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PetroChina Co Ltd ADR PTR

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Morningstar’s Analysis

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PetroChina’s Q3 Results Beat Expectations on Robust Downstream Earnings

Chokwai Lee, CFA Senior Equity Analyst

Analyst Note

| Chokwai Lee, CFA |

PetroChina’s third-quarter 2021 performance beat our expectations on better-than-expected downstream earnings. After increasing our near-term oil price assumptions and accounting for a stronger Chinese yuan, we raise our fair value estimate to HKD 4.00 per H-share (USD 51.00 per ADR, CNY 3.28 per A-share) from HKD 3.86 (USD 49.50, CNY 3.24). Although we don’t think the H-shares are expensive, we believe upside for PetroChina will be capped by its strong year-to-date performance of more than 50%. Meanwhile, we still prefer CNOOC as our top pick in the sector given its upstream focus (a direct beneficiary of higher oil prices) and attractive risk/reward.

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Company Profile

Business Description

PetroChina, the national champion that inherited the majority of Chinese onshore oil and gas assets, has developed into an international supermajor. It produces more than 1.6 billion barrels of oil equivalent of oil and gas annually and has more than 1.2 billion barrels of annual crude oil primary distillation capacity and more than 22,000 service stations. The fluctuations in the prices of crude oil, refined products, chemical products, and natural gas have a significant impact on PetroChina’s revenue. State-owned China National Petroleum Corp is PetroChina’s controlling shareholder with a stake of more than 80%. The firm’s peers in China are Sinopec and CNOOC.

No. 9 Dongzhimen North Street, Dongcheng District
Beijing, 100007, China, People's Republic of
T +86 1059986270
Sector Energy
Industry Oil & Gas Integrated
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 692,841