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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 2022 HKDUSD
Gross Profit529,674.73M67,642.61M
Operating income322,156.79M41,141.33M
Income before tax230,280.11M29,408.14M
Net income173,710.74M22,183.89M
Diluted EPS0.810.10
Dividends Per Share0.470.06
Total Assets3,001.62B384,580.03M
Total liabilities1,275.01B163,360.33M
Total equity1,537.39B196,977.28M
Operating cash flow459,582.25M58,691.38M
Currency in HKDCurrency in USD

Historical Data

 Dec 2018Dec 2019Dec 2020Dec 2021Dec 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 2018Dec 2019Dec 2020Dec 2021Dec 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
Operating margin8.99%
Profit margin4.84%

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


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

Related Companies

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Last Updated on 25 May, 2023

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