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

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 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

HKD | USD

	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: Shou Ping Chai
Vice President: Long De Sun
Vice President: Jinghui Tian
Vice President: Xiao Ling

Shareholders

The Vanguard Group, Inc. (3.3%)
BlackRock Fund Advisors (2.3%)
Dimensional Fund Advisors LP (1.7%)
China State-Owned Assets Supervision & Admn Commission (1.3%)
State Street Global Advisors Asia Ltd. (1.0%)
Hang Seng Investment Management Ltd. (1.0%)
BlackRock Japan Co., Ltd. (0.7%)
BlackRock Investment Management (UK) Ltd. (0.6%)
BlackRock Advisors (UK) Ltd. (0.6%)
Hermes Investment Management Ltd. (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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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.
Blue Energy Limited
GrafTech International Ltd.
Leigh Creek Energy Limited
Petro Matad Limited

Last Updated on 4 Aug, 2020