[HIGHLIGHTS] Last year's "three barrels of oil" performance indicator was eye-catching. The pace of transformation of oil and gas companies accelerated.

The three major oil and gas companies made a total profit of more than 340 billion yuan last year. Capital expenditures of the three companies continue to remain strong, with total capital expenditures expected to exceed 500 billion yuan this year.

Sinopec continues to strengthen high-quality exploration, and has made major breakthroughs in the Shunbei New Zone of the Tarim Basin and the deep coalbed methane in the Ordos Basin. China National Offshore Oil Corporation continued to accelerate its pace of production increase.