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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 2020 HKDUSD
Revenue2,009.51B259,091.60M
Gross Profit168,511.30M21,726.58M
Operating income39,657.38M5,113.12M
Income before tax59,038.84M7,612.02M
Net income21,356.91M2,753.60M
EBITDA268,458.21M34,612.99M
Diluted EPS0.110.01
Dividends Per Share0.200.02
Total Assets2,950.02B380,459.04M
Total liabilities1,329.70B171,489.19M
Total equity1,440.74B185,809.66M
Operating cash flow347,429.13M44,794.91M
Currency in HKDCurrency in USD

Historical Data

 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 1,725.32B 2,159.94B 2,632.37B 2,666.78B 2,009.51B
Gross Profit 184,007.22M 225,278.58M 352,386.87M 296,566.78M 168,511.30M
Operating income 39,596.53M 72,660.61M 183,412.68M 146,822.90M 39,657.38M
Income before tax 47,946.05M 54,334.60M 124,513.34M 107,705.05M 59,038.84M
Net income 9,180.26M 26,288.07M 62,818.69M 51,799.57M 21,356.91M
EBITDA 300,472.84M 352,662.40M 429,813.44M 393,300.06M 268,458.21M
Diluted EPS 0.05 0.14 0.34 0.28 0.11
Dividends Per Share 0.06 0.15 0.20 0.15 0.20
Total Assets 2,673.80B 2,886.60B 2,783.47B 3,057.02B 2,950.02B
Total liabilities 1,142.32B 1,228.40B 1,176.83B 1,441.42B 1,329.70B
Total equity 1,326.52B 1,432.75B 1,384.14B 1,376.04B 1,440.74B
Operating cash flow 302,020.99M 411,044.34M 405,397.11M 397,443.39M 347,429.13M
 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 222,265.66M 277,170.83M 335,867.62M 340,359.83M 259,091.60M
Gross Profit 23,704.76M 28,908.49M 44,961.38M 37,850.57M 21,726.58M
Operating income 5,101.03M 9,324.05M 23,401.80M 18,738.88M 5,113.12M
Income before tax 6,176.65M 6,972.39M 15,886.77M 13,746.30M 7,612.02M
Net income 1,182.64M 3,373.37M 8,015.09M 6,611.13M 2,753.60M
EBITDA 38,708.47M 45,254.80M 54,840.31M 50,196.56M 34,612.99M
Diluted EPS 0.00 0.01 0.04 0.03 0.01
Dividends Per Share 0.00 0.01 0.02 0.02 0.02
Total Assets 344,866.67M 369,258.59M 355,517.58M 392,338.17M 380,459.04M
Total liabilities 147,336.64M 157,139.58M 150,310.38M 184,992.89M 171,489.19M
Total equity 171,094.89M 183,280.09M 176,789.40M 176,601.92M 185,809.66M
Operating cash flow 38,907.91M 52,746.56M 51,725.01M 50,725.37M 44,794.91M

Valuation Measures

Dec 2020
PER17.34
ROA0.71%
ROE1.51%
Operating margin1.97%
Profit margin1.06%

Key executives

  • President & Executive Director: Yong Zhang Huang
  • Chief Financial Officer & Secretary: Shou Ping Chai
  • Chief Engineer: Jigang Yang
  • Vice President: Long De Sun
  • Vice President: Jinghui Tian

Shareholders

  • The Vanguard Group, Inc. (2.9%)
  • BlackRock Fund Advisors (2.4%)
  • Dimensional Fund Advisors LP (1.7%)
  • China State-Owned Assets Supervision & Admn Commission (1.3%)
  • State Street Global Advisors Asia Ltd. (0.8%)
  • BlackRock Advisors (UK) Ltd. (0.6%)
  • Charles Schwab Investment Management, Inc. (0.5%)
  • Geode Capital Management LLC (0.5%)
  • Eastspring Investments (Singapore) Ltd. (0.5%)
  • BlackRock Investment Management (UK) Ltd. (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

  • PetroChina Heilongjiang Marketing Co.
  • PetroChina Dalian Petrochemical Co.
  • Tibet Shannan Yala Xiangbu Industrial Ltd.
  • 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.

Competitors

  • Rosneft Oil Co.
  • Public Joint-Stock Company Gazprom
  • SK Innovation Co., Ltd
  • Petroleo Brasileiro SA Pfd
  • CNOOC Limited
  • Cenovus Energy Inc.
  • Levima Advanced Materials Corp. Class A
  • Indonesia Energy Corporation Limited
  • Athabasca Oil Corporation
  • Paramount Resources Ltd. Class A
  • Qingdao Copton Technology Co., Ltd. Class A
  • Fuchs Petrolub SE Pref
  • Central Petroleum Limited
  • Hubei Guochuang Hi-Tech Material Co ltd Class A
  • Longhua Technology Group (Luoyang) Co,. Ltd. Class A
  • Petro Matad Limited
Last Updated on 11 Jun, 2021

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