In 2023, the Company made breakthroughs in increasing reserve, production and profit as well as cutting cost. In terms of exploration, we spared no efforts in seeking new discoveries and reserves and obtaining more exploration rights. We strengthened risk exploration, trap pre-exploration and integrated evaluation exploration, and achieved a number of oil and gas discoveries, including breakthroughs in Tarim Basin, deep coal-bed methane in Ordos Basin, continental tight oil and gas in Sichuan Basin and deep shale gas of Permian marine facies in Puguang. We continued to efficiently promote the “Deep Earth Project” and construction of the Shengli Jiyang Shale Oil National Demonstration Zone. Domestic oil and gas reserve replacement ratio amounted to 131%. In terms of crude oil development, we accelerated the capacity building of major oilfields, such as Jiyang, Tahe and West Junggar, and strengthened fine-tuned development of mature oil fields. In natural gas development, we actively promoted the capacity building of key blocks in Shunbei Zone Two and marine facies gas in West Sichuan, scaled up mid and long term LNG contracts, and further optimised integrated gas system covering production, supply, storage and sales, with profitability greatly enhanced for the whole natural gas business chain. The Company’s production of oil and gas in 2023 was 504.09 million barrels of oil equivalent, up by 3.1%, among which, domestic crude production totaled 251.63 million barrels, and natural gas production reached 1,337.8 billion cubic feet, up by 7.1%.