PetroChina Company Limited produces and sells oil and gas in the People’s Republic of China. The company operates in four segments: Exploration and Production, Refining and Chemicals, Marketing, and Natural Gas and Pipeline. The Exploration and Production segment is involved in the exploration, development, and production of crude oil and natural gas. It holds exploration and exploitation licenses for oil and gas reserves, including coal seam gas covering a total area of approximately 457.9 million acres. As of December 31, 2011, it had proved reserves of approximately 11,128.2 million barrels of crude oil and approximately 66,653.0 billion cubic feet of natural gas. The Refining and Chemicals segment engages in the refining of crude oil and petroleum products; and production and marketing of basic petrochemical, derivative petrochemical, and other chemical products. The Marketing segment is involved in the transportation and storage of the refined products; and the wholesale, retail, and export of gasoline, diesel, kerosene, lubricants, paraffin, asphalt, and other refined products. This segment operated 19,362 service stations, including 18,792 company-owned service stations and 570 franchised service stations. The Natural Gas and Pipeline segment sells natural gas to fertilizer and chemical companies, commercial users, and municipal utilities; and transmits natural gas, crude oil, and refined oil products. It owned and operated approximately 36,116 kilometers (km) of natural gas pipelines; 14,782 km of crude oil pipelines, as well as crude oil storage facilities with an aggregate storage capacity of 32.8 million cubic meters; and 9,334 km of refined product pipelines, as well as refined product storage facilities with a total storage capacity of 29.3 million cubic meters. The company was founded in 1988 and is headquartered in Beijing, the People’s Republic of China. PetroChina Company Limited is a subsidiary of China National Petroleum Corporation.