract] | |
Leases | 20 LEASES The leases where the Group is a lessee. (a) Right-of-use December 31, Additions Reduction December 31, Cost Land 180,600 4,659 (1,456 ) 183,803 Buildings 56,890 5,451 (3,708 ) 58,633 Equipment and Machinery 4,474 2,613 (492 ) 6,595 Other s 1,818 97 (724 ) 1,191 Total 243,782 12,820 (6,380 ) 250,222 Accumulated depreciation Land (18,417 ) (6,694 ) 384 (24,727 ) Buildings (14,425 ) (6,521 ) 2,226 (18,720 ) Equipment and Machinery (1,577 ) (1,730 ) 350 (2,957 ) Other s (757 ) (140 ) 144 (753 ) Total (35,176 ) (15,085 ) 3,104 (47,157 ) Net book value Land 162,183 159,076 Buildings 42,465 39,913 Equipment and Machinery 2,897 3,638 Other s 1,061 438 Total 208,606 203,065 Table of Contents December 31, Additions Reduction December 31, 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 s 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 s (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 s 1,483 1,061 Total 209,786 208,606 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, December 31, RMB RMB Lease liabilities 125,760 129,848 Less: Lease liabilities due within one year (7,560 ) (6,626 ) 118,200 123,222 Depreciation charged to profit or loss provided on right-of-use Analysis of the undiscounted cash flow of the lease liabilities is as follows: December 31, December 31, RMB RMB Within 1 year 13,244 12,495 Between 1 and 2 years 11,301 11,181 Between 2 and 5 years 30,995 30,541 Over 5 years 148,974 154,636 204,514 208,853 |
Intangible and Other Non-curren
Intangible and Other Non-current Assets | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Intangible and Other Non-current Assets | 21 INTANGIBLE AND OTHER NON-CURRENT December 31, 2022 December 31, 2021 Cost Accumulated Net Cost Accumulated Net RMB RMB RMB RMB RMB RMB Patents and technical know-how 10,196 (7,295 ) 2,901 8,213 (6,905 ) 1,308 Computer software 13,582 (10,169 ) 3,413 13,016 (9,751 ) 3,265 Goodwill 8,623 (1,306 ) 7,317 8,023 (36 ) 7,987 Other s 27,502 (11,505 ) 15,997 27,335 (10,889 ) 16,446 Intangible assets 59,903 (30,275 ) 29,628 56,587 (27,581 ) 29,006 Other assets 40,185 37,338 69,813 66,344 (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 the higher of fair value less costs to sell and value in use. These calculations use post-tax post-tax For impairment test of the goodwill, the post-tax 4.9% to |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
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Inventories | 22 INVENTORIES December 31, 2022 December 31, 2021 RMB RMB Crude oil and other raw materials 56,756 40,334 Work in progress 14,448 15,393 Finished goods 104,722 88,811 Spare parts and consumables 109 91 176,035 144,629 Less: Write down in inventories (8,284 ) (781 ) 167,751 143,848 The Group recognises inventories, includes unsold products produced before that property, plant and equipment is available for use. The cost of such inventories includes incremental costs directly attributable to the p rodu |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Accounts Receivable | 23 ACCOUNTS RECEIVABLE December 31, 2022 December 31, 2021 RMB RMB Accounts receivable 74,917 54,160 Less: Provision for impairment of accoun t (2,889 ) (1,414 ) 72,028 52,746 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, 2022 and 2021 is as follows: December 31, 2022 December 31, 2021 RMB RMB Within 1 year 71,307 51,533 Between 1 and 2 years 266 816 Between 2 and 3 years 302 194 Over 3 years 153 203 72,028 52,746 The Group offers its customers credit terms up to 180 days. Movements in the provision for impairment of accounts receivable are as follows: 2022 2021 2020 RMB RMB RMB At beginning of the year 1,414 1,140 2,431 Provision for impairment of accounts receivable 1,598 396 426 Reversal of provision for impairment of accounts receivable (124 ) (110 ) (76 ) Receivables written off as uncollectible and others 1 (12 ) (1,641 ) At end of the year 2,889 1,414 1,140 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, 2022 RMB RMB % RMB RMB Current (not past due) 68,951 — 1.1 % 803 803 Within 1 year past due 3,951 380 1.1 % 38 418 1 to 2 years past due 476 — 55.3 % 263 263 2 to 3 years past due 522 172 70.3 % 246 418 Over 3 years past due 1,017 446 94.7 % 541 987 Total 74,917 998 1,891 2,889 Gross Impairment Impairment provision on Loss Weighted- Impairment December 31, 2021 RMB RMB % RMB RMB Current (not past due) 49,185 — 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 54,160 598 816 1,414 |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
Derivative Financial Instruments | 24 DERIVATIVE FINANCIAL INSTRUMENTS The derivative financial instruments of the Group are mainly commodity futures, commodity swaps and commodity forwards contracts, as presented in Note 4.3. |
Prepayments and Other Current A
Prepayments and Other Current Assets | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Prepayments and Other Current Assets | 25 PREPAYMENTS AND OTHER CURRENT ASSETS December 31, 2022 December 31, 2021 RMB RMB Other receivables(i) 47,410 40,983 Advances to suppliers 14,261 14,900 61,671 55,883 Less: Provision for impairment (3,124 ) (2,986 ) 58,547 52,897 Value-added tax recoverable 34,256 42,644 Prepaid expenses 414 505 Prepaid income taxes 12,107 4,853 Other current assets(ii) 14,330 11,921 119,654 112,820 (i) As of December 31, 2022 and December 31, 2021, 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, 2022 | |
Text block [abstract] | |
Financial assets at fair value through other comprehensive income | 26 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, 2022 | |
Text block [abstract] | |
Cash and Cash Equivalents | 27 CASH AND CASH EQUIVALENTS The weighted average effective interest rate on bank deposits was 1.83% per annum for the year ended December 31, 2022 (2021: 1.68% per annum, 2020: 1.69% per annum). |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Accounts Payable and Accrued Liabilities | 28 ACCOUNTS PAYABLE AND ACCRUED LIABILITIES December 31, 2022 December 31, 2021 RMB RMB Trade payables 172,546 140,538 Salaries and welfare payable 9,385 8,975 Dividends payable by subsidiaries to non-controlling 581 419 Notes payables 15,630 20,089 Construction fee and equipment cost payables 116,571 92,683 Others (i) 57,656 36,417 372,369 299,121 (i) Others consist primarily of operating lease payable, deposit, earnest money, caution money and insurance payables, etc. The aging analysis of trade payables at December 31, 2022 and 2021 is as follows: December 31, 2022 December 31, 2021 RMB RMB Within 1 year 162,431 130,863 Between 1 and 2 years 2,682 2,767 Between 2 and 3 years 1,072 948 Over 3 years 6,361 5,960 172,546 140,538 |
Contract Liabilities
Contract Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Contract Liabilities | 29 CONTRACT LIABILITIES As of December 31, 2022 and December 31, 2021, contract liabilities mainly represented advances from customers related to the sales of refined oil, natural gas, chemical products and crude oil, etc. The majority of related obligations were expected to be performed with corresponding revenue recognised within one year. Substantially all of contract liabilities at the beginning of the year has been recognised as revenue for the year ended December 31, 2022. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Borrowings | 30 BORROWINGS December 31, 2022 December 31, 2021 RMB RMB Short-term borrowings excluding current portion of long-term borrowings 38,375 40,010 Current portion of long-term borrowings 62,264 13,265 100,639 53,275 Long-term borrowings 222,478 287,175 323,117 340,450 December 31, 2022 December 31, 2021 RMB RMB Bank loans 110,117 114,469 Corporate debentures 18,468 20,170 Medium-term notes 59,380 71,000 Other loans 135,152 134,811 323,117 340,450 Borrowings of the Group of RMB 11,186 were guaranteed by CNPC and its fellow subsidiaries and non-controlling As of December 31, 2022, the RMB pledge borrowings were mainly pledged by natural gas charging rights. The US dollar pledge borrowings were pledged by the bank deposit of RMB 3,286 (2021: RMB 3,286). Table of Contents The Group’s borrowings include mortgage loans totaling RMB 1,074 at December 31,2022 (2021: RMB 1,185), which were secured by property, plant and equipment with net book value of RMB 861 and intangible and other non-current December 31, 2022 December 31, 2021 RMB RMB Total borrowings: — interest free 103 101 — at fixed rates 112,588 131,705 — at floating rates 210,426 208,644 323,117 340,450 Weighted average effective interest rates: — bank loans 3.04 % 2.18 % — corporate debentures 4.05 % 4.14 % — medium-term notes 3.12 % 3.28 % — other loans 3.47 % 2.51 % The borrowings by major currency at December 31, 2022 and 2021 are as follows: December 31, 2022 December 31, 2021 RMB RMB RMB 218,897 238,361 US Dollar 97,503 94,803 Other currency 6,717 7,286 323,117 340,450 The fair values of the Group’s long-term borrowings including the current portion of long-term borrowings are RMB 286,770 at December 31, 2022 (2021: RMB 290,937). 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 2.13 % to 5.48 % per annum as of December 31, 2022 (2021: 0.10% to 5.14%) depending on the type of the borrowings. 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, 2022 December 31, 2021 RMB RMB Within 1 year 107,461 58,923 Between 1 and 2 years 129,885 53,250 Between 2 and 5 years 102,490 226,124 After 5 years 16,500 28,053 356,336 366,350 Reconciliation of movements of borrowings to cash flows arising from financing activities: 2022 2021 RMB RMB At beginning of the year 340,450 368,921 Changes from financing cash flows: Increase in borrowings 866,348 810,092 Repayments of borrowings (891,329 ) (836,434 ) Total changes from financing cash flows (24,981 ) (26,342 ) Exchange adjustments 7,648 (2,129 ) At end of the year 323,117 340,450 |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Share Capital | 31 SHARE CAPITAL December 31, 2022 December 31, 2021 RMB RMB Registered, issued and fully paid: A shares 161,922 161,922 H shares 21,099 21,099 183,021 183,021 In accordance with the Restructuring Agreement between CNPC and the Company effective as of November 5, 1999, the Company issued 160 billion state-owned shares in exchange for the assets and liabilities transferred to the Company by CNPC. The 160 billion state-owned shares were the initial registered capital of the Company with a par value of RMB 1.00 yuan per share. On April 7, 2000, the Company issued 17,582,418,000 shares, represented by 13,447,897,000 H shares and 41,345,210 ADSs (each representing 100 H shares) in a global initial public offering (“Global Offering”) and the trading of the H shares and the ADSs on The Stock Exchange of Hong Kong Limited and the New York Stock Exchange commenced on April 7, 2000 and April 6, 2000, respectively. Pursuant to the approval of the China Securities Regulatory Commission, 1,758,242,000 state-owned shares of the Company owned by CNPC were converted into H shares for sale in the Global Offering. The H shares and ADSs were issued at prices of HK$ 1.28 per H share and US$ 16.44 per ADS respectively for which the net proceeds to the Company were approximately RMB 20 billion. The shares issued pursuant to the Global Offering rank equally with existing shares. 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. Table of Contents 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. On September 8, 2022(EST), the Company’s ADSs were delisted from the NYSE. |
Reserves
Reserves | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Reserves | 32 RESERVES 2022 2021 RMB RMB Capital Reserve Beginning balance 133,308 133,308 Ending balance 133,308 133,308 Statutory Common Reserve Fund (a) Beginning balance 211,970 203,557 Transfer from retained earnings 12,987 8,413 Ending balance 224,957 211,970 Special Reserve-Safety Fund Reserve Beginning balance 9,231 10,810 Safety fund reserve (741 ) (1,579 ) Ending balance 8,490 9,231 Currency Translation Differences (b) Beginning balance (35,532 ) (32,848 ) Currency translation differences 3,758 (2,684 ) Ending balance (31,774 ) (35,532 ) Other Reserves Beginning balance (10,417 ) (10,645 ) Transaction with non-controlling — (15 ) Fair value changes in equity investments measured at fair value through other comprehensive income (10 ) 79 Share of the other comprehensive income of associates and joint ventures accounted for using the equity method 654 (4 ) Cash flow hedges, net of deferred tax 11,273 — Other (3,760 ) 168 Ending balance (2,260 ) (10,417 ) 332,721 308,560 (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, 2022 | |
Text block [abstract] | |
Deferred Taxation | 33 DEFERRED TAXATION The movements in the deferred taxation account are as follows: 2022 2021 2020 RMB RMB RMB At beginning of the year (14,477 ) (5,016 ) 2,848 Transfer to profit and loss (Note 12) 14,033 (9,685 ) (7,666 ) (Debit)/credit (873 ) 224 (198 ) At end of the year (1,317 ) (14,477 ) (5,016 ) Deferred tax balances before offset are attributable to the following items: December 31, December 31, RMB RMB Deferred tax assets: Receivables and inventories 14,479 9,124 Tax losses 1,560 1,892 Impairment, depreciation and depletion of long-term 10,498 8,250 Others 8,672 7,897 Total deferred tax assets 35,209 27,163 Deferred tax liabilities: Accelerated tax depreciation 9,436 16,023 Others 27,090 25,617 Total deferred tax liabilities 36,526 41,640 Net deferred tax liabilities (1,317 ) (14,477 ) Deferred tax balances after offset are listed as follows: December 31, December 31, RMB RMB Deferred tax assets 19,699 12,161 Deferred tax liabilities 21,016 26,638 Table of Contents At December 31, 2022, certain subsidiaries of the Group did not recognize deferred tax asset of deductible tax losses carried forward of RMB 112,702 (2021: RMB 109,752), of which RMB 5,229 (2021: RMB 13,866) was incurred for the year ended December 31, 2022, because it was not probable that the related tax benefit will be realized. These deductible tax losses carried forward of RMB 274, RMB 629, RMB 3,833, RMB |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Asset Retirement Obligations | 34 ASSET RETIREMENT OBLIGATIONS 2022 2021 2020 RMB RMB RMB At beginning of the year 129,405 114,819 137,935 Net liabilities incurred, including reassessment (i) 11,954 16,057 (24,059 ) Liabilities settled (4,955 ) (5,969 ) (3,510 ) Accretion expense (Note 10) 5,681 4,696 5,107 Currency translation differences (4 ) (198 ) (654 ) At end of the year 142,081 129,405 114,819 (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 16). |
Pensions
Pensions | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Pensions | 35 PENSIONS The Group participates in various employee retirement benefit plans (Note 3(z)). Expenses incurred by the Group in connection with the retirement benefit plans for the year ended December 31, 2022 amounted to RMB 20,728 (2021: RMB 19,939, 2020: RMB 16,833). For the years ended December 31, 2022 , 2021 and 2020 , the Group had no forfeited in the defined contribution plans available for the Group used to reduce the existing contribution level. |
Contingent Liabilities
Contingent Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Contingent Liabilities | 36 CONTINGENT LIABILITIES (a) Bank and other guarantees At December 31, 2022 and 2021, 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, 2022, the amounts of asset retirement obligations which have already been reflected in the consolidated financial statements relating to environmental liability were RMB 142,081 (2021: RMB 129,405) (Note 3 4 (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, 2022 | |
Text block [abstract] | |
Commitments | 37 COMMITMENTS (a) Capital commitments At December 31, 2022, the Group’s capital commitments contracted but not provided for, mainly relating to property, plant and equipment were RMB 882 (2021: RMB 882). These capital commitments are transactions mainly with CNPC and its fellow subsidiaries. (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 482 for the year ended December 31, 2022 (2021: RMB 744, 2020: RMB 700). According to the current policy, estimated annual payments for the next five years are as follows: December 31, 2022 December 31, 2021 RMB RMB Within one year 500 500 Between one and two years 500 500 Between two and three years 500 500 Between three and four years 500 500 Between four and five years 500 500 |
Major Customers
Major Customers | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Major Customers | 38 MAJOR CUSTOMERS The Group’s major customers are as follows: 2022 2021 2020 Revenue Percentage revenue Revenue Percentage revenue Revenue Percentage revenue RMB % RMB % RMB % China Petrochemical Corporation and its fellow subsidiaries 121,312 4 136,500 5 98,636 5 CNPC and its fellow subsidiaries 81,112 2 69,058 3 63,623 3 202,424 6 205,558 8 162,259 8 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Related Party Transactions | 39 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 2022 was 80.54% (2021: 80.41%) Related parties include CNPC and its fellow subsidiaries, their associates and joint ventures, other state-owned enterprises and their subsidiaries which the PRC government has control, joint control or significant influence over, and enterprises which the Group is able to control, jointly control or exercise significant influence over, key management personnel of the Company and CNPC and their close family members. (a) Transactions with CNPC and its fellow subsidiaries, associates and joint ventures 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, 2011, based on the Land Use Rights Leasing Contract signed for a period of 50 years from 2000, the Company and CNPC entered into a supplemental agreement to the Land Use Rights Leasing Contract which took effect on January 1, 2012. The expiry date of the supplemental agreement is the same as the Land Use Rights Leasing Contract, which is in 2050. The Company and CNPC may adjust area and rental payable for the leased land parcels every three years taking into consideration of production and operations of the Company and the prevailing market price. On August 27, 2020, the Company and CNPC each issued a confirmation letter to the Land Use Rights Leasing Contract, which adjusted the rental payable and the area for the leased land parcels with effect from January 1, 2021. The Company agreed to rent from CNPC and its fellow subsidiaries parcels of land with an aggregate area of approximately 1,142 million square metres with annual rental payable (exclusive of tax and government charges) approximately RMB 5,673 based on the area of leased land parcels and the current market conditions. Apart from the annual rental payable and are for the leased parcels, the other terms in the Land Use Rights Leasing Contract and supplemental agreement remained. 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, which adjusted the annual rental payable and the area for the leased which took effect on January 1, 2021. Buildings covering an aggregate area of 1,287.5 thousand square meters were leased at annual rental payable approximately RMB 713 in accordance with the confirmed rental area and the current property market conditions. Apart from the annual rental payable and area of the leased building, the other terms in the Building Leasing Contract remains unchanged. 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 128,265 for the year ended December 31, 2022 (2021: RMB 115,587, 2020: RMB 105,535). • 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 34,872 for the year ended December 31, 2022 (2021: RMB 8,313, 2020: RMB 8,593). • 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 489,353 for the year ended December 31, 2022 (2021: RMB 416,561, 2020: RMB 321,858). • 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 1,196 for the year ended December 31, 2022 (2021: RMB 1,051, 2020: RMB 767). • Interest income represents interests from deposits placed with CNPC and its fellow subsidiaries. The total interest income amounted to RMB 705 for the year ended December 31, 2022 (2021: RMB 270, 2020: RMB 381). The balance of deposits at December 31, 2022 was RMB 47,656 (2021: RMB 36,489). • 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 4,435 for the year ended December 31, 2022 (2021: RMB 4,878, 2020: RMB 8,051). • The borrowings from CNPC and its fellow subsidiaries at December 31, 2022 were RMB 133,453 (2021: RMB 133,800). • Rents and other payments paid to CNPC and its fellow subsidiaries including (1) the rental expense paid by the Group according to Land Use Rights Leasing Contract and Buildings Leasing Contract; (2) the payable by the Group (including all rents, leasing service fees and prices for exercising purchase options) for the period according to the leasing agreements entered into by the Group and CNPC and its fellow subsidiaries. The total rents and other payments amounted to RMB 6,996 for the year ended December 31, 2022. (2021: RMB 6,797, 2020: RMB 8,294). 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, December 31, RMB RMB Accounts receivable 3,810 7,395 Prepayments and other current assets 20,566 24,925 Financial assets at fair value through other comprehensive income 1,000 1,850 Intangible and other non-current 16,758 15,696 Accounts payable and accrued liabilities 57,459 49,526 Contract liabilities 520 613 Lease liabilities 98,143 101,453 (b) Key management compensation Year End December 31, 2022 2021 2020 RMB’000 RMB’000 RMB’000 Emoluments and other benefits 16,515 15,143 16,598 Contribution to retirement benefit scheme 2,052 1,568 1,338 18,567 16,711 17,936 (c) Transactions with other state-controlled entities in the PRC Apart from the • 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, 2022 | |
Text block [abstract] | |
Segment Information | 40 SEGMENT INFORMATION The Group is principally engaged in a broad range of petroleum related products, services and activities. The Group’s operating segments comprise: Oil, Gas and New energy resources, Refining, Chemicals and New materials, Marketing, Natural Gas Sales and Head Office and Other. 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 price. Additionally, the Group presents geographical information based on entities located in regions with a similar risk profile. The Oil, Gas and New energy resources segment is engaged in the exploration, development, transportation, production, marketing of crude oil and natural gas and new energy resources business. The Refining, Chemicals and New materials segment is engaged in the refining of crude oil and petroleum products, production and marketing of primary petrochemical products, derivative petrochemical products, other chemical products and new materials business. The Marketing segment is engaged in the marketing of refined products and non-oil The Natural Gas Sales 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, Chemicals and New materials segment, and synchronize budget control and performance evaluation indicator accordingly. The accounting policies of the operating segments are the same as those described in Note 3 — “Summary of Principal Accounting Policies”. Table of Contents The segment information for the operating segments for the years ended December 31, 2022, 2021 and 2020 are as follows: Year Ended December 31, 2022 Oil, Gas and Refining, Marketing Natural Gas Head Office and Total RMB RMB RMB RMB RMB RMB Revenue 929,279 1,164,596 2,771,894 519,211 5,473 5,390,453 Less: Intersegment sales (777,846 ) (827,572 ) (520,502 ) (22,156 ) (3,210 ) (2,151,286 ) Revenue from external customers 151,433 337,024 2,251,392 497,055 2,263 3,239,167 Depreciation, depletion and amortisation (182,989 ) (27,265 ) (20,563 ) (5,329 ) (1,890 ) (238,036 ) Including: Impairment losses of property, plant and equipment (17,090 ) (3,394 ) (1,231 ) (680 ) — (22,395 ) Profit/(loss) from operations 165,748 40,570 14,374 12,957 (16,989 ) 216,660 Finance costs: Exchange gain 23,772 Exchange loss (25,590 ) Interest income 4,738 Interest expense (21,554 ) Total net finance costs (18,634 ) Share of profit / (loss) of associates and joint ventures 4,765 37 (195 ) 8,323 2,321 15,251 Profit before income tax expense 213,277 Income tax expense (49,295 ) Profit for the year 163,982 Segment assets 1,457,543 482,452 596,463 171,643 1,646,141 4,354,242 Other assets 31,806 Investments in associates and joint ventures 46,053 2,205 17,829 169,903 33,579 269,569 Elimination of intersegment balances (a) (1,982,132 ) Total assets 2,673,485 Capital expenditures 221,592 41,771 5,069 4,936 939 274,307 Segment liabilities 581,261 243,417 404,991 135,361 590,604 1,955,634 Other liabilities 74,530 Elimination of intersegment balances (a) (894,532 ) Total liabilities 1,135,632 Year Ended December 31, 2021 Oil, Gas and Refining, and New Marketing Natural Gas Head Office and 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 amortisation (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, 202 0 Oil, Gas Refining, and New 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 Geographical information Revenue Non-current (b) 2022 2021 2020 December 31, December 31, RMB RMB RMB RMB RMB China’s mainland 1,888,906 1,626,616 1,212,821 1,853,462 1,838,505 Other 1,350,261 987,733 721,015 178,343 165,117 3,239,167 2,614,349 1,933,836 2,031,805 2,003,622 (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, 2022 | |
Text block [abstract] | |
Approval of Financial Statements | 41 APPROVAL OF FINANCIAL STATEMENTS The financial statements were approved by the Board of Directors on April 28 |
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, 2022 | |
Extractive Industries [Abstract] | |
Supplementary Information on Oil and Gas Exploration and Production Activities (Unaudited) - Proved Oil and Gas Reserve Estimates | In accordance with the Accounting Standards Update 2010-03 The supplemental information presented below covers the Group’s proved oil and gas reserves estimates, historical cost information pertaining to capitalized costs, costs incurred for property acquisitions, exploration and development activities, result of operations for oil and gas producing activities, standardized measure of estimated discounted future net cash flows and changes in estimated discounted future net cash flows. The “Other” geographic area includes oil and gas producing activities principally in countries such as Kazakhstan, Peru and Canada. 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, 2022, 2021 and 2020 were based on reports prepared by DeGolyer and MacNaughton, 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 cubic (million barrels of Proved developed and undeveloped reserves The Group 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 Changes resulting from: Purchase 2 — 2 Revisions of previous estimates 511 (3,156 ) (14 ) Improved recovery 125 131 146 Extensions and discoveries 622 6,237 1,662 Sales — — — Production (906 ) (4,675 ) (1,685 ) Reserves at December 31, 2022 6,418 73,453 18,661 Proved developed reserves at: December 31, 2020 4,654 42,077 11,667 December 31, 2021 5,375 42,576 12,471 December 31, 2022 5,574 41,508 12,492 Proved undeveloped reserves at: December 31, 2020 552 34,360 6,279 December 31, 2021 689 32,340 6,079 December 31, 2022 844 31,945 6,169 Equity method investments Share of proved developed and undeveloped reserves of associates and joint ventures December 31, 2020 196 363 256 December 31, 2021 208 511 294 December 31, 2022 176 537 265 At December 31, 2022, total proved developed and undeveloped reserves of the Group and equity method investments is 18,926 million barrels of oil equivalent (2021: 18,844 million barrels of oil equivalent, 2020: 18,202 million barrels of oil equivalent ), comprising 6,594 million barrels of crude oil and condensate (2021: 6,272 million barrels, 2020: 5,402 million barrels) and 73,990 billion cubic feet of natural gas (2021: 75,427 billion cubic feet At December 31, 2022, 5,696 million barrels (2021: 5,286 million barrels, 2020: 4,375 million barrels) of crude oil and condensate and 72,165 billion cubic feet (2021: 73,460 billion cubic feet, 2020: 74,794 billion cubic feet) of natural gas proved developed and undeveloped reserves of the Group are located within China’s mainland |
Supplementary Information on _2
Supplementary Information on Oil and Gas Exploration and Production Activities (Unaudited) - Capitalized Costs | 12 Months Ended |
Dec. 31, 2022 | |
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 2,156,134 1,969,409 Support facilities 500,489 483,216 Construction-in-progress 122,564 119,583 Total capitalized costs 2,779,187 2,572,208 Accumulated depreciation, depletion and amortization (1,820,994 ) (1,635,837 ) Net capitalized costs 958,193 936,371 Equity method investments Share of net capitalized costs of associates and joint ventures 20,728 19,056 |
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, 2022 | |
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 2022 China’s Other Total RMB RMB RMB The Group Property acquisition costs 216 2,100 2,316 Exploration costs 38,662 551 39,213 Development costs 152,935 17,057 169,992 Total 191,813 19,708 211,521 Equity method investments Share of costs of property acquisition, exploration and development of associates and joint ventures — 2,324 2,324 2021 China’s 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 China’s 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 |
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, 2022 | |
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, 2022, 2021 and 2020 are presented below. “Revenue” includes sales to third parties and inter-segment sales (at arm’s-length 2022 China’s mainland Other Total RMB RMB RMB The Group Revenue Sales to third parties 108,179 56,388 164,568 Inter-segment sales 527,206 40,485 567,691 635,385 96,873 732,259 Production costs excluding taxes (136,890 ) (15,920 ) (152,810 ) Exploration expenses (26,523 ) (551 ) (27,074 ) Depreciation, depletion and amortization (195,316 ) (25,906 ) (221,222 ) Taxes other than income taxes (76,633 ) (10,093 ) (86,727 ) Accretion expense (5,446 ) (235 ) (5,681 ) Income taxes (38,941 ) (23,061 ) (62,002 ) Results of operations from producing activities 155,636 21,107 176,743 Equity method investments Share of profit for producing activities of associates and joint ventures — 3,462 3,462 Total of the Group and equity method investments results of operations for producing activities 155,636 24,569 180,205 2021 China’s mainland 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 China’s mainland 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 |
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, 2022 | |
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, 2022, 2021 and 2020 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, 2022, 2021 and 2020 is as follows: RMB The Group At December 31, 2022 Future cash inflows 6,719,784 Future production costs (2,421,683 ) Future development costs (557,902 ) Future income tax expense (711,177 ) Future net cash flows 3,029,022 Discount at 10% for estimated timing of cash flows (1,271,392 ) Standardized measure of discounted future net cash flows 1,757,630 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 At December 31, 2022, RMB1,652,887 (2021: RMB 1,336,419, 2020: RMB 1,028,640) of standardized measure of discounted future net cash flows related to proved oil and gas reserves located within China’s mainland and RMB 104,743 (2021: RMB 64,686, 2020: RMB 33,641) 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, 2022 47,342 December 31, 2021 14,788 December 31, 2020 8,573 |
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, 2022 | |
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, 2022, 2021 and 2020 are as follows: Year Ended December 31, 2022 2021 2020 RMB RMB RMB The Group Beginning of the year 1,401,105 1,062,281 1,325,069 Sales and transfers of oil and gas produced, net of production costs (467,040 ) (344,643 ) (215,390 ) Net changes in prices and production costs and other 551,666 407,882 (358,008 ) Extensions, discoveries and improved recovery 241,644 150,979 112,834 Development costs incurred 6,876 23,675 39,238 Revisions of previous quantity estimates (1,871 ) 88,332 (138,772 ) Accretion of discount 130,881 86,172 146,137 Net change in income taxes (105,898 ) (73,272 ) 156,122 Net change due to purchases and sales of minerals in place 267 (301 ) (4,949 ) End of the year 1,757,630 1,401,105 1,062,281 |
Summary of Principal Accounti_2
Summary of Principal Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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 19. |
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 ve n A listing of the Group’s principal associates is shown in Note 17. |
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 17. |
Investments in joint operations | (d) Investments in joint operations A joint operation is a joint arrangement whereby the Group and other joint operators that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. The Group recognises items related to its interest in a joint operation as follows: • its assets, including its share of any assets held jointly; • its liabilities, including its share of liabilities incurred jointly; • its revenue from the sale of its share of the output arising from the joint operation; • its share of the revenue from the sale of the output by the joint operation; and • its expenses, including its share of any expenses incurred jointly. |
Transactions with non-controlling interests | (e) 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 | (f) 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 40), and the functional currency of the Company and most of the consolidated subsidiaries is the Renminbi (“RMB”). The consolidated financial statements are presented in the presentation currency of RMB. Foreign currency transactions of the Group are accounted for at the exchange rates prevailing at the respective dates of the transactions; monetary assets and liabilities denominated in foreign currencies are translated at exchange rates at the date of the statement of financial position; gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities are recognized in profit or loss. For the Group entities that have a functional currency different from the Group’s presentation currency, assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of the statement of financial position. Income and expenses for each statement of comprehensive income presented are translated at the average exchange rates for each period and the resulting exchange differences are recognized in other comprehensive income. |
Property, plant and equipment | (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 to 40 years 5 2.4 to 11.9 Equipment and Machinery 4 to 30 years 3 to 5 3.2 to 24.3 Motor Vehicles 4 to 14 years 5 6.8 to 23.8 Other 5 to 12 years 5 7.9 to 19.0 No depreciation is provided on construction in progress until the assets are completed and ready for use. The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. Property, plant and equipment, including oil and gas properties (Note 3(h)), are reviewed for possible impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the carrying amount of a cash-generating unit exceeds the higher of its fair value less costs to sell and its value in use. Value in use is the estimated net present value of future cash flows to be derived from the cash-generating unit. 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 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. |
Financial instruments | (j) Financial instruments (a) Recognition and initial measurement Accounts receivable and debt securities issued are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a accounts receivable without a significant financing component) or financial liability is initially measured at fair value plus or minus, 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: amortised cost; Fair value through other comprehensive income (“FVOCI”) — debt investment; FVOCI — equity investment; or FVTPL. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortised 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 amortised 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 recognised in profit or loss. Financial assets at amortised cost These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised 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 recognised in profit or loss. Other net gains and losses are recognised 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 recognised 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 recognised in OCI and are never reclassified to profit or loss. (c) Derecognition Financial assets The Group derecognises 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 recognised 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 derecognised. Financial liabilities The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group also derecognises 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 recognised 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 realise the asset and settle the liability simultaneously. (e) Derivative financial instruments and hedge accounting Derivative financial instruments are recognised initially at fair value. At each date of the statement of financial position, the fair value is remeasured. The gain or loss on remeasurement to fair value is recognised immediately in profit or loss, except where the derivatives qualify for hedge accounting. Hedge accounting is a method which recognises the offsetting effects on profit or loss (or other comprehensive income) of changes in the fair values of the hedging instrument and the hedged item in the same accounting period, to represent the effect of risk management activities. Hedged items are the items that expose the Group to risks of changes in future fair value or future cash flows and that are designated as being hedged and that must be reliably measurable. The Group’s hedged items include a forecast transaction that is settled with an undetermined future market price and exposes the Group to risk of variability in cash flows, etc. A hedging instrument is a designated derivative whose changes in fair value or cash flows are expected to offset changes in fair value or cash flows of the hedged item. The hedging relationship meets all of the following hedge effectiveness requirements: (i) There is an economic relationship between the hedged item and the hedging instrument, which shares a risk and that gives rise to opposite changes in fair value that tend to offset each other. (ii) The effect of credit risk does not dominate the value changes that result from that economic relationship. (iii) The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the entity actually hedges and the quantity of the hedging instrument that the entity actually uses to hedge that quantity of hedged item. However, that designation does not reflect an imbalance between the weightings of the hedged item and the hedging instrument. Cash flow hedges Cash flow hedge is a hedge of the exposure to variability in cash flows that is attributable to a particular risk associated with all, or a component of, a recognised asset or liability or a highly probable forecast transaction, and could affect profit or loss. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. As long as a cash flow hedge meets the qualifying criteria for hedge accounting, the separate component of equity associated with the hedged item (cash flow hedge reserve) is adjusted to the lower of the following (in absolute amounts): (i) The cumulative gain or loss on the hedging instrument from inception of the hedge; and (ii) The cumulative change in fair value (present value) of the hedged item (i.e. the present value of the cumulative change in the hedged expected future cash flows) from inception of the hedge. The gain or loss on the hedging instrument that is determined to be an effective hedge is recognised in other comprehensive income. The portion of the gain or loss on the hedging instrument that is determined to be an ineffective hedge is recognised in profit or loss. The amount that has been accumulated in the cash flow hedge reserve shall be accounted for as follows: (i) If a hedged forecast transaction subsequently results in the recognition of a non-financial non-financial non-financial non-financial (ii) For cash flow hedges, other than those covered by the preceding policy statements, that amount is reclassified from the cash flow hedge reserve to profit or loss as a reclassification adjustment in the same period or periods during which the hedged expected future cash flows affect profit or loss. (iii) If the amount that has been accumulated in the cash flow hedge reserve is a loss and the Group expects that all or a portion of that loss will not be recovered in one or more future periods, the Group immediately reclassifies the amount that is not expected to be recovered into profit or loss. An entity shall discontinue hedge accounting prospectively only when the hedging relationship (or a part of a hedging relationship) ceases to meet the qualifying criteria such as situations as follows: (i) When the hedging relationship no longer meets the risk management objective on the basis of which it qualified for hedge accounting (i.e. the entity no longer pursues that risk management objective); (ii) When a hedging instrument expires or is sold, terminated, exercised; (iii) There is no longer an economic relationship between the hedged item and the hedging instrument or the effect of credit risk starts to dominate the value changes that result from that economic relationship (iv) When the hedging relationship no longer meets other criteria for hedge accounting. When an entity discontinues hedge accounting for a cash flow hedge, it shall account for the amount that has been accumulated in the cash flow hedge reserve as follows: (i) If the hedged future cash flows are still expected to occur, that amount shall remain in the cash flow hedge reserve and is accounted for as cash flow hedges. (ii) If the hedged future cash flows are no longer expected to occur, that amount shall be immediately reclassified from the cash flow hedge reserve to profit or loss as a reclassification adjustment. A hedged future cash flow that is no longer highly probable to occur may still be expected to occur. |
Impairment for financial assets | (k) 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 | (l) 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 | (m) 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 | (n) 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(m)), 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 | (o) 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(k) and are reclassified to receivables when the right to the consideration has become unconditional (Note 3(p)). 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(p)). When the contract includes a significant financing component, the contract balance includes interest accrued under the effective interest method (Note 3(u)). |
Accounts receivable | (p) 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(o)). Receivables are stated at amortized cost using the effective interest method less allowance for credit losses (Note 3(k)). |
Cash and cash equivalents | (q) 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 | (r) 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 | (s) 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 | (t) 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 | (u) 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 | (v) 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 | (w) 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 | (x) Provisions Provisions are recognized when the Group has present legal or constructive obligations as a result of past events, it is probable that an outflow of resources will be required to settle the obligations, and reliable estimates of the amounts can be made. Provision for future decommissioning and restoration is recognized in full on the installation of oil and gas properties. The amount recognized is the present value of the estimated future expenditure determined in accordance with local conditions and requirements. A corresponding addition to the related oil and gas properties of an amount equivalent to the provision is also created. This is subsequently depreciated as part of the costs of the oil and gas properties. Any change in the present value of the estimated expenditure other than due to passage of time which is regarded as interest expense, is reflected as an adjustment to the provision and oil and gas properties. Due to technological progress, legal requirements or changes in the market environment, changes in the provisions caused by changes in the amount of expenditure, estimated time of retirement obligations, discount rate, etc., may occur in fulfilling the retirement obligation. For an increase in provisions, the cost of oil and gas properties will be increased accordingly; for a decrease in provisions, the cost of oil and gas properties will be deducted within the limit of the carrying amount of assets related to decommissioning expenses. If a decrease in the provision exceeds the carrying amount of the oil and gas properties recognized corresponding to the provision, the excess shall be recognized immediately in profit or loss. Provision for onerous contracts is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Group recognizes any impairment loss on the assets associated with that contract. |
Research and development | (y) 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 | (z) 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 | (aa) Related parties (a) A person, or a close member of that person’s family, is related to the Group if that person: (i) has control or joint control over the Group; (ii) has significant influence over the Group; or (iii) is a member of the key management personnel of the Group or the Group’s parent. (b) An entity is related to the Group if any of the following conditions applies: (i) The entity and the Group are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others). (ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member). (iii) Both entities are joint ventures of the same third party. (iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity. (v) The entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group. (vi) The entity is controlled or jointly controlled by a person identified in (a). (vii) A person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity). (viii)The entity, or any member of a group of which it is a part, provides key management personnel services to the Group or to the Group’s parent. Close members of the family of a person are those family members who may be expected to influence, or be influenced by, that person in their dealings with the entity. |
Summary of Principal Accounti_3
Summary of Principal Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 to 40 years 5 2.4 to 11.9 Equipment and Machinery 4 to 30 years 3 to 5 3.2 to 24.3 Motor Vehicles 4 to 14 years 5 6.8 to 23.8 Other 5 to 12 years 5 7.9 to 19.0 |
Financial Risk and Capital Ma_2
Financial Risk and Capital Management (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Disclosure Financial Assets And Financial Liabilities Continuing To Be Measured At Fair Value | As of December 31, 2022, 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 Financial assets Financial assets at fair value through profit or loss: — Financial assets at fair value through profit or loss 3,876 — — 3,876 Derivative financial instruments: — Derivative financial assets 14,508 6,625 — 21,133 Financial assets at fair value through other comprehensive income: — Bills receivable — — 4,376 4,376 — Other Investments 623 — 320 943 19,007 6,625 4,696 30,328 Financial liabilities Financial liabilities at fair value through profit or loss — Financial liabilities at fair value through profit or loss 1,698 — — 1,698 Derivative financial instruments: — Derivative financial liabilities 983 10,163 — 11,146 2,681 10,163 — 12,844 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 Financial assets Derivative financial instruments: — 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 Financial liabilities Derivative financial instruments: — Derivative financial liabilities 726 3,155 — 3,881 726 3,155 — 3,881 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Schedule of Revenue Information | 2022 Type of contract Oil, Gas and Refining, Marketing Natural Gas Head Office and Total Type of goods and services Crude oil 667,205 — 813,328 — — 1,480,533 Natural gas 151,241 — 553,551 482,590 — 1,187,382 Refined products — 938,829 880,682 — — 1,819,511 Chemical products — 219,089 60,872 — — 279,961 Pipeline transportation business — — — 829 — 829 Non-oil — — 30,590 — — 30,590 Others 110,550 6,515 432,103 35,730 5,452 590,350 Intersegment elimination (777,846 ) (827,572 ) (520,502 ) (22,156 ) (3,210 ) (2,151,286 ) Revenue from contracts with customers 151,150 336,861 2,250,624 496,993 2,242 3,237,870 Other revenue 283 163 768 62 21 1,297 Total 151,433 337,024 2,251,392 497,055 2,263 3,239,167 Geographical Region China’s mainland 86,645 336,861 964,872 496,993 2,242 1,887,613 Others 64,505 — 1,285,752 — — 1,350,257 Revenue from contracts with customers 151,150 336,861 2,250,624 496,993 2,242 3,237,870 Other revenue 283 163 768 62 21 1,297 Total 151,433 337,024 2,251,392 497,055 2,263 3,239,167 2021 Type of contract Oil, Gas and 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 China’s mainland 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 Oil, Gas and 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 China’s mainland 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 |
Profit Before Income Tax Expe_2
Profit Before Income Tax Expense (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Profit Before Income Tax Expense | 2022 2021 2020 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 15 17 25 Reversal of provision for impairment of receivables 160 360 95 Reversal of write down in inventories 42 76 186 (Loss)/Gain on disposal of investment in subsidiaries (i) (185 ) 3,575 1,242 Gain on Pipeline restructuring (i) — 18,320 46,946 Gain from ineffective portion of cash flow hedges (i) 2,217 — — Charged Amortization of intangible and other assets 5,574 5,774 5,944 Depreciation and impairment losses: Owned property, plant and equipment 217,731 211,107 194,015 Right-of-use 14,731 14,388 13,916 Auditors’ remuneration (ii) 47 47 49 Cost of inventories recognized as expense 2,500,861 2,047,256 1,527,271 Provision for impairment of receivables 1,784 775 438 Loss on disposal and scrap of property, plant and equipment (i) 20,726 18,959 5,398 Variable lease payments, low-value 2,083 2,645 3,362 Research and development expenses 20,016 16,729 15,746 Write down in inventories 8,609 656 8,337 Investment loss from disposal of derivative financial instruments (i) 28,931 — — Impairment of other non-current (i) 4,653 465 — (i) Other income, net primarily includes (loss)/gain on disposal of investment in subsidiaries, gain on Pipeline restructuring, financial instruments, impairment of other non-current assets. (ii) The auditors’ remuneration above represents the annual audit fees paid by the Company. This remuneration does not include fees of RMB 39 (2021: RMB 41, 2020: RMB 62) 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, 2022 | |
Text block [abstract] | |
Disclosure Of Detailed Information About Employee Compensation Costs | 2022 2021 2020 RMB RMB RMB Wages, salaries and allowances 107,808 100,971 98,832 Social security costs 55,265 53,864 48,772 163,073 154,835 147,604 |
Taxes Other Than Income Taxes (
Taxes Other Than Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Taxes Other Than Income Taxes | 2022 2021 2020 RMB RMB RMB Consumption tax 159,132 161,623 145,525 Resource tax 32,991 23,723 18,468 City maintenance and construction tax 17,003 16,078 13,647 Educational surcharge 12,436 11,660 9,882 Crude oil special gain levy 43,768 4,655 178 Urban and township land use tax 3,702 3,572 3,588 Other s 9,023 6,692 4,562 278,055 228,003 195,850 |
Interest Expense (Tables)
Interest Expense (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Interest Expense | 2022 2021 2020 RMB RMB RMB Interest on Bank loans 4,160 2,540 1,677 Other loans 7,583 8,092 14,342 Lease liabilities 5,447 5,419 6,297 Accretion expense (Note 34) 5,681 4,696 5,107 22,871 20,747 27,423 Less: Amounts capitalized (1,317 ) (1,008 ) (895 ) 21,554 19,739 26,528 |
Emoluments of Directors and S_2
Emoluments of Directors and Supervisors (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Details of the Emoluments of Directors and Supervisors | 2022 2021 2020 Name Fee for Salaries, Contribution to 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) — — — — — — Mr. Li Fanrong (i) — — — — — — Executive directors: Mr. Jiao Fangzheng (iv) — 638 123 761 — — Mr. Huang Yongzhang (iii) — 931 183 1,114 629 — Mr. Ren Lixin (ii) — 1,044 182 1,226 195 — — 2,613 488 3,101 824 — Non-executive Mr. Duan Liangwei (iii) — — — — 237 735 Mr.Xie Jun (v) — — — — — — Mr. Liu Yuezhen (iv) — — — — — — Mr. Lin Boqiang (x) — — — — — 388 Mr. Zhang Biyi (x) — — — — — 398 Ms. Elsie Leung Oi-sie 529 — — 529 556 331 Mr. Tokuchi Tatsuhito 539 — — 539 527 331 Mr. Simon Peter (vi) 510 — — 510 499 320 Mr. Cai Jinyong (x) 593 — — 593 575 — Mr. Jiang Xiaoming (x) 603 — — 603 575 — 2,774 — — 2,774 2,969 2,503 Supervisors: Mr. Cai Anhui (v) — — — — — — Mr. Lv Bo (v) — — — — — — Mr. Xu Wenrong (v) — — — — — Mr. Xie Haibing (v) — — — — — — Ms. Zhao Ying (v) — — — — — — Mr. Cai Yong (v) — — — — — — Mr. Lan Jianbin (vii) — 642 89 731 — — Mr. He Jiangchuan (vii) — 846 84 930 — — Mr. Jin Yanjiang (vii) — 694 53 747 — — Mr. Fu Bin (viii) — 445 61 506 — — Mr. Zhang Fengshan (v) — — — — — — Mr. Jiang Lifu (v) — — — — — — Mr. Lu Yaozhong (v) — — — — — — 2022 2021 2020 Name Fee for Salaries, Contribution to Total Total Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Mr. Wang Liang (viii) — — — — — — Mr. Fu Suotang (vii) — 115 28 143 1,433 1,367 Mr. Li Jiamin (vii) — 192 59 251 1,255 1,006 Mr. Li Wendong (ix) — — — — 137 1,193 Mr. Liu Xianhua (vii) — 184 46 230 945 1,011 — 3,118 420 3,538 3,770 4,577 2,774 5,731 908 9,413 7,563 7,080 (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. Mr. Li Fanrong ceased being the vice chairman and the director from May 10, 2021. (ii) Mr. Hou Qijun and Mr. Ren Lixin were s (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. Jiao Fangzheng was transferred from a non-executive (v) Mr. Xie Jun was elected as director of the Company from June 9, 2022; Mr. Lv Bo ceased being the chairman and supervisor of the Supervisory Committee of the Company, and Mr. Zhang Fengshan, Mr. Jiang Lifu and Mr. Lu Yaozhong ceased being the supervisors of the Company; (vi) Mr. Simon Peter non-executive (vii) Mr. Fu Suotang, Mr. Li Jiamin and Mr. Liu Xianhua ceased being the supervisors of the Company from May 19, 2022; Mr. Lan Jianbin, Mr. He Jiangchuan and Mr. Jin Yanjiang were elected as supervisors of the Company. (viii) Mr. Wang Liang ceased being a supervisor of the Company from September 29,2022; Mr. Fu Bin was elected as a supervisor of the Company. (ix) On May 28, 2021, Mr. Li Wendong resigned as the employee representative supervisor of the Company. (x) Mr. Cai Jinyong and Mr. Jiang Xiaoming were elected as independent non-executive non-executive (xi) The emoluments above are all pre-tax paid by calender year . (xii) The above emoluments for 2022 do not include the tenure incentive some |
Income Tax Expense (Tables)
Income Tax Expense (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Income Tax Expense | 2022 2021 2020 RMB RMB RMB Current taxes 63,328 33,822 14,922 Deferred taxes (Note 33) (14,033 ) 9,685 7,666 49,295 43,507 22,588 |
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: 2022 2021 2020 RMB RMB RMB Profit before income tax expense 213,277 158,203 56,073 Tax calculated at a tax rate of 25% 53,319 39,551 14,018 Tax return true-up (910 ) (256 ) 256 Effect of income taxes from international operations different from taxes at the PRC statutory tax rate 7,857 2,692 1,522 Effect of preferential tax rate (14,197 ) (8,603 ) (1,312 ) Tax effect of income not subject to tax (7,347 ) (10,305 ) (3,612 ) Tax effect of expenses not deductible for tax purposes 9,241 15,789 5,455 Tax effect of temporary differences and losses not recognized 1,332 4,639 6,261 Income tax expense 49,295 43,507 22,588 |
Dividends (Tables)
Dividends (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Dividends | 2022 2021 2020 RMB RMB RMB Interim dividends attributable to owners of the Company for 2022 (a) 37,076 — — Proposed final dividends attributable to owners of the Company for 2022 (b) 40,265 — — Interim dividends attributable to owners of the Company for 2021 (c) — 23,866 — Final — 17,610 — Interim dividends attributable to owners of the Company for 2020 (e) — — 16,000 Final dividends attributable to owners of the Company for 2020 (f) — — 16,000 77,341 41,476 32,000 (a) Interim dividends attributable to owners of the Company in respect of 2022 of RMB 0.20258 yuan (inclusive of applicable tax) per share, amounting to a total of RMB 37,076. The dividends were paid on September 20, 2022 (A shares) and October 28, 2022 (H shares). (b) At the 20th meeting of the 8th Board, the Board of Directors proposed final dividends attributable to owners of the Company in respect of 2022 of RMB 0.22 to a total of RMB 40,265. These consolidated financial statements do not reflect this dividend payable as the final dividends were proposed after the reporting period and will be accounted for in equity as an appropriation of retained earnings during the year ended December 31, 2023 when approved at the forthcoming 2022 Annual General Meeting. (c) Interim dividends attributable to owners of the Company in respect of 2021 of RMB 0.13040 yuan (inclusive of applicable tax) per share, amounting to a total of RMB 23,866. The dividends were paid on September 17, 2021 (A shares) and October 29, 2021 (H shares). (d) Final dividends attributable to owners of the Company in respect of 2021 of RMB 0.09622 yuan (inclusive of applicable tax) per share, amounting to a total of RMB 17,610. The dividends approved at the 2021 Annual General Meeting held on June 9, 2022, and were paid on June 28, 2022 (A shares) and July 29, 2022 (H shares). (e) Interim dividends attributable to owners of the Company in respect of 2020 of RMB 0.08742 yuan (inclusive of applicable tax) per share , (f) 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). |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Property, Plant and Equipment | Year Ended December 31, 2022 Buildings Oil and Gas Equipment and Machinery Motor Other s Construction in Progress Total RMB RMB RMB RMB RMB RMB RMB Cost At beginning of the year 258,858 2,452,625 778,003 21,903 47,275 232,282 3,790,946 Additions 327 78,917 3,877 125 462 258,562 342,270 Transfers 17,536 171,634 78,205 427 2,106 (269,908 ) — Disposals or write offs (2,388 ) (70,106 ) (12,059 ) (1,470 ) (1,250 ) (17,468 ) (104,741 ) Currency translation differences 671 20,534 1,110 19 539 1,387 24,260 At end of the year 275,004 2,653,604 849,136 21,004 49,132 204,855 4,052,735 Accumulated depreciation and impairment At beginning of the year (120,417 ) (1,635,837 ) (516,649 ) (16,991 ) (33,145 ) (8,611 ) (2,331,650 ) Charge for the year and others (10,678 ) (206,472 ) (32,650 ) (859 ) (2,011 ) — (252,670 ) Impairment charge (957 ) (14,750 ) (3,510 ) (20 ) (1,328 ) (1,830 ) (22,395 ) Disposals or write offs or transfers 31 52,701 6,450 1,355 1,180 2,366 64,083 Currency translation differences (187 ) (16,636 ) (475 ) (19 ) (369 ) 96 (17,590 ) At end of the year (132,208 ) (1,820,994 ) (546,834 ) (16,534 ) (35,673 ) (7,979 ) (2,560,222 ) Net book value At end of the year 142,796 832,610 302,302 4,470 13,459 196,876 1,492,513 Year Ended December 31, 2021 Buildings Oil and Gas Equipment and Machinery Motor Other s 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 |
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, 2022, 2021 and 2020. 2022 2021 2020 RMB RMB RMB At beginning of the year 29,387 38,807 36,101 Additions to capitalized exploratory well costs pending the determination of proved reserves 29,199 30,338 30,104 Reclassified to wells, facilities, and equipment based on the determination of proved reserves (19,623 ) (27,201 ) (18,464 ) Capitalized exploratory well costs charged to expense (14,118 ) (12,557 ) (8,934 ) At end of the year 24,845 29,387 38,807 |
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 16,780 19,354 Over one year 8,065 10,033 Balance at December 31 24,845 29,387 |
Interests in Other Entities (Ta
Interests in Other Entities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 Capital 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 — Name Country of Incorporation Registered Capital Principal Activities Interest Held Direct % Indirect % China Petroleum Finance Co., Ltd. (“CP Finance”) PRC 16,395 Deposits, loans, settlement, lending, bills acceptance discounting, guarantee and other banking business 32.00 — CNPC Captive Insurance Co., Ltd. PRC 6,000 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 131 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 Consolidated Statement Of 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 consolidated statement of financial information in respect of the Group’s principal associates and reconciliation to carrying amount is as follows: PipeChina CP Finance CNPC Captive 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 104,889 86,335 401,971 415,139 8,859 9,100 Non-current 816,301 768,161 126,363 116,765 2,349 2,618 Current liabilities 132,266 136,150 442,283 446,369 470 859 Non-current 199,675 103,243 3,823 8,396 3,504 3,900 Net assets 589,249 615,103 82,228 77,139 7,234 6,959 Net assets attributable to owners of the Company 525,235 526,241 82,228 77,139 7,234 6,959 Group’s share of net assets 157,045 157,346 26,313 24,684 3,545 3,410 Goodwill — — 349 349 — — Carrying amount of interest in associates 157,045 157,346 26,662 25,033 3,545 3,410 Summarized statement of comprehensive income and dividends received by the Group are as follow: PipeChina CP Finance CNPC Captive Insurance Co., Ltd. 2022 2021 From Oct 01, 2022 2021 2020 2022 2021 2020 RMB RMB RMB RMB RMB RMB RMB RMB RMB Revenue 112,832 101,572 22,766 13,302 12,691 7,954 931 1,510 735 Profit for the year 31,908 29,776 6,444 6,312 6,304 7,819 449 424 389 Other comprehensive income/(loss) — 2 — 1,174 (606 ) (1,603 ) — — — Total comprehensive income 31,908 29,778 6,444 7,486 5,698 6,216 449 424 389 Total comprehensive income attributable to owners of the Company 26,212 22,895 5,124 7,486 5,698 6,216 449 424 389 Group’s share of total comprehensive income 7,837 6,846 1,532 2,396 1,823 1,989 220 207 191 Dividends received by the Group 4,312 943 — 767 904 677 85 78 74 |
Summarized Consolidated 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 consolidated 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 1,803 1,571 10,392 9,927 48,715 44,011 Current assets 10,551 11,305 1,196 2,220 644 1,437 Including: cash and cash equivalents 1,661 2,292 431 1,631 634 1,411 Non-current 196 540 2,333 2,033 2,105 2,147 Including: Non-current — — 14 — 2,100 2,101 Current liabilities 9,778 9,997 823 872 74 483 Including: Current financial liabilities excluding trade and other payables 6,143 5,810 — — — — Net assets 2,380 2,339 8,432 9,242 47,180 42,818 Net assets attributable to owners of the Company 2,070 1,952 8,432 9,242 47,180 42,818 Group’s share of net assets 1,035 976 4,216 4,621 23,590 21,409 Carrying amount of interest in joint ventures 978 976 4,216 4,621 23,590 21,409 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 2022 2021 2020 2022 2021 2020 2022 2021 2020 RMB RMB RMB RMB RMB RMB RMB RMB RMB Revenue 80,086 58,210 36,695 13,279 11,543 8,152 16 17 18 Depreciation, depletion and amortization (180 ) (190 ) (195 ) (950 ) (1,002 ) (1,048 ) (11 ) (57 ) (38 ) Interest income 48 11 16 16 3 4 36 31 42 Interest expense (219 ) (72 ) (60 ) (137 ) (141 ) (160 ) (47 ) (56 ) (58 ) Income tax expense (72 ) (56 ) (57 ) (558 ) (846 ) (293 ) (27 ) — 1 Profit/(loss) for the year 126 (610 ) 185 1,486 2,114 362 4,112 4,067 3,060 Total comprehensive income / (loss) 163 (691 ) 140 1,878 1,874 (650 ) 5,031 3,508 (3,007 ) Total comprehensive income/(loss) attributable to owners of the Company 118 (687 ) 92 1,878 1,874 (650 ) 5,031 3,508 (3,007 ) Group’s share of total comprehensive income/ (loss) 59 (344 ) 46 939 937 (325 ) 2,516 1,754 (1,504 ) Dividends received by the Group — 29 — 1,344 233 539 335 410 — |
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 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 Company Name Country of Incorporation Registered Capital Type of Attributable Equity Voting Principal Activities 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 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 Development PetroChina Sichuan Petrochemical 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 20,186 15,596 4,391 3,973 Non-current 190,630 184,486 22,131 25,317 Current liabilities 15,463 11,282 1,700 3,876 Non-current 20,904 30,293 313 382 Net assets 174,449 158,507 24,509 25,032 Summarized statement of comprehensive income is as follows: CNPC Exploration and Development PetroChina Sichuan Petrochemical 2022 2021 2020 2022 2021 2020 RMB RMB RMB RMB RMB RMB Revenue 55,499 42,730 33,312 58,131 48,493 35,319 Net profit 12,390 8,413 6,006 33 3,383 520 Total comprehensive income/(loss) 23,813 5,231 (6,972 ) 33 3,383 520 Profit attributable to non-controlling 6,956 4,837 3,311 3 338 52 Dividends paid to non-controlling 4,383 1,485 1,498 62 307 12 Summarized statement of cash flows is as follows: CNPC Exploration and Development PetroChina Sichuan Petrochemical 2022 2021 2020 2022 2021 2020 RMB RMB RMB RMB RMB RMB Net cash inflow/(outflow) from operating activities 16,850 13,320 5,681 (771 ) 2,666 5,119 Net cash inflow/(outflow) from investing activities 3,013 (5,191 ) (16,187 ) 1,466 (231 ) (380 ) Net cash (outflow)/inflow from financing activities (16,628 ) (8,531 ) 7,410 (695 ) (3,995 ) (3,186 ) Effect of foreign exchange rate changes on cash and cash equivalents 33 (15 ) (776 ) — — — Net increase/(decrease) in cash and cash equivalents 3,268 (417 ) (3,872 ) — (1,560 ) 1,553 Cash and cash equivalents at the beginning of the year 8,785 9,202 13,074 1 1,561 8 Cash and cash equivalents at the end of the year 12,053 8,785 9,202 1 1 1,561 |
Equity Investment Measured at F
Equity Investment Measured at Fair Value Through Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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Schedule of Equity Investments Designates as Financial Asset at Fair Value Through Other Comprehensive Income | December 31, 2022 December 31, 2021 RMB RMB Houpu Clean Energy Group Co., Ltd. 251 534 China Pacific Insurance (Group) Co., Ltd. 120 133 Other items 572 501 943 1,168 |
Leases (Table)
Leases (Table) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of quantitative information about leases for lessee [abstract] | |
Summary of Right-of-use assets | (a) Right-of-use December 31, Additions Reduction December 31, Cost Land 180,600 4,659 (1,456 ) 183,803 Buildings 56,890 5,451 (3,708 ) 58,633 Equipment and Machinery 4,474 2,613 (492 ) 6,595 Other s 1,818 97 (724 ) 1,191 Total 243,782 12,820 (6,380 ) 250,222 Accumulated depreciation Land (18,417 ) (6,694 ) 384 (24,727 ) Buildings (14,425 ) (6,521 ) 2,226 (18,720 ) Equipment and Machinery (1,577 ) (1,730 ) 350 (2,957 ) Other s (757 ) (140 ) 144 (753 ) Total (35,176 ) (15,085 ) 3,104 (47,157 ) Net book value Land 162,183 159,076 Buildings 42,465 39,913 Equipment and Machinery 2,897 3,638 Other s 1,061 438 Total 208,606 203,065 Table of Contents December 31, Additions Reduction December 31, 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 s 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 s (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 s 1,483 1,061 Total 209,786 208,606 |
Summary Of Lease Liabilities | (b) Lease liabilities December 31, December 31, RMB RMB Lease liabilities 125,760 129,848 Less: Lease liabilities due within one year (7,560 ) (6,626 ) 118,200 123,222 |
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, December 31, RMB RMB Within 1 year 13,244 12,495 Between 1 and 2 years 11,301 11,181 Between 2 and 5 years 30,995 30,541 Over 5 years 148,974 154,636 204,514 208,853 |
Intangible and Other Non-curr_2
Intangible and Other Non-current Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Intangible and Other Non-current Assets | December 31, 2022 December 31, 2021 Cost Accumulated Net Cost Accumulated Net RMB RMB RMB RMB RMB RMB Patents and technical know-how 10,196 (7,295 ) 2,901 8,213 (6,905 ) 1,308 Computer software 13,582 (10,169 ) 3,413 13,016 (9,751 ) 3,265 Goodwill 8,623 (1,306 ) 7,317 8,023 (36 ) 7,987 Other s 27,502 (11,505 ) 15,997 27,335 (10,889 ) 16,446 Intangible assets 59,903 (30,275 ) 29,628 56,587 (27,581 ) 29,006 Other assets 40,185 37,338 69,813 66,344 (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. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Inventories | December 31, 2022 December 31, 2021 RMB RMB Crude oil and other raw materials 56,756 40,334 Work in progress 14,448 15,393 Finished goods 104,722 88,811 Spare parts and consumables 109 91 176,035 144,629 Less: Write down in inventories (8,284 ) (781 ) 167,751 143,848 The Group recognises inventories, includes unsold products produced before that property, plant and equipment is available for use. The cost of such inventories includes incremental costs directly attributable to the p rodu |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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Disclosure Of Detailed Information About Accounts Receivable Explanatory | December 31, 2022 December 31, 2021 RMB RMB Accounts receivable 74,917 54,160 Less: Provision for impairment of accoun t (2,889 ) (1,414 ) 72,028 52,746 |
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, 2022 and 2021 is as follows: December 31, 2022 December 31, 2021 RMB RMB Within 1 year 71,307 51,533 Between 1 and 2 years 266 816 Between 2 and 3 years 302 194 Over 3 years 153 203 72,028 52,746 |
Movements in Provision for Impairment of Accounts Receivable | Movements in the provision for impairment of accounts receivable are as follows: 2022 2021 2020 RMB RMB RMB At beginning of the year 1,414 1,140 2,431 Provision for impairment of accounts receivable 1,598 396 426 Reversal of provision for impairment of accounts receivable (124 ) (110 ) (76 ) Receivables written off as uncollectible and others 1 (12 ) (1,641 ) At end of the year 2,889 1,414 1,140 |
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, 2022 RMB RMB % RMB RMB Current (not past due) 68,951 — 1.1 % 803 803 Within 1 year past due 3,951 380 1.1 % 38 418 1 to 2 years past due 476 — 55.3 % 263 263 2 to 3 years past due 522 172 70.3 % 246 418 Over 3 years past due 1,017 446 94.7 % 541 987 Total 74,917 998 1,891 2,889 Gross Impairment Impairment provision on Loss Weighted- Impairment December 31, 2021 RMB RMB % RMB RMB Current (not past due) 49,185 — 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 54,160 598 816 1,414 |
Prepayments and Other Current_2
Prepayments and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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Summary of Prepayments and Other Current Assets | December 31, 2022 December 31, 2021 RMB RMB Other receivables(i) 47,410 40,983 Advances to suppliers 14,261 14,900 61,671 55,883 Less: Provision for impairment (3,124 ) (2,986 ) 58,547 52,897 Value-added tax recoverable 34,256 42,644 Prepaid expenses 414 505 Prepaid income taxes 12,107 4,853 Other current assets(ii) 14,330 11,921 119,654 112,820 (i) As of December 31, 2022 and December 31, 2021, 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, 2022 | |
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Summary of Accounts Payable and Accrued Liabilities | December 31, 2022 December 31, 2021 RMB RMB Trade payables 172,546 140,538 Salaries and welfare payable 9,385 8,975 Dividends payable by subsidiaries to non-controlling 581 419 Notes payables 15,630 20,089 Construction fee and equipment cost payables 116,571 92,683 Others (i) 57,656 36,417 372,369 299,121 (i) Others consist primarily of operating lease payable, deposit, earnest money, caution money and insurance payables, etc. |
Aging Analysis of Trade Payables | The aging analysis of trade payables at December 31, 2022 and 2021 is as follows: December 31, 2022 December 31, 2021 RMB RMB Within 1 year 162,431 130,863 Between 1 and 2 years 2,682 2,767 Between 2 and 3 years 1,072 948 Over 3 years 6,361 5,960 172,546 140,538 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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Summary of Borrowings | December 31, 2022 December 31, 2021 RMB RMB Short-term borrowings excluding current portion of long-term borrowings 38,375 40,010 Current portion of long-term borrowings 62,264 13,265 100,639 53,275 Long-term borrowings 222,478 287,175 323,117 340,450 |
Summary Of Type Of Borrowings | December 31, 2022 December 31, 2021 RMB RMB Bank loans 110,117 114,469 Corporate debentures 18,468 20,170 Medium-term notes 59,380 71,000 Other loans 135,152 134,811 323,117 340,450 |
Borrowings by Interest Rate | The Group’s borrowings include mortgage loans totaling RMB 1,074 at December 31,2022 (2021: RMB 1,185), which were secured by property, plant and equipment with net book value of RMB 861 and intangible and other non-current December 31, 2022 December 31, 2021 RMB RMB Total borrowings: — interest free 103 101 — at fixed rates 112,588 131,705 — at floating rates 210,426 208,644 323,117 340,450 Weighted average effective interest rates: — bank loans 3.04 % 2.18 % — corporate debentures 4.05 % 4.14 % — medium-term notes 3.12 % 3.28 % — other loans 3.47 % 2.51 % |
Borrowings by Major Currency | The borrowings by major currency at December 31, 2022 and 2021 are as follows: December 31, 2022 December 31, 2021 RMB RMB RMB 218,897 238,361 US Dollar 97,503 94,803 Other currency 6,717 7,286 323,117 340,450 |
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, 2022 December 31, 2021 RMB RMB Within 1 year 107,461 58,923 Between 1 and 2 years 129,885 53,250 Between 2 and 5 years 102,490 226,124 After 5 years 16,500 28,053 356,336 366,350 |
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: 2022 2021 RMB RMB At beginning of the year 340,450 368,921 Changes from financing cash flows: Increase in borrowings 866,348 810,092 Repayments of borrowings (891,329 ) (836,434 ) Total changes from financing cash flows (24,981 ) (26,342 ) Exchange adjustments 7,648 (2,129 ) At end of the year 323,117 340,450 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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Summary of Share Capital | December 31, 2022 December 31, 2021 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, 2022 | |
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Summary of Reserves | 2022 2021 RMB RMB Capital Reserve Beginning balance 133,308 133,308 Ending balance 133,308 133,308 Statutory Common Reserve Fund (a) Beginning balance 211,970 203,557 Transfer from retained earnings 12,987 8,413 Ending balance 224,957 211,970 Special Reserve-Safety Fund Reserve Beginning balance 9,231 10,810 Safety fund reserve (741 ) (1,579 ) Ending balance 8,490 9,231 Currency Translation Differences (b) Beginning balance (35,532 ) (32,848 ) Currency translation differences 3,758 (2,684 ) Ending balance (31,774 ) (35,532 ) Other Reserves Beginning balance (10,417 ) (10,645 ) Transaction with non-controlling — (15 ) Fair value changes in equity investments measured at fair value through other comprehensive income (10 ) 79 Share of the other comprehensive income of associates and joint ventures accounted for using the equity method 654 (4 ) Cash flow hedges, net of deferred tax 11,273 — Other (3,760 ) 168 Ending balance (2,260 ) (10,417 ) 332,721 308,560 (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, 2022 | |
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Movements in Deferred Taxation | The movements in the deferred taxation account are as follows: 2022 2021 2020 RMB RMB RMB At beginning of the year (14,477 ) (5,016 ) 2,848 Transfer to profit and loss (Note 12) 14,033 (9,685 ) (7,666 ) (Debit)/credit (873 ) 224 (198 ) At end of the year (1,317 ) (14,477 ) (5,016 ) |
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 14,479 9,124 Tax losses 1,560 1,892 Impairment, depreciation and depletion of long-term 10,498 8,250 Others 8,672 7,897 Total deferred tax assets 35,209 27,163 Deferred tax liabilities: Accelerated tax depreciation 9,436 16,023 Others 27,090 25,617 Total deferred tax liabilities 36,526 41,640 Net deferred tax liabilities (1,317 ) (14,477 ) |
Deferred Tax Balances After Offset | Deferred tax balances after offset are listed as follows: December 31, December 31, RMB RMB Deferred tax assets 19,699 12,161 Deferred tax liabilities 21,016 26,638 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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Summary of Asset Retirement Obligations | 2022 2021 2020 RMB RMB RMB At beginning of the year 129,405 114,819 137,935 Net liabilities incurred, including reassessment (i) 11,954 16,057 (24,059 ) Liabilities settled (4,955 ) (5,969 ) (3,510 ) Accretion expense (Note 10) 5,681 4,696 5,107 Currency translation differences (4 ) (198 ) (654 ) At end of the year 142,081 129,405 114,819 (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, 2022 | |
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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, 2022 December 31, 2021 RMB RMB Within one year 500 500 Between one and two years 500 500 Between two and three years 500 500 Between three and four years 500 500 Between four and five years 500 500 |
Major Customers (Tables)
Major Customers (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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Group's Major Customers | The Group’s major customers are as follows: 2022 2021 2020 Revenue Percentage revenue Revenue Percentage revenue Revenue Percentage revenue RMB % RMB % RMB % China Petrochemical Corporation and its fellow subsidiaries 121,312 4 136,500 5 98,636 5 CNPC and its fellow subsidiaries 81,112 2 69,058 3 63,623 3 202,424 6 205,558 8 162,259 8 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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Amounts Due From and To CNPC and its Fellow Subsidiaries, Associates and Joint Ventures of the Group | December 31, December 31, RMB RMB Accounts receivable 3,810 7,395 Prepayments and other current assets 20,566 24,925 Financial assets at fair value through other comprehensive income 1,000 1,850 Intangible and other non-current 16,758 15,696 Accounts payable and accrued liabilities 57,459 49,526 Contract liabilities 520 613 Lease liabilities 98,143 101,453 |
Key Management Compensation | (b) Key management compensation Year End December 31, 2022 2021 2020 RMB’000 RMB’000 RMB’000 Emoluments and other benefits 16,515 15,143 16,598 Contribution to retirement benefit scheme 2,052 1,568 1,338 18,567 16,711 17,936 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Segment Information for the Operating Segments | The segment information for the operating segments for the years ended December 31, 2022, 2021 and 2020 are as follows: Year Ended December 31, 2022 Oil, Gas and Refining, Marketing Natural Gas Head Office and Total RMB RMB RMB RMB RMB RMB Revenue 929,279 1,164,596 2,771,894 519,211 5,473 5,390,453 Less: Intersegment sales (777,846 ) (827,572 ) (520,502 ) (22,156 ) (3,210 ) (2,151,286 ) Revenue from external customers 151,433 337,024 2,251,392 497,055 2,263 3,239,167 Depreciation, depletion and amortisation (182,989 ) (27,265 ) (20,563 ) (5,329 ) (1,890 ) (238,036 ) Including: Impairment losses of property, plant and equipment (17,090 ) (3,394 ) (1,231 ) (680 ) — (22,395 ) Profit/(loss) from operations 165,748 40,570 14,374 12,957 (16,989 ) 216,660 Finance costs: Exchange gain 23,772 Exchange loss (25,590 ) Interest income 4,738 Interest expense (21,554 ) Total net finance costs (18,634 ) Share of profit / (loss) of associates and joint ventures 4,765 37 (195 ) 8,323 2,321 15,251 Profit before income tax expense 213,277 Income tax expense (49,295 ) Profit for the year 163,982 Segment assets 1,457,543 482,452 596,463 171,643 1,646,141 4,354,242 Other assets 31,806 Investments in associates and joint ventures 46,053 2,205 17,829 169,903 33,579 269,569 Elimination of intersegment balances (a) (1,982,132 ) Total assets 2,673,485 Capital expenditures 221,592 41,771 5,069 4,936 939 274,307 Segment liabilities 581,261 243,417 404,991 135,361 590,604 1,955,634 Other liabilities 74,530 Elimination of intersegment balances (a) (894,532 ) Total liabilities 1,135,632 Year Ended December 31, 2021 Oil, Gas and Refining, and New Marketing Natural Gas Head Office and 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 amortisation (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, 202 0 Oil, Gas Refining, and New 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 |
Geographical Information | Geographical information Revenue Non-current (b) 2022 2021 2020 December 31, December 31, RMB RMB RMB RMB RMB China’s mainland 1,888,906 1,626,616 1,212,821 1,853,462 1,838,505 Other 1,350,261 987,733 721,015 178,343 165,117 3,239,167 2,614,349 1,933,836 2,031,805 2,003,622 (a) Elimination of intersegment balances represents elimination of intersegment accounts and investments. (b) Non-current non-current |
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, 2022 | |
Buildings [member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Property plant and equipment estimated residual value ratio for depreciation | 5% |
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 |
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 |
Property plant and equipment estimated residual value ratio for depreciation | 3% |
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% |
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% |
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 |
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% |
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 |
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% |
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, 2022 | Dec. 31, 2021 |
Accounts Payable and accrued liabilities [Member] | ||
Disclosure of fair value measurement of financial assets and financial liabilities [Line Items] | ||
Financial assets, at fair value | ¥ 12,844 | ¥ 3,881 |
Financial liabilities at fair value through profit or loss, category [member] | ||
Disclosure of fair value measurement of financial assets and financial liabilities [Line Items] | ||
Financial assets, at fair value | 1,698 | |
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 | 30,328 | 9,056 |
Financial assets at fair value through profit or loss, category [member] | ||
Disclosure of fair value measurement of financial assets and financial liabilities [Line Items] | ||
Financial assets, at fair value | 3,876 | |
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 | 11,146 | 3,881 |
Derivatives [member] | Accounts Receivable [Member] | ||
Disclosure of fair value measurement of financial assets and financial liabilities [Line Items] | ||
Financial assets, at fair value | 21,133 | 3,913 |
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 | 4,376 | 3,975 |
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 | 943 | 1,168 |
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 | 2,681 | 726 |
Level 1 of fair value hierarchy [member] | Financial liabilities at fair value through profit or loss, category [member] | ||
Disclosure of fair value measurement of financial assets and financial liabilities [Line Items] | ||
Financial assets, at fair value | 1,698 | |
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 | 19,007 | 3,530 |
Level 1 of fair value hierarchy [member] | Financial assets at fair value through profit or loss, category [member] | ||
Disclosure of fair value measurement of financial assets and financial liabilities [Line Items] | ||
Financial assets, at fair value | 3,876 | |
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 | 983 | 726 |
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 | 14,508 | 2,625 |
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 | 623 | 905 |
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 | 10,163 | 3,155 |
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 | 6,625 | 1,288 |
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 | 10,163 | 3,155 |
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 | 6,625 | 1,288 |
Level 3 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 | 0 | 0 |
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 | 4,696 | 4,238 |
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 | 4,376 | 3,975 |
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 | ¥ 320 | ¥ 263 |
Financial Risk and Capital Ma_4
Financial Risk and Capital Management - Additional Information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | |
Disclosure of objectives, policies and processes for managing capital [abstract] | |||
Gearing ratio, which is calculated as interest-bearing borrowings / (interest-bearing borrowings + total equity) | 17.40% | 19.50% | |
Current derivative financial assets | ¥ 20,988 | ¥ 3,913 | |
Current derivative financial liabilities | 10,941 | 3,881 | |
Changes in basic price of derivative financial instruments per barrel | $ | $ 10 | ||
Fair value of derivative financial instruments | 331 | 2,104 | |
Changes in Groups other reserves | ¥ 1,074 | ¥ 0 |
Revenue - Schedule of Revenue I
Revenue - Schedule of Revenue Information (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | ¥ 3,237,870 | ¥ 2,613,142 | ¥ 1,932,753 |
Other revenue | 1,297 | 1,207 | 1,083 |
Total | 3,239,167 | 2,614,349 | 1,933,836 |
China's Mainland [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 1,887,613 | 1,625,414 | 1,200,722 |
Total | 1,888,906 | 1,626,616 | 1,212,821 |
Other countries [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 1,350,257 | 987,728 | 732,031 |
Total | 1,350,261 | 987,733 | 721,015 |
Operating segments [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 5,390,453 | 4,254,284 | 3,177,433 |
Operating segments [member] | Crude oil [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 1,480,533 | 1,150,041 | 780,941 |
Operating segments [member] | Natural gas [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 1,187,382 | 858,714 | 586,381 |
Operating segments [member] | Refined products [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 1,819,511 | 1,824,802 | 1,438,255 |
Operating segments [member] | Chemical Products [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 279,961 | 256,050 | 180,640 |
Operating segments [member] | Pipeline transportation business [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 829 | 3,360 | 52,273 |
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 | 30,590 | 25,148 | 22,360 |
Operating segments [member] | Other goods and services [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 590,350 | 134,962 | 115,500 |
Intersegment elimination [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | (2,151,286) | (1,639,935) | (1,243,597) |
Total | (2,151,286) | (1,639,935) | (1,243,597) |
Oil, Gas and New Energy Resource [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 151,150 | 116,280 | 92,906 |
Other revenue | 283 | 349 | 231 |
Total | 151,433 | 116,629 | 93,137 |
Oil, Gas and New Energy Resource [member] | China's Mainland [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 86,645 | 68,327 | 27,028 |
Oil, Gas and New Energy Resource [member] | Other countries [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 64,505 | 47,953 | 65,878 |
Oil, Gas and New Energy Resource [member] | Operating segments [member] | Crude oil [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 667,205 | 464,298 | 333,557 |
Oil, Gas and New Energy Resource [member] | Operating segments [member] | Natural gas [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 151,241 | 133,148 | 118,388 |
Oil, Gas and New Energy Resource [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 | 110,550 | 90,539 | 78,631 |
Oil, Gas and New Energy Resource [member] | Intersegment elimination [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | (777,846) | (571,705) | (437,670) |
Refining, Chemicals and New Material [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 336,861 | 324,776 | 281,946 |
Other revenue | 163 | 178 | 162 |
Total | 337,024 | 324,954 | 282,108 |
Refining, Chemicals and New Material [member] | China's Mainland [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 336,861 | 324,776 | 281,946 |
Refining, Chemicals and New Material [member] | Operating segments [member] | Refined products [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 938,829 | 759,912 | 616,063 |
Refining, Chemicals and New Material [member] | Operating segments [member] | Chemical Products [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 219,089 | 207,810 | 150,296 |
Refining, Chemicals and New Material [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 | 6,515 | 7,072 | 8,254 |
Refining, Chemicals and New Material [member] | Intersegment elimination [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | (827,572) | (650,018) | (492,667) |
Marketing [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 2,250,624 | 1,772,004 | 1,220,773 |
Other revenue | 768 | 573 | 257 |
Total | 2,251,392 | 1,772,577 | 1,221,030 |
Marketing [member] | China's Mainland [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 964,872 | 832,229 | 554,620 |
Marketing [member] | Other countries [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 1,285,752 | 939,775 | 666,153 |
Marketing [member] | Operating segments [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 2,771,894 | 2,170,062 | 1,497,533 |
Marketing [member] | Operating segments [member] | Crude oil [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 813,328 | 685,743 | 447,384 |
Marketing [member] | Operating segments [member] | Natural gas [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 553,551 | 344,196 | 173,696 |
Marketing [member] | Operating segments [member] | Refined products [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 880,682 | 1,064,890 | 822,192 |
Marketing [member] | Operating segments [member] | Chemical Products [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 60,872 | 48,240 | 30,344 |
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 | 30,590 | 25,148 | 22,360 |
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 | 432,103 | 1,272 | 1,300 |
Marketing [member] | Intersegment elimination [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | (520,502) | (397,485) | (276,503) |
Total | (520,502) | (397,485) | (276,503) |
Natural Gas Sales [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 496,993 | 397,412 | 334,933 |
Other revenue | 62 | 84 | 401 |
Total | 497,055 | 397,496 | 335,334 |
Natural Gas Sales [member] | China's Mainland [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 496,993 | 397,412 | 334,933 |
Natural Gas Sales [member] | Operating segments [member] | Natural gas [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 482,590 | 381,370 | 294,297 |
Natural Gas Sales [member] | Operating segments [member] | Pipeline transportation business [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 829 | 3,360 | 52,273 |
Natural Gas Sales [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 | 35,730 | 32,208 | 23,800 |
Natural Gas Sales [member] | Intersegment elimination [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | (22,156) | (19,526) | (35,437) |
Head office and other [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 2,242 | 2,670 | 2,195 |
Other revenue | 21 | 23 | 32 |
Total | 2,263 | 2,693 | 2,227 |
Head office and other [member] | China's Mainland [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 2,242 | 2,670 | 2,195 |
Head office and other [member] | Operating segments [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | 5,473 | 3,894 | 3,547 |
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 | 5,452 | 3,871 | 3,515 |
Head office and other [member] | Intersegment elimination [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | (3,210) | (1,201) | (1,320) |
Total | ¥ (3,210) | ¥ (1,201) | ¥ (1,320) |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Profit or loss [abstract] | |||
Dividend income from equity investments measured at fair value through other comprehensive income | ¥ 15 | ¥ 17 | ¥ 25 |
Reversal of provision for impairment of receivables | 160 | 360 | 95 |
Reversal of write down in inventories | 42 | 76 | 186 |
(Loss)/Gain on disposal of investment in subsidiaries | (185) | 3,575 | 1,242 |
Gain on Pipeline restructuring | 0 | 18,320 | 46,946 |
Gain from ineffective portion of cash flow hedges | 2,217 | 0 | 0 |
Amortization of intangible and other assets | 5,574 | 5,774 | 5,944 |
Owned property, plant and equipment | 217,731 | 211,107 | 194,015 |
Right-of-use assets | 14,731 | 14,388 | 13,916 |
Auditors' remuneration | 47 | 47 | 49 |
Cost of inventories recognized as expense | 2,500,861 | 2,047,256 | 1,527,271 |
Provision for impairment of receivables | 1,784 | 775 | 438 |
Loss on disposal and scrap of property, plant and equipment | 20,726 | 18,959 | 5,398 |
Variable lease payments, low-value and short-term lease payment not included in the measurement of lease liabilities | 2,083 | 2,645 | 3,362 |
Research and development expenses | 20,016 | 16,729 | 15,746 |
Write down in inventories | 8,609 | 656 | 8,337 |
Investment loss from disposal of derivative financial instruments | 28,931 | 0 | 0 |
Impairment of other non-current assets | ¥ 4,653 | ¥ 465 | ¥ 0 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of transactions between related parties [Line Items] | |||
Auditors' remuneration, fees paid by subsidiaries | ¥ 47 | ¥ 47 | ¥ 49 |
Subsidiaries [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Auditors' remuneration, fees paid by subsidiaries | ¥ 39 | ¥ 41 | ¥ 62 |
Employee Compensation Costs - S
Employee Compensation Costs - Summary of Employee Compensation Costs (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Short-term employee benefits expense [abstract] | |||
Wages, salaries and allowances | ¥ 107,808 | ¥ 100,971 | ¥ 98,832 |
Social security costs | 55,265 | 53,864 | 48,772 |
Employee compensation costs | ¥ 163,073 | ¥ 154,835 | ¥ 147,604 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Taxes Other Than Income Taxes [abstract] | |||
Consumption tax | ¥ 159,132 | ¥ 161,623 | ¥ 145,525 |
Resource tax | 32,991 | 23,723 | 18,468 |
City maintenance and construction tax | 17,003 | 16,078 | 13,647 |
Educational surcharge | 12,436 | 11,660 | 9,882 |
Crude oil special gain levy | 43,768 | 4,655 | 178 |
Urban and township land use tax | 3,702 | 3,572 | 3,588 |
Others | 9,023 | 6,692 | 4,562 |
Taxes other than income taxes | ¥ 278,055 | ¥ 228,003 | ¥ 195,850 |
Interest Expense - Summary of I
Interest Expense - Summary of Interest Expense (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest costs [abstract] | |||
Interest on Bank loans | ¥ 4,160 | ¥ 2,540 | ¥ 1,677 |
Other loans | 7,583 | 8,092 | 14,342 |
Lease liabilities | 5,447 | 5,419 | 6,297 |
Accretion expense (Note 34) | 5,681 | 4,696 | 5,107 |
Interest Expense Before Capitalized | 22,871 | 20,747 | 27,423 |
Less: Amounts capitalized | (1,317) | (1,008) | (895) |
Interest expense | ¥ 21,554 | ¥ 19,739 | ¥ 26,528 |
Interest Expense - Additional I
Interest Expense - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest costs [abstract] | |||
Average interest rate used to capitalize borrowing costs that are attributable to the construction of a qualifying assets | 4.14% | 4.19% | 4.23% |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | ¥ 16,515 | ¥ 15,143 | ¥ 16,598 |
Contribution to retirement benefit scheme | 2,052 | 1,568 | 1,338 |
Total | 18,567 | 16,711 | 17,936 |
Executive director [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | 2,613 | ||
Contribution to retirement benefit scheme | 488 | ||
Total | 3,101 | 824 | |
Executive director [member] | Mr. Jiao Fangzheng [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | 638 | ||
Contribution to retirement benefit scheme | 123 | ||
Total | 761 | ||
Executive director [member] | Mr. Huang Yongzhang [Member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | 931 | ||
Contribution to retirement benefit scheme | 183 | ||
Total | 1,114 | 629 | |
Executive director [member] | Mr. Ren Lixin [Member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | 1,044 | ||
Contribution to retirement benefit scheme | 182 | ||
Total | 1,226 | 195 | 0 |
Non-executive directors [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Fee for directors and supervisors | 2,774 | ||
Salaries, allowances and other benefits | 0 | ||
Contribution to retirement benefit scheme | 0 | ||
Total | 2,774 | 2,969 | 2,503 |
Non-executive directors [member] | Mr. Duan Liangwei [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | 0 | ||
Contribution to retirement benefit scheme | 0 | ||
Total | 0 | 237 | 735 |
Non-executive directors [member] | Mr. Lin Boqiang [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Total | 0 | 0 | 388 |
Non-executive directors [member] | Mr. Zhang Biyi [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Total | 398 | ||
Non-executive directors [member] | Ms. Elsie Leung Oi-sie [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Fee for directors and supervisors | 529 | ||
Total | 529 | 556 | 331 |
Non-executive directors [member] | Mr. Tokuchi Tatsuhito [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Fee for directors and supervisors | 539 | ||
Total | 539 | 527 | 331 |
Non-executive directors [member] | Mr. Simon Peter Henry [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Fee for directors and supervisors | 510 | ||
Total | 510 | 499 | 320 |
Non-executive directors [member] | Mr. Cai Jinyong [Member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Fee for directors and supervisors | 593 | ||
Total | 593 | 575 | |
Non-executive directors [member] | Mr. Jiang Xiaoming [Member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Fee for directors and supervisors | 603 | ||
Total | 603 | 575 | |
Supervisors [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | 3,118 | ||
Contribution to retirement benefit scheme | 420 | ||
Total | 3,538 | 3,770 | 4,577 |
Supervisors [member] | Fu Suotang [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | 115 | ||
Contribution to retirement benefit scheme | 28 | ||
Total | 143 | 1,433 | 1,367 |
Supervisors [member] | Mr. Li Jiamin [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | 192 | ||
Contribution to retirement benefit scheme | 59 | ||
Total | 251 | 1,255 | 1,006 |
Supervisors [member] | Mr. Liu Xianhua [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | 184 | ||
Contribution to retirement benefit scheme | 46 | ||
Total | 230 | 945 | 1,011 |
Supervisors [member] | Mr. Li Wendong [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | 0 | ||
Contribution to retirement benefit scheme | 0 | ||
Total | 0 | 137 | 1,193 |
Supervisors [member] | Mr. Jin Yanjiang [Member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | 694 | ||
Contribution to retirement benefit scheme | 53 | ||
Total | 747 | ||
Supervisors [member] | Mr. Fu Bin [Member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | 445 | ||
Contribution to retirement benefit scheme | 61 | ||
Total | 506 | ||
Supervisors [member] | Mr. Lan Jianbin [Member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | 642 | ||
Contribution to retirement benefit scheme | 89 | ||
Total | 731 | ||
Supervisors [member] | Mr. He Jiangchuan [Member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | 846 | ||
Contribution to retirement benefit scheme | 84 | ||
Total | 930 | ||
Directors and supervisors [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Fee for directors and supervisors | 2,774 | ||
Salaries, allowances and other benefits | 5,731 | ||
Contribution to retirement benefit scheme | 908 | ||
Total | ¥ 9,413 | ¥ 7,563 | ¥ 7,080 |
Emoluments of Directors and S_4
Emoluments of Directors and Supervisors - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2022 CNY (¥) Employee Directors | Dec. 31, 2021 CNY (¥) Employee Directors | Dec. 31, 2020 CNY (¥) Employee Directors | |
Disclosure of transactions between related parties [Line Items] | |||
Number of highest paid employees | Employee | 5 | 5 | 5 |
Salaries, allowances and other benefits | ¥ 16,515,000 | ¥ 15,143,000 | ¥ 16,598,000 |
Contribution to retirement benefit scheme | ¥ 2,052,000 | ¥ 1,568,000 | ¥ 1,338,000 |
Number of directors who have waived their remuneration | Directors | 0 | 0 | 0 |
Director [Member] | Two Thousand Nineteen To Two Thousand And Twenty One [Member] | Peoples Republic Of China [Member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Performance based emoluments | ¥ 1,100,000 | ||
Performance based emoluments payable | 1,100,000 | ||
Supervisors [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Number of highest paid employees | Employee | 1 | 1 | |
Salaries, allowances and other benefits | 3,118,000 | ||
Contribution to retirement benefit scheme | ¥ 420,000 | ||
Senior management [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Number of highest paid employees | Employee | 5 | 4 | 4 |
Senior management one [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | ¥ 1,439,000 | ¥ 1,533,000 | ¥ 1,550,000 |
Contribution to retirement benefit scheme | 182,000 | 164,000 | 116,000 |
Senior management two [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | 1,359,000 | 1,310,000 | 1,310,000 |
Contribution to retirement benefit scheme | 182,000 | 164,000 | 116,000 |
Senior management third [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | 1,323,000 | 1,308,000 | 1,292,000 |
Contribution to retirement benefit scheme | 182,000 | 164,000 | 116,000 |
Senior management four [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | 1,265,000 | 1,257,000 | 1,270,000 |
Contribution to retirement benefit scheme | 182,000 | ¥ 164,000 | ¥ 116,000 |
Senior management five [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Salaries, allowances and other benefits | 1,044,000 | ||
Contribution to retirement benefit scheme | ¥ 182,000 |
Income Tax Expense - Summary of
Income Tax Expense - Summary of Income Tax Expense (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Major components of tax expense (income) [abstract] | |||
Current taxes | ¥ 63,328 | ¥ 33,822 | ¥ 14,922 |
Deferred taxes (Note 33) | (14,033) | 9,685 | 7,666 |
Income tax expense | ¥ 49,295 | ¥ 43,507 | ¥ 22,588 |
Income Tax Expense - Additional
Income Tax Expense - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Major components of tax expense (income) [abstract] | |||
Corporate income tax rate | 25% | 25% | 25% |
Preferential income tax rate | 15% | 15% |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||
Profit before income tax expense | ¥ 213,277 | ¥ 158,203 | ¥ 56,073 |
Tax calculated at a tax rate of 25% | 53,319 | 39,551 | 14,018 |
Tax return true-up | (910) | (256) | 256 |
Effect of income taxes from international operations different from taxes at the PRC statutory tax rate | 7,857 | 2,692 | 1,522 |
Effect of preferential tax rate | (14,197) | (8,603) | (1,312) |
Tax effect of income not subject to tax | (7,347) | (10,305) | (3,612) |
Tax effect of expenses not deductible for tax purposes | 9,241 | 15,789 | 5,455 |
Tax effect of temporary differences and losses not recognized as deferred tax assets | 1,332 | 4,639 | 6,261 |
Income tax expense | ¥ 49,295 | ¥ 43,507 | ¥ 22,588 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||
Corporate income tax rate | 25% | 25% | 25% |
Profit Attributable To Owners_2
Profit Attributable To Owners Of The Company - Additional Information (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Profit Attributable To The Owners Of The Company [Abstract] | |||
Profit loss attributable to the parent company | ¥ 149,380 | ¥ 92,170 | ¥ 19,006 |
Basic and Diluted Earnings Pe_2
Basic and Diluted Earnings Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Dividend attributable to owners [Line Items] | |||
Dividends attributable to owners of the Company | ¥ 77,341 | ¥ 41,476 | ¥ 32,000 |
Interim dividends [member] | |||
Dividend attributable to owners [Line Items] | |||
Dividends attributable to owners of the Company | 37,076 | 23,866 | 16,000 |
Final dividends [member] | |||
Dividend attributable to owners [Line Items] | |||
Dividends attributable to owners of the Company | ¥ 40,265 | ¥ 17,610 | ¥ 16,000 |
Dividends - Summary of Divide_2
Dividends - Summary of Dividends (Parenthetical) (Detail) - CNY (¥) ¥ / shares in Units, ¥ in Millions | 12 Months Ended | |||||
Sep. 20, 2022 | Sep. 17, 2021 | Sep. 22, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Dividend attributable to owners [abstract] | ||||||
Dividends attributable to owners of the Company, per share | ¥ 0.20258 | ¥ 0.1304 | ¥ 0.08742 | ¥ 0.22 | ¥ 0.09622 | ¥ 0.08742 |
Dividends attributable to owners of the Company, total amount paid | ¥ 37,076 | ¥ 23,866 | ¥ 16,000 | ¥ 64,395 | ¥ 55,841 | ¥ 42,905 |
Dividends attributable to owners of the Company, proposed total | ¥ 40,265 | ¥ 17,610 | ¥ 16,000 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | ¥ 1,459,296 | ||
Impairment charge | (22,395) | ¥ (26,471) | ¥ (15,367) |
At end of the year | 1,492,513 | 1,459,296 | |
Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | 3,790,946 | 3,648,030 | |
Additions | 342,270 | 269,790 | |
Disposals or write offs | (104,741) | (117,960) | |
Currency translation differences | 24,260 | (8,914) | |
At end of the year | 4,052,735 | 3,790,946 | 3,648,030 |
Accumulated amortization, including impairment losses [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | (2,331,650) | (2,195,939) | |
Charge for the year and others | (252,670) | (186,189) | |
Impairment charge | (22,395) | (26,471) | |
Disposals or write offs or transfers | 64,083 | 70,507 | |
Currency translation differences | (17,590) | 6,442 | |
At end of the year | (2,560,222) | (2,331,650) | (2,195,939) |
Buildings [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | 138,441 | ||
At end of the year | 142,796 | 138,441 | |
Buildings [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | 258,858 | 248,948 | |
Additions | 327 | 1,561 | |
Transfers | 17,536 | 13,736 | |
Disposals or write offs | (2,388) | (5,101) | |
Currency translation differences | 671 | (286) | |
At end of the year | 275,004 | 258,858 | 248,948 |
Buildings [member] | Accumulated amortization, including impairment losses [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | (120,417) | (110,899) | |
Charge for the year and others | (10,678) | (11,057) | |
Impairment charge | (957) | (516) | |
Disposals or write offs or transfers | 31 | 1,952 | |
Currency translation differences | (187) | 103 | |
At end of the year | (132,208) | (120,417) | (110,899) |
Oil and gas properties [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | 816,788 | ||
At end of the year | 832,610 | 816,788 | |
Oil and gas properties [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | 2,452,625 | 2,355,925 | |
Additions | 78,917 | 18,556 | |
Transfers | 171,634 | 160,810 | |
Disposals or write offs | (70,106) | (75,411) | |
Currency translation differences | 20,534 | (7,255) | |
At end of the year | 2,653,604 | 2,452,625 | 2,355,925 |
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 | (1,635,837) | (1,542,037) | |
Charge for the year and others | (206,472) | (138,251) | |
Impairment charge | (14,750) | (19,463) | |
Disposals or write offs or transfers | 52,701 | 58,312 | |
Currency translation differences | (16,636) | 5,602 | |
At end of the year | (1,820,994) | (1,635,837) | (1,542,037) |
Equipment and machinery [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | 261,354 | ||
At end of the year | 302,302 | 261,354 | |
Equipment and machinery [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | 778,003 | 746,404 | |
Additions | 3,877 | 5,305 | |
Transfers | 78,205 | 38,649 | |
Disposals or write offs | (12,059) | (12,010) | |
Currency translation differences | 1,110 | (345) | |
At end of the year | 849,136 | 778,003 | 746,404 |
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 | (516,649) | (488,109) | |
Charge for the year and others | (32,650) | (33,404) | |
Impairment charge | (3,510) | (2,723) | |
Disposals or write offs or transfers | 6,450 | 7,429 | |
Currency translation differences | (475) | 158 | |
At end of the year | (546,834) | (516,649) | (488,109) |
Motor vehicles [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | 4,912 | ||
At end of the year | 4,470 | 4,912 | |
Motor vehicles [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | 21,903 | 22,857 | |
Additions | 125 | 645 | |
Transfers | 427 | ||
Disposals or write offs | (1,470) | (1,588) | |
Currency translation differences | 19 | (11) | |
At end of the year | 21,004 | 21,903 | 22,857 |
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 | (16,991) | (17,431) | |
Charge for the year and others | (859) | (992) | |
Impairment charge | (20) | ||
Disposals or write offs or transfers | 1,355 | 1,421 | |
Currency translation differences | (19) | 11 | |
At end of the year | (16,534) | (16,991) | (17,431) |
Others [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | 14,130 | ||
At end of the year | 13,459 | 14,130 | |
Others [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | 47,275 | 45,014 | |
Additions | 462 | 1,880 | |
Transfers | 2,106 | 2,369 | |
Disposals or write offs | (1,250) | (1,675) | |
Currency translation differences | 539 | (313) | |
At end of the year | 49,132 | 47,275 | 45,014 |
Others [member] | Accumulated amortization, including impairment losses [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | (33,145) | (31,937) | |
Charge for the year and others | (2,011) | (2,485) | |
Impairment charge | (1,328) | (121) | |
Disposals or write offs or transfers | 1,180 | 997 | |
Currency translation differences | (369) | 401 | |
At end of the year | (35,673) | (33,145) | (31,937) |
Construction in progress [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | 223,671 | ||
At end of the year | 196,876 | 223,671 | |
Construction in progress [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | 232,282 | 228,882 | |
Additions | 258,562 | 241,843 | |
Transfers | (269,908) | (215,564) | |
Disposals or write offs | (17,468) | (22,175) | |
Currency translation differences | 1,387 | (704) | |
At end of the year | 204,855 | 232,282 | 228,882 |
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 | (8,611) | (5,526) | |
Impairment charge | (1,830) | (3,648) | |
Disposals or write offs or transfers | 2,366 | 396 | |
Currency translation differences | 96 | 167 | |
At end of the year | ¥ (7,979) | ¥ (8,611) | ¥ (5,526) |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Impairment charge | ¥ (22,395) | ¥ (26,471) | ¥ (15,367) |
Oil and gas properties [member] | New energy resource [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Impairment charge | ¥ 14,750 | ¥ 19,463 | ¥ 13,908 |
Bottom of range [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
After-tax discount rates adopted by most oil blocks | 7.20% | 7.60% | 5.90% |
Top of range [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
After-tax discount rates adopted by most oil blocks | 16% | 15% | 12% |
Property, Plant and Equipment_3
Property, Plant and Equipment - Changes to Exploratory Well Costs (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Capitalized exploratory well costs charged to expense | ¥ (14,118) | ¥ (12,557) | ¥ (8,934) |
Construction in progress [member] | Exploratory well costs [member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
At beginning of the year | 29,387 | 38,807 | 36,101 |
Additions to capitalized exploratory well costs pending the determination of proved reserves | 29,199 | 30,338 | 30,104 |
Reclassified to wells, facilities, and equipment based on the determination of proved reserves | (19,623) | (27,201) | (18,464) |
Capitalized exploratory well costs charged to expense | (14,118) | (12,557) | (8,934) |
At end of the year | ¥ 24,845 | ¥ 29,387 | ¥ 38,807 |
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, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
One year or less | ¥ 16,780 | ¥ 19,354 |
Over one year | 8,065 | 10,033 |
Capitalized Exploratory Well Costs | ¥ 24,845 | ¥ 29,387 |
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, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2022 USD ($) | |
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% | 50% | |
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% | 50% | |
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% | 50% | |
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 | ¥ 16,395 | ||
Principal Activities | Deposits, loans, settlement, lending, bills acceptance discounting, guarantee and other banking business | ||
Associate, Interest Direct % | 32% | 32% | |
CNPC Captive Insurance Co., Ltd. [member] | |||
Disclosure of associates and joint ventures [Line Items] | |||
Associate, Country of Incorporation | PRC | ||
Registered Capital | ¥ 6,000 | ||
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% | 49% |
Investments in Associates and_2
Investments in Associates and Joint Ventures - Additional Information (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of associates and joint ventures [Line Items] | |||
Share of profit accounted for using equity method | ¥ 15,251 | ¥ 13,267 | ¥ 3,533 |
Associates and joint ventures [member] | |||
Disclosure of associates and joint ventures [Line Items] | |||
Dividends received or receivable from associates and joint ventures | 9,803 | 4,715 | 4,517 |
Associates and joint ventures disposal [member] | |||
Disclosure of associates and joint ventures [Line Items] | |||
Investments in associates and joint ventures that were disposed of | 721 | 489 | 1,687 |
Investments in associates and joint ventures that were disposed of, gain (loss) | (24) | (4) | (5) |
Individually immaterial associates and joint ventures accounted for using equity method [member] | |||
Disclosure of associates and joint ventures [Line Items] | |||
Share of profit accounted for using equity method | 2,324 | 1,418 | 2,468 |
Share of other comprehensive income accounted for using equity method | ¥ 386 | ¥ 622 | ¥ 3,631 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of associates [Line Items] | ||||
Current assets | ¥ 613,867 | ¥ 480,838 | ||
Non-current assets | 2,059,618 | 2,021,424 | ||
Current liabilities | 624,263 | 518,158 | ||
Non-current liabilities | 511,369 | 575,235 | ||
Revenue | 3,239,167 | 2,614,349 | ¥ 1,933,836 | |
profit for the year | 163,982 | 114,696 | 33,485 | |
Other comprehensive income/(loss) | 21,770 | (4,501) | (11,130) | |
Total comprehensive income | 185,752 | 110,195 | 22,355 | |
Total comprehensive income attributable to owners of the Company | 165,050 | 89,561 | 14,634 | |
Equity attributable to owners of parent [member] | ||||
Disclosure of associates [Line Items] | ||||
profit for the year | 149,380 | 92,170 | 19,006 | |
Other comprehensive income/(loss) | ¥ 15,670 | ¥ (2,609) | (4,372) | |
PipeChina [member] | ||||
Disclosure of associates [Line Items] | ||||
Percentage ownership interest (%) | 29.90% | 29.90% | ||
Current assets | ¥ 104,889 | ¥ 86,335 | ||
Non-current assets | 816,301 | 768,161 | ||
Current liabilities | 132,266 | 136,150 | ||
Non-current liabilities | 199,675 | 103,243 | ||
Net assets | 589,249 | 615,103 | ||
Group's share of net assets | 157,045 | 157,346 | ||
Goodwill | 0 | 0 | ||
Carrying amount of interest in associates | 157,045 | 157,346 | ||
Revenue | ¥ 22,766 | 112,832 | 101,572 | |
profit for the year | 6,444 | 31,908 | 29,776 | |
Other comprehensive income/(loss) | 0 | 0 | 2 | |
Total comprehensive income | 6,444 | 31,908 | 29,778 | |
Total comprehensive income attributable to owners of the Company | 5,124 | 26,212 | 22,895 | |
Group's share of total comprehensive income | 1,532 | 7,837 | 6,846 | |
Dividends received by the Group | ¥ 0 | 4,312 | 943 | |
PipeChina [member] | Equity attributable to owners of parent [member] | ||||
Disclosure of associates [Line Items] | ||||
Net assets | ¥ 525,235 | ¥ 526,241 | ||
China Petroleum Finance Co., Ltd. [member] | ||||
Disclosure of associates [Line Items] | ||||
Percentage ownership interest (%) | 32% | 32% | ||
Current assets | ¥ 401,971 | ¥ 415,139 | ||
Non-current assets | 126,363 | 116,765 | ||
Current liabilities | 442,283 | 446,369 | ||
Non-current liabilities | 3,823 | 8,396 | ||
Net assets | 82,228 | 77,139 | ||
Group's share of net assets | 26,313 | 24,684 | ||
Goodwill | 349 | 349 | ||
Carrying amount of interest in associates | 26,662 | 25,033 | ||
Revenue | 13,302 | 12,691 | 7,954 | |
profit for the year | 6,312 | 6,304 | 7,819 | |
Other comprehensive income/(loss) | 1,174 | (606) | (1,603) | |
Total comprehensive income | 7,486 | 5,698 | 6,216 | |
Total comprehensive income attributable to owners of the Company | 7,486 | 5,698 | 6,216 | |
Group's share of total comprehensive income | 2,396 | 1,823 | 1,989 | |
Dividends received by the Group | 767 | 904 | 677 | |
China Petroleum Finance Co., Ltd. [member] | Equity attributable to owners of parent [member] | ||||
Disclosure of associates [Line Items] | ||||
Net assets | ¥ 82,228 | ¥ 77,139 | ||
CNPC Captive Insurance Co., Ltd. [member] | ||||
Disclosure of associates [Line Items] | ||||
Percentage ownership interest (%) | 49% | 49% | ||
Current assets | ¥ 8,859 | ¥ 9,100 | ||
Non-current assets | 2,349 | 2,618 | ||
Current liabilities | 470 | 859 | ||
Non-current liabilities | 3,504 | 3,900 | ||
Net assets | 7,234 | 6,959 | ||
Group's share of net assets | 3,545 | 3,410 | ||
Goodwill | 0 | 0 | ||
Carrying amount of interest in associates | 3,545 | 3,410 | ||
Revenue | 931 | 1,510 | 735 | |
profit for the year | 449 | 424 | 389 | |
Other comprehensive income/(loss) | 0 | 0 | 0 | |
Total comprehensive income | 449 | 424 | 389 | |
Total comprehensive income attributable to owners of the Company | 449 | 424 | 389 | |
Group's share of total comprehensive income | 220 | 207 | 191 | |
Dividends received by the Group | 85 | 78 | ¥ 74 | |
CNPC Captive Insurance Co., Ltd. [member] | Equity attributable to owners of parent [member] | ||||
Disclosure of associates [Line Items] | ||||
Net assets | ¥ 7,234 | ¥ 6,959 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of joint ventures [Line Items] | ||||
Non-current assets | ¥ 2,059,618 | ¥ 2,021,424 | ||
Current assets | 613,867 | 480,838 | ||
Including: cash and cash equivalents | 191,190 | 136,789 | ¥ 118,631 | ¥ 86,409 |
Non-current liabilities | 511,369 | 575,235 | ||
Current liabilities | 624,263 | 518,158 | ||
Revenue | 3,239,167 | 2,614,349 | 1,933,836 | |
Depreciation, depletion and amortization | (238,036) | (231,269) | (213,875) | |
Interest expense | (21,554) | (19,739) | (26,528) | |
Income tax expense | (49,295) | (43,507) | (22,588) | |
Profit/(loss) for the year | 163,982 | 114,696 | 33,485 | |
Total comprehensive income / (loss) | 185,752 | 110,195 | 22,355 | |
Total comprehensive income/(loss) attributable to owners of the Company | ¥ 165,050 | ¥ 89,561 | 14,634 | |
China Marine Bunker (PetroChina) Co., Ltd. [member] | ||||
Disclosure of joint ventures [Line Items] | ||||
Percentage ownership interest (%) | 50% | 50% | ||
Non-current assets | ¥ 1,803 | ¥ 1,571 | ||
Current assets | 10,551 | 11,305 | ||
Including: cash and cash equivalents | 1,661 | 2,292 | ||
Non-current liabilities | 196 | 540 | ||
Including: Non-current financial liabilities | 0 | 0 | ||
Current liabilities | 9,778 | 9,997 | ||
Including: Current financial liabilities excluding trade and other payables | 6,143 | 5,810 | ||
Net assets | 2,380 | 2,339 | ||
Net assets attributable to owners of the Company | 2,070 | 1,952 | ||
Group's share of net assets | 1,035 | 976 | ||
Carrying amount of interest in joint ventures | 978 | 976 | ||
Revenue | 80,086 | 58,210 | 36,695 | |
Depreciation, depletion and amortization | (180) | (190) | (195) | |
Interest income | 48 | 11 | 16 | |
Interest expense | (219) | (72) | (60) | |
Income tax expense | (72) | (56) | (57) | |
Profit/(loss) for the year | 126 | (610) | 185 | |
Total comprehensive income / (loss) | 163 | (691) | 140 | |
Total comprehensive income/(loss) attributable to owners of the Company | 118 | (687) | 92 | |
Group's share of total comprehensive income/ (loss) | 59 | (344) | 46 | |
Dividends received by the Group | ¥ 0 | ¥ 29 | 0 | |
Trans-Asia Gas Pipeline Co., Ltd. [member] | ||||
Disclosure of joint ventures [Line Items] | ||||
Percentage ownership interest (%) | 50% | 50% | ||
Non-current assets | ¥ 48,715 | ¥ 44,011 | ||
Current assets | 644 | 1,437 | ||
Including: cash and cash equivalents | 634 | 1,411 | ||
Non-current liabilities | 2,105 | 2,147 | ||
Including: Non-current financial liabilities | 2,100 | 2,101 | ||
Current liabilities | 74 | 483 | ||
Net assets | 47,180 | 42,818 | ||
Net assets attributable to owners of the Company | 47,180 | 42,818 | ||
Group's share of net assets | 23,590 | 21,409 | ||
Carrying amount of interest in joint ventures | 23,590 | 21,409 | ||
Revenue | 16 | 17 | 18 | |
Depreciation, depletion and amortization | (11) | (57) | (38) | |
Interest income | 36 | 31 | 42 | |
Interest expense | (47) | (56) | (58) | |
Income tax expense | (27) | 0 | 1 | |
Profit/(loss) for the year | 4,112 | 4,067 | 3,060 | |
Total comprehensive income / (loss) | 5,031 | 3,508 | (3,007) | |
Total comprehensive income/(loss) attributable to owners of the Company | 5,031 | 3,508 | (3,007) | |
Group's share of total comprehensive income/ (loss) | 2,516 | 1,754 | (1,504) | |
Dividends received by the Group | ¥ 335 | ¥ 410 | 0 | |
Mangistau Investment BV [Member] | ||||
Disclosure of joint ventures [Line Items] | ||||
Percentage ownership interest (%) | 50% | 50% | ||
Non-current assets | ¥ 10,392 | ¥ 9,927 | ||
Current assets | 1,196 | 2,220 | ||
Including: cash and cash equivalents | 431 | 1,631 | ||
Non-current liabilities | 2,333 | 2,033 | ||
Including: Non-current financial liabilities | 14 | 0 | ||
Current liabilities | 823 | 872 | ||
Net assets | 8,432 | 9,242 | ||
Net assets attributable to owners of the Company | 8,432 | 9,242 | ||
Group's share of net assets | 4,216 | 4,621 | ||
Carrying amount of interest in joint ventures | 4,216 | 4,621 | ||
Revenue | 13,279 | 11,543 | 8,152 | |
Depreciation, depletion and amortization | (950) | (1,002) | (1,048) | |
Interest income | 16 | 3 | 4 | |
Interest expense | (137) | (141) | (160) | |
Income tax expense | (558) | (846) | (293) | |
Profit/(loss) for the year | 1,486 | 2,114 | 362 | |
Total comprehensive income / (loss) | 1,878 | 1,874 | (650) | |
Total comprehensive income/(loss) attributable to owners of the Company | 1,878 | 1,874 | (650) | |
Group's share of total comprehensive income/ (loss) | 939 | 937 | (325) | |
Dividends received by the Group | ¥ 1,344 | ¥ 233 | ¥ 539 |
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, 2022 | Dec. 31, 2021 |
Financial assets measured at fair value through other comprehensive income [line items] | ||
Financial assets measured at fair value through other comprehensive income | ¥ 943 | ¥ 1,168 |
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 | 120 | 133 |
Houpu Clean Energy 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 | 251 | 534 |
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 | ¥ 572 | ¥ 501 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financial assets measured at fair value through other comprehensive income [abstract] | |||
Dividend received | ¥ 15 | ¥ 17 | ¥ 25 |
Subsidiaries - Principal Subsid
Subsidiaries - Principal Subsidiaries of the Group (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 | Dec. 31, 2022 HKD ($) | |
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% | ||
Voting Rights % | 100% | ||
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% | 50% | |
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% | ||
Voting Rights % | 100% | ||
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% | ||
Voting Rights % | 100% | ||
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% | ||
Voting Rights % | 100% | ||
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% | 90% | |
Voting Rights % | 90% | ||
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of subsidiaries [Line Items] | |||
Current assets | ¥ 613,867 | ¥ 480,838 | |
Non-current assets | 2,059,618 | 2,021,424 | |
Current liabilities | 624,263 | 518,158 | |
Non-current liabilities | 511,369 | 575,235 | |
Revenue | 3,239,167 | 2,614,349 | ¥ 1,933,836 |
Total comprehensive income | 185,752 | 110,195 | 22,355 |
Profit attributable to non-controlling interests | 14,602 | 22,526 | 14,479 |
Net cash inflow/(outflow) from operating activities | 393,768 | 341,469 | 318,575 |
Net cash inflow/(outflow) from investing activities | (232,971) | (213,032) | (181,986) |
Net cash (outflow)/inflow from financing activities | (113,713) | (107,971) | (99,400) |
Effect of foreign exchange rate changes on cash and cash equivalents | 7,317 | (2,308) | (4,967) |
Net increase/(decrease) in cash and cash equivalents | 54,401 | 18,158 | 32,222 |
Cash and cash equivalents at beginning of the year | 136,789 | 118,631 | 86,409 |
Cash and cash equivalents at end of the year | ¥ 191,190 | ¥ 136,789 | 118,631 |
CNPC Exploration and Development Company Limited [member] | |||
Disclosure of subsidiaries [Line Items] | |||
Percentage ownership interest (%) | 50% | 50% | |
Current assets | ¥ 20,186 | ¥ 15,596 | |
Non-current assets | 190,630 | 184,486 | |
Current liabilities | 15,463 | 11,282 | |
Non-current liabilities | 20,904 | 30,293 | |
Net assets | 174,449 | 158,507 | |
Revenue | 55,499 | 42,730 | 33,312 |
Profit from continuing operations | 12,390 | 8,413 | 6,006 |
Total comprehensive income | 23,813 | 5,231 | (6,972) |
Profit attributable to non-controlling interests | 6,956 | 4,837 | 3,311 |
Dividends paid to non-controlling interests | 4,383 | 1,485 | 1,498 |
Net cash inflow/(outflow) from operating activities | 16,850 | 13,320 | 5,681 |
Net cash inflow/(outflow) from investing activities | 3,013 | (5,191) | (16,187) |
Net cash (outflow)/inflow from financing activities | (16,628) | (8,531) | 7,410 |
Effect of foreign exchange rate changes on cash and cash equivalents | 33 | (15) | (776) |
Net increase/(decrease) in cash and cash equivalents | 3,268 | (417) | (3,872) |
Cash and cash equivalents at beginning of the year | 8,785 | 9,202 | 13,074 |
Cash and cash equivalents at end of the year | ¥ 12,053 | ¥ 8,785 | 9,202 |
PetroChina Sichuan Petrochemical Company Limited [member] | |||
Disclosure of subsidiaries [Line Items] | |||
Percentage ownership interest (%) | 90% | 90% | |
Current assets | ¥ 4,391 | ¥ 3,973 | |
Non-current assets | 22,131 | 25,317 | |
Current liabilities | 1,700 | 3,876 | |
Non-current liabilities | 313 | 382 | |
Net assets | 24,509 | 25,032 | |
Revenue | 58,131 | 48,493 | 35,319 |
Profit from continuing operations | 33 | 3,383 | 520 |
Total comprehensive income | 33 | 3,383 | 520 |
Profit attributable to non-controlling interests | 3 | 338 | 52 |
Dividends paid to non-controlling interests | 62 | 307 | 12 |
Net cash inflow/(outflow) from operating activities | (771) | 2,666 | 5,119 |
Net cash inflow/(outflow) from investing activities | 1,466 | (231) | (380) |
Net cash (outflow)/inflow from financing activities | (695) | (3,995) | (3,186) |
Effect of foreign exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net increase/(decrease) in cash and cash equivalents | 0 | (1,560) | 1,553 |
Cash and cash equivalents at beginning of the year | 1 | 1,561 | 8 |
Cash and cash equivalents at end of the year | ¥ 1 | ¥ 1 | ¥ 1,561 |
Leases - Summary of Right-of-us
Leases - Summary of Right-of-use assets (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning Balance | ¥ 208,606 | |
Ending Balance | 203,065 | ¥ 208,606 |
Gross [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning Balance | 243,782 | 234,114 |
Additions | 12,820 | 17,251 |
Reduction | (6,380) | (7,583) |
Ending Balance | 250,222 | 243,782 |
Accumulated depreciation [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning Balance | (35,176) | (24,328) |
Additions | (15,085) | (14,765) |
Reduction | 3,104 | 3,917 |
Ending Balance | (47,157) | (35,176) |
Net book value [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning Balance | 208,606 | 209,786 |
Ending Balance | 203,065 | 208,606 |
Land [member] | Gross [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning Balance | 180,600 | 171,941 |
Additions | 4,659 | 9,331 |
Reduction | (1,456) | (672) |
Ending Balance | 183,803 | 180,600 |
Land [member] | Accumulated depreciation [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning Balance | (18,417) | (11,611) |
Additions | (6,694) | (7,022) |
Reduction | 384 | 216 |
Ending Balance | (24,727) | (18,417) |
Land [member] | Net book value [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning Balance | 162,183 | 160,330 |
Ending Balance | 159,076 | 162,183 |
Buildings [member] | Gross [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning Balance | 56,890 | 57,337 |
Additions | 5,451 | 5,120 |
Reduction | (3,708) | (5,567) |
Ending Balance | 58,633 | 56,890 |
Buildings [member] | Accumulated depreciation [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning Balance | (14,425) | (10,839) |
Additions | (6,521) | (6,334) |
Reduction | 2,226 | 2,748 |
Ending Balance | (18,720) | (14,425) |
Buildings [member] | Net book value [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning Balance | 42,465 | 46,498 |
Ending Balance | 39,913 | 42,465 |
Equipment and Machinery [member] | Gross [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning Balance | 4,474 | 2,641 |
Additions | 2,613 | 2,614 |
Reduction | (492) | (781) |
Ending Balance | 6,595 | 4,474 |
Equipment and Machinery [member] | Accumulated depreciation [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning Balance | (1,577) | (1,166) |
Additions | (1,730) | (1,096) |
Reduction | 350 | 685 |
Ending Balance | (2,957) | (1,577) |
Equipment and Machinery [member] | Net book value [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning Balance | 2,897 | 1,475 |
Ending Balance | 3,638 | 2,897 |
Other assets [member] | Gross [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning Balance | 1,818 | 2,195 |
Additions | 97 | 186 |
Reduction | (724) | (563) |
Ending Balance | 1,191 | 1,818 |
Other assets [member] | Accumulated depreciation [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning Balance | (757) | (712) |
Additions | (140) | (313) |
Reduction | 144 | 268 |
Ending Balance | (753) | (757) |
Other assets [member] | Net book value [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning Balance | 1,061 | 1,483 |
Ending Balance | ¥ 438 | ¥ 1,061 |
Leases - Additional Information
Leases - Additional Information (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of Leases [Line Items] | ||
Depreciation right of use assets | ¥ 14,731 | ¥ 14,388 |
Leases - Summary Of Lease Liabi
Leases - Summary Of Lease Liabilities (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of quantitative information about leases for lessee [abstract] | ||
Lease Liability | ¥ 125,760 | ¥ 129,848 |
Less: Lease liabilities due within one year | (7,560) | (6,626) |
Non-current lease liabilities | ¥ 118,200 | ¥ 123,222 |
Leases - Summary of the undisco
Leases - Summary of the undiscounted cash flow of the lease liability (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Undiscounted Cash Flow For Lease Liability [Line Items] | ||
Undiscounted cash flow in the lease liability | ¥ 204,514 | ¥ 208,853 |
Within 1 year [member] | ||
Disclosure Of Undiscounted Cash Flow For Lease Liability [Line Items] | ||
Undiscounted cash flow in the lease liability | 13,244 | 12,495 |
Between 1 and 2 years [member] | ||
Disclosure Of Undiscounted Cash Flow For Lease Liability [Line Items] | ||
Undiscounted cash flow in the lease liability | 11,301 | 11,181 |
Between 2 and 5 years [member] | ||
Disclosure Of Undiscounted Cash Flow For Lease Liability [Line Items] | ||
Undiscounted cash flow in the lease liability | 30,995 | 30,541 |
Over 5 years [member] | ||
Disclosure Of Undiscounted Cash Flow For Lease Liability [Line Items] | ||
Undiscounted cash flow in the lease liability | ¥ 148,974 | ¥ 154,636 |
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, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | ¥ 29,628 | ¥ 29,006 |
Other assets | 40,185 | 37,338 |
Total intangible and other non-current assets | 69,813 | 66,344 |
Patents and technical know-how [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | 2,901 | 1,308 |
Computer software [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | 3,413 | 3,265 |
Goodwill [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | 7,317 | 7,987 |
Others [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | 15,997 | 16,446 |
Cost [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | 59,903 | 56,587 |
Cost [member] | Patents and technical know-how [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | 10,196 | 8,213 |
Cost [member] | Computer software [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | 13,582 | 13,016 |
Cost [member] | Goodwill [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | 8,623 | 8,023 |
Cost [member] | Others [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | 27,502 | 27,335 |
Accumulated amortization, including impairment losses [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | (30,275) | (27,581) |
Accumulated amortization, including impairment losses [member] | Patents and technical know-how [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | (7,295) | (6,905) |
Accumulated amortization, including impairment losses [member] | Computer software [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | (10,169) | (9,751) |
Accumulated amortization, including impairment losses [member] | Goodwill [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | (1,306) | (36) |
Accumulated amortization, including impairment losses [member] | Others [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets | ¥ (11,505) | ¥ (10,889) |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Bottom of range [member] | |||
Disclosure of detailed information about intangible assets [Line Items] | |||
Post-tax discount rates | 9% | ||
Top of range [member] | |||
Disclosure of detailed information about intangible assets [Line Items] | |||
Post-tax discount rates | 18.60% | ||
Others [Member] | |||
Disclosure of detailed information about intangible assets [Line Items] | |||
Impairment charge | ¥ 1,227 | ¥ 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% | |
Others [Member] | Top of range [member] | |||
Disclosure of detailed information about intangible assets [Line Items] | |||
Post-tax discount rates | 14.70% | 10.50% |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of inventories [Line Items] | |||
Inventories | ¥ 167,751 | ¥ 143,848 | |
Write down in inventories | (8,609) | (656) | ¥ (8,337) |
Cost [member] | |||
Disclosure of inventories [Line Items] | |||
Crude oil and other raw materials | 56,756 | 40,334 | |
Work in progress | 14,448 | 15,393 | |
Finished goods | 104,722 | 88,811 | |
Spare parts and consumables | 109 | 91 | |
Inventories | 176,035 | 144,629 | |
Write down in inventories | ¥ (8,284) | ¥ (781) |
Accounts Receivable - Summary o
Accounts Receivable - Summary of Accounts Receivable (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of financial assets [Line Items] | ||
Accounts receivable | ¥ 72,028 | ¥ 52,746 |
Cost [member] | ||
Disclosure of financial assets [Line Items] | ||
Accounts receivable | 74,917 | 54,160 |
Accumulated impairment [member] | ||
Disclosure of financial assets [Line Items] | ||
Accounts receivable | ¥ (2,889) | ¥ (1,414) |
Accounts Receivable - Aging Ana
Accounts Receivable - Aging Analysis of Accounts Receivable (Net of Impairment of Accounts Receivable) (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of financial assets [Line Items] | ||
Accounts receivable | ¥ 72,028 | ¥ 52,746 |
Within 1 year [member] | ||
Disclosure of financial assets [Line Items] | ||
Accounts receivable | 71,307 | 51,533 |
Between 1 and 2 years [member] | ||
Disclosure of financial assets [Line Items] | ||
Accounts receivable | 266 | 816 |
Between 2 and 3 years [member] | ||
Disclosure of financial assets [Line Items] | ||
Accounts receivable | 302 | 194 |
Over 3 years [member] | ||
Disclosure of financial assets [Line Items] | ||
Accounts receivable | ¥ 153 | ¥ 203 |
Accounts Receivable - Additiona
Accounts Receivable - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of financial assets [abstract] | |
Customers credit term | 180 days |
Accounts Receivable - Movements
Accounts Receivable - Movements in Provision for Impairment of Accounts Receivable (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of financial assets [abstract] | |||
At beginning of the year | ¥ 1,414 | ¥ 1,140 | ¥ 2,431 |
Provision for impairment of accounts receivable | 1,598 | 396 | 426 |
Reversal of provision for impairment of accounts receivable | (124) | (110) | (76) |
Receivables written off as uncollectible and others | 1 | (12) | (1,641) |
At end of the year | ¥ 2,889 | ¥ 1,414 | ¥ 1,140 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of credit risk exposure [line items] | ||||
Gross carrying amount | ¥ 74,917 | ¥ 54,160 | ||
Impairment provision on individual basis | 998 | 598 | ||
Impairment provision | 1,891 | 816 | ||
Loss allowance | 2,889 | 1,414 | ¥ 1,140 | ¥ 2,431 |
Current (not past due) [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Gross carrying amount | 68,951 | 49,185 | ||
Impairment provision on individual basis | ¥ 0 | ¥ 0 | ||
Weighted - average loss rate | 1.10% | 0.10% | ||
Impairment provision | ¥ 803 | ¥ 55 | ||
Loss allowance | 803 | 55 | ||
Within 1 year [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Gross carrying amount | 3,951 | 3,153 | ||
Impairment provision on individual basis | ¥ 380 | ¥ 26 | ||
Weighted - average loss rate | 1.10% | 1.60% | ||
Impairment provision | ¥ 38 | ¥ 50 | ||
Loss allowance | 418 | 76 | ||
Between 1 to 2 years [Member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Gross carrying amount | 476 | 648 | ||
Impairment provision on individual basis | ¥ 0 | ¥ 153 | ||
Weighted - average loss rate | 55.30% | 25.50% | ||
Impairment provision | ¥ 263 | ¥ 126 | ||
Loss allowance | 263 | 279 | ||
Between 2 and 3 years [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Gross carrying amount | 522 | 329 | ||
Impairment provision on individual basis | ¥ 172 | ¥ 67 | ||
Weighted - average loss rate | 70.30% | 45% | ||
Impairment provision | ¥ 246 | ¥ 118 | ||
Loss allowance | 418 | 185 | ||
Over 3 years [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Gross carrying amount | 1,017 | 845 | ||
Impairment provision on individual basis | ¥ 446 | ¥ 352 | ||
Weighted - average loss rate | 94.70% | 94.70% | ||
Impairment provision | ¥ 541 | ¥ 467 | ||
Loss allowance | ¥ 987 | ¥ 819 |
Prepayments and Other Current_3
Prepayments and Other Current Assets - Summary of Prepayments and Other Current Assets (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about prepayments and other current assets [Line Items] | ||
Other receivables and advances to suppliers | ¥ 58,547 | ¥ 52,897 |
Value-added tax recoverable | 34,256 | 42,644 |
Prepaid expenses | 414 | 505 |
Prepaid income taxes | 12,107 | 4,853 |
Other current assets | 14,330 | 11,921 |
Prepayments and other current assets | 119,654 | 112,820 |
Cost [member] | ||
Disclosure of detailed information about prepayments and other current assets [Line Items] | ||
Other receivables | 47,410 | 40,983 |
Advances to suppliers | 14,261 | 14,900 |
Other receivables and advances to suppliers | 61,671 | 55,883 |
Accumulated impairment [member] | ||
Disclosure of detailed information about prepayments and other current assets [Line Items] | ||
Other receivables and advances to suppliers | ¥ (3,124) | ¥ (2,986) |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash and cash equivalents [abstract] | |||
Weighted average effective interest rate on bank deposits | 1.83% | 1.68% | 1.69% |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities - Summary of Accounts Payable and Accrued Liabilities (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Trade and other current payables [abstract] | ||
Trade payables | ¥ 172,546 | ¥ 140,538 |
Salaries and welfare payable | 9,385 | 8,975 |
Dividends payable by subsidiaries to non-controlling shareholders | 581 | 419 |
Notes payables | 15,630 | 20,089 |
Construction fee and equipment cost payables | 116,571 | 92,683 |
Others | 57,656 | 36,417 |
Accounts payable and accrued liabilities | ¥ 372,369 | ¥ 299,121 |
Accounts Payable and Accrued _4
Accounts Payable and Accrued Liabilities - Aging Analysis of Trade Payables (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of financial liabilities [Line Items] | ||
Trade payables | ¥ 172,546 | ¥ 140,538 |
Within 1 year [member] | ||
Disclosure of financial liabilities [Line Items] | ||
Trade payables | 162,431 | 130,863 |
Between 1 and 2 years [member] | ||
Disclosure of financial liabilities [Line Items] | ||
Trade payables | 2,682 | 2,767 |
Between 2 and 3 years [member] | ||
Disclosure of financial liabilities [Line Items] | ||
Trade payables | 1,072 | 948 |
Over 3 years [member] | ||
Disclosure of financial liabilities [Line Items] | ||
Trade payables | ¥ 6,361 | ¥ 5,960 |
Borrowings - Summary of Borrowi
Borrowings - Summary of Borrowings (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about borrowings [abstract] | ||
Short-term borrowings excluding current portion of long-term borrowings | ¥ 38,375 | ¥ 40,010 |
Current portion of long-term borrowings | 62,264 | 13,265 |
Short-term borrowings | 100,639 | 53,275 |
Long-term borrowings | 222,478 | 287,175 |
Total borrowings | ¥ 323,117 | ¥ 340,450 |
Borrowings - Summary of Type of
Borrowings - Summary of Type of Borrowings (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Detailed Information About Types Of Borrowings [Line Items] | ||
Borrowings | ¥ 323,117 | ¥ 340,450 |
Bank loans [member] | ||
Disclosure Of Detailed Information About Types Of Borrowings [Line Items] | ||
Borrowings | 110,117 | 114,469 |
Corporate debentures [member] | ||
Disclosure Of Detailed Information About Types Of Borrowings [Line Items] | ||
Borrowings | 18,468 | 20,170 |
Medium-term notes [member] | ||
Disclosure Of Detailed Information About Types Of Borrowings [Line Items] | ||
Borrowings | 59,380 | 71,000 |
Other loans [member] | ||
Disclosure Of Detailed Information About Types Of Borrowings [Line Items] | ||
Borrowings | ¥ 135,152 | ¥ 134,811 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings | ¥ 323,117 | ¥ 340,450 |
United States of America, Dollars | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings | 97,503 | 94,803 |
Bank fixed deposits pledged | 3,286 | ¥ 3,286 |
Property, plant and equipment [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Property Plant And Equipment Secured For Borrowings | 861 | |
Intangibles And Other Noncurrent Assets [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Property Plant And Equipment Secured For Borrowings | ¥ 475 | |
Bottom of range [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Discount rates | 2.13% | 0.10% |
Top of range [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Discount rates | 5.48% | 5.14% |
At fair value [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings | ¥ 286,770 | ¥ 290,937 |
Guaranteed by CNPC, its fellow subsidiaries and a third party [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings | 11,186 | 13,558 |
Mortgage Loans [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings, secured liabilities | ¥ 1,074 | ¥ 1,185 |
Borrowings - Borrowings by Inte
Borrowings - Borrowings by Interest Rate (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about borrowings [Line Items] | ||
Total borrowings | ¥ 323,117 | ¥ 340,450 |
Bank loans [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Total borrowings | ¥ 110,117 | ¥ 114,469 |
Bank loans [member] | Weighted average [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Weighted average effective interest rates | 3.04% | 2.18% |
Corporate debentures [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Total borrowings | ¥ 18,468 | ¥ 20,170 |
Corporate debentures [member] | Weighted average [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Weighted average effective interest rates | 4.05% | 4.14% |
Medium-term notes [member] | Weighted average [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Weighted average effective interest rates | 3.12% | 3.28% |
Other loans [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Total borrowings | ¥ 135,152 | ¥ 134,811 |
Other loans [member] | Weighted average [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Weighted average effective interest rates | 3.47% | 2.51% |
Interest free [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Total borrowings | ¥ 103 | ¥ 101 |
At fixed rates [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Total borrowings | 112,588 | 131,705 |
At floating rates [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Total borrowings | ¥ 210,426 | ¥ 208,644 |
Borrowings - Borrowings by Majo
Borrowings - Borrowings by Major Currency (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about borrowings [Line Items] | ||
Total borrowings | ¥ 323,117 | ¥ 340,450 |
RMB [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Total borrowings | 218,897 | 238,361 |
US Dollar [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Total borrowings | 97,503 | 94,803 |
Other currency [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Total borrowings | ¥ 6,717 | ¥ 7,286 |
Borrowings - Borrowings' Remain
Borrowings - Borrowings' Remaining Contractual Maturities (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about borrowings [Line Items] | ||
Remaining contractual maturities of borrowings | ¥ 356,336 | ¥ 366,350 |
Within 1 year [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Remaining contractual maturities of borrowings | 107,461 | 58,923 |
Between 1 and 2 years [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Remaining contractual maturities of borrowings | 129,885 | 53,250 |
Between 2 and 5 years [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Remaining contractual maturities of borrowings | 102,490 | 226,124 |
After 5 years [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Remaining contractual maturities of borrowings | ¥ 16,500 | ¥ 28,053 |
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, 2022 | Dec. 31, 2021 | |
Disclosure of reconciliation of liabilities arising from financing activities [abstract] | ||
Beginning balance | ¥ 340,450 | ¥ 368,921 |
Increase in borrowings | 866,348 | 810,092 |
Repayments of borrowings | (891,329) | (836,434) |
Total changes from financing cash flows | (24,981) | (26,342) |
Exchange adjustments | 7,648 | (2,129) |
Ending balance | ¥ 323,117 | ¥ 340,450 |
Share Capital - Summary of Shar
Share Capital - Summary of Share Capital (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
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 | 1 Months Ended | ||||||
Apr. 06, 2020 $ / shares | Sep. 01, 2005 $ / shares | Sep. 01, 2005 CNY (¥) shares | Apr. 07, 2000 $ / shares | Apr. 07, 2000 CNY (¥) shares | Oct. 31, 2007 CNY (¥) ¥ / shares shares | Nov. 05, 1999 ¥ / shares shares | |
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 | ¥ 16.7 | ||||||
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of reserves within equity [Line Items] | |||
Beginning balance | ¥ 1,408,869 | ¥ 1,366,621 | ¥ 1,444,305 |
Safety fund reserve | (691) | (1,750) | (1,505) |
Currency translation differences | 3,758 | (2,684) | (3,909) |
Transaction with non-controlling interests | 11,128 | 1,059 | 825 |
Share of the other comprehensive income of associates and joint ventures accounted for using the equity method | 654 | (4) | (441) |
Cash flow hedges, net of deferred tax | 11,273 | 0 | 0 |
Ending balance | 1,537,853 | 1,408,869 | 1,366,621 |
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 | 211,970 | 203,557 | |
Transfer from retained earnings | 12,987 | 8,413 | |
Ending balance | 224,957 | 211,970 | 203,557 |
Special reserve-safety fund reserve [member] | |||
Disclosure of reserves within equity [Line Items] | |||
Beginning balance | 9,231 | 10,810 | |
Safety fund reserve | (741) | (1,579) | |
Ending balance | 8,490 | 9,231 | 10,810 |
Currency translation differences [member] | |||
Disclosure of reserves within equity [Line Items] | |||
Beginning balance | (35,532) | (32,848) | |
Currency translation differences | 3,758 | (2,684) | |
Ending balance | (31,774) | (35,532) | (32,848) |
Other reserves [member] | |||
Disclosure of reserves within equity [Line Items] | |||
Beginning balance | (10,417) | (10,645) | |
Transaction with non-controlling interests | 0 | (15) | |
Fair value changes in equity investments measured at fair value through other comprehensive income | (10) | 79 | |
Share of the other comprehensive income of associates and joint ventures accounted for using the equity method | 654 | (4) | |
Cash flow hedges, net of deferred tax | 11,273 | 0 | |
Other | (3,760) | 168 | |
Ending balance | (2,260) | (10,417) | (10,645) |
Reserves [member] | |||
Disclosure of reserves within equity [Line Items] | |||
Beginning balance | 308,560 | 304,182 | 304,011 |
Transfer from retained earnings | 12,987 | 8,413 | 6,275 |
Safety fund reserve | (741) | (1,579) | (1,633) |
Transaction with non-controlling interests | 3 | 2 | |
Ending balance | ¥ 332,721 | ¥ 308,560 | ¥ 304,182 |
Reserves - Summary of Reserve_2
Reserves - Summary of Reserves (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of reserves within equity [abstract] | |
Percentage of net profit the Company is required to transfer to a Statutory Common Reserve Fund | 10% |
Percentage of registered capital when the appropriation to the Reserve Fund may cease | 50% |
Minimum percentage of Reserve Fund to registered capital, after bonus share issuance, that must be maintained | 25% |
Deferred Taxation - Movements i
Deferred Taxation - Movements in Deferred Taxation (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred tax assets and liabilities [abstract] | |||
At beginning of the year | ¥ (14,477) | ¥ (5,016) | ¥ 2,848 |
Transfer to profit and loss (Note 12) | 14,033 | (9,685) | (7,666) |
(Debit)/credit to other comprehensive income | (873) | 224 | (198) |
At end of the year | ¥ (1,317) | ¥ (14,477) | ¥ (5,016) |
Deferred Taxation - Deferred Ta
Deferred Taxation - Deferred Tax Balances Before Offset (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||||
Deferred tax assets | ¥ 19,699 | ¥ 12,161 | ||
Deferred tax liabilities | 21,016 | 26,638 | ||
Net deferred tax (liabilities)/ assets | (1,317) | (14,477) | ¥ (5,016) | ¥ 2,848 |
Cost [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||||
Deferred tax assets | 35,209 | 27,163 | ||
Deferred tax liabilities | 36,526 | 41,640 | ||
Net deferred tax (liabilities)/ assets | (1,317) | (14,477) | ||
Cost [member] | Receivables and inventories [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||||
Deferred tax assets | 14,479 | 9,124 | ||
Cost [member] | Unused tax losses [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||||
Deferred tax assets | 1,560 | 1,892 | ||
Cost [member] | Impairment, Depreciation and Depletion of Long-term Assets [Member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||||
Deferred tax assets | 10,498 | 8,250 | ||
Cost [member] | Others [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||||
Deferred tax assets | 8,672 | 7,897 | ||
Deferred tax liabilities | 27,090 | 25,617 | ||
Cost [member] | Accelerated tax depreciation [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||||
Deferred tax liabilities | ¥ 9,436 | ¥ 16,023 |
Deferred Taxation - Deferred _2
Deferred Taxation - Deferred Tax Balances After Offset (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets and liabilities [abstract] | ||
Deferred tax assets | ¥ 19,699 | ¥ 12,161 |
Deferred tax liabilities | ¥ 21,016 | ¥ 26,638 |
Deferred Taxation - Additional
Deferred Taxation - Additional Information (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||||||
Dec. 31, 2027 | 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 | ¥ 112,702 | ¥ 109,752 | |||||
Deferred tax expense | ¥ 5,229 | ¥ 13,866 | |||||
Tax losses carry forwards | ¥ 105,386 | ¥ 2,580 | ¥ 3,833 | ¥ 629 | ¥ 274 | ||
Tax losses carry forward period | 2027 | 2026 | 2025 | 2024 | 2023 |
Asset Retirement Obligations -
Asset Retirement Obligations - Summary of Asset Retirement Obligations (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disposals and retirements, property, plant and equipment [abstract] | ||||
At beginning of the year | ¥ 129,405 | ¥ 114,819 | ¥ 137,935 | |
Net liabilities incurred, including reassessment | [1] | 11,954 | 16,057 | (24,059) |
Liabilities settled | (4,955) | (5,969) | (3,510) | |
Accretion expense (Note 10) | 5,681 | 4,696 | 5,107 | |
Currency translation differences | (4) | (198) | (654) | |
At end of the year | ¥ 142,081 | ¥ 129,405 | ¥ 114,819 | |
[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, 2020 CNY (¥) | |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of changes in net assets available for benefits [abstract] | |||
Expenses incurred in connection with employee retirement benefit plans | ¥ 20,728 | ¥ 19,939 | ¥ 16,833 |
Defined Contribution Plan Forfeited | no | no | no |
Contingent Liabilities - Additi
Contingent Liabilities - Additional Information (Detail) - CNY (¥) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of contingent liabilities [Line Items] | ||||
Non Current Asset Retirement Obligation | ¥ 142,081,000,000 | ¥ 129,405,000,000 | ¥ 114,819,000,000 | ¥ 137,935,000,000 |
Environment liabilities [member] | ||||
Disclosure of contingent liabilities [Line Items] | ||||
Contingent liabilities | 0 | |||
Non Current Asset Retirement Obligation | ¥ 142,081,000,000 | ¥ 129,405,000,000 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of commitments [line items] | |||
Capital commitments relating to property, plant and equipment | ¥ 882 | ¥ 882 | |
Exploration and production licenses [member] | |||
Disclosure of commitments [line items] | |||
Payments incurred to exploration and production licenses | ¥ 482 | ¥ 744 | ¥ 700 |
Commitments - Exploration and P
Commitments - Exploration and Production Licenses Estimated Annual Payments (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Within 1 year [member] | ||
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Estimated annual payments | ¥ 500 | ¥ 500 |
Between 1 and 2 years [member] | ||
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Estimated annual payments | 500 | 500 |
Between 2 and 3 years [member] | ||
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Estimated annual payments | 500 | 500 |
Between 3 and 4 years [member] | ||
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Estimated annual payments | 500 | 500 |
Between 4 and 5 years [member] | ||
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Estimated annual payments | ¥ 500 | ¥ 500 |
Major Customers - Group's Major
Major Customers - Group's Major Customers (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of major customers [Line Items] | |||
Revenue | ¥ 3,239,167 | ¥ 2,614,349 | ¥ 1,933,836 |
China Petrochemical Corporation and its fellow subsidiaries [member] | |||
Disclosure of major customers [Line Items] | |||
Revenue | ¥ 121,312 | ¥ 136,500 | ¥ 98,636 |
Percentage of Total revenue | 4% | 5% | 5% |
CNPC and its fellow subsidiaries [Member] | |||
Disclosure of major customers [Line Items] | |||
Revenue | ¥ 81,112 | ¥ 69,058 | ¥ 63,623 |
Percentage of Total revenue | 2% | 3% | 3% |
Customers [member] | |||
Disclosure of major customers [Line Items] | |||
Revenue | ¥ 202,424 | ¥ 205,558 | ¥ 162,259 |
Percentage of Total revenue | 6% | 8% | 8% |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) ¥ in Millions | 12 Months Ended | |||||
Aug. 27, 2020 CNY (¥) m² | Aug. 24, 2017 | Aug. 25, 2011 | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Disclosure of transactions between related parties [Line Items] | ||||||
Comprehensive products and services agreement effective Period | 3 years | |||||
Borrowings | ¥ 323,117 | ¥ 340,450 | ||||
Annual fee | 125,760 | 129,848 | ||||
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 | 1,142,000,000 | |||||
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 | 1,287,500 | |||||
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 | 128,265 | 115,587 | ¥ 105,535 | |||
Sales of services | 34,872 | 8,313 | 8,593 | |||
Purchases of goods and services | 489,353 | 416,561 | 321,858 | |||
Purchases of assets | 1,196 | 1,051 | 767 | |||
Interest income | 705 | 270 | 381 | |||
Deposits | 47,656 | 36,489 | ||||
Borrowings | 133,453 | 133,800 | ||||
Rents and other payments made under financial leasing | 6,996 | 6,797 | 8,294 | |||
Annual fee | 98,143 | 101,453 | ||||
Expiry Period Of Land Use Rights Leasing Contract | 2050 | |||||
Interest on Loans and Other Financial Service Expenses | ¥ 4,435 | ¥ 4,878 | ¥ 8,051 | |||
China Petroleum Chemical Corporation [Member] | ||||||
Disclosure of transactions between related parties [Line Items] | ||||||
Percentage of voting equity interests acquired | 80.54% | 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, 2022 | Dec. 31, 2021 |
Disclosure of transactions between related parties [Line Items] | ||
Accounts receivable | ¥ 72,028 | ¥ 52,746 |
Prepayments and other receivables | 119,654 | 112,820 |
Accounts payable and accrued liabilities | 372,369 | 299,121 |
Lease liabilities | 125,760 | 129,848 |
China National Petroleum Corporation and its fellow subsidiaries, associates and joint ventures [member] | ||
Disclosure of transactions between related parties [Line Items] | ||
Accounts receivable | 3,810 | 7,395 |
Prepayments and other receivables | 20,566 | 24,925 |
Financial assets at fair value through other comprehensive income | 1,000 | 1,850 |
Intangible and other non-current assets | 16,758 | 15,696 |
Accounts payable and accrued liabilities | 57,459 | 49,526 |
Contract liabilities | 520 | 613 |
Lease liabilities | ¥ 98,143 | ¥ 101,453 |
Related Party Transactions - Ke
Related Party Transactions - Key Management Compensation (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of transactions between related parties [abstract] | |||
Emoluments and other benefits | ¥ 16,515 | ¥ 15,143 | ¥ 16,598 |
Contribution to retirement benefit scheme | 2,052 | 1,568 | 1,338 |
Key management compensation | ¥ 18,567 | ¥ 16,711 | ¥ 17,936 |
Segment Information - Segment I
Segment Information - Segment Information for the Operating Segments (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of operating segments [Line Items] | |||
Revenue | ¥ 3,239,167 | ¥ 2,614,349 | ¥ 1,933,836 |
Depreciation, depletion and amortisation | (238,036) | (231,269) | (213,875) |
Including: Impairment losses of property, plant and equipment | (22,395) | (26,471) | (15,367) |
Profit/(loss) from operations | 216,660 | 161,153 | 75,937 |
Finance costs: | |||
Exchange gain | 23,772 | 13,377 | 14,387 |
Exchange loss | (25,590) | (12,839) | (14,279) |
Interest income | 4,738 | 2,984 | 3,023 |
Interest expense | (21,554) | (19,739) | (26,528) |
Total net finance costs | (18,634) | (16,217) | (23,397) |
Share of profit / (loss) of associates and joint ventures | 15,251 | 13,267 | 3,533 |
Profit before income tax expense | 213,277 | 158,203 | 56,073 |
Income tax expense | (49,295) | (43,507) | (22,588) |
Profit for the year | 163,982 | 114,696 | 33,485 |
Other assets | 31,806 | 17,014 | 17,361 |
Investments in associates and joint ventures | 269,569 | 265,785 | 250,603 |
Assets | 2,673,485 | 2,502,262 | 2,488,126 |
Capital expenditures | 274,307 | 251,178 | 246,493 |
Liabilities | 1,135,632 | 1,093,393 | 1,121,505 |
Other liabilities | 74,530 | 103,412 | 80,104 |
Oil, gas and new energy resource [member] | |||
Disclosure of operating segments [Line Items] | |||
Revenue | 151,433 | 116,629 | 93,137 |
Depreciation, depletion and amortisation | (182,989) | (175,329) | (150,849) |
Including: Impairment losses of property, plant and equipment | (17,090) | (20,218) | (15,364) |
Profit/(loss) from operations | 165,748 | 68,452 | 23,092 |
Finance costs: | |||
Share of profit / (loss) of associates and joint ventures | 4,765 | 2,633 | (616) |
Investments in associates and joint ventures | 46,053 | 44,289 | 41,461 |
Capital expenditures | 221,592 | 178,259 | 186,620 |
Refining, chemicals and new materials [member] | |||
Disclosure of operating segments [Line Items] | |||
Revenue | 337,024 | 324,954 | 282,108 |
Depreciation, depletion and amortisation | (27,265) | (28,466) | (23,893) |
Including: Impairment losses of property, plant and equipment | (3,394) | (4,681) | |
Profit/(loss) from operations | 40,570 | 49,740 | (1,834) |
Finance costs: | |||
Share of profit / (loss) of associates and joint ventures | 37 | 68 | (24) |
Investments in associates and joint ventures | 2,205 | 1,966 | 1,289 |
Capital expenditures | 41,771 | 54,487 | 21,810 |
Marketing [member] | |||
Disclosure of operating segments [Line Items] | |||
Revenue | 2,251,392 | 1,772,577 | 1,221,030 |
Depreciation, depletion and amortisation | (20,563) | (20,338) | (17,833) |
Including: Impairment losses of property, plant and equipment | (1,231) | (1,396) | (3) |
Profit/(loss) from operations | 14,374 | 13,277 | (2,906) |
Finance costs: | |||
Share of profit / (loss) of associates and joint ventures | (195) | 680 | (728) |
Investments in associates and joint ventures | 17,829 | 19,020 | 18,239 |
Capital expenditures | 5,069 | 10,982 | 16,294 |
Natural gas sales [member] | |||
Disclosure of operating segments [Line Items] | |||
Revenue | 497,055 | 397,496 | 335,334 |
Depreciation, depletion and amortisation | (5,329) | (5,288) | (19,475) |
Including: Impairment losses of property, plant and equipment | (680) | (176) | |
Profit/(loss) from operations | 12,957 | 43,965 | 72,410 |
Finance costs: | |||
Share of profit / (loss) of associates and joint ventures | 8,323 | 7,570 | 2,128 |
Investments in associates and joint ventures | 169,903 | 169,611 | 160,730 |
Capital expenditures | 4,936 | 6,750 | 21,143 |
Head office and other [member] | |||
Disclosure of operating segments [Line Items] | |||
Revenue | 2,263 | 2,693 | 2,227 |
Depreciation, depletion and amortisation | (1,890) | (1,848) | (1,825) |
Profit/(loss) from operations | (16,989) | (14,281) | (14,825) |
Finance costs: | |||
Share of profit / (loss) of associates and joint ventures | 2,321 | 2,316 | 2,773 |
Investments in associates and joint ventures | 33,579 | 30,899 | 28,884 |
Capital expenditures | 939 | 700 | 626 |
Operating segments [member] | |||
Disclosure of operating segments [Line Items] | |||
Revenue | 5,390,453 | 4,254,284 | 3,177,433 |
Finance costs: | |||
Assets | 4,354,242 | 4,108,815 | 4,201,490 |
Liabilities | 1,955,634 | 1,794,225 | 1,932,109 |
Operating segments [member] | Oil, gas and new energy resource [member] | |||
Disclosure of operating segments [Line Items] | |||
Revenue | 929,279 | 688,334 | 530,807 |
Finance costs: | |||
Assets | 1,457,543 | 1,391,129 | 1,452,554 |
Liabilities | 581,261 | 550,365 | 658,521 |
Operating segments [member] | Refining, chemicals and new materials [member] | |||
Disclosure of operating segments [Line Items] | |||
Revenue | 1,164,596 | 974,972 | 774,775 |
Finance costs: | |||
Assets | 482,452 | 457,914 | 432,022 |
Liabilities | 243,417 | 199,159 | 186,332 |
Operating segments [member] | Marketing [member] | |||
Disclosure of operating segments [Line Items] | |||
Revenue | 2,771,894 | 2,170,062 | 1,497,533 |
Finance costs: | |||
Assets | 596,463 | 520,938 | 489,984 |
Liabilities | 404,991 | 349,609 | 321,460 |
Operating segments [member] | Natural gas sales [member] | |||
Disclosure of operating segments [Line Items] | |||
Revenue | 519,211 | 417,022 | 370,771 |
Finance costs: | |||
Assets | 171,643 | 164,934 | 195,353 |
Liabilities | 135,361 | 128,490 | 192,456 |
Operating segments [member] | Head office and other [member] | |||
Disclosure of operating segments [Line Items] | |||
Revenue | 5,473 | 3,894 | 3,547 |
Finance costs: | |||
Assets | 1,646,141 | 1,573,900 | 1,631,577 |
Liabilities | 590,604 | 566,602 | 573,340 |
Intersegment elimination [member] | |||
Disclosure of operating segments [Line Items] | |||
Revenue | (2,151,286) | (1,639,935) | (1,243,597) |
Finance costs: | |||
Assets | (1,982,132) | (1,889,352) | (1,981,328) |
Liabilities | (894,532) | (804,244) | (890,708) |
Intersegment elimination [member] | Oil, gas and new energy resource [member] | |||
Disclosure of operating segments [Line Items] | |||
Revenue | (777,846) | (571,705) | (437,670) |
Intersegment elimination [member] | Refining, chemicals and new materials [member] | |||
Disclosure of operating segments [Line Items] | |||
Revenue | (827,572) | (650,018) | (492,667) |
Intersegment elimination [member] | Marketing [member] | |||
Disclosure of operating segments [Line Items] | |||
Revenue | (520,502) | (397,485) | (276,503) |
Intersegment elimination [member] | Natural gas sales [member] | |||
Disclosure of operating segments [Line Items] | |||
Revenue | (22,156) | (19,526) | (35,437) |
Intersegment elimination [member] | Head office and other [member] | |||
Disclosure of operating segments [Line Items] | |||
Revenue | ¥ (3,210) | ¥ (1,201) | ¥ (1,320) |
Segment Information - Geographi
Segment Information - Geographical Information (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of geographical areas [Line Items] | |||
Revenue | ¥ 3,239,167 | ¥ 2,614,349 | ¥ 1,933,836 |
Non-current assets | 2,031,805 | 2,003,622 | |
China's Mainland [member] | |||
Disclosure of geographical areas [Line Items] | |||
Revenue | 1,888,906 | 1,626,616 | 1,212,821 |
Non-current assets | 1,853,462 | 1,838,505 | |
Other countries [member] | |||
Disclosure of geographical areas [Line Items] | |||
Revenue | 1,350,261 | 987,733 | ¥ 721,015 |
Non-current assets | ¥ 178,343 | ¥ 165,117 |
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, 2022 CNY (¥) Bcfe MMBoe MMBbls | Dec. 31, 2021 CNY (¥) MMBoe Bcfe MMBbls bbl | Dec. 31, 2020 CNY (¥) MMBoe Bcfe bbl MMBbls | |
Reserve Quantities [Line Items] | |||
Proved developed and undeveloped reserves, Ending balance | MMBoe | 18,926 | 18,844 | 18,202 |
Consolidated entities [member] | |||
Reserve Quantities [Line Items] | |||
Proved developed and undeveloped reserves, Beginning balance | bbl | 17,946 | 19,959 | |
Revisions of previous estimates | bbl | (1,652) | ||
Improved recovery | bbl | 108 | ||
Extensions and discoveries | bbl | 1,215 | ||
Production | bbl | (1,626) | ||
Proved developed and undeveloped reserves, Ending balance | bbl | 17,946 | ||
Revisions of previous estimates | MMBoe | (14) | 825 | |
Improved recovery | MMBoe | 146 | 121 | |
Extensions and discoveries | MMBoe | 1,662 | 1,286 | |
Production | MMBoe | (1,685) | (1,625) | |
Proved developed and undeveloped reserves, Ending balance | MMBoe | 18,661 | 18,550 | |
Proved developed reserves | MMBoe | 12,492 | 12,471 | 11,667 |
Proved undeveloped reserves | MMBoe | 6,169 | 6,079 | 6,279 |
Purchase | ¥ | ¥ 2 | ¥ 0 | ¥ 33 |
Sales | ¥ | ¥ 0 | ¥ (3) | ¥ (91) |
Equity method investments [member] | |||
Reserve Quantities [Line Items] | |||
Proved developed and undeveloped reserves, Ending balance | MMBoe | 265 | 294 | 256 |
Crude oil and condensate [member] | |||
Reserve Quantities [Line Items] | |||
Proved developed and undeveloped reserves, Beginning balance | MMBbls | 6,272 | 5,402 | |
Proved developed and undeveloped reserves, Ending balance | MMBbls | 6,594 | 6,272 | 5,402 |
Crude oil and condensate [member] | Consolidated entities [member] | |||
Reserve Quantities [Line Items] | |||
Proved developed and undeveloped reserves, Beginning balance | MMBbls | 6,064 | 5,206 | 7,253 |
Revisions of previous estimates | MMBbls | 511 | 1,160 | (1,553) |
Improved recovery | MMBbls | 125 | 117 | 108 |
Extensions and discoveries | MMBbls | 622 | 472 | 385 |
Production | MMBbls | (906) | (888) | (922) |
Proved developed and undeveloped reserves, Ending balance | MMBbls | 6,418 | 6,064 | 5,206 |
Proved developed reserves | MMBbls | 5,375 | 4,654 | |
Proved undeveloped reserves | MMBbls | 844 | 689 | 552 |
Proved developed reserves | MMBoe | 5,574 | ||
Purchase | ¥ | ¥ 2 | ¥ 0 | ¥ 15 |
Sales | ¥ | ¥ 0 | ¥ (3) | ¥ (80) |
Crude oil and condensate [member] | Equity method investments [member] | |||
Reserve Quantities [Line Items] | |||
Proved developed and undeveloped reserves, Beginning balance | MMBbls | 208 | 196 | |
Proved developed and undeveloped reserves, Ending balance | MMBbls | 176 | 208 | 196 |
Natural gas [member] | |||
Reserve Quantities [Line Items] | |||
Proved developed and undeveloped reserves, Ending balance | Bcfe | 73,990 | 75,427 | 76,800 |
Natural gas [member] | Consolidated entities [member] | |||
Reserve Quantities [Line Items] | |||
Proved developed and undeveloped reserves, Beginning balance | bbl | 76,437,000 | 76,236,000 | |
Revisions of previous estimates | bbl | (595,000) | ||
Improved recovery | bbl | 0 | ||
Extensions and discoveries | bbl | 4,976,000 | ||
Production | bbl | (4,221,000) | ||
Proved developed and undeveloped reserves, Ending balance | bbl | 76,437,000 | ||
Revisions of previous estimates | Bcfe | (3,156) | (2,011) | |
Improved recovery | Bcfe | 131 | 27 | |
Extensions and discoveries | Bcfe | 6,237 | 4,885 | |
Production | Bcfe | (4,675) | (4,420) | |
Proved developed and undeveloped reserves, Ending balance | Bcfe | 73,453 | 74,916 | |
Proved developed reserves | Bcfe | 41,508 | 42,576 | 42,077 |
Proved undeveloped reserves | Bcfe | 31,945 | 32,340 | 34,360 |
Purchase | ¥ | ¥ 0 | ¥ 107,000 | |
Sales | ¥ | ¥ 0 | ¥ (2,000) | ¥ (66,000) |
Natural gas [member] | Equity method investments [member] | |||
Reserve Quantities [Line Items] | |||
Proved developed and undeveloped reserves, Ending balance | Bcfe | 537 | 511 | 363 |
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, 2022 MMBoe Bcfe MMBbls | Dec. 31, 2021 Bcfe MMBoe MMBbls | Dec. 31, 2020 Bcfe MMBoe MMBbls bbl | Dec. 31, 2019 MMBbls bbl |
Schedule of Proved Oil and Gas Reserve Estimates [line items] | ||||
Proved developed and undeveloped reserves | MMBoe | 18,926 | 18,844 | 18,202 | |
Consolidated entities [member] | ||||
Schedule of Proved Oil and Gas Reserve Estimates [line items] | ||||
Proved developed and undeveloped reserves | MMBoe | 18,661 | 18,550 | ||
Proved developed and undeveloped reserves | bbl | 17,946 | 19,959 | ||
Crude oil and condensate [member] | ||||
Schedule of Proved Oil and Gas Reserve Estimates [line items] | ||||
Proved developed and undeveloped reserves | MMBbls | 6,594 | 6,272 | 5,402 | |
Crude oil and condensate [member] | Consolidated entities [member] | ||||
Schedule of Proved Oil and Gas Reserve Estimates [line items] | ||||
Proved developed and undeveloped reserves | MMBbls | 6,418 | 6,064 | 5,206 | 7,253 |
Crude oil and condensate [member] | Consolidated entities [member] | China's Mainland [member] | ||||
Schedule of Proved Oil and Gas Reserve Estimates [line items] | ||||
Proved developed and undeveloped reserves | MMBbls | 5,696 | 5,286 | 4,375 | |
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 | 722 | 778 | 831 | |
Natural gas [member] | ||||
Schedule of Proved Oil and Gas Reserve Estimates [line items] | ||||
Proved developed and undeveloped reserves | Bcfe | 73,990 | 75,427 | 76,800 | |
Natural gas [member] | Consolidated entities [member] | ||||
Schedule of Proved Oil and Gas Reserve Estimates [line items] | ||||
Proved developed and undeveloped reserves | Bcfe | 73,453 | 74,916 | ||
Proved developed and undeveloped reserves | bbl | 76,437,000 | 76,236,000 | ||
Natural gas [member] | Consolidated entities [member] | China's Mainland [member] | ||||
Schedule of Proved Oil and Gas Reserve Estimates [line items] | ||||
Proved developed and undeveloped reserves | Bcfe | 72,165 | 73,460 | 74,794 | |
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 | 1,288 | 1,456 | 1,643 |
Supplementary Information on _9
Supplementary Information on Oil and Gas Exploration and Production Activities (Unaudited) - Capitalized Costs (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Consolidated entities [member] | ||
Capitalized Costs Relating to Oil and Gas Producing Activities by Geographic Area [line items] | ||
Property costs and producing assets | ¥ 2,156,134 | ¥ 1,969,409 |
Support facilities | 500,489 | 483,216 |
Construction-in-progress | 122,564 | 119,583 |
Total capitalized costs | 2,779,187 | 2,572,208 |
Accumulated depreciation, depletion and amortization | (1,820,994) | (1,635,837) |
Net capitalized costs | 958,193 | 936,371 |
Equity method investments [member] | ||
Capitalized Costs Relating to Oil and Gas Producing Activities by Geographic Area [line items] | ||
Net capitalized costs | ¥ 20,728 | ¥ 19,056 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Consolidated entities [member] | |||
Costs Incurred Oil and Gas Property Acquisition Exploration and Development Activities [line items] | |||
Property acquisition costs | ¥ 2,316 | ¥ 7,610 | ¥ 3,712 |
Exploration costs | 39,213 | 38,230 | 36,913 |
Development costs | 169,992 | 144,913 | 146,158 |
Total | 211,521 | 190,753 | 186,783 |
Consolidated entities [member] | China's Mainland [member] | |||
Costs Incurred Oil and Gas Property Acquisition Exploration and Development Activities [line items] | |||
Property acquisition costs | 216 | 0 | 0 |
Exploration costs | 38,662 | 37,351 | 35,862 |
Development costs | 152,935 | 132,829 | 129,738 |
Total | 191,813 | 170,180 | 165,600 |
Consolidated entities [member] | Other countries [member] | |||
Costs Incurred Oil and Gas Property Acquisition Exploration and Development Activities [line items] | |||
Property acquisition costs | 2,100 | 7,610 | 3,712 |
Exploration costs | 551 | 879 | 1,051 |
Development costs | 17,057 | 12,084 | 16,420 |
Total | 19,708 | 20,573 | 21,183 |
Equity method investments [member] | |||
Costs Incurred Oil and Gas Property Acquisition Exploration and Development Activities [line items] | |||
Total | 2,324 | 2,110 | 1,462 |
Equity method investments [member] | China's Mainland [member] | |||
Costs Incurred Oil and Gas Property Acquisition Exploration and Development Activities [line items] | |||
Total | 0 | 0 | 0 |
Equity method investments [member] | Other countries [member] | |||
Costs Incurred Oil and Gas Property Acquisition Exploration and Development Activities [line items] | |||
Total | ¥ 2,324 | ¥ 2,110 | ¥ 1,462 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue | |||
Results of operations from producing activities | ¥ 180,205 | ¥ 145,547 | ¥ 38,049 |
China's Mainland [member] | |||
Revenue | |||
Results of operations from producing activities | 155,636 | 137,382 | 29,134 |
Other countries [member] | |||
Revenue | |||
Results of operations from producing activities | 24,569 | 8,165 | 8,915 |
Consolidated entities [member] | |||
Revenue | |||
Sales to third parties | 164,568 | 123,349 | 63,517 |
Inter-segment sales | 567,691 | 413,760 | 319,031 |
Revenue | 732,259 | 537,109 | 382,548 |
Production costs excluding taxes | (152,810) | (139,093) | (133,759) |
Exploration expenses | (27,074) | (24,248) | (19,333) |
Depreciation, depletion and amortization | (221,222) | (157,714) | (149,960) |
Taxes other than income taxes | (86,727) | (34,421) | (21,555) |
Accretion expense | (5,681) | (4,696) | (5,107) |
Income taxes | (62,002) | (33,294) | (14,709) |
Results of operations from producing activities | 176,743 | 143,643 | 38,125 |
Consolidated entities [member] | China's Mainland [member] | |||
Revenue | |||
Sales to third parties | 108,179 | 82,654 | 32,662 |
Inter-segment sales | 527,206 | 388,611 | 306,623 |
Revenue | 635,385 | 471,265 | 339,285 |
Production costs excluding taxes | (136,890) | (126,916) | (124,154) |
Exploration expenses | (26,523) | (23,418) | (18,851) |
Depreciation, depletion and amortization | (195,316) | (128,297) | (134,007) |
Taxes other than income taxes | (76,633) | (28,611) | (18,865) |
Accretion expense | (5,446) | (4,557) | (4,905) |
Income taxes | (38,941) | (22,084) | (9,369) |
Results of operations from producing activities | 155,636 | 137,382 | 29,134 |
Consolidated entities [member] | Other countries [member] | |||
Revenue | |||
Sales to third parties | 56,388 | 40,695 | 30,855 |
Inter-segment sales | 40,485 | 25,149 | 12,408 |
Revenue | 96,873 | 65,844 | 43,263 |
Production costs excluding taxes | (15,920) | (12,177) | (9,605) |
Exploration expenses | (551) | (830) | (482) |
Depreciation, depletion and amortization | (25,906) | (29,417) | (15,953) |
Taxes other than income taxes | (10,093) | (5,810) | (2,690) |
Accretion expense | (235) | (139) | (202) |
Income taxes | (23,061) | (11,210) | (5,340) |
Results of operations from producing activities | 21,107 | 6,261 | 8,991 |
Equity method investments [member] | |||
Revenue | |||
Results of operations from producing activities | 3,462 | 1,904 | (76) |
Equity method investments [member] | Other countries [member] | |||
Revenue | |||
Results of operations from producing activities | ¥ 3,462 | ¥ 1,904 | ¥ (76) |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Consolidated entities [member] | ||||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||||
Future cash inflows | ¥ 6,719,784 | ¥ 5,244,811 | ¥ 4,366,906 | |
Future production costs | (2,421,683) | (1,723,220) | (1,470,460) | |
Future development costs | (557,902) | (462,411) | (445,462) | |
Future income tax expense | (711,177) | (549,495) | (441,668) | |
Future net cash flows | 3,029,022 | 2,509,685 | 2,009,316 | |
Discount at 10% for estimated timing of cash flows | (1,271,392) | (1,108,580) | (947,035) | |
Standardized measure of discounted future net cash flows | 1,757,630 | 1,401,105 | 1,062,281 | ¥ 1,325,069 |
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 | ¥ 47,342 | ¥ 14,788 | ¥ 8,573 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Proved Oil and Gas Reserve Estimates [line items] | ||||
Standardized measure of discounted future net cash flows | ¥ 1,757,630 | ¥ 1,401,105 | ¥ 1,062,281 | ¥ 1,325,069 |
China's Mainland [member] | ||||
Schedule of Proved Oil and Gas Reserve Estimates [line items] | ||||
Standardized measure of discounted future net cash flows | 1,652,887 | 1,336,419 | 1,028,640 | |
Other countries [member] | ||||
Schedule of Proved Oil and Gas Reserve Estimates [line items] | ||||
Standardized measure of discounted future net cash flows | ¥ 104,743 | ¥ 64,686 | ¥ 33,641 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | |||
Beginning of the year | ¥ 1,401,105 | ¥ 1,062,281 | ¥ 1,325,069 |
Sales and transfers of oil and gas produced, net of production costs | (467,040) | (344,643) | (215,390) |
Net changes in prices and production costs and other | 551,666 | 407,882 | (358,008) |
Extensions, discoveries and improved recovery | 241,644 | 150,979 | 112,834 |
Development costs incurred | 6,876 | 23,675 | 39,238 |
Revisions of previous quantity estimates | (1,871) | 88,332 | (138,772) |
Accretion of discount | 130,881 | 86,172 | 146,137 |
Net change in income taxes | (105,898) | (73,272) | 156,122 |
Net change due to purchases and sales of minerals in place | 267 | (301) | (4,949) |
End of the year | ¥ 1,757,630 | ¥ 1,401,105 | ¥ 1,062,281 |