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Energy Minerals

PetroChina Co., Ltd.

Company Background

PetroChina is a Hong Kong-listed subsidiary of the mainland's state-run China National Petroleum Corp., known as CNPC. The parent company has played a leading role in China's oil industry and energy strategy since the Ministry of Petroleum Industry became CNPC in 1988. The CNPC chairman has power equivalent to Chinese government cabinet members.


PetroChina's core businesses are development and production of crude oil and natural gas. It is one of the world's largest oil companies. Its domestic rivals include state-owned enterprise China Petrochemical, also known as Sinopec.


Zhou Yongkang, a disgraced former member of the Chinese Communist Party's Politburo Standing Committee, worked at CNPC. Under Chinese President Xi Jinping's anti-corruption drive, the government cracked down on senior officials at PetroChina.


PetroChina has aggressively expanded its business in Sudan, Libya, Iraq, Syria and other war-torn or dangerous areas, where major U.S. and European companies hesitate to invest. After entering into such markets, however, many projects have failed amid worsening public security. The company has recently scaled down its resource investment, in line with China's "new normal" of slower growth under Xi.


A big challenge for PetroChina is transparency. The company took on 60% of CNPC's total assets when it went public. CNPC accounts for slightly more than 80% of PetroChina's outstanding shares. PetroChina's management does not appear to be influenced by shareholders.


Business Summary

PetroChina Co. Ltd. engages in the petroleum related products, services and activities. It operates through the following business segments: Exploration and Production; Refining and Chemicals; Marketing; Natural Gas and Pipeline; and Head Office and Other. The Exploration and Production segment involves exploration, development, production, and marketing of crude oil and natural gas. The Refining and Chemicals segment focuses on the refining of crude oil and petroleum products, production and marketing of primary petrochemical products, derivative petrochemical products, and other chemical products. The Marketing segment includes marketing of refined products and the trading business. The Natural Gas and Pipeline segment comprises transmission of natural gas, crude oil, and refined products and the sale of natural gas. The Head Office and Other segment relates to cash management and financing activities, the corporate center, research and development, and other business services supporting the operating business segments of the Group. The company was founded on November 5, 1999 and is headquartered in Beijing, China.

Financial Highlights

Dec 2021 HKDUSD
Gross Profit354,488.69M45,606.08M
Operating income204,823.19M26,351.14M
Income before tax174,678.45M22,472.93M
Net income111,084.29M14,291.34M
Diluted EPS0.500.06
Dividends Per Share0.260.03
Total Assets3,060.93B392,613.31M
Total liabilities1,337.51B171,557.03M
Total equity1,545.67B198,256.96M
Operating cash flow414,300.90M53,301.11M
Currency in HKDCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 2,159.94B 2,632.37B 2,666.78B 2,009.51B 2,956.05B
Gross Profit 225,278.58M 352,386.87M 296,566.78M 168,511.30M 354,488.69M
Operating income 72,660.61M 183,412.68M 146,822.90M 39,657.38M 204,823.19M
Income before tax 54,334.60M 124,513.34M 107,705.05M 59,038.84M 174,678.45M
Net income 26,288.07M 62,818.69M 51,799.57M 21,356.91M 111,084.29M
EBITDA 352,662.40M 429,813.44M 393,300.06M 268,458.21M 457,307.65M
Diluted EPS 0.12 0.28 0.24 0.10 0.50
Dividends Per Share 0.15 0.20 0.15 0.20 0.26
Total Assets 2,886.60B 2,783.47B 3,057.02B 2,950.02B 3,060.93B
Total liabilities 1,228.40B 1,176.83B 1,441.42B 1,329.70B 1,337.51B
Total equity 1,432.75B 1,384.14B 1,376.04B 1,440.74B 1,545.67B
Operating cash flow 411,044.34M 405,397.11M 397,443.39M 347,429.13M 414,300.90M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 277,170.83M 335,867.62M 340,359.83M 259,091.60M 380,305.44M
Gross Profit 28,908.49M 44,961.38M 37,850.57M 21,726.58M 45,606.08M
Operating income 9,324.05M 23,401.80M 18,738.88M 5,113.12M 26,351.14M
Income before tax 6,972.39M 15,886.77M 13,746.30M 7,612.02M 22,472.93M
Net income 3,373.37M 8,015.09M 6,611.13M 2,753.60M 14,291.34M
EBITDA 45,254.80M 54,840.31M 50,196.56M 34,612.99M 58,834.07M
Diluted EPS 0.01 0.03 0.03 0.01 0.06
Dividends Per Share 0.01 0.02 0.02 0.02 0.03
Total Assets 369,258.59M 355,517.58M 392,338.17M 380,459.04M 392,613.31M
Total liabilities 157,139.58M 150,310.38M 184,992.89M 171,489.19M 171,557.03M
Total equity 183,280.09M 176,789.40M 176,601.92M 185,809.66M 198,256.96M
Operating cash flow 52,746.56M 51,725.01M 50,725.37M 44,794.91M 53,301.11M

Valuation Measures

Dec 2021
Operating margin6.92%
Profit margin3.75%

Key executives

  • President & Executive Director: Yong Zhang Huang
  • Chief Financial Officer & Secretary: Hua Wang
  • Chief Engineer: Jigang Yang
  • Executive Director & Senior Vice President: Li Xin Ren
  • Vice President: Jinghui Tian


  • The Vanguard Group, Inc. (3.0%)
  • BlackRock Fund Advisors (2.4%)
  • GQG Partners LLC (2.2%)
  • Dimensional Fund Advisors LP (1.4%)
  • China State-Owned Assets Supervision & Admn Commission (1.3%)
  • State Street Global Advisors Asia Ltd. (1.1%)
  • BlackRock Advisors (UK) Ltd. (0.7%)
  • Geode Capital Management LLC (0.7%)
  • FIL Investment Management (Hong Kong) Ltd. (0.6%)
  • Charles Schwab Investment Management, Inc. (0.6%)

Contact Details

  • Website:
  • Address: No. 9, Dongzhimen North Street, Dongcheng District, Beijing, 100007, China
  • Phone: +86.10.59986223

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Last Updated on 30 Nov, 2022

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