PETROCHINA CO LTD financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data PETROCHINA CO LTD files with the SEC in its annual reports.

In CNY millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2015	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022
Revenue	1,725,428	1,616,903	2,032,298	2,374,934	2,516,810	1,933,836	2,614,349	3,239,167
Research and development	11,856	11,227	12,323	14,093	15,666	15,746	16,729	20,016
Selling, general and administrative	71,270	74,255	77,557	74,477	68,596	64,345	57,802	59,529
Operating income	79,252	60,635	70,836	122,942	121,762	75,937	161,153	216,660
Interest income	2,019	2,491	2,912	3,779	3,631	3,023	2,984	4,738
Pre-tax income	57,815	45,140	55,691	116,770	103,214	56,073	158,203	213,277
Income tax	15,726	15,768	16,296	42,790	36,199	22,588	43,507	49,295
Net income to minority interests	6,572	21,515	15,858	20,944	21,333	14,479	22,526	14,602
Net income	35,517	7,857	23,537	53,036	45,682	19,006	92,170	149,380
EPS, basic	0.21	0.04	0.13	0.29	0.25	0.10
EPS, diluted	0.21	0.04	0.13	0.29	0.25	0.10

Balance sheet

	FY2015	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022
Cash and equivalents	72,773	99,058	123,700	85,954	86,409	118,631	136,789	191,190
Inventory		146,865	144,669	177,577	181,921	128,539	143,848	167,751
Total current assets		381,665	425,162	438,241	466,913	486,767	480,838	613,867
Property, plant and equipment		1,739,545	1,702,813	1,709,388	1,783,224	1,452,091	1,459,296	1,492,513
Lease right-of-use assets		53,653	55,095	58,858	254,736	209,786	208,606	203,065
Goodwill					34,285
Total assets	2,393,844	2,396,651	2,413,499	2,440,877	2,732,910	2,488,126	2,502,262	2,673,485
Accounts payable		310,680	343,819	299,848	328,314	316,140	299,121	372,369
Short-term debt		71,969	93,881	69,780	90,497	42,354	40,010	38,375
Total current liabilities		499,263	576,667	596,430	661,419	605,418	518,158	624,263
Lease liabilities					164,143	122,644	123,222	118,200
Total liabilities	1,049,810	1,023,916	1,035,511	1,031,986	1,288,605	1,121,505	1,093,393	1,135,632
Total debt		516,271	465,275	414,572	466,722	368,921	340,450	323,117
Retained earnings		711,197	712,437	731,163	743,124	727,955	771,980	853,585
Shareholders' equity		1,189,024	1,193,520	1,213,783	1,230,156	1,215,158	1,263,561	1,369,327
Minority interests		183,711	187,799	195,108	214,149	151,463	145,308	168,526
Total equity	1,344,034	1,372,735	1,377,988	1,408,891	1,444,305	1,366,621	1,408,869	1,537,853
Total liabilities and equity	2,393,844	1,897,388	1,827,945	2,440,877	2,732,910	2,488,126	2,502,262	2,673,485

Cash flow statement

	FY2015	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022
Net income	42,089	29,372	39,395	73,980	67,015	33,485	114,696	163,982
Cash from operations	261,312	265,179	368,729	353,256	359,610	318,575	341,469	393,768
Capital expenditures	-217,750	-181,054	-229,492	-267,310	-319,686	-248,376	-261,617	-243,349
Cash from investing	-215,879	-175,887	-243,790	-267,812	-332,948	-181,986	-213,032	-232,971
Dividends paid	-34,520	-12,732	-30,030	-42,792	-44,963	-42,905	-55,841	-64,395
Cash from financing	-45,439	-67,007	-96,746	-125,703	-27,276	-99,400	-107,971	-113,713
Exchange rate effect	-999	2,873	-3,551	2,513	1,069	-4,967	-2,308	7,317
Net change in cash	-1,005	25,158	24,642	-37,746	455	32,222	18,158	54,401
Free cash flow	43,562	84,125	139,237	85,946	39,924	70,199	79,852	150,419

Key metrics

Worked out from the statements above. Latest values use fiscal 2022. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Operating margin	6.7%	Operating income / revenue.
Pre-tax margin	6.6%	Pre-tax income / revenue.
Net margin	4.6%	Net income / revenue.
FCF margin	4.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	12.2%	Cash from operations / revenue.
Effective tax rate	23.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	11.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.8%	Net income / average total assets.
Return on invested capital (ROIC)	11.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	0.6%	Research and development expense / revenue.
SG&A / revenue	1.8%	Selling, general and administrative expense / revenue.
Capex / revenue	7.5%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	23.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	8.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	34.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	21.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	25.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	62.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	48.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	44.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	15.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	3.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	1.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	88.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	55.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	1.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	8.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	3.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	2.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.98x	Current assets / current liabilities.
Quick ratio	0.31x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.31x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.24x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	12.1%	Total debt / total assets.
Liabilities / assets	42.5%	Total liabilities / total assets.
Net debt	CN¥131.93B	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	-CN¥10.40B	Current assets - current liabilities.
Tangible book value	CN¥1.37T	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.25x	Revenue / average total assets.
Fixed asset turnover	2.19x	Revenue / average property, plant and equipment.
FCF conversion	100.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	61.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Payout ratio	43.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	42.8%	Dividends paid / free cash flow, when free cash flow is positive.

What was PETROCHINA CO LTD's revenue in fiscal 2022?

PETROCHINA CO LTD reported revenue of CN¥3.24T for fiscal 2022, 23.9% higher than the year before.

Was PETROCHINA CO LTD profitable in fiscal 2022?

Yes. Net income was CN¥149.38B, a net margin of 4.6%.

How much free cash flow did PETROCHINA CO LTD generate in fiscal 2022?

Cash from operations of CN¥393.77B minus capital expenditures of CN¥243.35B left free cash flow of CN¥150.42B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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