Message from the Chairman

President’s Report


In 2019, in face of the frequent oil price fluctuation and intensified competition in the domestic oil and gas market, the company maintained a strong commitment to high-quality growth, a market-driven and efficiencycentered approach and a positioning of “priority, effectiveness, acceleration and coordination” for core business development in line with the production and operation targets set by the Board of Directors.

With an aim to building the company into a world-class one, and for setting an example for other Chinese enterprises in that regard, we achieved better-than-expected operating results and saw high quality development through ongoing efforts to conscientiously implement the Board's decisions, comprehensively boost operating quality and efficiency, effectively prevent and mitigate major risks, forge ahead with the resources, market, internationalization and innovation strategies, as well as figure prominently our core business.

Operation Highlights

2017

2,340.3

53.3

17.6

377.4

2018

2,739.0

110.6

42.8

421.2

2019

2,771.4

120.4

59.6

404.5

Financial Index

Revenue (billion RMB yuan)

Earnings before taxes (billion RMB yuan)

Net income (billion RMB yuan)

Taxes and fees paid globally (billion RMB yuan)

Key Topics
Technological Innovation Drives Newly Added Reserves to Record High
The Eastern Russia-China Natural Gas Pipeline in Operation
Technological innovation is the primary driving force for the company's growth. At CNPC, we embrace innovation as part of our organizational strategy with a strong focus on business orientation, indigenous innovation, strong incentives, openness and sharing.
The Eastern Russia-China Natural Gas Pipeline was officially put into operation on December 2, 2019. With CNPC's participation in its investment and construction, the Pipeline includes the section in Russia, often referred to as Power of Siberia gas pipeline, the crossborder section and the section in China.
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Annual Business Review

Focusing on market orientation and economic returns, the company continues to optimize prodution organization and resource allocation, promote integrated and coordinated operation on oil and
gas production, refining, marketing and trade activities, and improve international operation performance and market competitiveness in service business.


Exploration and Production
Natural Gas and Pipelines
Refining and Chemicals
Marketing and Sales

Overseas Oil and Gas
International Trade
Services Business

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2019 Industry Review
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China's energy mix continued to improve amid a slowdown in energy consumption. The Chinese economy was under downward pressure in 2019. The total energy consumption reached 4.79 billion tons of standard coal, up 3.2% year-on-year, indicating a slight retreat. The shift to lowcarbon energy made headway, with non-fossil fuels power generation increasing by 6% year-on-year. Renewable energy power generation was refocusing on quality improvement over capacity expansion. As the government work report proposed for the first time to promote hydrogen energy, some local governments and companies has started working on
and implementing their hydrogen energy initiatives.

Financial Statements

Corporate Governance

Major Events

China National Petroleum Corporation