PetroChina Co., Ltd.
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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
Financial Highlights
| Dec 2019 | HKD | USD |
| Revenue | 2,666.78B | 340,359.83M |
| Gross Profit | 296,566.78M | 37,850.57M |
| Operating income | 146,822.90M | 18,738.88M |
| Income before tax | 107,705.05M | 13,746.30M |
| Net income | 51,799.57M | 6,611.13M |
| EBITDA | 393,300.06M | 50,196.56M |
| Diluted EPS | 0.28 | 0.03 |
| Dividends Per Share | 0.15 | 0.02 |
| Total Assets | 3,057.02B | 392,338.17M |
| Total liabilities | 1,441.42B | 184,992.89M |
| Total equity | 1,376.04B | 176,601.92M |
| Operating cash flow | 397,443.39M | 50,725.37M |
| Currency in HKD | Currency in USD |
Historical Data
| Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | |
| Revenue | 1,944.09B | 1,725.32B | 2,159.94B | 2,632.37B | 2,666.78B |
| Gross Profit | 245,518.15M | 184,007.22M | 225,278.58M | 352,386.87M | 296,566.78M |
| Operating income | 87,841.09M | 39,596.53M | 72,660.61M | 183,412.68M | 146,822.90M |
| Income before tax | 69,458.52M | 47,946.05M | 54,334.60M | 124,513.34M | 107,705.05M |
| Net income | 43,809.53M | 9,180.26M | 26,288.07M | 62,818.69M | 51,799.57M |
| EBITDA | 314,558.53M | 300,472.84M | 352,662.40M | 429,813.44M | 393,300.06M |
| Diluted EPS | 0.23 | 0.05 | 0.14 | 0.34 | 0.28 |
| Dividends Per Share | 0.10 | 0.06 | 0.15 | 0.20 | 0.15 |
| Total Assets | 2,857.06B | 2,673.80B | 2,886.60B | 2,783.47B | 3,057.02B |
| Total liabilities | 1,252.95B | 1,142.32B | 1,228.40B | 1,176.83B | 1,441.42B |
| Total equity | 1,407.99B | 1,326.52B | 1,432.75B | 1,384.14B | 1,376.04B |
| Operating cash flow | 310,512.72M | 302,020.99M | 411,044.34M | 405,397.11M | 397,443.39M |
| Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | |
| Revenue | 250,767.70M | 222,265.66M | 277,170.83M | 335,867.62M | 340,359.83M |
| Gross Profit | 31,669.24M | 23,704.76M | 28,908.49M | 44,961.38M | 37,850.57M |
| Operating income | 11,330.57M | 5,101.03M | 9,324.05M | 23,401.80M | 18,738.88M |
| Income before tax | 8,959.41M | 6,176.65M | 6,972.39M | 15,886.77M | 13,746.30M |
| Net income | 5,650.96M | 1,182.64M | 3,373.37M | 8,015.09M | 6,611.13M |
| EBITDA | 40,574.72M | 38,708.47M | 45,254.80M | 54,840.31M | 50,196.56M |
| Diluted EPS | 0.03 | 0.00 | 0.01 | 0.04 | 0.03 |
| Dividends Per Share | 0.01 | 0.00 | 0.01 | 0.02 | 0.02 |
| Total Assets | 368,646.63M | 344,866.67M | 369,258.59M | 355,517.58M | 392,338.17M |
| Total liabilities | 161,668.39M | 147,336.64M | 157,139.58M | 150,310.38M | 184,992.89M |
| Total equity | 181,673.63M | 171,094.89M | 183,280.09M | 176,789.40M | 176,601.92M |
| Operating cash flow | 40,052.85M | 38,907.91M | 52,746.56M | 51,725.01M | 50,725.37M |
Valuation Measures
| Dec 2019 | |
| PER | 12.35 |
| ROA | 1.77% |
| ROE | 3.75% |
| Operating margin | 5.50% |
| Profit margin | 1.94% |
Key executives
- President & Executive Director: Liang wei Duan
- Chief Financial Officer & Secretary: Shou Ping Chai
- Vice President: Long De Sun
- Vice President: Jinghui Tian
- Vice President: Xiao Ling
Shareholders
- The Vanguard Group, Inc. (3.2%)
- BlackRock Fund Advisors (2.1%)
- Dimensional Fund Advisors LP (1.7%)
- Hang Seng Investment Management Ltd. (1.6%)
- China State-Owned Assets Supervision & Admn Commission (1.3%)
- State Street Global Advisors Asia Ltd. (0.9%)
- BlackRock Investment Management (UK) Ltd. (0.7%)
- BlackRock Advisors (UK) Ltd. (0.6%)
- Geode Capital Management LLC (0.5%)
- Charles Schwab Investment Management, Inc. (0.5%)
Contact Details
- Website:http://www.petrochina.com.cn
- Address: No. 9, Dongzhimen North Street, Dongcheng District, Beijing, 100007, China
- Phone: +86.10.59986223
Related Companies
- Dongguan Humen Port Tongzhou Petrochemical Terminal Co., Ltd.
- PetroChina (Nanjing) Co., Ltd.
- PetroChina Chongqing Sales Co., Ltd.
- Petrochina Jilin Natural Gas Pipeline Co. Ltd.
- Phoenix Energy Holdings Ltd. (Canada)
- Petrochina Hong Kong Co. Ltd.
- Forever Glowing International Pte Ltd.
- PetroChina Co., Ltd. (Lubricating Oil Branch)
- Daqing Oilfield Construction Group Co., Ltd.
- PetroChina Co., Ltd. /Huabei Petrochemical Branch Co./
- Petro China Co., Ltd. Jilin Petrochemical Branch
- PetroChina & CRMSC Oil Marketing Co., Ltd.
- Petrochina Co. Ltd. /Yunnan Refinery/
- Jilin Petrochemical Co.
- Sichuan Shengda Chemical New Material Co., Ltd.
- Brion Duvernay Gas Partnership
- PetroChina International Iraq FZE Iraq Branch
- PetroChina International Jabung Ltd.
- PetroChina Coalbed Methane Co., Ltd.
- Petrochina Co., Ltd. /Shangluo Luonan Sales Branch/
- PetroChina Co., Ltd. /Shandong Sales Branch/
- China National Petroleum Marketing Co., Ltd.
- PetroChina International Investment (Australia) Pty Ltd.
- PetroChina North China Marketing Co.
- Petrochina Northeast Marketing Co.
- PetroChina International Middle East Co.
- Aershan Drinks (Beijing) Co., Ltd.
- PetroChina International (Canada) Trading Ltd.
- PetroChina Sichuan Petrochemical Co. Ltd.
- PetroChina Kelamayi Petrochemical Co.
Competitors
- China Petroleum & Chemical Corporation Class H
- Rosneft Oil Co.
- Gazprom PJSC
- SK Innovation Co., Ltd
- Petroleo Brasileiro SA Pfd
- CNOOC Limited
- Cenovus Energy Inc.
- Indonesia Energy Corporation Limited
- Qingdao Copton Technology Co., Ltd. Class A
- Fuchs Petrolub SE Pref
- Tourmaline Oil Corp.
- Central Petroleum Limited
- GrafTech International Ltd.
- Hubei Guochuang Hi-Tech Material Co ltd Class A
- Petro Matad Limited
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Last Updated on 15 Jan, 2021
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