PETROCHINA CO LTD | CIK:0001108329 | 3

  • Filed: 4/27/2018
  • Entity registrant name: PETROCHINA CO LTD (CIK: 0001108329)
  • Generator: Donnelley Financial Solutions
  • SEC filing page: http://www.sec.gov/Archives/edgar/data/1108329/000119312518137017/0001193125-18-137017-index.htm
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    • ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory

    37 SEGMENT INFORMATION

    The Group is principally engaged in a broad range of petroleum related products, services and activities. The Group’s operating segments comprise: Exploration and Production, Refining and Chemicals, Marketing, and Natural Gas and Pipeline. On the basis of these operating segments, the management of the Company assesses the segmental operating results and allocates resources. Sales between operating segments are conducted principally at market prices. Additionally, the Group presents geographical information based on entities located in regions with a similar risk profile.

    The Exploration and Production segment is engaged in the exploration, development, production and marketing of crude oil and natural gas.

    The Refining and Chemicals segment is engaged in the refining of crude oil and petroleum products, production and marketing of primary petrochemical products, derivative petrochemical products and other chemical products.

    The Marketing segment is engaged in the marketing of refined products and the trading business.

    The Natural Gas and Pipeline segment is engaged in the transmission of natural gas, crude oil and refined products and the sale of natural gas.

     

    The Head Office and Other segment relates to cash management and financing activities, the corporate center, research and development, and other business services supporting the operating business segments of the Group.

    The accounting policies of the operating segments are the same as those described in Note 3 — “Summary of Principal Accounting Policies”.

    The segment information for the operating segments for the years ended December 31, 2017, 2016 and 2015 are as follows:

     

         Year Ended December 31, 2017  
         Exploration
    and
    Production    		     Refining
    and
    Chemicals    		     Marketing     Natural
    Gas and
    Pipeline    		     Head
    Office and
    Other    		     Total  
         RMB     RMB     RMB     RMB     RMB     RMB  

    Revenue

    		      505,430       707,804       1,660,456       295,786       2,057       3,171,533  

    Less: intersegment sales

    		      (409,303 )      (535,515 )      (179,692 )      (30,476 )      (657 )      (1,155,643 ) 
      

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		  

    Revenue from external customers

    		      96,127       172,289       1,480,764       265,310       1,400       2,015,890  
      

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		  

    Depreciation, depletion and amortization

    		      (169,484 )      (32,319 )      (12,734 )      (21,146 )      (1,692 )      (237,375 ) 

    Including: Impairment losses

    of property, plant and equipment

    		      (6,565 )      (10,223 )      (7 )      (1,150 )      (2 )      (17,947 ) 

    Profit / (loss) from operations

    		      15,475       39,961       8,279       15,688       (11,681 )      67,722  

    Finance costs:

    		             

    Exchange gain

    		                8,217  

    Exchange loss

    		                (9,311 ) 

    Interest income

    		                2,901  

    Interest expense

    		                (22,408 ) 
                

     

     

    		  

    Total net finance costs

    		                (20,601 ) 
                

     

     

    		  

    Share of profit / (loss) of associates and joint ventures

    		      1,716       (89 )      1,501       279       2,561       5,968  
                

     

     

    		  

    Profit before income tax expense

    		                53,089  

    Income tax expense

    		                (16,296 ) 
                

     

     

    		  

    Profit for the year

    		                36,793  
                

     

     

    		  

    Segment assets

    		      1,211,912       318,299       397,813       519,249       1,357,803       3,805,076  

    Other assets

    		                26,724  

    Investments in associates and joint ventures

    		      39,517       1,375       11,938       5,534       22,795       81,159  

    Elimination of intersegment balances (a)

    		                (1,508,347 ) 
                

     

     

    		  

    Total assets

    		                2,404,612  
                

     

     

    		  

    Capital expenditures

    		      161,997       17,705       10,982       24,529       1,014       216,227  

    Segment liabilities

    		      525,085       79,989       199,340       120,244       589,460       1,514,118  

    Other liabilities

    		                70,091  

    Elimination of intersegment balances (a)

    		                (560,916 ) 
                

     

     

    		  

    Total liabilities

    		                1,023,293  
                

     

     

    		  

     

         Year Ended December 31, 2016  
         Exploration
    and
    Production    		     Refining
    and
    Chemicals    		     Marketing     Natural
    Gas and
    Pipeline    		     Head
    Office and
    Other    		     Total  
         RMB     RMB     RMB     RMB     RMB     RMB  

    Revenue

    		      412,484       582,510       1,301,616       247,477       2,197       2,546,284  

    Less: intersegment sales

    		      (335,716 )      (438,853 )      (126,344 )      (27,784 )      (684 )      (929,381 ) 
      

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		  

    Revenue from external customers

    		      76,768       143,657       1,175,272       219,693       1,513       1,616,903  
      

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		  

    Depreciation, depletion and amortization

    		      (155,192 )      (25,475 )      (12,891 )      (22,743 )      (1,846 )      (218,147 ) 

    Including: Impairment losses of property, plant and equipment

    		      (882 )      (3,413 )      (2 )      (4,205 )      —         (8,502 ) 

    Profit / (loss) from operations

    		      3,148       39,026       11,048       17,885       (10,472 )      60,635  

    Finance costs:

    		             

    Exchange gain

    		                12,828  

    Exchange loss

    		                (11,571 ) 

    Interest income

    		                2,491  

    Interest expense

    		                (23,348 ) 
                

     

     

    		  

    Total net finance costs

    		                (19,600 ) 
                

     

     

    		  

    Share of (loss) / profit of associates and joint ventures

    		      (158 )      13       552       204       3,494       4,105  
                

     

     

    		  

    Profit before income tax expense

    		                45,140  

    Income tax expense

    		                (15,768 ) 
                

     

     

    		  

    Profit for the year

    		                29,372  
                

     

     

    		  

    Segment assets

    		      1,260,009       324,357       384,123       546,485       1,434,141       3,949,115  

    Other assets

    		                25,766  

    Investments in associates and joint ventures

    		      42,398       1,262       10,455       3,305       21,547       78,967  

    Elimination of intersegment balances(a)

    		                (1,657,197 ) 
                

     

     

    		  

    Total assets

    		                2,396,651  
                

     

     

    		  

    Capital expenditures

    		      130,248       12,847       7,983       20,340       968       172,386  

    Segment liabilities

    		      536,284       124,076       183,159       150,855       668,353       1,662,727  

    Other liabilities

    		                58,839  

    Elimination of intersegment balances(a)

    		                (697,650 ) 
                

     

     

    		  

    Total liabilities

    		                1,023,916  
                

     

     

    		  

     

         Year Ended December 31, 2015  
         Exploration
    and
    Production    		     Refining
    and
    Chemicals    		     Marketing     Natural
    Gas and
    Pipeline    		     Head
    Office and
    Other    		     Total  
         RMB     RMB     RMB     RMB     RMB     RMB  

    Revenue

    		      475,412       642,428       1,383,426       281,778       2,507       2,785,551  

    Less: intersegment sales

    		      (384,423 )      (502,007 )      (146,719 )      (26,259 )      (715 )      (1,060,123 ) 
      

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		  

    Revenue from external customers

    		      90,989       140,421       1,236,707       255,519       1,792       1,725,428  
      

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		    

     

     

    		  

    Depreciation, depletion and amortization

    		      (148,958 )      (24,400 )      (12,974 )      (14,489 )      (2,054 )      (202,875 ) 

    Including: Impairment losses of property, plant and equipment

    		      (22,922 )      (1,843 )      (191 )      (66 )      —         (25,022 ) 

    Profit/ (loss) from operations

    		      33,961       4,883       (500 )      51,231       (10,323 )      79,252  

    Finance costs:

    		             

    Exchange gain

    		                9,536  

    Exchange loss

    		                (10,168 ) 

    Interest income

    		                2,019  

    Interest expense

    		                (24,328 ) 
                

     

     

    		  

    Total net finance costs

    		                (22,941 ) 
                

     

     

    		  

    Share of (loss) / profit of associates and joint ventures

    		      (5,599 )      66       (156 )      4,206       2,987       1,504  
                

     

     

    		  

    Profit before income tax expense

    		                57,815  

    Income tax expense

    		                (15,726 ) 
                

     

     

    		  

    Profit for the year

    		                42,089  
                

     

     

    		  

    Segment assets

    		      1,221,942       311,149       343,721       597,240       1,518,486       3,992,538  

    Other assets

    		                28,043  

    Investments in associates and joint ventures

    		      32,413       1,249       9,517       3,424       24,373       70,976  

    Elimination of intersegment balances (a)

    		                (1,697,713 ) 
                

     

     

    		  

    Total assets

    		                2,393,844  
                

     

     

    		  

    Capital expenditures

    		      157,822       15,725       7,061       20,360       1,270       202,238  

    Segment liabilities

    		      511,098       114,888       148,556       206,920       727,579       1,709,041  

    Other liabilities

    		                47,261  

    Elimination of intersegment balances (a)

    		                (706,492 ) 
                

     

     

    		  

    Total liabilities

    		                1,049,810  
                

     

     

    		  

     

    Geographical information

     

         Revenue      Non-current assets (b)  

    Year Ended December 31,

    		    2017      2016      2015      2017      2016      2015  
         RMB      RMB      RMB      RMB      RMB      RMB  

    Mainland China

    		      1,294,516        1,101,055        1,185,189        1,711,605        1,739,351        1,796,288  

    Other

    		      721,374        515,848        540,239        239,204        253,264        228,416  
      

     

     

    		     

     

     

    		     

     

     

    		     

     

     

    		     

     

     

    		     

     

     

    		  
         2,015,890        1,616,903        1,725,428        1,950,809        1,992,615        2,024,704  
      

     

     

    		     

     

     

    		     

     

     

    		     

     

     

    		     

     

     

    		     

     

     

    		  

     

    (a) Elimination of intersegment balances represents elimination of intersegment accounts and investments.
    (b) Non-current assets mainly include non-current assets other than financial instruments and deferred tax assets.