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PTR

PetroChina Company Limited

5/25/2013, 3:16 AM ET

Quote & Headlines Market Currents StockTalk

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Tuesday, March 5, 3:54 AM Anadarko Petroleum (APC) and Indian billionaire Venugopal Dhoot have reportedly launched an auction to sell a 20% stake in the Rovuma natural gas field off the coast of Mozambique, which is on course to become a major provider of LNG to Asia. Any sale could bring in $4.5B, with potential suitors including PetroChina (PTR), Exxon Mobil (XOM) and Shell (RDS.A). Comment! [Energy]
Thursday, February 28, 5:36 AM Chart Industries' (GTLS) wholly-owned China subsidiary wins a $40M contract to provide self-contained liquefied natural gas ("LNG") station modules, storage tanks, and vehicle tanks for LNG service to PetroChina (PTR). (PR) Comment! [Breaking News]
Monday, February 25, 12:27 PM Chinese energy firms got good news yesterday when China hiked the price they’re allowed to charge for gasoline to account for a rise in the price of oil. The move means the companies, especially Sinopec (SNP), should continue to see profitable profit margins on gas refining, Citigroup says. The news isn’t helping China’s U.S.-traded energy stocks: SNP -0.1%, CEO -0.1%, PTR -0.5%. Comment! [Energy, Global & FX]
Wednesday, February 20, 10:54 AM PetroChina (PTR) will buy stakes in two Western Australia exploration assets from ConocoPhillips (COP) for an undisclosed amount, and the two companies plan to jointly study shale gas development in China. The deal comes after PTR agreed in December to buy BHP Billiton's holding in Woodside Petroleum’s proposed Browse liquefied natural gas project in Western Australia. 2 Comments [Energy, Global & FX]
Monday, December 24, 2012, 11:36 AM Russia's Lukoil (LUKOF.PK, LUKOY.PK) decides against joining the development of Iraq's West Qurna-1 oilfield, citing high risks, paving the way for Chinese companies to enter the project. PetroChina (PTR) is believed to be the frontrunner to take over ExxonMobil's (XOM) 60% stake in the field. Lukoil still owns a 75% stake in the West Qurna-2 field. 1 Comment [Energy, Global & FX]
Thursday, December 20, 2012, 12:19 PM PetroChina (PTR) reportedly has emerged as the frontrunner to take over ExxonMobil's (XOM) 60% stake in Iraq's West Qurna-1 oilfield. An XOM departure would all but wipe out the U.S. presence in Iraq's southern oilfields; Chinese companies would come to dominate Iraq with ~32% of the reserves found in service contracts awarded to foreign companies, up from 21% now. 1 Comment [Energy, Global & FX]
Thursday, December 20, 2012, 9:42 AM The Canadian government confirms that Encana's (ECA) $2.2B JV with China's PetroChina (PTR) is not subject to review under the Investment Canada Act. ECA agreed to sell 49.9% of its big Duvernay natural gas and liquids play in Alberta to PTR days after the Canadian government said it would increase scrutiny of investment by state-own enterprises such as PTR. Comment! [Energy, M&A, Global & FX]
Monday, December 17, 2012, 12:52 PM PetroChina's (PTR) two recent gas deals in Canada and Australia get the thumbs down from Nomura, which says the state-backed oil company needs to take a “more disciplined approach" in its overseas acquisition strategy. PTR overpaid in the Canada deal given the collapse in nat gas prices, and it could have waited to acquire Australia's Browse LNG asset at a cheaper rate. Comment! [Energy, M&A, Global & FX]
Thursday, December 13, 2012, 12:33 PM Encana (ECA) announces a joint venture with a PetroChina (PTR) unit to explore and develop its undeveloped Duvernay land holdings in Alberta; ECA will receive $2.18B in exchange for a 49.9% interest in its ~445K acres in the Duvernay play. With the formation of the JV, ECA expects to more than double its planned pace of development in Duvernay beginning early in 2013. ECA shares halted. 1 Comment [Energy, Global & FX]
Tuesday, December 11, 2012, 5:02 PM BHP Billiton (BHP) sells its 8.33% stake in the East Browse joint venture and 20% interest in the West Browse joint venture, both located off the West Australian coast, to PetroChina (PTR) for $1.63B in cash. BHP exec Michael Yeager says the liquefied natural gas project interests were a non-strategic asset. Comment! [Energy, M&A, Global & FX]
Tuesday, November 27, 2012, 12:15 PM Doubts rise over whether Shell (RDS.A) and PetroChina’s (PTR) plan for a standalone Arrow Energy development in Australia makes financial sense, following cost blowouts at rival projects nearby. Arrow has a weaker gas resource position than rivals because flow rates are lower and nearby land is more difficult to access, so it makes sense for Arrow to consolidate with an existing LNG terminal, Goldman Sachs says. Comment! [Energy, Global & FX]
Monday, November 19, 2012, 5:46 PM Royal Dutch Shell (RDS.A, RDS.B) reportedly may delay a final investment decision on its Arrow liquefied natural gas project in Australia as it considers feeding its gas into other area projects due to rising costs. Such a step would mark a change from Shell's plan to build its own LNG plant in Queensland in a partnership with PetroChina (PTR) next to three others already under construction. Comment! [Energy, Global & FX]
Tuesday, November 13, 2012, 9:48 AM PetroChina (PTR -2%) is losing support from analysts who say earnings growth at Asia's biggest oil producer is stunted by its unprofitable natural gas imports, Bloomberg reports. PTR must double gas imports over the next three years and continue selling at a loss if state-price controls remain, Bernstein analysts say. Comment! [Energy, Global & FX, On the Move]
Tuesday, October 30, 2012, 9:03 AM PetroChina (PTR) posts a 33% Y/Y plunge in quarterly profit, underperforming expectations even as revenue rose on higher crude oil output; nine-month profit fell 15.9% Y/Y. PTR attributes the falls to the weak global economy and lower Chinese gas prices among other factors. PTR produced 997M boe in the first nine months of 2012, a 3.9% increase Y/Y, with oil up 2% and natural gas up 8.3%. Comment! [Energy]
Friday, September 28, 2012, 8:55 AM PetroChina (PTR) reportedly is offering oil and gas blocks in China's remote resource-rich Xinjiang region to foreign companies for joint development, the first chance for foreigners to participate in upstream development in the region since 2006. Comment! [Energy, Global & FX]
Tuesday, September 25, 2012, 4:56 PM The China Development Bank has lent Venezuela $42.5B collateralized by revenue from the world's largest oil reserves - far more than the U.S. spent during 2003-09 in rebuilding Iraq - and is effectively bankrolling Hugo Chavez's re-election bid, according to a Bloomberg analysis. Among the top Chinese beneficiaries: Sinopec (SNP) and PetroChina (PTR).
Comment! [Energy, Global & FX]