PETROCHINA<0857> - Results Announcement

PetroChina Company Limited announced on 27/4/2000:
(stock code: 857)
Year end date: 31/12/1999
Currency: RMB                                              (Audited)
                                           (Audited)        Last
                                           Current          Corresponding
                                           Period           Period
                                           from 1/1/1999    from 1/1/1998
                                           to 31/12/1999    to 31/12/1998
                                           (in Million)     (in Million)
Turnover
    - Continuing                         : 175,969          147,287
    - Discontinued                       : N/A              N/A
Operating Profit/(Loss)
    - Continuing                         : 46,900           35,489
    - Discontinued                       : N/A              N/A
Total Operating Profit/(Loss)            : 46,900           35,489
Share of Profit/(Loss) of
  Associated Companies                   : 128              88
Share of Profit/(Loss) of
  Jointly Controlled Entities            : N/A              N/A
Profit/(Loss) after Tax
  & MI                                   : 27,001           15,275
% Change over Last Period                : +77%
EPS/(LPS)-Basic                          : RMB0.17          RMB0.10
         -Diluted                        : RMB0.17          RMB0.10
Extraordinary (ETD) Gain/(Loss)          : N/A              N/A
Profit/(Loss) after ETD Items            : 27,001           15,275
Final Dividend per H Share               : Nil              N/A
(Specify if with other options)          : N/A              N/A
B/C Dates for Final Dividend             : N/A
Payable Date                             : N/A
B/C Dates for Annual General Meeting     : 31/5/2000 to 30/6/2000 bdi.
Other Distribution for Current Period    : N/A
B/C Dates for Other Distribution         : N/A

Remarks:

(1) Basis of preparation

The profit and loss account is presented on a proforma combined basis for 
the period of 1 January 1998 to 4 November 1999. The combined profit and 
loss account presents the results of the Group as if the Group had been in 
existence throughout the period of 1 January 1998 to 4 November 1999, and
the predecessor operations and businesses of the core units and the 
five chemical production facilities retained by CNPC were transferred to 
the Company from CNPC as of the earliest period presented.

The profit and loss account is presented on a consolidated basis for the 
period of 5 November 1999 (date of incorporation of the Company) to 31 
December 1999.

The restructuring has been accounted for as a reorganization of business 
under common control and the Group is regarded as a continuing entity.

(2) Basic and Diluted Earnings per Share

Basic and diluted earnings per share for the years ended 31 December 1998 
and 1999 have been computed by dividing net profit by the 160 billion 
state-owned shares issued and outstanding upon the establishment of the
Company on 5 November 1999 as if such shares had been outstanding for all 
the accounting periods.