PetroChina's Shares Rise After Third-Quarter Earnings
By Jason Chau
PetroChina's shares rose after the Chinese oil-and-gas major reported earnings, with its Hong Kong stock touching a more than one-year high.
The company's H-shares climbed 2.5% to HK$8.17 on Friday morning, before paring gains. The stock has gained 33% so far this year and is on track to close at its highest level since July 2024.
Its Shanghai-listed stock was last 0.6% higher.
The gains come after PetroChina reported an on-year drop in third-quarter profit, but a rise in revenue, and steady crude production of crude oil and natural gas.
PetroChina remains Citi's top pick in China's oil-and-gas sector, analysts Oscar Yee and Desmond Law said in a report.
The company's profit rose 14% on the quarter and its nine-month results have hit 84% of Citi's full-year estimates.
The results underline the strength of PetroChina's natural gas marketing, which delivered a 50% on-year surge in earnings before interest and taxes, the analysts said.
They think seasonally strong natural gas earnings in the fourth quarter could cushion against oil price weakness, and see limited impact on the company from tighter U.S. energy sanctions on Russia.
Long term, PetroChina will likely be a key beneficiary of China's growing demand for natural gas due to its sourcing capabilities, they added.
Write to Jason Chau at jason.chau@wsj.com
(END) Dow Jones Newswires
October 31, 2025 01:13 ET (05:13 GMT)
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