Summary by Moomoo AI
CHINA PETROLEUM NATURAL GAS CO., LTD. (“CHINA PETROLEUM”) ISSUED A NOTICE ON 25 MARCH 2024 ANNOUNCING THAT IT IS PREPARED TO ISSUE ASSET IMPAIRMENTS FOR 2023 IN ACCORDANCE WITH CHINESE CORPORATE ACCOUNTING GUIDELINES AND COMPANY RELATED ACCOUNTING POLICIES, AUDITED BY PUHUA YONGDAO CENTRAL ACCOUNTING FIRM. The depreciation preparation consists mainly of long-term asset depreciation preparations such as oil and gas assets, fixed assets such as RMB225.41 billion, and inventories prepared for falling prices of RMB64.11 billion. The move will lead to a decrease in pretax profit of $289.93 billion for China Petroleum 2023. The decision was made to objectively reflect the Company's financial condition and operating results affected by factors such as fluctuations in oil and gas prices, changes in the domestic and foreign operating environment, and increasing difficulties in the production of old oil fields.