Message from the Chairman
In line with the decisions of the CPC Central Committee and the State Council, CNPC implemented our strategies of resources, market, internationalization and innovation in 2017 steadily in pursuit of stable and sound growth and operational excellence, and made new headway in our business activities.
Report of the President
In 2017, despite the gradual recovery of the oil and gas industry, the company still faced tough challenges like volatility in oil prices, increased competition in the refined oil market, widened peak-trough gap in natural gas demand, especially the arduous task of securing winter gas supplies.
Operation Highlights
    2015 2016 2017  
  Financial Index        
  Total revenue from operations (billion RMB yuan) 2,016.8 1,871.9 2,340.3  
  Total profit (billion RMB yuan) 82.5 50.7 53.3  
  Net profit (billion RMB yuan) 56.2 26.8 17.6  
  Taxes and fees paid globally (billion RMB yuan) 375.7 349.7 377.4  
2017 Industry Review and Outlook
The world economy was buoyant as a whole in 2017 with a steady increase in energy consumption. The oil and gas industry showed a broad recovery as investment activities picked up and the global market and oil and gas prices continued to turn for the better. There was an accelerated shift in energy mix towards clean and low-carbon energies. The global energy transition progressed steadily amidst challenges.
Highlighting market orientation and operational benefits, the company continued to optimize production organization and resource allocation, promote an integrated and coordinated approach to oil and gas production, refining, chemicals, marketing and trade activities, and improve internationalized business operation and service market competitiveness.
  Exploration and Production
  Natural Gas and Pipelines
  Refining and Chemicals
  Marketing and Sales
  Overseas Oil and Gas Operations
  International Trade
  Service business

Featured Content
Comprehensively Deepen Corporate Reforms to Boost Steady and Sound Growth Deepening International Oil and Gas Cooperation Under the Belt and Road Initiative Phase I of Yamal LNG Project Became Operational
Since the 18th CPC National Congress, CNPC has implemented comprehensively the decisions of the CPC Central Committee and the State Council on deepening the reforms of state-owned enterprises and the oil and gas systems. In May 2017, CNPC successfully held the Belt and Road Roundtable for Oil and Gas Cooperation during the Belt and Road Forum for International Cooperation in Beijing. On December 8, 2017, Phase I of the Yamal LNG Project, the world��s largest and most complex one of its sort in the Arctic region, was put into operation.
Safety and Environmental Protection
The company is committed to harmonious development among energy, environment and business growth by promoting regulatory compliance under the Production Safety Law and the Environmental Protection Law, ecological civilization construction and green growth strategy.
Human Resources
The company actively pushed ahead reform of talent development system and strengthened talent pool building to develop an innovative and highly motivated workforce and provide an enabling environment for achieving self-worth.
Technology and Innovation
The company sticks to its business-driven innovation strategy by stepping up its R&D reform and talent development to push forward all-round innovation and foster the new engine for growth.
Financial Statements   Board of Directors •
Top Management • Organization
  Major Events
China National Petroleum Corporation