1-Star Price
PREMIUM
5-Star Price
PREMIUM
Economic Moat
PREMIUM
Capital Allocation
PREMIUM
PetroChina’s first-half 2021 net profit of CNY 53.0 billion was a sharp turnaround from a net loss of CNY 30.0 billion a year ago, mainly attributable to higher oil prices, stringent cost controls, inventory gains, and disposal gains. This was also in line with the profit alert in July 2021. The interim dividend of CNY 0.13 per share indicates 45% payout ratio and is within our expectation.
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.
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