601857.SS - PetroChina Company Limited

Shanghai - Shanghai Delayed Price. Currency in CNY
6.50
+0.22 (+3.50%)
At close: 3:00PM CST
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Previous Close6.28
Open6.54
Bid6.49 x 0
Ask6.50 x 0
Day's Range6.46 - 6.59
52 Week Range6.02 - 9.34
Volume310,385,190
Avg. Volume68,976,936
Market Cap1.136T
Beta (3Y Monthly)0.71
PE Ratio (TTM)22.18
EPS (TTM)0.29
Earnings DateOct 28, 2019 - Nov 2, 2019
Forward Dividend & Yield0.15 (2.41%)
Ex-Dividend Date2019-06-28
1y Target Est7.93
  • China’s Big 3 Struggle To Ramp Up Oil Production
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    China’s Big 3 Struggle To Ramp Up Oil Production

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  • Thomson Reuters StreetEvents

    Edited Transcript of 601857.SS earnings conference call or presentation 29-Aug-19 10:15am GMT

    Half Year 2019 PetroChina Co Ltd Earnings Call (Chinese, English)

  • CLSA, BOCI Among Banks Chosen for China National Pipeline Giant
    Bloomberg

    CLSA, BOCI Among Banks Chosen for China National Pipeline Giant

    (Bloomberg) -- China has chosen at least three banks to work on the formation of the planned national oil and gas pipeline company, according to people with knowledge of the matter.BOC International Holdings Ltd., China International Capital Corp. and CLSA Ltd. have been picked as the advisers, said the people, who asked not to be identified because the information is private. Their tasks include extracting pipeline assets from the parent companies of the state’s three listed oil and gas firms -- PetroChina Co., China Petroleum & Chemical Corp., known as Sinopec, and Cnooc Ltd. -- and setting up a new entity to hold the assets, the people said.The national pipeline company would be provisionally named China Pipelines Corp., people familiar with the matter have said. Under the plan, state-controlled and private funds will inject capital sufficient to lower the combined stake held by the three oil majors to about 50%. The company may then file for an initial public offering, while details of the share sale could still change, the people said at that time.China’s State-owned Assets Supervision & Administration Commission is expected to be the biggest shareholder in the new company, while the three oil giants will also have stakes, one of the people said.The creation of the company is part of President Xi Jinping’s drive to streamline industrial capacity, especially among state-owned enterprises. The country has been considering centralizing pipeline operations since at least 2014, aiming to spur wider natural gas distribution and upstream exploration.PetroChina owns 76% of the roughly 65,000 kilometers (40,000 miles) of midstream natural gas pipelines, while 10% is held by Sinopec and 6% by China National Offshore Oil, analysts at Credit Suisse Group AG said in a June report. The remaining are owned by provincial governments or independent operators, they said.Representatives for CLSA, the parent companies of Sinopec and PetroChina declined to comment, while Sasac and the parent of Cnooc didn’t immediately respond to requests for comment. Representatives for BOCI and CICC also didn’t immediately respond to requests for comment.(Updates response from PetroChina’s parent company and CLSA in the final paragraph.)\--With assistance from Carol Zhong and Feifei Shen.To contact Bloomberg News staff for this story: Vinicy Chan in New York at vchan91@bloomberg.net;Crystal Tse in Hong Kong at ctse44@bloomberg.net;Steven Yang in Beijing at kyang74@bloomberg.netTo contact the editors responsible for this story: Fion Li at fli59@bloomberg.net, ;Shiyin Chen at schen37@bloomberg.net, Ramsey Al-RikabiFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Oilprice.com

    Why China’s Oil Majors Aren’t Leaving Canada’s Oil Patch

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  • Reuters

    Russian firm battles Mideast for Chinese petroleum gas market

    An independent Russian producer has made a foray into China's market for liquefied petroleum gas (LPG), jostling with Middle Eastern countries for what could be a lucrative foothold, market data showed and traders said. China is one of the world's largest importers and consumers of the fuel. Key suppliers to the country are the United Arab Emirates, Qatar, Kuwait and Saudi Arabia, which jointly account for more than 60% of China's LPG imports.

  • China Big Oil's Bet on Upstream Pays Off While Fuels Wither
    Bloomberg

    China Big Oil's Bet on Upstream Pays Off While Fuels Wither

    (Bloomberg) -- China Big Oil wrapped up a first half that rewarded exploration & production and punished refining.PetroChina Co. and Cnooc Ltd. on Thursday posted stronger earnings, while Sinopec, the fuel-making behemoth, said earlier in the week that profit slid 24% from a year ago. All three delivered on commitments to increase spending, seeking to fulfill President Xi Jinping’s demand for higher energy output.Investors seemed pleased, especially with Cnooc’s cost cutting. The company led gains on the Hang Seng Index in Hong Kong on Friday, rising as much as 6.5%. PetroChina added as much as 4.5%.Here are some highlights from their January-June results:Spending SpreeUnlike global titans such as Royal Dutch Shell Plc and Chevron Corp., who are keeping a tight rein on spending and returning cash to investors, China’s state-owned giants are splurging to expand output. While the trio aren’t yet at the midway mark of their annual capex targets -- spending tends to be concentrated in the second half -- they have significantly increased from last year.Growing OutputAll three are steadily increasing output, which hasn’t come easy considering that many of their oil fields back home are old and costly. That helps explains why they’re betting big on natural gas. Cnooc’s net production rose to a record in the first half, while PetroChina posted a double-digit growth in domestic gas supply. Gas output by Sinopec, officially known as China Petroleum & Chemical Corp., gained 7% despite overall production rising just 0.9%.* NOTE: Table shows changes in first-half production from year ago.Trimming FatCnooc’s cost-cutting shone through. The offshore explorer further lowered its all-in cost to $28.99 a barrel from $31.83 a year ago, helping offset the impact of falling oil prices on its operations. “Cost control continues to be excellent,” analysts at Sanford C. Bernstein said in a note.Gas Import PainPetroChina is getting some reprieve from importing natural gas. Those losses narrowed to the least since 2016, which the company attributed to higher domestic output trimming overseas purchases. The top producer sells gas to domestic users at state-controlled prices, which tend to be lower than its costs of importing gas through long-term supply contracts and pipelines from Central Asia.(Updates to add share prices in third paragraph.)\--With assistance from Kari Lindberg and Dan Murtaugh.To contact Bloomberg News staff for this story: Jasmine Ng in Singapore at jng299@bloomberg.net;Feifei Shen in Beijing at fshen11@bloomberg.netTo contact the editor responsible for this story: Ramsey Al-Rikabi at ralrikabi@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Exclusive: Brazil's Petrobras refineries sale lures trading companies, PetroChina, Saudi Aramco - sources
    Reuters

    Exclusive: Brazil's Petrobras refineries sale lures trading companies, PetroChina, Saudi Aramco - sources

    SAO PAULO/RIO DE JANEIRO (Reuters) - Brazil's planned privatization of eight Petroleo Brasileiro SA refineries has lured several of the world's largest trading and oil companies as prospective bidders, two sources with knowledge of the matter said. Around 20 companies have signed non-disclosure agreements granting them access to the refineries' data and signaling that they are considering a bid, the sources added, speaking on condition of anonymity to disclose private details of the sale. The first round of non-binding offers for four of the eight refineries Petrobras put on the block is due on Oct. 11, the sources said.

  • Oilprice.com

    Chinese Oil Majors Consume More Crude In July

    PetroChina and Sinopec’s daily crude consumption grew in July 2019 as refinery units are restarting

  • Reuters

    Singapore JPTT secures PetroChina as anchor tenant - CEO

    Singapore Jurong Port Tank Terminal's (JPTT) petroleum and petrochemical storage facility in Jurong Island has been fully leased, with China's PetroChina taking up all of its phase 1 capacity, JPTT said on Monday. JPTT's phase 1, which comprises 252,000 cubic metres of clean storage and petrochemicals capacity, started partial operations on April 1 this year. "The majority of the existing tanks are used for gasoline storage with the balance used for chemical components for the blending of gasoline," JPTT chief executive Ooi Boon Hoe said in a statement.

  • Exclusive: Italian, Chinese majors vie in Pakistan's mega LNG tender
    Reuters

    Exclusive: Italian, Chinese majors vie in Pakistan's mega LNG tender

    LONDON/SINGAPORE (Reuters) - Italian oil major Eni, China's overseas energy unit PetroChina and two trading houses are vying to supply liquefied natural gas (LNG) to Pakistan in one of the largest tenders ever worth billions of dollars, two sources familiar with the matter said on Friday. The 240-cargo 10-year tender, which is likely to be worth from $5 billion to $6 billion according to Reuters calculations and the estimates of another source based on current market conditions, was issued last month and closed on Thursday. Pakistan is expected to be a significant growth driver in global LNG demand, with Wood Mackenzie estimating the country will need 25 million tonnes a year as domestic supplies dwindle and its economy grows.

  • China's refiners want tax cuts before making cleaner shipping fuel: sources
    Reuters

    China's refiners want tax cuts before making cleaner shipping fuel: sources

    Chinese oil refiners want changes to tax laws on the consumption and sale of fuel oil in order to start producing low-sulphur marine fuel when new global clean fuel rules start in 2020, four executives at Chinese oil companies said this week. China's central government must waive a 1,218 yuan ($177.11) per tonne consumption tax and offer rebates of the 13% value-added tax currently levied on fuel oil to allow the country's refiners to economically produce the very low-sulphur fuel oil (VLSFO) needed to meet the rules, officials at China Chemical and Petroleum Corp, PetroChina and China National Offshore Oil Co said.

  • Benzinga

    Today's Pickup: A Once $1 Trillion Dollar Oil Company Is Now Valued 80 Percent Lower

    In 2007, PetroChina, China's largest oil and gas producer, became the world's first company to trade at over $1 trillion while debuting on the Shanghai stock exchange. Far more hurtful is the fact that PetroChina's market worth is now less than the value of its proven oil and gas reserves in the ground – which is estimated to be worth $208.7 billion. American imports of manufactured goods from China and 13 other Asian countries rose 9 percent in 2018 to $816 billion, the largest annual increase in nearly a decade and outpacing a 6 percent increase in domestic manufacturing gross output.

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    Yahoo Finance

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  • Reuters

    PetroChina raising gas prices ahead of pipeline reshuffle

    SHANGHAI/SINGAPORE, May 23 (Reuters) - PetroChina is bucking normal practice and raising its wholesale natural gas prices during the weak-demand spring season, several sources said, preparing for the coming consolidation of China's pipeline assets and trying to recoup huge fuel import losses. The increases from PetroChina - which supplies more than 70 percent of China's gas - come as spring brings warmer temperatures, when demand and prices typically fall. PetroChina is also under pressure to recoup continuing losses from its gas import business due to high input costs versus government-capped domestic prices, sources with knowledge of the matter said.

  • Reuters

    China's CNPC breaks into Myanmar fuel retailing with Singapore brand

    SINGAPORE/YANGON (Reuters) - China National Petroleum Corp is planning to open dozens of petrol stations in Myanmar, the first major foreign investor to enter the fast-growing Southeast Asian fuel market, as the state giant expands its retail oil business, company officials said. The investment, which could eventually reach tens of millions of dollars, follows a new strategy to tap overseas retail margins as China's domestic fuel market is saturated. The move follows a similar but larger investment in Brazil, where CNPC's global trading and refining unit bought 30% of a leading Brazilian fuel dealer last year.