About CHINA OIL & GAS Company

China Petroleum Group Co., Ltd. (the “Company”) (stock code: 603) and its subsidiaries (collectively, the “Group”) are mainly engaged in investing in natural gas and energy-related businesses. The Group's business includes urban pipeline gas operation, pipeline design and construction; transportation, distribution and sales of compressed natural gas (“CNG”) and liquefied natural gas (“LNG”); and development, production and sales of other upstream energy resources such as crude oil and natural gas. As a gas service provider for urban pipelines, the Group supplies urban natural gas through long-distance pipelines. The Group has obtained 71 gas concessions and established an urban pipeline network to provide stable and abundant natural gas resources for local households, businesses and other users. As a non-pipeline natural gas supplier, the Group has established separate LNG plants in Qinghai, Sichuan and Guizhou provinces in China. At the same time, the Group has built a number of CNG fueling stations to ensure that the Group's natural gas supply remains stable throughout the year. Such facilities help supply natural gas to cities not yet covered by pipeline networks, and are considered an emergency backup gas source for the Group. All types of automobiles, public transportation vehicles, and long-distance passenger vehicles can be modified, that is, converted into natural gas operating systems at an affordable cost. Some provinces will provide subsidies to car owners who are willing to convert their cars to natural gas operating systems. With the support of the national government, the Group provides inexpensive, clean and environmentally friendly natural gas energy to the transportation industry. As a natural gas feeder pipeline operator, the Group has invested in the construction of natural gas pipelines with a total length of about 22,012 kilometers in 13 provinces, cities and autonomous regions. In addition to increasing gas pipeline transportation revenue, branch line construction can also drive the development of the downstream gas market. The Group has developed a huge natural gas transportation and logistics business in China, including the establishment of LNG and CNG transport fleets, which have enhanced the mobility of the Group's natural gas supply and expanded its coverage. As a producer of upstream energy resources, the Group is engaged in the development, production and sale of resources such as crude oil and natural gas in Alberta, Canada. The proven reserves of the Group's oil and gas production business are about 28.36 million barrels of oil equivalent, and the proven controlled reserves are about 45.64 million barrels of oil equivalent. The average daily output in 2023 was 5,469 barrels of oil equivalent. The Group's oil and gas production business has an active energy business and a management team with rich experience and excellent performance. It has a stable production asset portfolio, strong profitability and broad room for growth.