Ladies and gentlemen, good afternoon. I'm Wang Hua, PetroChina CFO and Board Secretary. Welcome you all to 2022 Interim Results announcement. First, allow me introduce the board members and top management present today. They are Mr. Dai Houliang, Chairman of the company, Mr. Huang Yongzhang, Executive Director and President, Mr. Ren Lixin, Executive Director and SVP, Mr. Yang Jigang, VP and Chief Engineer, Mr. Wan Jun, Vice President. The presentation includes four parts. First, review of the financial performance in H1. Next, overview of operation performance, then remarks from the chairman, followed by our Q&A session. First, the review of the company's financial performance.
Built on the seven-year high operation performance last year, PetroChina sustained growth in H1 and saw all-time best interim revenue and net profit attributable to parent with profits booked across business segments. Realized oil price averaged $94 per barrel, up by $35 year-on-year or 59.2%. Revenue CNY 1.6 trillion, up by 34.9%. OP CNY 119 billion, up 34.5%. Net profits attributable to parent, CNY 32 billion, up CNY 29.3 billion or 55.3%. Basic EPS, CNY 0.45, up CNY 0.16 year-on-year. Committed to disciplined priorities and highly productive investments, we optimize investment structure based on oil prices and continue to step up E&P, promote RP restructuring, and took coordinated steps to advance in key projects.
CapEx was CNY 92 billion, up 24.9%. The structure was reasonable and well controlled. CapEx in E&P was CNY 72.8 billion, accounting for 78.9%. RMC took CNY 16.8 billion or 18.2%. We adhere to low cost growth and enhanced fund management, continue to boost quality and efficiency amid rising prices of feedstock, fuel, and power. Increase of major costs was well contained. Lifting cost $11.6 per barrel, up 9.6% year-on-year. The cost is $12.2 in China, up 9%, mainly driven by higher power and operating costs. Cash processing cost CNY 209 per ton, up 5.4% year-on-year, mainly due to higher fuel and power prices.
Marketing cost CNY 381.29 per ton, down 1.9% year-on-year. We continued to step up assets and cash flow management and further optimize debt structure. Financial profile remains sound with high interim net CFFO and FCF. As of June 30th, total assets CNY 2.8 trillion, up 10.8% versus the end of last year. Interest-bearing debt CNY 335.7 billion, 1.4% lower. Debt to capital ratio 18.3%, down 1.2 percentage points. CFFO CNY 196.06 billion, up 69%. FCF CNY 93.8 billion, up CNY 89.2 billion. Next, the breakdowns of operating profits. In the first half of the year, we achieved profits across all business segments. E&P earned CNY 82.4 billion, up CNY 51 billion year-on-year.
Price changes added to the profit by CNY 122 billion. Sales changes added CNY 7.29 billion, including CNY 4.14 billion from higher crude sales and CNY 3.15 billion from more gas sales. More OpEx and others cut the profit by CNY 37.86 billion, mainly due to higher prices and outputs. More purchases cut the profit by CNY 39 billion. The higher taxes, except income tax, cut CNY 31.6 billion. RMC booked CNY 24.06 billion, up 8.5% year-on-year. OP for refining business CNY 23.97 billion, up CNY 10.52 billion. Higher refining margin added to the profit by CNY 17.16 billion. Less crude runs cut the profit by CNY 690 million.
Higher OpEx cut the profit by CNY 5.95 billion. For chemical business, we saw our operating profits of CNY 90 billion, down by CNY 8.6 billion year-on-year. Price changes added CNY 15.8 billion. Sales changes added CNY 5.27 billion. Higher OpEx cut the profit by CNY 29.7 billion, mainly due to higher oil prices and dearer feedstock, fuel, and power. OP for marketing business, CNY 80.52 billion, up CNY 1.88 billion year-on-year. Marketing China earned CNY 3.3 billion, up CNY 670 million. Net sales cut the profit by CNY 1.1 billion and less OpEx added to the profit by CNY 1.7 billion. International trading business booked CNY 5.19 billion, up CNY 1.2 billion year-on-year.
In H1, natural gas marketing business, CNY 13.6 billion, down by CNY 23.2 billion year-on-year. Gas marketing made a profit of CNY 6.7 billion, down by CNY 6 billion. Profit for domestic gas was CNY 10.67 billion, up CNY 830 million. Even gas suffered a loss of CNY 3.9 billion, CNY 7.07 billion lower than last year. City gas and pipeline earned CNY 9.5 billion, up CNY 1.9 billion. Others cut a profit of about CNY 18.9 billion, including CNY 18.32 billion from proceeds of restructuring of cleaner energy last year. Authorized by the AGM, the board decided to pay out 45% of the net profit attributable to parents according to IFRS as interim dividends, i.e. CNY 0.20258 per share, totaling CNY 37 billion, the highest interim dividends ever.
Now, I'd like to pass the floor to Executive Director and President, Mr. Huang, to brief you on the company's operation performance.
Thank you, Mr. Wang. Now, I would like to brief you on PetroChina's performance of operation in H1. Facing new changes and challenges, including higher geopolitical risks, soaring commodity prices, greater downward pressure for Chinese economic development, and frequent COVID flare-ups, PetroChina stick to the five corporate strategies of innovation, resources, market, internationalization, green low carbon, and sought progress in business growth, reform innovation, quality and efficiency, as well as ESG. Oil and gas industry chains maintained sound operation. Realized price for crude was up by 59.2%. An average selling price for gas in China was up by 19.6%. We delivered the best-ever interim operation performance.
We seized initiative in domestic production ramp-up. In the first half of the year, we emphasized efficient exploration and enhanced risk exploration in new blocks and areas. 14 major discoveries and 30 achievements were made in intensive explorations in basins of Junggar, Tarim, Sichuan, Ordos, and Hetao. 300 million ton oil reserves in Fuman of Tarim, Xilong formation of Hetao and Ordos, and 300 BCM gas reservoirs in Sichuan and Ordos are taking shape. Riding on the high oil prices, PetroChina enhanced resource appraisal and production ramp-up. We worked to control natural decline in legacy fields while promoting cost-effective capacity , building in new ones.
We stepped up economic shale oil and gas development at scale. Crude outputs in China, 390 million barrels. Marketable gas, 2.3 Tcf. Production in oil equivalent terms up by 3.9%. Steady steps in overseas cooperation. In the first half of the year, 200 million ton reservoirs were proven in Burma of Yzia and Doseo of Chad. We moved faster in capacity building and completed 81.6 million BOE of net output. We continued to optimize business layout and asset structure with the completion of Iraq's Rumaila restructuring. In the first half of the year, the company's oil and gas output 850 million BOE.
Average output in China, 760 million BOE, up 3.9% year-on-year. Crude output in China, 390 million barrels, up 3.4%. Marketable gas output, 2.3 Tcf, up 4.4% year-on-year. Gas takes up a larger share in our domestic production with its mix further optimized. We made solid progress in refining and chemical structure adjustment. Refining business took coordinated steps in coping with market changes, optimized resource allocation, and product mix. Material progress was made in cutting fuels while adding chemicals and specialty products. Crude oil, 600 million barrels, down by 1.4%. Fuels output, 51.5 million tons, down by 6.2%. Output of gasoline and kerosene down by 12.8% and 40.8% respectively.
Diesel was up by 10.4%. Fuels yield, 63.7%, down by 3.2 percentage points. Oil products like chemical light oil, aromatics, LSFO, and petroleum coke saw higher output versus last year. Construction of key projects are well underway. Guangdong integrated project is being finalized and preparing for startup. In the first half of the year, chemical commodities, 15.945 million tons, up by 8.3% year-on-year, a record interim result. The outputs of ethylene, synthetic resin, rubber, urea was up by 23.7%, 16.1%, 80.7%, and 25.9% respectively. New material business picked up pace with 397,000 tons in output.
Marked progress was made in R&C restructuring to 1.2 million ton ethylene projects in Jilin and Guangxi, completed national certification and approval, with the former is now under construction. Fuel business went for lean marketing. We stay client-oriented, worked on institutional and end-user clients, differentiated marketing, key periods like Winter Olympics, so as to provide high-quality products and services. Fuel sales, 71.43 million tons in H1, including domestic sales, 50.34 million tons. Gasoline and kerosene in China, down 12.1% and 45.5% respectively. Diesel grew by 10.2%. Non-oil business tapped into the potential of key categories, boosted online marketing, and saw fast growth in both revenue and gross margin. As for gas marketing, efforts to add sales and secure profits proved effective.
With surging import costs and imbalanced downstream demand, we closely followed market trends, improved resource portfolio, market layout, and distribution, explored premier markets and direct supply clients, and pushed for online auctions. Marketing profits grew steadily. In H1, gas sales totaled 130.3 BCM. Sales within China, 103.7 BCM, up 7.8% year-on-year, which is a record interim high. End user sales, 23.28 BCM, up 4.6%. Our new energies advanced at full steam. We sped up on green and low-carbon energy demo bases. Clean power projects at oil blocks in northeast, northwest, and northern China, and geothermal markets in and around Beijing, Tianjin, and Hebei.
We got approval for 5.36 GW of wind and solar power, added 11.2 million sq m of geothermal heating, built the first zero-carbon desert highway, and brought online the first floating PV station. Demo projects of integrated upstream, downstream clean alternatives and green transformation zones are well underway. Full value chain demo of million-ton CCUS was launched in Shengli Basin. Sci-tech innovation and digitalization was accelerated. In H1, we improved sci-tech committee and built a three-tiered innovation management system which further optimized our sci-tech institution. Debottlenecking our key technologies made new progress. New breakthroughs were made on continental shale oil EMP theory and tech, CCUS full industry chain technologies, and IUP tech and theory of high-viscosity crude. We launched initial demo projects for at-scale application of major sci-tech achievements.
Digital transformation and smart development are taking shape, with some milestones well-representing progress of the industry. PetroChina Shenzhen New Energy Research Institute and Shanghai New Materials Research Institute are now up and running in an orderly fashion. Here on this slide is our 2022 annual operation targets and progress of H1 for your reference. That is all for my presentation. Now let's welcome our Chairman, Mr. Dai Houliang, to say a few words.
Dear investors and friends from the media, ladies and gentlemen, good afternoon. It's a real pleasure to e-meet you once again. Thank you for your support to PetroChina. In 2022, faced with unexpected changes in the macro environment, we prioritized stability and sought steady progress with joint efforts. We overcame much hardship and made progress on all fronts. Oil and gas industry chains remained smooth and efficient, with fruitful results in E&P, solid progress in RMC restructuring, transformation, and upgrading, and continuous marketing transformation improvement. New energies, new materials, and new businesses all picked up. New projects are shaping up and being delivered.
Sci-tech innovation and digitalization accelerated. Areas like continental shale oil and CCUS saw R&D breakthroughs. Many core tech and equipment have achieved industrial application. Quality and efficiency improvement was effective and further boosted corporate value. Operation performance maintains upward trend. Revenue, net profit, net profit attributable to parent, FCF, and net operating cash flow all scored new interim records. These results would be impossible without the support of shareholders and the public. On behalf of the board, the top management, and all PetroChina staff, I would like to once again offer my sincere gratitude. Currently, we are still facing rising complexity, difficulty and uncertainties, but with complete industry chain, we are a resilient company with great potential.
Chinese economy is recovering faster. Oil and gas market further rebounds. National stimulus package yields positive results. Policies like the unified national market are taking shape. Sci-tech and industrial revolutions have posed both higher standards for the industry and also major opportunities for our transformation and development. In H2, we will stick to the overall principle of steady progress, work on compliance and law-based governance, enhance management, follow the strategies of innovation, resource market internationalization, and green low-carbon. Our strategic measures include building quality workforce, improving quality and efficiency, promoting low-cost development, and fostering corporate culture for deeper reform and innovation, confirm for development, fend off risk, maintain stable production operation, build on current progress, and open new chapters for quality development.
We are going to work on the following aspects. First, for the boost reserve and output. Domestic E&P will push for at-field reserve ramp-up in key regions, enhance pre-explorations at economic recovery reserve and profitable production to balance between reserve output and costs. Overseas E&P will focus on economic explorations, optimized production, improved asset management, and smooth operation of key projects. Second, transformation upgrading of RMC business. With the principle of safe, stable, sustained, full capacity and optimized operations, we'll stay market and profit-oriented, adjust product feedstock and run rate to produce more marketable and high VA goods. Third, improve marketing. We'll stay client-oriented, strive to provide top-quality products and services to create value for customers.
Fourth, green and low-carbon transition. Following the approach of clean alternatives, strategic replacement and green development. We'll push for integrated development of hydrocarbon and new energies. Speed up key projects like PV and geothermal heating, wind power, work on CCS and CCUS, and build demos of low and zero carbon oil and gas fields. Fifth, scientific and technological innovation. We prioritize high-tech as a driver for development, strive to build world-leading research institutes and innovative companies. Thus integrate industrial and innovation chains, foster new growth drivers and competitive edge. Sixth, we'll continue to improve quality and efficiency. We stick to disciplined, targeted, and cost-effective investment, timely adjust the annual investment plan and structure.
Further improve our value creation capabilities and profitability. Seventh, fend off various risks. With preemptive studies and proactive response, we'll closely monitor changes in geopolitics, hydrocarbon markets, and exchange rates to optimize and change our operational production strategies to fend off all kinds of risks. Ladies, gentlemen and friends, I believe that with the support of shareholders and the public, with the tireless efforts of the board, top management and all staff, we are going to create more value for shareholders and the society. Thank you all. Thank you, Chairman. Now we'll have a Q&A session with English-Chinese consecutive interpreting to give more people the chance to ask. Each please raise no more than two questions and first inform which organization you represent. Now the floor is open for questions.
[Foreign language] Ladies and gentlemen, if you would like to ask any questions, please press star one on the telephone keypad. Press star followed by one. Thank you. The first question is Anna from Xinhua Finance. Please go ahead.
I've got two questions. First is I'm wondering why PetroChina got delisted from New York Stock Exchange and what's your follow-up arrangements? The second question is around your latest developments in green and low carbon transition. What about the progress of new energies and new materials projects? What is your development plan for the 14th five-year plan period? Thank you.
谢谢安女士。第一个问题由我来回答。第二个问题呢，请我们董事长来回答。我是公司财务总监，首先由我来回答您的第一个问题。
PetroChina's CFO and the Board Secretary, Mr. Wang Hua, is taking your first question.
为了更好地维护投资者利益，经综合评估，公司董事会决定将美国存托股从纽交所退市，主要基于三方面考虑：一是目前存托股占公司H股及总股数的比重很小，交易量与公司H股全球交易量相比较低。二是因为上市地监管差异，公司继续维持在纽交所上市需要付出较大的行政负担。三是从纽交所退市后，公司H股和A股将继续在香港联交所和上海证券交易所交易，可以满足投资者和公司的投融资需求。
To better safeguard the interests of our investors. After careful consideration, PetroChina's Board of Directors decided to delist the company and its ADR shares from New York Stock Exchange, and is mainly based on the following three aspects of reasons. The first is the ADR only takes a quite small percentage of the company's H shares and total shares, and the trading volume is relatively small compared with global trading volume of H shares. Second, due to the differences in regulation in the listing places, PetroChina needs to pay a relatively large administrative burden if we want to maintain the listing on the New York Stock Exchange. Third, after delisting, our H and A shares will continue to be traded on the Hong Kong and Shanghai Stock Exchanges, which can meet the demand for both investors and the company.
后续公司将按照美国证券监管法规履行退市程序，计划于八月二十九日向SEC提交退市申请，预计九月八日左右从纽交所退市。之后在满足相应条件后，公司将向SEC提交存托股和对应H股的注销申请。在注销注册完成前，公司将持续履行披露义务，积极稳妥做好相关工作。
For the next steps, PetroChina will follow up with the rules and regulations, securities, supervision of the United States to fulfill our delisting procedures, and we expect to submit our delisting applications to SEC on August 29th and to finish the delisting process from New York Stock Exchange on September 8th. After that, when we meet relevant requirements, we will submit our application for the cancellation of ADR and its corresponding H shares to SEC. Before it's fully finished, the company will continue to fulfill our information disclosure responsibilities and make sure everything will go on smoothly.
近年来，公司以科技创新为引领，不断加快数字化和绿色低碳转型步伐，持续提升公司治理现代化水平，深入开展提质增效专项行动，高质量发展成效显著，经营效益大幅提升。上市至今二十二年，公司兼顾长远发展和股东回报，一直坚持45%以上的派息率，为广大股东带来了良好回报。目前，公司正在根据市场情况研究进一步加强市值管理的具体举措。感谢广大投资者对公司多年来的支持，希望广大投资者和股东继续关心支持中国石油，共享公司美好未来和发展成果。谢谢。
In recent years, guided by science and technical innovation, PetroChina has accelerated its process of digitalization, green and low carbon transition. We continue to upgrade our modernization level of corporate governance and deepen our special actions on quality and efficiency enhancement. We have achieved a great deal in high quality development and improved operation benefits. Since we've got listed 22 years ago, PetroChina has balanced the long term development of the company and the returns to our shareholders. We have maintained a more than 45% payout ratio, which has brought up good returns to our shareholders. Currently, we are based on the market conditions, studying how to further strengthen our market cap management and taking concrete steps.
I thank you for your long term support and I hope looking forward our investors and shareholders will continue to support PetroChina and share the bright future and development achievements with us.
大家好，下一位有请中国能源报
稍等，稍等。
Next.
你第二个问题还没有回答。
Our Chairman will take your next question.
好，谢谢。我来回答一下关于绿色低碳发展的有关问题。
I'm taking the question about green and low carbon transition.
全球的能源发展转型越来越成为广泛的共识。在中国的能源转型发展过程当中，我们的能源目前是一大三小，就是煤炭的占比大，那么我们油、气和新能源占比相对比较小。但是通过我们的战略研究，在未来到2050年以后，可能是变成一大三小，就是新能源的比例将逐步增大到80%左右，而煤炭、油和气将会成为三小。
Energy transition and development globally has been a common understanding. For the energy transition development in China. Currently, China has the landscape of coal taking the majority of the energy supply while oil, gas and new energy taking a smaller percentage. After careful analysis, we believe that after 2050, the situation might change when the new energies might be the predominant source of energy in China, gradually increase its percentage to above 80%, while coal, oil and gas will take a smaller percentage.
我们制定了能源转型三步走的战略，那么就是清洁替代、战略接替和绿色转型。那么现在我们呢，正在稳步地、积极地来推进我们的清洁替代的这个工程。
PetroChina has formulated a three-step approach of clean alternatives, strategic replacement and green development. Currently, we are working on the clean alternative stage.
从今年上半年刚才公布的数据来看，我们今年在上半年获得了风光的并网指标是5360兆瓦，地热的指标是1120万平方米。所以我们今年的整体的新能源的步伐将比我们的计划要更快。我们今年的计划将调整为两万兆瓦的并网指标和2000万平方米的地热的指标，这也是我们大力发展和推进清洁替代的重要的成果。
Looking from the statistics for the first half of this year, PetroChina has obtained the green light for 5,360 MW of wind and solar power generation. We have newly added geothermal heating acreage of 11.2 million sq m. That is to say, the achievements we have made is ahead of our expectation. Our annual target for this year for the green light for wind and power generation is 20,000 MW and for the geothermal heating acreage is 20 million sq m. This is remarkable achievement in our clean alternative step.
我们相信通过十四五的发展，我们完全能够达到我们新能源发展要达到一千五百万吨油当量的这个指标，实现清洁替代。通过努力，我们在2035年左右我们会实现油、气和新能源三分天下的这么一个战略目标。展望未来，我们到2050年左右，我们将新能源的这个指标会和油气实现半壁江山，也和所有的国家的能源战略转型相一致，相吻合。
For the 14th Five-Year Plan period, our new energies production capacity is expected to be 15 million tons of oil equivalent. To fulfill our clean alternative stage development goals. Our target for 2035 is to have new energies, oil and gas, taking 1/3 of our total production capacity respectively. By 2050, new energies are expected to take about 1/2 of our total capacity, and this is in line with our national goals.
我们在加大发展新能源的同时，我们始终把节能作为第一能源，我们把减碳作为我们未来重点的工作，所以我们在开展CCS和CCUS方面也取得了良好的进展。我们今年在实现煤炭和驱油相结合上，我们的二氧化碳的使用量将超过一百万吨。
While developing new energies, PetroChina takes energy conservation as most important step, and for carbon reduction, we take it as a priority in our daily work, and we have achieved a great deal in CCS and CCUS. For instance, in the storage of carbon dioxide and related enhanced oil recovery. This year, we have achieved a carbon storage of one million tons in enhancing oil recovery.
对于我们在未来一段时间里面，我们将进行历史转型发展，在新能源方面和新材料方面，我们将会取得长足的进步，也会为能源行业做出石油贡献。谢谢大家。
Looking forward, we will continue to achieve our targets in green transition and development. We will surely make long term progress in developing new energies and new materials, and make PetroChina's due contribution to the oil and gas industry.
Operator，下一个问题，谢谢。
好的，谢谢主持人。下一位有请中国能源报吴丽提问。
The next question is from Wu Li from China Energy News. Please go ahead.
谢谢，我是中国能源报记者吴丽。我有两个问题想要提问。第一个问题是请问我们对未来中国经济的走势及国内油气需求有怎样的一个预测？第二个问题是请问公司上半年储量的情况、全年储量变动的预期及油气勘探重要发现。谢谢。
My first question is how do you look at China's economic development in the following years? How do you look at China's oil and gas demand? Second, could you please give us more color on your reserve situation for the first half of this year? What's your expectation for the reserve changes within the year? What major discoveries have you made in oil and gas exploration?
谢谢吴女士，您的两个问题由我们公司的总裁黄永章先生来回答。
President Huang Yongzhang is taking your two questions.
好，谢谢吴女士。关于你讲的第一个问题，这个下半年的经济走势以及国内需求的预测，我很愿意回答。第一个关于中国经济的走势，大家都知道，今年以来，国内外宏观的环境出现了许多超预期的变化，包括疫情的反复，大宗商品价格持续高，国际环境的变化，而且更趋严峻复杂。但我们判断，我国的经济发展仍具有许多战略性有利条件，国民经济韧性强，潜力大，后劲足，长期向好的基本面不会改变。随着国家稳经济一揽子政策措施落地见效，全国统一大市场建设等政策红利进一步的显现，我国下半年的经济将快速恢复，国内油气市场逐步回暖。我们相信下半年，我国经济增长将保持在合理的区间，这些都为公司的发展创造了良好条件，我们也对公司未来的发展充满信心。
I'm happy to take your questions about China's economy and China's oil and gas demand. This year, the macro environment in China and in the world has undergone tremendous changes which are beyond our expectation. For instance, the resurgence of COVID cases and fluctuations in the prices of bulk commodities. The international environment is becoming more and more complicated and stringent. On the other hand, China's economic development has also enjoyed many favorable strategic conditions. China is very resilient and has a lot of growth potential and fundamentals supporting China's long term good prospects will not change. The government is launching a series of policy measures to stabilize the economy and the effects will gradually be seen.
Other policy dividends, such as the development of an integrated large market in China, will also emerge. We believe Chinese economy will accelerate its recovery and along with the recovery of the oil and gas demand in China. We believe in the following months, our economic growth will be maintained within a proper range. This will create favorable conditions for PetroChina's development, and we are bullish about our prospects.
关于国内成品油的需求，总的判断是随着国内经济的恢复，支持着国内成品油需求稳步增长，预计下半年的表观消费量在1.8亿吨左右，同比增长1.6%这个区间。其中汽煤柴油均有不同程度增长。煤油，尤其是航空煤油，随着航空出行的增加，可能会带动航煤需求的增加，会更加明显一些。刚才董事长也说了，中国的新能源发展还是非常快的，包括公司的新能源的发展，电动汽车的保有量会持续增长，所以我们预计未来几年的成品油消费将保持低速增长的一个趋势，相对来讲，跟前几年还是有一些变化。
As for the demand for refined oil products, we believe the domestic economic recovery will support a steady growth of demand. We expect for the second half of this year, the apparent consumption of refined oil products in China will stand at 180 million tons, an increase of 1.6% year-on-year. Gasoline, diesel and jet fuel will increase differently and the air travel will boost the demand for aviation jet fuel. As our Chairman just said, the new energies are also developing very rapidly in China and also for PetroChina. There's increasing ownership of EVs, so we believe in the following years the consumption of refined oil will maintain slow growth, which is different from the previous years.
关于天然气下半年的需求，跟成品油一样，尤其随着国内经济增速快速恢复，包括天然气的发电，总体上来讲，天然气消费需求将保持增长。大家可能对今年冬季的需求也是一个判断，如果是冷冬的话，天然气增幅会大幅增加。总的预判来讲，下半年的天然气表观消费量同比在5.5%左右，这是一个预判。全年的天然气表观消费量预计在3,800到3,900亿方左右，这是一个总的预判。天然气消费来讲，预计未来几年将持续保持较快的增长。2025年可能天然气全国需求量预计将达到4,500到5,000亿方左右。
Like refined products, along with the recovery of Chinese economy, our natural gas demand will continue to increase. If the coming winter is a cold winter, we believe the increase will be substantial. We estimate the apparent consumption of natural gas in China in the second half of the year will grow by around 5.5%, and the annual apparent consumption will be 380 BCM. In following years, the natural gas demand will continue to increase fairly rapidly. By 2025, the demand in China might reach 450-500 BCM.
关于吴女士提的第二个问题，今年上半年，公司持续加大勘探开发力度，同时也取得了一系列重要成果。
For your second question about the reserves. In the first half of this year, we have put more focus on PetroChina's exploration and production, and we have achieved a great deal in this regard.
这个刚才在业绩报告中我已经给大家报告了。上半年，公司突出高效勘探，加大新区、新领域风险勘探，大力实施重点的区带集中勘探。在准噶尔等盆地区，我们共取得了十四项重要发现和三十项重要进展。
As I just reported in our results announcement, we have focused on efficient exploration and the risk-taking exploration in new zones and new areas and concentrated exploration in key areas. 30 important progress and 40 important discoveries have been made in many basins, including the Junggar Basin.
这个上半年，公司落实探明可采储量，原油是8,370万吨，天然气超过了2,000亿方。
In this year, we have made proven and recoverable reserves of crude oil of 83.74 million tons, natural gas 200 BCM.
预计全年探明可采储量原油超过一亿吨，天然气将超过三千亿方。同时，上半年公司新增证实已开发的SEC储量，原油是四千九百五十万吨，天然气是二百五十亿方，油气当量是六千九百四十九万吨。
It is estimated our annual proven recoverable reserves of crude oil will be more than 100 million tons. Natural gas 300 BCM. For the SEC standards of proved reserve, the first half of this year, we have recognized a proven and developed reserve of crude oil of 49.5 million tons, natural gas 25 BCM, oil gas equivalent 69.49 million tons.
我想举这个具体的例子，我们公司加大了油气勘探开发力度，在准噶尔盆地的玛湖、阜康，塔里木盆地的库车，四川盆地的川中、古隆起北斜坡，鄂尔多斯盆地的太原组、本溪组，河套盆地兴隆等取得了三十项重要进展，落实了一批这个规模等区。
To give you several examples to demonstrate that we have increased more focus on E&P. In the first half of this year, we have made some 30 important progress in Mahu, Fukang of Junggar Basin, Kuqa of Tarim Basin, central Sichuan of Sichuan Basin, the Taiyuan, Benxi formations of Ordos Basin and Xilong in Hetao Basin. We have recognized a series of reserve areas with considerable size.
准噶尔盆地南缘中段千万一井白垩纪清水河组，八千零五十五到八千零九十二米段的石油日产气七十六万方，油是一百二十七方，实现了南缘隐形背斜新类型的重大突破。
In the Junggar Basin, the daily gas production of a burial depth of 5,000 meters in the Qingshuihe Formation of the southern rim was 758,000 cu m. Oil was 127 cu m. We have achieved important breakthroughs in the exploration in this new type of area.
塔里木盆地的富满油田，满深八、六科七井均获得了百吨以上的高产。含油气分布的范围在扩大，十亿吨级大油田应该说是进一步靠实。
Two wells in the Fuman oil field of the Tarim Basin has achieved a high production of more than one million tons. The oil and gas bearing area has expanded, which has laid a more solid foundation for the development of a big oil field of around one billion tons.
四川盆地的川中古隆起北斜坡风险探井东八一井，登四上、登四下，分别试获了日产二十万方和八万方的工业气流，实现了登四段历史性突破。
Two formations in the risk-taking wells of central Sichuan Basin has made an industrial gas flow of 203,000 and 83,000 cu m daily production. It has been a very historical breakthrough in these formations.
河套盆地凌河八井勘探取得重大进展。扎格构造带扎格一井零一、零二段分别获日产三百六十七和一百七十四方高产油流。六口井获得了百吨高产。
Important progress has been made in exploration of the Linhe Depression of Hetao Basin, and two wells in this area have made a daily production of oil of 367 and 173 cu m, and six wells have made a high production of more than 100 tons.
我想这些勘探成果的取得，是公司的储量能够夯实的基础，也为公司可持续高质量的发展打下了坚实的基础，也为能源保供打下了坚实的基础。我的回答就这么多，谢谢。
This important exploration discoveries has set the stage for our reserve increase and also set a very solid foundation for the sustainable and high quality development of the company and for us to ensure China's energy supply. Thank you.
好，谢谢总裁。请下一位提问，谢谢。
谢谢主持人。下一位有请光大证券赵乃迪。The next question is Zhao Naidi from Everbright Securities, please go ahead.
管理层，各位尊敬的管理层，大家好。感谢给我这样一个提问的机会。那么我这边关注两个问题，第一个问题就是今年其实我们看到油价的一个走势的话，还是受到影响因素比较多的。那么就是第一个问题想请教一下管理层，如何看待未来国际原油的一个供需格局，以及整个的一个油气的价格的走势。那么第二个问题呢，就是我们看到今年以来，其实新冠疫情的影响的话，其实在国内，还是持续的在对我们的一个加油需求还是有挺大的影响的。那么我们也想要关注就是新型疫情对公司生产经营层面的一个影响。谢谢。
Thank you for giving me this opportunity. My first question is around the oil supply and demand, because we can see the oil prices for this year has been affected by multiple factors. How do you look at the oil and gas demand internationally in the future? And what's your price assumptions for both oil and gas? And my second question is around COVID. COVID continue to impact China and also its own gas demand. I'm wondering about its impacts on PetroChina's production and operation. Thank you.
谢谢赵先生。您的两个问题由公司高级副总裁任立新先生来回答。
Senior Vice President Ren Lixin is taking your two questions.
好，赵先生，由我来回答你的两个问题。第一个问题呢，关于国际原油受疫情变化，还有全球经济增长放缓等因素的影响，原油需求增长不及预期，并且呢这个供应端也存在一定的不确定性。近期国际油价处于高位震荡的一个形势。长期来看，随着全球经济的再平衡，远期我们预判呢油价将会回到合理价格的水平。
The first question impacted by multiple factors including COVID and the slow growth of global economy. The crude oil demand is growing less than expected, and there are a lot of uncertainties in the supply side and the international oil prices have been fluctuating at a very high level. For the longer term, along with the rebalancing of the global economy, we believe the oil and gas demand, the oil demand will be returned to a proper level along with its prices.
关于国际的天然气受到乌克兰危机等因素的影响，全球天然气供需的格局发生了深刻的变化。国际市场的LNG现货价格也在持续攀升，预计下半年受供需基本面等因素的影响，现货的LNG价格仍将会保持在较高位运行，但是价格的上涨也会抑制各主要消费国的需求增长。长期来看，随着乌克兰危机影响的减弱，还有就是一部分LNG液化气项目陆续建成投产，我们预判国际市场的LNG现货价格将会呈现下行走势，并且回归到合理水平。
For natural gas impacted by the Ukraine crisis and other factors, despite demand of the international natural gas has undergone profound changes. In the international market the full price of LNG skyrocketed for the second half of this year impacted by the fundamentals of supply and demand. We believe the spot LNG will continue to be maintained at a very high level. The increase of prices will also curb the demand growth of major consuming countries. Looking forward when the Ukraine crisis abates and when some of the LNG liquefaction projects come on stream, we believe the spot price of LNG in the international market will be only downward trend and be returned to a proper range.
关于第二个问题，总体来看，疫情对国内的成品油市场确实产生了一定的影响，公司的成品油销量同比也呈现了下降的趋势。成品油销量总体同比下降了6.1%，但是柴油的销量同比实现了较大的增长，增幅超过了10%。面对国内外宏观环境的很多超预期的变化，公司坚持市场导向，快速响应，在确保征储上产的前提下，及时在资源配置、产品结构还有加工负荷等方面采取了优化调整的措施，保证了油气两大产业链平稳受控运行。公司也实现了良好的经营业绩。回答完毕，谢谢。
Generally speaking, the COVID cases have impacted China's refined oil markets and for PetroChina, in general, our refined oil sales volume was also in the decline, a decrease of 6.1% year-on-year. The diesel sales volume increased substantially up by more than 10%. In the face of daunting surprises in the domestic and international macro environment, PetroChina has followed closely with market changes and respond quickly while ensuring the increase of reserve and production, we have made a timely adjustments in our resource allocation, product structure and processing utilization to ensure the stable and controlled operation of our oil and gas value chains. We have achieved satisfactory operational results. Thank you.
谢谢任总。请下一位提问。
大家好，下面有请海通证券胡欣。The next question is Hu Xin from Haitong Securities. Please go ahead.
各位领导好，我是海通证券的分析师胡欣。首先恭喜公司在上半年取得这么亮眼的成绩。我这边的话主要就是想请教两个方面的问题。首先第一个就是想请各位领导介绍一下上半年公司业绩同比大幅增长的主要原因，以及对全年业绩的展望。第二个问题的话，也是大家比较关注的分红派息的问题，就是想请公司介绍一下中期的派息情况，以及全年派息的预期。谢谢。
Congratulations on your stellar results. For my first question, could you please explain why your company's performance has achieved such substantial growth year-on-year, and what's your expectations for the annual result? Second question is, one that has attracted a lot of attention. That is, what is your interim payout policy and how do you look at your annual dividends?
谢谢胡女士，您的两个问题由我来回答，我是公司财务总监王华。第一个是关于公司上半年业绩。上半年公司业绩大幅增长，创历史同期最好水平，主要有两方面的原因。一是油价上涨，更是人努力的结果。上半年公司面对国际局势动荡，国内疫情反弹，成品油市场需求减少等不利因素，持续深入推进提质增效。就像刚才我们董事长所说的，公司在生产经营各个方面都取得了新进展、新成效。
CFO and Board Secretary Wang Hua is taking your questions. This year our results has improved substantially and it has been the best for the same periods of PetroChina in history. There are main two kinds of reasons. The first is the increase of crude prices. The second is hard work pays off. In the face of the fluctuations in international situations, the resurgence of COVID in China and the decrease of demand in the refined oil in China, PetroChina has increased more efforts in quality and efficiency enhancement. As our Chairman just mentioned, a lot of achievements and progress have been made in various aspects of our production and operation.
包括公司在高油价下努力增储上产，国内油气产量当量同比增长3.9%，可销售天然气产量创历史同期新高。包括公司坚持以市场为导向，以效益为中心，优化产品结构，增产高附加值产品，化工产品商品量和化工新材料产量均创历史同期最好水平。也包括公司坚持低成本发展，在材料、燃料、动力有较大幅度上涨的情况下，成本费用继续得到有效控制，包括公司坚持绿色低碳转型，新能源、新材料、新事业发展全面提速，重点项目落地见效。通过深入推进提质增效，公司多项关键业绩指标创历史同期最好水平，也好于历史上油价更高的时期。
In the high oil price environment, we have worked on reserve and production ramp up. Our domestic oil and gas production grew by 3.9% year-on-year and marketable natural gas production achieves the highest volume for the same period in history. We have focused on the market orientation approach and more on efficiency enhancement, and we have optimized our products mix, produce more products with higher value-added. The chemical commodities and chemical new materials output has been the highest ever. We focus more on low-carbon, low-cost development while the materials, fuel and power has increased substantially. Our costs and fees has been properly and effectively controlled. Meanwhile, we also work on green and low-carbon transition.
Our efforts in new energies, new materials and new businesses has accelerated and concrete results have been seen in the development of major projects. We deepened the quality and efficiency enhancement activities and many key performance indicators has reaped the best results and even better when the oil prices were higher.
下半年，公司将继续积极应对各类风险挑战，不断深化改革创新、提质增效、转型发展和风险防范，努力实现油气两大产业链平稳高效运行，保持生产经营的良好势头，努力为股东创造更大的价值。谢谢。
For the whole year, we will continue to guard against various kinds of risks and challenges, deepen reform and innovation, quality, efficiency enhancement, transition development, and guard against risks. We will maintain the stable and efficient operation of oil and gas value chains to maintain a good momentum in our operation and production. Hopefully, we will create more value for our shareholders. Thank you.
您的第二个问题关于派息。按照公司的章程，公司现金分红的比例不少于当年规模净利润的30%。为了回报股东，根据股东大会授权，董事会决定，2022年中期按国际财务报告准则规模净利润的45%进行派息，派息总额371亿元，为历史同期最好水平。每股股息0.20258元，同比增长55.3%。A股、H股年化股息收益率分别为7.6%和12.7%，远超资本市场相关利率。派息率和股息收益率在同业中均处于较高水平。
According to the Articles of Association of PetroChina, we have a policy of cash dividend percentage of no less than 30% of the net income attributable to the parent. To reward our shareholders decided by our general meeting. The Board of Directors decided to apply a 45% payout ratio 45% of the net income attributable to the parent according to the International Financial Reporting Standards, and the total dividend will be CNY 37.1 billion, the highest ever. The dividend per share is CNY 0.20258, up by 55.3%. The annualized dividend yield of A shares and H shares is 7.6% and 12.7% respectively, far higher than relevant interest rates in the capital market.
The payout ratio and dividend yield is at a fairly high level compared with industry peers.
对于全年派息，正如刚才报告的，上半年公司经营业绩创造了多项里程碑，下半年公司将继续努力保持生产经营的良好势头，充分考虑投资者的投资回报，兼顾公司可持续高质量发展对资金的需求，合理确定派息金额。谢谢。
For our annual dividend, we will continue to carry forward the achievements we've made in the first half of this year and maintain this good momentum. We will balance the returns to our investors and the company's sustainable and high quality development to decide on a proper dividend. Thank you.
好，谢谢王总。由于时间关系，请最后一位提问，谢谢。
In the interest of time, one final question please.
大家好，最后一位有请花旗银行石卓衡。
The last question is Toby from Citibank. Please go ahead.
谢谢关宇成给我问答的这个机会。我主要有两个问题，第一个是关于这个资本开支的，因为我们看到这个资本开支在上半年其实增加了蛮多，尤其是在上游这一块也增加了蛮多。想了解一下这个资本开支在上半年这个支出的一个情况，还有就是说平均的一个投资回报率大概是怎么样情况。另外的话，就可以的话，也就给我们介绍一下在这个新能源的业务方面，这个投资的一个情况是如何的。第二个问题是关于这个炼油部分的，因为我们也知道这个二季度受到这个高油价的这个影响，我们其实这个炼油部分的盈利应该是有受到一些影响的。那我想知道就是说在这个二季度里面，我们这个炼油业务的一个盈利，在高油价的底下是受到怎么程度的一些影响，就这两个问题。谢谢。
Thank you for this opportunity. My first question is about the company's CapEx. In this year, the CapEx has increased quite substantially, especially in the E&P segment. Could you please give us more color about your CapEx allocation for the first half of this year? And what is your average return on invested capital? And how about your investment in new energies business? Second question is about the downstream business segment. In the second quarter impacted by the crude prices, the profitability of your refining and chemicals business has been impacted. Could you please give us more color about the concrete impact? Thank you.
谢谢石先生，您的第一个问题，由我们公司副总裁万军先生回答，第二个问题由公司副总裁总工程师杨继刚先生回答。好，谢谢。
Your first question will be answered by our Vice President Mr. Wan Jun, and second will be answered by Vice President and Chief Engineer Mr. Yang Jigang.
谢谢石先生。第一个问题关于资本性支出，还有平均投资资本回报率的情况。上半年公司坚持效益导向，聚焦了主业和战略性的产业，实施了精准投资，严控投资的规模，进一步优化了投资的结构。资本性整个支出为923.1亿元，同比增长了24.9%。刚才由您所说的，从业务上看，勘探生产业务是728亿元，同比增长了34.7%。炼油与化工业务是168.3亿元，同比增长了1.1%。整个2022年上半年公司的平均投资资本回报率是5.6%。
This year we have focused more on enhancing efficiency, more on our core business and strategic industries. We implemented the targeted investment approach and strictly controlled the size of our CapEx, and we continue to optimize our investment structure. Total CapEx stood at CNY 92.31 billion, up by 24.9%. As you just mentioned, the E&P segment was CNY 72.82 billion, up by 34.7%. Refining chemicals CNY 16.83 billion, up by 1.1%. The average return of invested capital for the first half of this year was 5.6%.
关于新能源业务这个投资，也是主要包含在我们国内勘探生产业务的上游业务中。那么下半年，刚才我们董事长也讲到了，新能源业务要步伐更快，指标也要有所提升。那么公司也讲综合考虑今年的整个这个油价的走势，包括生产经营情况，在坚持严谨投资、精准投资、效率投资原则的基础上，实时优化调整整个全年的资本性支出计划。
Investment in new energy businesses is included in our E&P segment. As our Chairman just mentioned, for the following months of this year, the new energy business of PetroChina will accelerate and the relevant indexes will also be enhanced. We will fully consider this year's crude oil developments and the development of company's fundamentals, and to apply the principles of stringent investment, targeted investment, and cost-effective investment to properly optimize and adjust our annual CapEx plan.
谢谢。
Thank you.
谢谢石先生。我是副总裁杨继刚，我来回答您的这个关于炼油的问题。
Vice President Yang Jigang is taking your question about refining.
像您所说的，今年上半年呢，基本上是一个高油价的这么一个市场情景。在这种情况下呢，整个这个炼油，基本上还是一个由于这个定价等等，还是一个毛利比较低的一个市场情景。
As you mentioned, in this year, in face of high oil prices, the gross refining margin was relatively low.
我们感觉到这个工作难度也是比较大的。因此，我们还是集中做好自己的一些事情吧。一个就是搞好平稳运行，今年的这个平稳运行是非常好的。第二个方面呢，是加强我们的产业链的整体优化、结构上的优化。我们生产的这个炼油的生产呢，与这个市场的结构紧密配合，与销售紧密配合，与我们的化工需求紧密配合，做好这个产业链的优化。
We face tremendous pressure, and we focus our work on the following aspects. The first is to maintain the stable operation of our business. Second, is focus on the optimization of the full value chain to better coordinate the production with the market demand, with the sales of products, and also with the demand of chemicals.
第三个呢，就是严控成本。今年这个高油价，各种燃料生产资料都是在涨价的。但是我们呢，我们真正在生产过程中的实物量成本控制得还是比较好。燃料、电力、蒸汽、水这些实物量都是下降的，因此我们的实际成本控制还是比较好的。
Another aspect is to strictly control the costs, which has shown quite positive results for the first half of this year. Because we have seen increasing prices of fuels and materials, but costs have been very effectively controlled, especially in the fuels, power, steam and water we use.
因此，这些炼油的盈利，实际上是两个方面。一个就是刚才所说的这些提质增效的这些措施。第二个，就是期初有一些原油的库存溢价，这么两块加起来。
The profitability or earnings acquired by the refining business have mainly two reasons. The first one is our efforts in quality and efficiency enhancement. The second is the inventory gain due to high prices.
谢谢。