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 2022	HKD	USD
Revenue	3,581.70B	457,405.09M
Gross Profit	529,674.73M	67,642.61M
Operating income	322,156.79M	41,141.33M
Income before tax	230,280.11M	29,408.14M
Net income	173,710.74M	22,183.89M
EBITDA	579,527.32M	74,009.08M
Diluted EPS	0.81	0.10
Dividends Per Share	0.47	0.06
Total Assets	3,001.62B	384,580.03M
Total liabilities	1,275.01B	163,360.33M
Total equity	1,537.39B	196,977.28M
Operating cash flow	459,582.25M	58,691.38M
	Currency in HKD	Currency in USD

Historical Data

HKD | USD

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022
Revenue	2,632.37B	2,666.78B	2,009.51B	2,956.05B	3,581.70B
Gross Profit	352,386.87M	296,566.78M	168,511.30M	354,488.69M	529,674.73M
Operating income	183,412.68M	146,822.90M	39,657.38M	204,823.19M	322,156.79M
Income before tax	124,513.34M	107,705.05M	59,038.84M	174,678.45M	230,280.11M
Net income	62,818.69M	51,799.57M	21,356.91M	111,084.29M	173,710.74M
EBITDA	429,813.44M	393,300.06M	268,458.21M	457,307.65M	579,527.32M
Diluted EPS	0.28	0.24	0.10	0.50	0.81
Dividends Per Share	0.20	0.15	0.20	0.26	0.47
Total Assets	2,783.47B	3,057.02B	2,950.02B	3,060.93B	3,001.62B
Total liabilities	1,176.83B	1,441.42B	1,329.70B	1,337.51B	1,275.01B
Total equity	1,384.14B	1,376.04B	1,440.74B	1,545.67B	1,537.39B
Operating cash flow	405,397.11M	397,443.39M	347,429.13M	414,300.90M	459,582.25M

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022
Revenue	335,867.62M	340,359.83M	259,091.60M	380,305.44M	457,405.09M
Gross Profit	44,961.38M	37,850.57M	21,726.58M	45,606.08M	67,642.61M
Operating income	23,401.80M	18,738.88M	5,113.12M	26,351.14M	41,141.33M
Income before tax	15,886.77M	13,746.30M	7,612.02M	22,472.93M	29,408.14M
Net income	8,015.09M	6,611.13M	2,753.60M	14,291.34M	22,183.89M
EBITDA	54,840.31M	50,196.56M	34,612.99M	58,834.07M	74,009.08M
Diluted EPS	0.03	0.03	0.01	0.06	0.10
Dividends Per Share	0.02	0.02	0.02	0.03	0.06
Total Assets	355,517.58M	392,338.17M	380,459.04M	392,613.31M	384,580.03M
Total liabilities	150,310.38M	184,992.89M	171,489.19M	171,557.03M	163,360.33M
Total equity	176,789.40M	176,601.92M	185,809.66M	198,256.96M	196,977.28M
Operating cash flow	51,725.01M	50,725.37M	44,794.91M	53,301.11M	58,691.38M

Valuation Measures

Dec 2022
PER	3.89
ROA	5.73%
ROE	11.26%
Operating margin	8.99%
Profit margin	4.84%

Key executives

President & Executive Director: Yong Zhang Huang
Chief Financial Officer & Secretary: Hua Wang
Chief Engineer: Jigang Yang
Member-Supervisory Board & CMP: Ying Zhao
Executive Director & Senior Vice President: Li Xin Ren

Shareholders

The Vanguard Group, Inc. (3.1%)
BlackRock Fund Advisors (2.6%)
GQG Partners LLC (1.9%)
China State-Owned Assets Supervision & Admn Commission (1.3%)
Dimensional Fund Advisors LP (1.3%)
State Street Global Advisors Asia Ltd. (1.0%)
FIL Investment Management (Hong Kong) Ltd. (0.8%)
Geode Capital Management LLC (0.8%)
BlackRock Advisors (UK) Ltd. (0.7%)
Charles Schwab Investment Management, Inc. (0.6%)

Contact Details

Website:http://www.petrochina.com.cn
Address: No. 9, Dongzhimen North Street, Dongcheng District, Beijing, 100007, China
Phone: +86.10.59986223

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Last Updated on 25 May, 2023