Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of China Petroleum, with current prices at 8.01 CNY and 5.55 HKD respectively [2]. Core Views - China Petroleum is committed to ensuring natural gas supply and driving technological innovation in exploration and development, aiming to establish itself as a sustainable energy leader [5][7]. - The company is expected to benefit from the seasonal increase in natural gas demand during the winter months, with a significant rise in consumption projected [9][11]. - The development of unconventional oil and gas resources, particularly shale oil and coalbed methane, is accelerating, contributing to the company's production and reserves replacement [12][13]. - The company is enhancing its operational quality and efficiency through reforms and technological advancements, positioning itself for sustainable growth despite market fluctuations [16][17]. Summary by Sections Revenue Performance - The report indicates a relative performance of -2.24% over 1 month, -25.30% over 3 months, and +8.13% over 1 year, while absolute performance shows -4.53% over 1 month, -9.01% over 3 months, and +18.20% over 1 year [2]. Market Data - Total shares outstanding are 1,830.21 million, with a total market capitalization of 1,465.998 billion CNY. The stock has fluctuated between a low of 6.34 CNY and a high of 10.51 CNY over the past year [2]. Natural Gas Supply and Demand - The report highlights the importance of natural gas supply during the winter, with a focus on meeting the demand for heating and ensuring stable supply for the population [7][9]. - In the first three quarters of 2024, China's apparent natural gas consumption reached 3,166 billion cubic meters, marking a 10.0% year-on-year increase [9][11]. Unconventional Oil and Gas Development - China Petroleum has initiated a shale oil revolution since December 2018, with significant discoveries in the Ordos Basin, and aims to establish several demonstration areas for efficient production by the end of the 14th Five-Year Plan [12][13]. - The company has also made breakthroughs in coalbed methane exploration, with substantial geological reserves identified in the Ordos Basin [13]. Quality Management and Operational Efficiency - The company is focusing on enhancing its quality management systems and operational efficiency, with specific actions to improve product quality and brand value [8][14]. - The report emphasizes the need for a proactive approach to risk management and quality assurance to support the company's long-term goals [8][14]. Financial Projections - The report forecasts net profits for 2024, 2025, and 2026 to be 175.9 billion, 180.3 billion, and 185.0 billion CNY respectively, with corresponding EPS of 0.96, 0.99, and 1.01 CNY per share [18].

董事長：戴厚良 副董事長及非執行董事：侯啟軍 非執行董事： 段良偉 謝軍 執行董事： 中國石油天然氣股份有限公司 PETROCHINA COMPANY LIMITED （ 於中華人民共和國註冊成立之股份有限公司 ） (股份代號：857) 董事名單與其角色和職能 中國石油天然氣股份有限公司董事會（「董事會」）成員載列如下： - 1 - 董事會下設 5 個委員會，下表提供若干董事會成員在這些委員會中所擔任的職位： | 委員會 | 提名委員會 | 審計委員會 | 投資與發展 | 考核與薪酬 | 可持續發展 | | --- | --- | --- | --- | --- | --- | | 董事 | | | 委員會 | 委員會 | 委員會 | | 戴厚良 | C | | | | | | 侯啟軍 | | | C | | | | 段良偉 | | M | | M | | | 謝軍 | | | M | | | | 黃永章 | | | M | | C | | 任立新 | | | | | M | | 張道偉 | | | | | M | | 蔣小明 | M | M | | | | | 張來斌 | | | | C | M | | 何 ...

证券代码 601857 证券简称 中国石油 公告编号 临 2024-033 委 员：黄永章、谢 军、阎 焱 中国石油天然气股份有限公司 第九届董事会 2024 年第三次临时会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 中国石油天然气股份有限公司（以下简称公司）董事会于2024年11 月14日向公司全体董事发出会议通知，以书面方式召开第九届董事会 2024年第三次临时会议，并于2024年11月16日形成有效决议。本次会议 符合《中华人民共和国公司法》和《中国石油天然气股份有限公司章程》 的规定，合法、有效。 二、董事会会议审议情况 公司董事审议通过《关于补充公司董事会专门委员会成员的议案》， 并形成如下决议： 根据公司工作安排，董事会同意阎焱先生加入投资与发展委员会担 任委员、刘晓蕾女士加入审计委员会担任主任委员。调整后，投资与发展 委员会、审计委员会人员组成如下： 1、投资与发展委员会 主任委员：侯启军 2、审计委员会 主任委员：刘晓蕾 委 员：段良伟、蒋小明 议案表决情况：同意12票， ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 22,562.79 billion yuan for the first three quarters of 2024, a year-on-year decrease of 1.13%, while the net profit attributable to shareholders was 1,325.18 billion yuan, an increase of 0.66% year-on-year [2] - Oil prices have remained at a high level, and the steady increase in oil and gas production has supported the company's performance growth. The average price of Brent crude oil and WTI crude oil for the first three quarters of 2024 was 82.79 USD/barrel and 77.71 USD/barrel, respectively, with year-on-year increases of 0.9% and 0.5% [2] - The company’s crude oil production reached 708.3 million barrels, a year-on-year increase of 0.3%, while natural gas production was 3,803.8 billion cubic feet, a year-on-year increase of 4.0% [2] - The refining and new materials segment achieved revenue of 9,238.88 billion yuan, a year-on-year increase of 2.3%, despite a slight decrease in crude oil processing volume [2] - The company expects net profits attributable to shareholders for 2024-2026 to be 1,778.11 billion yuan, 1,892.92 billion yuan, and 1,966.65 billion yuan, respectively, with corresponding EPS of 0.97, 1.03, and 1.07 yuan [2][3] Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 7,024.10 billion yuan, a year-on-year decrease of 12.45%, and a net profit of 439.11 billion yuan, a year-on-year decrease of 5.31% [2] - The company’s total revenue for 2023 is projected to be 30,110.12 billion yuan, with a revenue growth rate of -7.0% [3] Production and Pricing - The average realized price for crude oil was 76.88 USD/barrel, a year-on-year increase of 2.1%, and the average sales price for domestic natural gas was 8.90 USD/thousand cubic feet, a year-on-year increase of 1.0% [2] - The total production of chemical products reached 28.643 million tons, a year-on-year increase of 9.7% [2] Future Outlook - The company maintains a high dividend rate, ensuring shareholder interests are protected, and anticipates continued growth in performance due to its rich oil and gas resources and the gradual production of refining projects [2]

中國石油天然氣股份有限公司 PETROCHINA COMPANY LIMITED （ 於中華人民共和國註冊成立之股份有限公司 ） (股份代號：857) 董事名單與其角色和職能 中國石油天然氣股份有限公司董事會（「董事會」）成員載列如下： 董事長：戴厚良 副董事長及非執行董事：侯啟軍 非執行董事： 段良偉 謝軍 執行董事： 黃永章 任立新 張道偉 獨立非執行董事： 蔣小明 張來斌 何敬麟 閻焱 劉曉蕾 - 1 - 董事會下設 5 個委員會，下表提供若干董事會成員在這些委員會中所擔任的職位： | 委員會 | 提名委員會 | 審計委員會 | 投資與發展 | 考核與薪酬 | 可持續發展 | | --- | --- | --- | --- | --- | --- | | 董事 | | | 委員會 | 委員會 | 委員會 | | 戴厚良 | C | | | | | | 侯啟軍 | | | C | | | | 段良偉 | | M | | M | | | 謝軍 | | | M | | | | 黃永章 | | | M | | C | | 任立新 | | | | | M | | 張道偉 | | | | | M | | 蔣小明 | ...

北京市金杜律师事务所 关于中国石油天然气股份有限公司 2024 年第一次临时股东会 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2021 年年度股东大会审议通过的《公司章程》（以下简称《公司 章程》）； 2. 2024 年 9 月 27 日，公司刊登于上海证券交易所网站（www.sse.com.cn）的 《中国石油天然气股份有限公司第九届董事会 2024 年第一次临时会议决议公告》； 3. 2024 年 9 月 27 日，公司刊登于上海证券交易所网站（www.sse.com.cn）的 《中国石油天然气股份有限公司关于召开 2024 年第一次临时股东会的通知》（以 下简称《股东会通知》）； 4. 2024 年 10 月 29 日，公司刊登于上海证券交易所网站（www.sse.com.cn） 的《中国石油天然气股份有限公司第九届董事会第九次会议决议公告》； 之法律意见书 致：中国石油天然气股份有限公司 北京市金杜律师事务所（以下简称本所）接受中国石油天然气股份有限公司 （以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、 《中华人民共和国公司法》（以下 ...

证券代码：601857 证券简称：中国石油 公告编号：临 2024-032 中国石油天然气股份有限公司 2024 年第一次临时股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等： 中国石油天然气股份有限公司（以下简称公司）2024 年第一次临时股东会（以下 简称本次股东会）由公司董事会召集，由董事长戴厚良先生主持。本次股东会的 召集、召开和表决符合《中华人民共和国公司法》及《中国石油天然气股份有限 公司章程》的规定。 (五) 公司董事、监事和董事会秘书的出席情况： 二、 议案审议情况 审议结果：通过 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 3,872 | | --- | --- | | 其中：A 股股东人数 | 3,871 | | 境外上市外资股股东人数（H 股） | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 161,461,052,485 | | 其中 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved its best operating performance in the first three quarters, continuing its strategy of "increasing reserves and production, stabilizing oil and increasing gas" while rapidly developing its new energy business and steadily advancing in overseas markets [2][3] Summary by Sections Financial Performance - In the first three quarters of 2024, the company reported a net profit attributable to shareholders of 132.518 billion yuan, a year-on-year increase of 0.66%. The Q3 net profit was 43.911 billion yuan, down 5.31% year-on-year but up 2.29% quarter-on-quarter. The performance met market expectations, marking the best historical performance for the same period [3] - The operating profits by segment for the first three quarters were as follows: oil and gas 52.6 billion yuan (+11.5% YoY), refining -1.28 billion yuan (-86.1% YoY), chemicals 0.25 billion yuan (-13% YoY), sales 2.8 billion yuan (-55.8% YoY), and natural gas sales 8.46 billion yuan (+58% YoY) [3] Production and Development - The company’s oil and gas equivalent production reached 1.342 billion barrels, a 2.0% increase year-on-year, with marketable natural gas production at 3.80 trillion cubic feet, up 4.0% year-on-year. Domestic oil and gas equivalent production was 1.197 billion barrels, a 2.3% increase year-on-year [3] - The company strengthened cost control, maintaining an operational cost of 11.49 USD per barrel, thus preserving its cost advantage [3] Overseas Market Expansion - The company’s overseas business signed new contracts worth 16% more than the previous year, with external market share increasing by 37%. Contracts exceeding 100 million USD were signed in 11 countries, with new contracts in external markets accounting for 79% of the total [3] - Notable contracts include the signing of oil product sharing contracts in Suriname and a service contract in Kuwait valued at 6.2 billion yuan, marking the highest single contract value for Chinese oil drilling services abroad [3] Valuation and Price Target - The report maintains the earnings per share (EPS) forecast for 2024, 2025, and 2026 at 0.95, 1.01, and 1.03 yuan respectively. The target price is set at 10.54 yuan based on an EV/EBITDA valuation, with the average EV/EBITDA of comparable companies at 5.57 [3][4]

中国石油天然气股份有限公司 2024 年第一次临时股东会 会议文件 2024 年 11 月 目 录 1. 关于选举公司独立董事的议案............................................................................................................... (1) 2. 关于公司聘用 2024 年度境内外会计师事务所的议案.... (4) 各位股东： 受公司董事会委托，向股东会报告《关于选举公司独立 董事的议案》。 按照《公司章程》相关规定，根据本公司控股股东中国 石油天然气集团有限公司推荐，经董事会提名委员会审核， 公司第九届董事会第九次会议和第九届董事会 2024 年第一 次临时会议分别审议通过阎焱先生和刘晓蕾女士为独立董 事候选人，任期与本届董事会任期一致。 阎焱先生和刘晓蕾女士当选后，公司董事会将由 12 名 董事组成，其中独立董事 5 人，符合《公司章程》相关规定。 阎焱先生和刘晓蕾女士具备独立董事候选人任职资格及相 关经验（简历附后）。 各位股东： 受公司董事会委托，向股东会报告《关于公司聘用 202 ...

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