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PetroChina Company Limited (PTR)

  • Thu, Oct. 29, 12:57 PM
    • The plunge in crude oil prices wreaked havoc on Q3 profits at PetroChina (PTR -2.3%), the country’s biggest oil and gas producer, and Sinopec (SNP -1.7%), its largest oil refiner.
    • PTR reported its worst quarterly profit on record, with Q3 net income plunging 81% Y/Y to 5.2B yuan ($818M), less than half of analyst estimates, as sales dropped 29% to 427B yuan.
    • "It’s a pretty weak performance across all segments,” says Bernstein's Neil Beveridge. “PetroChina is struggling in the low crude environment and needs to find a way to stop the bleeding.”
    • SNP's Q3 profit plunged 92% Y/Y to 1.64B yuan ($258M), also far short of expectations, as lower oil prices and production dwarfed an increase in refining revenue.
    • "We thought Sinopec would have better leverage in refining to counter the crude-price drop,” says BOC International Holdings' Lawrence Lau. “Inventory losses could be a reason for the sharp profit decline, and it may help Sinopec in the fourth quarter if the crude price rebounds.”
    • Earlier: Cnooc's Q3 oil output surges even as revenue falls (Oct. 28)
    | Thu, Oct. 29, 12:57 PM | Comment!
  • Thu, Aug. 27, 8:19 AM
    • PetroChina (NYSE:PTR) says its H1 net profit fell 63% Y/Y to 25.4B yuan ($3.97B) from 68.1B yuan in H1 2014, with earnings upstream and in the marketing segment both hurt by lower oil prices.
    • PTR's H1 operating profits at its E&P segment fell 68% to 32.9B yuan, as total crude oil output rose 2.6% to 477.5M barrels.
    • Total H1 oil and gas production rose 2.9% to 735.9M boe, led by a 40% Y/Y increase in overseas output, but domestic crude production fell 1.8% to 402.1M barrels.
    • H1 sales fell 24% Y/Y to 878B yuan, and capital spending dropped 33% to 61.7B yuan.
    • PTR says low crude prices provide an opportunity for acquisitions, and that it has been "tracking some assets for a while."
    | Thu, Aug. 27, 8:19 AM | 2 Comments
  • Mon, Apr. 27, 12:49 PM
    • PetroChina (PTR +3.2%) is higher even after reporting a larger than expected 82% drop in Q1 profit due to lower international crude prices and inventory writedowns at its refining division.
    • PTR's Q1 net profit tumbled to 6.15B yuan ($989M), its lowest since Q3 2007, from 34.2B in the year-ago period and well below the analyst consensus average of 9.98B yuan.
    • Q1 sales fell 22% to 410B yuan and the average realized crude price was halved to $48.87/bbl from a year ago; oil and gas output rose 4.9% to 381M boe.
    • Earlier: PetroChina, Sinopec surge on industry merger speculation
    | Mon, Apr. 27, 12:49 PM | 1 Comment
  • Thu, Mar. 26, 8:49 AM
    • PetroChina (NYSE:PTR) says its net profit fell 17.3% last year to its lowest annual profit in five years, as falling crude oil prices squeezed earnings.
    • PTR says its net income dropped to 107.2B yuan ($17.2B) from 129.6B yuan a year earlier, while revenue rose 1.1% to 2.28T yuan from 2.25T a year earlier.
    • Capital spending for 2015 will be reduced by 8.8% at 266B, adding to last year's 8.4% reduction; the move follows similar cuts by Chinese state-owned rivals Sinopec (NYSE:SNP) and Cnooc (NYSE:CEO).
    • Oil and gas production rose 3.6% to 1.45B boe in 2014, and realized crude oil price fell 13% to 3,939 yuan/ton.
    | Thu, Mar. 26, 8:49 AM | Comment!
  • Aug. 28, 2014, 8:03 AM
    • PetroChina (NYSE:PTR) says its H1 net profit rose 4% Y/Y as losses at its refining and chemical businesses narrowed after fuel pricing reforms last year; for the quarter, profit rose ~15% Y/Y to $33.9B yuan ($5.5B), matching expectations.
    • However, H1 operating profit from PTR's natural gas and pipeline business fell 81% Y/Y to 4.1B yuan, partly because PTR needed to procure expensive natural gas imports to meet rising demand; PTR has lost billions of dollars from selling imported natural gas at deep discounts in recent years.
    • Analysts expect PTR to report stronger H2 results thanks to a natural gas price increase and potential gains from asset sales.
    | Aug. 28, 2014, 8:03 AM | Comment!
  • Apr. 28, 2014, 11:35 AM
    • Sinopec (SNP -0.4%) reports a larger than estimated 15% drop in Q1 profit, hurt by higher finance expenses due to the weaker Chinese yuan.
    • SNP's sales declined 8% to 641B yuan and operating profit at its E&P business dropped 19% to 13.2B in the quarter; crude oil output rose 9% to 89.4M metric tons, while its realized oil price declined 4%, and gas output gained 9% to 177.4B cf.
    • PetroChina (PTR), China’s biggest oil and gas producer, posted a 5% decline in Q1 profit last week; both companies were hurt by the weaker Chinese yuan, which has a bigger impact on SNP because the China's biggest refiner and crude oil importer buys ~70% of the crude it needs in U.S. dollars.
    | Apr. 28, 2014, 11:35 AM | Comment!
  • Apr. 24, 2014, 10:25 AM
    • PetroChina (PTR +0.1%) says its Q1 net profit fell 4.9% Y/Y to 34.2B yuan ($5.5B) from 36B yuan due mainly to rising costs and a decline in international crude prices.
    • Revenue fell 2% to 529B yuan because of a lower contribution from PTR's upstream E&P operations; crude oil output rose 2.3%, although the average selling price for PTR's crude oil fell 2.9% during the period.
    • Operating losses from the refining and chemical businesses narrowed to 2.2B yuan from 4.7B yuan, helped by the Chinese government's authorization in September for an increase in refined product prices.
    | Apr. 24, 2014, 10:25 AM | Comment!
  • Mar. 28, 2014, 8:21 AM
    • Cnooc (CEO) posted an 11.4% drop in its 2013 net profit, well below analyst forecasts, to 56.5B yuan ($9.3B) vs. 63.7B yuan the previous year, as it struggled to deliver production growth and control costs amid weakening crude prices.
    • China's largest offshore oil and gas producer nevertheless says it expects to boost capital spending by 14%-30% this year, a sharp contrast to plans from rivals PetroChina (PTR) and Sinopec (SNP), which said they will cut capital expenditure this year by 7% and 4.2% respectively.
    • SNP had reported 2013 net profit rose 3.4%, while PTR had reported a 12% rise.
    • Production rose 20.2% Y/Y to 411.7M boe in 2013, thanks to contributions from newly acquired Nexen; excluding the contribution, Cnooc produced 350.9M boe, missing for the third year in a row its compound annual growth target of 6%-10% set for the 2011-15 period.
    | Mar. 28, 2014, 8:21 AM | Comment!
  • Mar. 24, 2014, 7:54 AM
    • Sinopec (SNP) reports a 3.4% increase in its 2013 net earnings to 66.1B yuan ($10.6B) vs. analyst consensus estimate of 69B yuan and 63.9B yuan a year earlier, and says it plans to reduce capital spending 4.2% to 161.6B yuan this year.
    • SNP says it expects to complete the sale of up to 30% of its marketing business in Q3 of this year, and plans to set up a holding company for the marketing assets by the end of March, Chairman Fu Chengyu says.
    • Says oil and natural gas production rose 3.5% to 442.8M boe last year, and forecasts production of 363.8M barrels of oil and 706.2B cf of natural gas in 2014.
    • Says production at the Fuling field, SNP's first commercial shale gas field, is running ahead of schedule; SNP expects it to produce 1.8 cubic meters of shale gas this year, 9x China’s total output of shale gas last year.
    • PetroChina (PTR), China’s largest oil producer, also is cutting capex; it said last week its spending target for 2014 was 7.1% lower Y/Y.
    | Mar. 24, 2014, 7:54 AM | Comment!
  • Oct. 29, 2013, 5:13 AM
    • PetroChina (PTR) Q3 net profit +19% to 29.8B yuan ($4.89B), below consensus of 30.5B yuan.
    • EPS 0.16 yuan vs 0.14 yuan a year earlier. (PR)
    | Oct. 29, 2013, 5:13 AM | Comment!
  • Aug. 22, 2013, 7:55 AM
    • PetroChina's (PTR) H1 net profit rose 5.6% Y/Y to 65.5B yuan ($10.6B), citing narrowed losses at its refining and chemical businesses after China reformed fuel pricing.
    • Revenue rose 5.2% Y/Y to 1.1T yuan with expenses up but operating profit still ahead.
    • Sales volumes rose for all of crude oil, natural gas, gasoline and diesel, with gas prices also boosting the bottom line; total oil output rose 3.2% in the period.
    • Losses in the refining and chemical segments narrowed to 15.9B yuan from 28.9B; the businesses have improved since China reformed fuel pricing in March so refined product prices are linked more closely to international prices.
    | Aug. 22, 2013, 7:55 AM | Comment!
  • Apr. 26, 2013, 6:38 AM
    PetroChina (PTR): Q1 Basic EPS of RMB0.20. Net profit of RMB36.0B (-8% Y/Y). (PR)
    | Apr. 26, 2013, 6:38 AM | Comment!
  • Apr. 25, 2013, 11:24 AM
    PetroChina (PTR +2%) reports Q1 net profit fell 8% Y/Y to 36B yuan ($5.8B) from 39.15B yuan due to lower realized crude prices and losses in refining and chemical businesses. Crude oil output rose 1.8% to 231M barrels, with the average selling price falling 2.3% to $103.08/bbl.
    | Apr. 25, 2013, 11:24 AM | Comment!
  • Aug. 23, 2012, 8:49 AM
    PetroChina's (PTR) H1 profit slipped on higher operating expenses. H1 net profit was 68.8B yuan ($10.8B) on 952.2B yuan ($149.8B) in revenue, vs. earnings of 73.7B yuan on 1T yuan in revenue Y/Y. Total oil and gas output reached 667.9M boe, up 3.8%. “The macroeconomic environment will remain complicated and severe in the second half of 2012," PTR says. (also)
    | Aug. 23, 2012, 8:49 AM | Comment!
Company Description
PetroChina Co Ltd is engaged in the exploration, development, production and sale of crude oil and natural gas; refining of crude oil and petroleum products, transmission of natural gas, crude oil and refined products and sale of natural gas.