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PetroChina Co Ltd Class H 00857

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PetroChina’s Strong First-Half 2021 Earnings Expected After Increased Demand and Higher Oil Prices

Chokwai Lee, CFA Senior Equity Analyst

Analyst Note

| Chokwai Lee, CFA |

PetroChina’s first-half 2021 net profit of CNY 53.0 billion was a sharp turnaround from a net loss of CNY 30.0 billion a year ago, mainly attributable to higher oil prices, stringent cost controls, inventory gains, and disposal gains. This was also in line with the profit alert in July 2021. The interim dividend of CNY 0.13 per share indicates 45% payout ratio and is within our expectation.

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Company Profile

Business Description

PetroChina, the national champion that inherited the majority of Chinese onshore oil and gas assets, has developed into an international supermajor. It produces more than 1.6 billion barrels of oil equivalent of oil and gas annually and has more than 1.2 billion barrels of annual crude oil primary distillation capacity and more than 22,000 service stations. The fluctuations in the prices of crude oil, refined products, chemical products, and natural gas have a significant impact on PetroChina’s revenue. State-owned China National Petroleum Corp is PetroChina’s controlling shareholder with a stake of more than 80%. The firm’s peers in China are Sinopec and CNOOC.

No. 9 Dongzhimen North Street, Dongcheng District
Beijing, 100007, China, People's Republic of
T +86 1059986270
Sector Energy
Industry Oil & Gas Integrated
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 692,841