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PTR

PetroChina Company Limited

5/22/2013, 7:00 AM ET

Quote & Headlines Market Currents StockTalk

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| On the move

Monday, May 20, 10:47 AM Abu Dhabi’s state oil company is under pressure to take a quick decision on which foreign companies will get concessions in one of the few major oil producing areas in the Persian Gulf where international companies are still allowed to hold an equity interest. Prequalified companies are BP, XOM, RDS.A, TOT, STO,OXY, E, PTR, OJSCY.OB, Inpex, Korea National Oil. Comment! [Energy, Global & FX]
Friday, May 17, 5:31 PM Venezuela reportedly will allow its state-owned energy company to form joint ventures with PetroChina (PTR) and Chevron (CVX) to manage $6B in loans designed to reverse declining oil output. Agreements have been reached on terms of a $2B credit from CVX for the Petroboscan venture and a $4B loan from China for Sinovensa. Similar deals may be in the works with Shell (RDS.A) and Repsol. 5 Comments [Energy, Global & FX]
Wednesday, May 8, 8:39 AM PetroChina (PTR) is in talks to acquire Brazilian oil startup Barra Energia Petroleo e Gas for ~$2B, Bloomberg reports. Barra has stakes in two projects in the Santos Basin near Brazil’s largest offshore discoveries. The talks highlight Asian interest in Brazilian oil assets: Malaysia's Petronas is paying $850M for a 40% stake in a field owned by OGX Petroleum in Brazil’s Campos Basin. Comment! [Energy, Global & FX]
Friday, April 26, 6:38 AM PetroChina (PTR): Q1 Basic EPS of RMB0.20. Net profit of RMB36.0B (-8% Y/Y). (PR) Comment! [Earnings, Breaking News]
Thursday, April 25, 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. Comment! [Energy, Earnings, On the Move]
Friday, April 5, 5:45 PM A recent report from Barclays highlights energy stock opportunities from around the world, with expectations running especially high for U.S. refiners such as VLO and TSO despite losses this week. U.S. E&P companies expected to do well are EOG, NBL and APC. CVX is cheaper than integrated rivals, and SU offers top risk-reward potential. In Asia, go-to names are PTR and SNP. 1 Comment [Energy, Global & FX, Quick Ideas]
Wednesday, March 27, 3:36 PM Eni (E) is considering opening its business in Iraq to investment by Chinese oil company CNPC after offering it a stake in its bumper Mozambique gas field earlier this month, Reuters reports. Eni, Occidental Petroleum (OXY) and South Korea's Kogas signed a 20-year deal with Iraq in 2010 to develop the Zubair oilfield, where production is ~270K bbl/day. Comment! [Energy, Global & FX]
Tuesday, March 26, 3:38 PM China will cut domestic prices for gasoline and diesel fuel by ~$50/metric ton effective Wednesday, a move that could hurt consumers and business if prices surge but could benefit refiners. The changes are a boon for China's major oil companies such as Sinopec (SNP +1.2%), which have long complained the old system artificially depressed their earnings. Comment! [Energy, Global & FX]
Thursday, March 21, 8:08 AM PetroChina (PTR) reports a 13% Y/Y decline in 2012 net profit despite increased production, hit by a slowdown in the growth rate of the Chinese economy. Revenue rose 9.6% to 2.2T yuan due to increases in selling prices of oil products. Produced 1.3M boe of crude oil and natural gas, 4.5% more than in 2011. Says it will continue to speed up overseas acquisitions. Comment! [Energy, Global & FX]
Monday, March 11, 6:05 PM A closer look at China’s plans to unlock what could be the world’s biggest shale gas reserves shows shows 16 firms winning exploration rights in the latest auction had never drilled a gas well before. They have little idea about the costs, but they're "getting in early into what could be a huge market." It also offers the potential for lucrative contracts for specialist foreign firms such as SLB or HAL. 2 Comments [Energy, Global & FX]
Monday, March 11, 10:40 AM With Australia set to become the world's largest supplier of liquefied natural gas by the end of the decade, PetroChina (PTR) says it is looking to make more deals there, adding to ~$3.7B in acquisitions as part of its drive to feed surging Chinese demand. "This is all about a longer-term game," an analyst says. "It’s the resources that are important to them, not the production right now." Comment! [Energy, Global & FX]
Wednesday, March 6, 10:41 AM China National Petroleum (PTR +1%) reportedly is in talks with Eni (E +1%) for a 20% stake in gas assets in Mozambique valued at as much as $4B. Eni has a 50% stake in Mozambique’s Area 4, where it has discovered ~75T cu. ft. of natural gas so far, the biggest find in the company’s history. Comment! [Energy, Global & FX]
Tuesday, March 5, 12:44 PM PetroChina (PTR) says it would be willing to join Exxon Mobil (XOM) in Iraq's giant West Qurna-1 oilfield project, which could see China come to dominate Iraq's oilfields while helping XOM mend fences with the Baghdad government. XOM is setting up a range of options that could keep it in the country, including the possibility of selling just part of its 60% stake in West Qurna-1 to PTR. 1 Comment [Energy, Global & FX]
Tuesday, March 5, 9:36 AM Jefferies adds four new stocks to its global conviction list: apparel maker Deckers Outdoor (DECK), top China oil producer PetroChina (PTR), payment processor Vantiv (VNTV) and Japanese insurer Tokio Marine (TKOMF.PK, TKOMY.PK). Comment! [Quick Ideas, Global & FX]
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]