Seeking Alpha
 

PetroChina Company Limited (PTR)

- NYSE
  • Dec. 4, 2014, 2:56 PM
    • PetroChina (PTR +6.4%) says it is teaming up with Sinochem (SHI +5.3%) to tap shale gas from five blocks in the southwest of China.
    • The new entity plans to spend 26B yuan ($4.2B) to tap the five shale blocks, which total 15.6K sq. km in size and are mostly located near Chongqing; production is expected to begin in 2017.
    • China is believed to hold the world's largest technically recoverable shale gas reserves but development is at an early stage.
    | 2 Comments
  • Dec. 4, 2014, 6:32 AM
    • The Shanghai Composite gained 4.3% overnight, bringing its advance over the past month to 19%, the most among 93 global markets. The index is now higher by 37% year-to-date.
    • The rally comes not just alongside a PBOC rate cut, but as mainland stocks opened up to global investment in early November - exchange volume nearly doubled the previous 30-day average.
    • Among the movers: PetroChina (NYSE:PTR) and Sinopec (NYSE:SNP) both soared by the 10% daily limit.
    • FXI +3.9% premarket
    • ETFs: FXI, EWH, PGJ, YINN, GXC, FXP, ASHR, YANG, MCHI, PEK, XPP, YAO, YXI, CHXF, FCA, CN, CHIE, EWHS, FCHI, ASHS, CNXT, CHNA, KBA, FHK
    | 2 Comments
  • Sep. 17, 2014, 11:46 AM
    • Sinopec (SNP -0.4%) and PetroChina (PTR +2%), China's largest oil and gas producers, plan to increase shale gas output by 40%/year to meet the country’s production target.
    • SNP plans to invest 21.5B yuan ($3.5B) in shale gas drilling and expects to produce as much as 3.5B cu. meters by 2015, while PTR is targeting output of more than 2.5B cu. meters in 2015 after investing 11.2B yuan, according to the Ministry of Land and Resources.
    • China’s 2015 target depends on SNP's ability to produce shale gas at the Fuling project in the country’s southwest, but the company has halved its target of producing 60B cu. meters by the end of the decade because of geological challenges.
    | Comment!
  • Aug. 28, 2014, 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.
    | Comment!
  • Jul. 28, 2014, 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.
    | Comment!
  • Apr. 30, 2014, 2:49 PM
    • Royal Dutch Shell (RDS.A +3%) is raising its stake in the proposed Canada LNG project on British Columbia's coast at Kitimat to 50% after two of the Asian partners pared their interests.
    • Mitsubishi and Korea Gas had each owned 20%, and they now own 15% each, while PetroChina (PTR) maintains its 20% interest; Shell had owned 40%.
    • Shell says early engineering work on the multi-billion dollar project is set to begin and would take up to two years to complete, but a final investment decision is still months away; it is partnering with TransCanada (TRP) on a proposed pipeline to carry gas to the coast.
    • LNG Canada is designed to process 1.7B cf/day of gas in its first phase.
    | Comment!
  • Feb. 11, 2014, 12:16 PM
    • PetroChina (PTR +3.2%) shares surge after the oil and gas explorer's parent CNPC found a natural gas reserve that’s big enough to supply China’s needs for two years.
    • The find in the southeastern province of Sichuan has a reserve of 440B cubic meters, of which 308B is technically recoverable, CNPC says; China consumed ~169B cubic meters of gas in 2013.
    • A testing well at the site has produced as much as 1.1M cubic meters/day of natural gas.
    | Comment!
  • Jan. 21, 2014, 2:59 PM
    • Cnooc's (CEO -6.2%) loss apparently is Sinopec's (SNP +5.9%) gain, as the two Chinese integrated oil and gas companies move in opposite directions after Cnooc estimated oil production growth below its annual target for the third straight year.
    • J.P. Morgan is surprised Cnooc has guided almost no organic growth in 2014, and thinks the company has set itself up for a difficult 2015, where 14%-18% Y/Y organic production growth would be needed to reach the low end of the 2011-15 6%-10% target; the firm recommends SNP or PetroChina (PTR +0.2%) instead for China oil exposure.
    • SNP's prospects are considered rosier than Cnooc's: Its dividend yield is healthy at 5.21% vs. the 4.67% industry average, and its 9.17 P/E ratio indicates general investor expectations of higher returns in the short and medium term, if not beyond.
    • Also, SNP discloses that Sinopec Group (SHI) increased its shareholding via the acquisition of ~173.25M class A shares on the secondary market as of Jan. 17.
    | Comment!
  • Nov. 13, 2013, 7:13 AM
    • PetroChina (PTR) is set to acquire the Peruvian oil and gas assets of Petrobras (PBR) for $2.6B.
    • PTR says the move will "help to expand the scale of [its] oil and gas cooperation in Latin America." 
    • PBR is -1.2% premarket
    | Comment!
  • Oct. 23, 2013, 3:45 PM
    • Petrobras (PBR -2.9%) has sufficient funds to pay a 6B real ($2.75B) government fee for its share of operations at Brazil's Libra offshore oil field and won't need to request a fuel price increase to meet the obligation, president Maria das Graca Foster says.
    • PBR and a consortium of four other companies - Shell (RDS.A, RDS.B), Total (TOT), CNPC (PTR) and Cnooc (CEO) won the right to explore Libra, estimated to contain 8B-12B boe, but the concession will require payment of a 15B real "signing bonus" before operations begin.
    • PBR's financing capacity has come under scrutiny in recent quarters from analysts after disappointing earnings; it is expected to report Q3 earnings Friday.
    | Comment!
  • Oct. 21, 2013, 2:05 PM
    • Petrobras (PBR +4.9%) teams with Shell (RDS.A, RDS.B), Total (TOT), China National Petroleum (PTR) and Cnooc (CEO) to place the sole and apparently winning bid for Brazil's Libra oil field, as fierce protests outside the auction area appear to have forced the government into giving the business to the local firm.
    • In the only offer made, PBR would own a 40% stake, with Shell having 20%, Total 20% and each of the Chinese companies 10%.
    • The group will work with PBR, which was required to operate the block with at least a 30% stake, to produce from estimated reserves of 8B-12B barrels of recoverable resources.
    | 2 Comments
  • Aug. 30, 2013, 3:48 PM
    • Apache (APA +9.2%) may have "knocked it out of the park" with its sale of a third of its Egypt oil and gas assets to Sinopec (SNP -1.2%) for $3.1B (I, II), but the reaction toward SNP is more ambiguous.
    • The deal, China's biggest investment in the Middle East to date, shows a continued global search for energy and resources to feed an economy growing at a 7%-plus annual rate and a higher tolerance for risk than its western counterparts; note that PetroChina (PTR) reportedly is in talks to acquire 25% of Exxon's (XOM) West Qurna-1 oilfield in Iraq.
    • The deal also could provide a boost for other energy producers with significant operations in the region; Occidental Petroleum (OXY -0.2%) produces ~37% of its total output in the Middle East and North Africa, and is thought to be looking to sell all or part of those assets.
    | Comment!
  • Aug. 27, 2013, 7:42 AM
    • Three PetroChina (PTR) executives are being investigated for "serious disciplinary violations," a day after China's anti-graft agency said it is investigating a top official at PTR's parent company for the same reason.
    • The investigations are the latest in a string of cases targeting high-ranking officials at government agencies and state-owned enterprises, and were announced shortly after the close of the corruption and bribery trial of Bo Xilai.
    • PTR -4% premarket.
    | Comment!
  • Aug. 21, 2013, 12:35 PM
    • Celanese (CE +4.9%) signs a memorandum of understanding to advance the development of synthetic fuel ethanol in China with PetroChina (PTR).
    • The two companies will collaborate to jointly develop synthetic fuel ethanol opportunities utilizing CE's TCX ethanol process technology.
    | Comment!
  • Jun. 28, 2013, 9:11 AM
    Premarket gainers: AMSC +13%. DNDN +11%. MCP +8%. ACI +6%. PTR +5%.
    Losers: CDTI -35%. BBRY -23%. AMED -23%. ACN -9%.
    | 1 Comment
  • Jun. 14, 2013, 11:16 AM
    PetroChina (PTR -3.6%) discloses a ~$3.3B investment in a new joint venture to construct oil and natural gas pipelines in China.
    | Comment!
PTR vs. ETF Alternatives
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.