PetroChina Co Ltd (HKSE:00857)
HK$ 5.78 0.01 (0.17%) Market Cap: 1.57 Til Enterprise Value: 1.65 Til PE Ratio: 6.02 PB Ratio: 1.02 GF Score: 83/100

Full Year 2020 PetroChina Co Ltd Earnings Call (Chinese, English) Transcript

Mar 25, 2021 / 08:45AM GMT
Release Date Price: HK$2.77 (-0.36%)
Unidentified Company Representative

(technical difficulty)

(foreign language)

E&P, as a foundation of our development, remains a focus of investment. In 2020, CapEx for E&P was CNY 186.62 billion, 75.71% of the corporate total.

In 2020, new life crude price averaged $40.33 per barrel, down 33.8% year-on-year. Realized gas price averaged $4.80 per Mcf, down 10.9%. And expanding on gas point, we continue to improve quality and efficiency, enhance cost control and for fruitful results.

Leasing cost was down by 8.3%. Cash acceptancy down 2.8%; SG&A down 6.2%. We're properly our rent investment, change of asset management and further optimize asset GAAP structure. Financial profile is down in general. By December 31, 2020, total assets, CNY 4.49 trillion, down 9% year-on-year. Interest savings at CNY 358.91 billion, down 21% year-on-year. WCC of interest-bearing debt 2.87%, down 0.78 percentage points.

Debt ratio, 45.1%, down 2.1 percentage points year-on-year. Debt-to-capital ratio, 21.3%, down 2.1 percentage points year-on-year.

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