Market Currents

• Tuesday, September 1, 2009

• 07:39 AM PetroChina (PTR) continues its overseas expansion, agreeing to pay C$1.9B ($1.7B) to closely-held Athabasca Oil Sands Corp. for a stake in a Canadian oil sands project. This is PetroChina's largest North American acquisition to date. (see also) 2 Comments

• Monday, August 31, 2009

• 08:01 AM After a fall in H1 profit, and with an eye to double-digit output growth, PetroChina (PTR) will spend $3.2B to boost capacity. Purchases include a Turkmenistan gas field stake from parent company CNPC, and 10 of CNPC's petrochemical refineries. 1 Comment

• Friday, August 28, 2009

• 08:42 AM PetroChina (PTR): H1 net profit of 50.5B yuan ($7.4B), down 7.2% from a year ago. Revenue of 415B yuan vs. 551B yuan last year. Refining profit was a record 13.8B yuan. (MW) 1 Comment

• Tuesday, August 18, 2009

• 07:07 AM Exxon Mobil (XOM) will sell liquefied natural gas from its share of the Gorgon LNG project to PetroChina (PTR) in a deal worth around A$50B ($41.3B). PetroChina will buy 2.25M tons of LNG annually for 20 years. PTR +6% premarket. Comment!

• Friday, July 24, 2009

• 10:18 AM BP (BP) is reportedly in talks with Chinese oil giants Sinopec (SNP) and PetroChina (PTR) to build large refineries in coastal cities, a renewed attempt to push into the world's second-biggest oil market while demand in developed countries remains weak. 1 Comment

• Friday, June 19, 2009

• 10:26 AM PetroChina (PTR) is in negotiations to invest in an oil refinery in Scotland, a move that would give PetroChina its first European refining operation. Separately, the company announced a 9.7B yuan ($1.4B) acquisition of pipelines from its parent. Comment!

• Tuesday, May 19, 2009

• 10:52 AM PetroChina (PTR) acquires stakes in eight domestic natural gas providers from its parent company for around 1.09B yuan ($160M), and plans to issue up to 26B yuan in medium-term debt. Shares +2.7%. Comment!

• Monday, April 13, 2009

• 09:08 AM Royal Dutch Shell (RDS.A) is in advanced talks with China's two biggest state-owned oil companies - PetroChina (PTR) and Sinopec (SNP) - on a possible joint bid to develop the Kirkuk oil field in northern Iraq, sources say. Comment!

• Thursday, December 18, 2008

• 08:40 AM In an effort to spur spending, China cuts fuel prices by 14%. The move could weigh on the earnings of Sinopec (SNP) and PetroChina (PTR). 1 Comment

• Thursday, October 30, 2008

• 08:26 AM Early premarket gainers: OI +25%. BRCD +20% FDRY +195. DB +18%. CEO +155. FSLR +15%. CS +14%. MYL +13%. NTL +13%. STD +12%. ING +12%. SOLF +12%. VIP +11%. MTG +14%. CSIQ +12%. TSL +11%. PTR +11%. ACH +11%. STP +10%. MT +10%. HBC +10%. CHL +9%. LDK +9%. DAL +9%. RTP +9%. YGE +9%. BCS +9%. ENR +9%. DRYS +8%. Comment!

• Monday, October 27, 2008

• 09:27 AM Premarket losers: THOR -14%. AZ -12%. SI -12%. CTL -12%. SNP -11%. LFC -11%. CEO -11%. TTM -11%. PTR -10%. L -10%. AXA -10%. ACH -10%. DB -9%. CS -10%. AAUK -10%. AEG -9%. CGV -9%. RTP -9%. JAVA -8%. DAI -8%. WPPGY -8%. Comment!

• Thursday, August 28, 2008

• 06:30 AM Cnooc (CEO) climbs 2.9% on strong earnings, while PetroChina (PTR) falls 0.7% after its steep decline in profits. Comment!

• Wednesday, August 27, 2008

• 05:49 AM Cnooc (CEO): Oil and gas sales gain 63.9% to ¥54.46B. Net profit of ¥27.54B was up 89.3%. Cnooc is number-three to PetroChina (PTR) and Sinopec (SNP). Comment!
• 05:28 AM PetroChina (PTR): H1 profit falls 35% to ¥53.6B ($7.8B) on receding margins and advancing taxes - in line with estimates. PTR and ExxonMobil (XOM) duel for title of the world's biggest company, with XOM being the current champ. Comment!