1-Star Price
PREMIUM
5-Star Price
PREMIUM
Economic Moat
PREMIUM
Capital Allocation
PREMIUM
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.
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.
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