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PetroChina Co Ltd ADR - Stock Quote PTR

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Morningstar's PetroChina Co Ltd ADR Stock Analysis

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PetroChina’s Strong Q1 Results Underpinned by Robust Upstream Earnings; Sequential Weakness Expected

Chokwai Lee, CFA Senior Equity Analyst

Analyst Note

| Chokwai Lee, CFA |

We keep PetroChina’s fair value estimate at HKD 4.60 per H-share (USD 59.00 per ADR, CNY 3.72 per A-share), after incorporating our latest energy price assumptions and the weaker Chinese yuan. First-quarter 2022 net profit of CNY 39.1 billion was up 41% year on year on the back of stronger oil and gas prices. The results were largely within our expectations. Although we think PetroChina’s H-shares are undervalued, we expect sequential earnings weakness in following quarters due to challenges in the downstream segments. Our top pick in the sector remains CNOOC, given its upstream focus, cost efficiency and robust oil and gas production.

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PetroChina Co Ltd ADR's 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. In 2021, it produced more than 1.6 billion barrels of oil equivalent of oil and gas, and had more than 1.4 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.

Contact
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 Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type
Employees 665,578

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