There is research on this stock available only to PRO subscribers.
Can Natural Gas Development Drive PetroChina Further?
- PetroChina controls extensive natural gas reserves that can feed China's seemingly bottomless appetite for this energy source.
- PetroChina is facing rising production costs and a government that is heavily involved at all levels of the business, including determining the prices it can charge.
- PetroChina is expected to grow its EBITDA at a rate 50% to 100% greater than most multinational energy companies, arguably justifying an EBITDA premium (5.5x) that supports a $140+ target.
- Gazprom and CNPC are set to sign a deal that will result in Gazprom supplying China with 38 bcm of gas annually by 2018.
- This is in addition to a 2011 deal that called for Gazprom to provide 30 bcm of gas annually by 2015.
- This will result in substantial increases to Gazprom's revenue once it takes effect.
PetroChina's String Of Acquisitions Moving Towards Iraq
PetroChina Demonstrates Solid Growth in Investment Value
PetroChina Offers Attractive Value for Patient InvestorsKurt Wulff • Apr. 26, 2010
There are no Transcripts on PTR.
Fri, Aug. 29, 2:45 PM
- Athabasca Oil (OTCPK:ATHOF) says it has closed the sale of its 40% interest in the Dover oil sands project to PetroChina (NYSE:PTR) for $1.18B.
- Delays in completing the transaction have weighed on the stock price, and Athabasca says it can now focus on other projects and start a new chapter in its history.
- Shares are halted in Toronto.
Fri, Aug. 29, 11:58 AM
- China energy heavyweights Sinopec (NYSE:SNP) PetroChina (NYSE:PTR) have raised their outlook on the country's shale gas industry but stopped short of predicting a near-term boom.
- Costs are coming down sharply, SNP Chairman Fu Chengyu said at the company's H1 results briefing earlier this week, citing the cost of shale gas drilling at the Fuling field - the country's largest shale gas project - which has been falling steadily to ~60M yuan ($9.8M) per well.
- PTR Vice Chairman and President Wang Dongjin said the company is keeping its drilling cost at 55M yuan per well and will strive to keep it under 50M.
- But Fu and Wang both ruled out the possibility of a shale gas boom in the near future, saying costs must come down much more and gas prices must rise further to justify a substantial step-up in investment.
Thu, Aug. 28, 11:15 AM
- Athabasca Oil (OTCPK:ATHOF +3.2%) jumps after PetroChina (PTR -1.9%) President Wang Dongjin says the long-delayed $1.23B payment for its stake in the Dover oil sands project will be made soon.
- PTR was supposed to have completed the acquisition in June, but delayed payment amid the Chinese government's corruption investigation into the company; PTR also was said to want to reduce the amount owed because it believed the assets are of poorer quality than expected.
Thu, Aug. 28, 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.
Thu, Aug. 28, 5:08 AM
- In a grudging first step towards opening its state-dominated oil sector, China has granted a crude import license to non-state-owned Guanghui Energy.
- China's Ministry of Commerce stopped short of truly opening the market, since the new license does not actively pose a threat to China’s Sinopec (NYSE:SNP) and PetroChina (NYSE:PTR).
- Included in its WTO commitments, China allocates about 10% of its crude imports to non-state traders, but additional paperwork limits their competitiveness.
- ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, CRUD, USL, UWTI, DWTI, DNO, SZO, CHIE, OLO, OLEM, TWTI
Tue, Aug. 19, 3:13 AM
- PetroChina (NYSE:PTR) is re-evaluating its multi-billion-dollar push for LNG production, due to the rising cost of the gas and China's slower growth rate that has reduced demand.
- An anti-corruption probe of PetroChina's top executives also adds to the uncertainty of the company's business strategy.
- PetroChina shut two loss-making gas liquefaction plants in the past month, with neither plant having a clear restart date.
Thu, Aug. 14, 5:21 PM
- China National Petroleum (NYSE:PTR) denies breaking environmental rules in Chad's oil sector and calls on the government to cancel its $1.2B claim filed before an arbitration court in Paris.
- The dispute erupted in July last year after Chad said it discovered large quantities of crude oil had been dumped into pits dug in the Koudalwa region, where CNPC has held licenses to several oil blocs since 2009; Chad has since canceled five explorations licenses held by CNPC.
Wed, Aug. 13, 7:58 AM
- Singapore-based petroleum storage company Universal Terminal, 35% owned by PetroChina (NYSE:PTR), reportedly is looking to raise 1B Singapore dollars (US$800M) from an IPO in the next year.
- The company, majority owned by Singapore billionaire Lim Oon Kuin's Hin Leong Group, is said to be talking to banks for a potential listing through a business trust, and is in the process of seeking approval from its shareholders including PTR.
- An IPO would test investor appetite for trusts in Singapore, Asia's top venue for such stocks, at a time when demand is flagging.
Mon, Aug. 4, 6:39 AM
- PetroChina (NYSE:PTR) plans to pay the more than $1B it needs to complete a takeover of the Dover oil sands project from Athabasca Oil (OTCPK:ATHOF) by the end of September, Reuters reports.
- PetroChina was supposed to complete the acquisition of Athabasca Oil's 40% stake in the project in June, but delayed the payment while it re-evaluated the transaction amid a government-led corruption probe into the Chinese national oil company.
- Athabasca Oil shares fell last week after it said it was still trying to collect the C$1.23B payment owed to it by a unit of PetroChina.
Mon, Jul. 28, 10:48 AM
- Athabasca Oil (OTCPK:ATHOF -6.8%) is downgraded to Market Perform from Outperform with a $7.50 price target, down from $10, at Raymond James on growing concerns about its relationship with PetroChina (PTR -1.3%).
- The firm sees a risk regarding the anticipated C$1.23B payment from PTR, and it does not expect any improved clarity on the issue for some time.
- The risks around the Dover project put also raise concerns about the pace of development for Athasbasca’s Duvernay assets and the company’s ability to eventually secure a joint venture partner, the firm says.
Mon, Jul. 28, 8:58 AM
- Athabasca Oil (OTCPK:ATHOF) says it is continuing work to close its option to sell its 40% stake in the Dover oil sands project for C$1.32B to PetroChina (NYSE:PTR).
- Athabasca is depending on the payment from PTR to fund its drilling program, including in the Duvernay shale in Alberta.
- A put option exercised by Athabasca on April 17 forces a PTR subsidiary to buy the 40% it does not own in the undeveloped Dover oil sands project, based on a 2010 agreement.
- Recent reports suggest PTR is trying to lower its Dover project put payment.
Fri, Jul. 25, 6:45 AM
- PetroChina (NYSE:PTR) is having second thoughts of auctioning off its multi-billion dollar Eastern Pipelines division, and may now sell it to an affiliate - United Pipelines. Eastern Pipelines' NAV is valued at an estimated $4.7B-$6.3B.
- The move would allow the gas giant to retain control over the national gas grid as well as raise cash to fund oil and gas exploration. However, the new decision would put a setback on the government's plans to open up the state-dominated energy sector to domestic private investors.
Fri, Jul. 18, 6:55 PM
- A corruption probe in China reaches deeper into PetroChina’s (NYSE:PTR) operations in Canada’s oil industry, as a fourth high-ranking company official involved in oil sands deals is now believed to be under investigation.
- The first three of the executives had frequent dealings with Athabasca Oil (OTCPK:ATHOF), which partnered with PTR in 2010 in a $5B joint venture to develop the MacKay River and Dover oil sands projects.
- Athabasca is awaiting a $1.23B payment from PTR after it exercised an option to sell its remaining 40% of the Dover project, and ATHOF investors are nervous that PTR will not honor the payment, which was expected by the end of June.
Wed, Jul. 16, 6:43 PM
- China National Petroleum (NYSE:PTR) may combine units to create a single natural gas company to compete with private rivals, ahead of an inflow of Russian fuel at the end of the decade, Bloomberg reports.
- The plan under consideration would be for CNPC’s Hong Kong-listed Kunlun Energy unit to buy unlisted gas distributor PetroChina Kunlun Gas.
- CNPC’s desire to combine commercial sales of liquefied natural gas with retail gas distribution is not new; a plan was thwarted last year by a government graft probe that snared two Kunlun Energy chairmen.
Mon, Jul. 14, 3:58 PM
- Despite reports of reservations among Chinese companies about their investment projects in Canada, PetroChina (PTR +1.6%) says it is committed to completing its C$1.32B purchase of the stake it doesn’t own in the Dover oil sands project in Canada soon.
- PTR is working with Athabasca Oil (OTCMKTS:ATHOF) to close the purchase of the latter's 40% stake in Dover; Athabasca's shares have suffered as the company awaits the payment, which it’s earmarking to fund other drilling.
Sat, Jul. 12, 8:25 AM
- The problem facing Canada isn't the Keystone pipeline or Pres. Obama or environmentalists - it's the oil sands, and they've got to be cleaned up and the head-in-the-sand denials chased way or the country will be stuck with a "baby seal hunt" image, Diane Francis writes in the Financial Post.
- The columnist thinks she knows the right person to lead the clean-up: Jeff Immelt - "an American leader with stature in Washington, on Wall Street, in the oil patch and in Silicon Valley" - who said this week that GE will help companies clean up the oil sands.
- The only way to stop the environmental excuses, Immelt believes, is for the industry to collaborate and voluntarily establish lower emissions targets that would make the oil sands competitive with any other fuel source in the world - without such a promise to provide cleaner energy, "all bets are off."
- Some related companies: XOM, IMO, SU, RDS.A, RDS.B. ENB, TRP, CNQ, CVE, CVX, COP, BP, KMP, WPZ, TOT, STO, CEO, SNP, PTR, HUSKF, ATHOF, COSWF.
PTR vs. ETF Alternatives
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.
Other News & PR