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PetroChina Co Ltd ADR PTR

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Morningstar’s Analysis

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PetroChina and Sinopec Guides Significant Improvement in 1H Earnings; Positive Readthrough for CNOOC

Chokwai Lee, CFA Senior Equity Analyst

Analyst Note

| Chokwai Lee, CFA |

Both PetroChina and Sinopec guided that their first-half 2021 earnings will significantly increase year on year, returning to profit from net loss positions over the same period last year. While CNOOC did not provide an earnings estimate for first-half 2021, we believe the firm should also report strong results judging from the peers’ performance.

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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.

Contact
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 Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 692,841

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