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PetroChina |
HenryTo
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 Posted: Mon Nov 05, 2007 3:10 pm Post subject: PetroChina |
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Aside from having the distinction of being the first US$1 trillion company, PetroChina also:
* Makes up 29% of the Shanghai Index
* Trades at a 178% premium to comparable shares on the Hang Seng Index and on the NYSE as ADRs
* Is trading at a 60 P/E on the Shanghai exchange |
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HenryTo
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Location: Los Angeles, California
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| Posted: Thu Mar 29, 2012 5:47 pm Post subject: |
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Morningstar on PTR's 2011 results and its "costs of doing business" in China which includes the company's downstream segments.
| Quote: | | PetroChina PTR reported strong revenue growth in 2011 thanks to elevated oil prices throughout the year, but government price controls took a bite out of operating earnings, which were down 4.4% from the year prior. Production for the year averaged 3.52 million barrels of oil equivalent, up 4.7% from 2010. Our estimate for average daily production was 3.51 mmboe/d. The firm's upstream segment remained its most profitable, compensating for realized losses of CNY 61.8 billion (nearly $10 billion at the current exchange rate) in the firm's refining and chemical segment. Our most recent forecast projects refining losses decreasing over 2012-13, but in consideration of Thursday's release and China's overall regulatory structure, we are contemplating that PetroChina's refining division may simply be a cost of doing business and a constant drag on earnings. While the unit has experienced periods of profitability in the past, we think the confluence of an emerging consumer culture that wants to drive cars on all the new roads the government has built and a government that wants to stifle inflationary pressures and uses gas and diesel prices as a key mechanism to do so could result in refining losses for an extended period. |
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HenryTo
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Location: Los Angeles, California
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| Posted: Tue Jun 21, 2011 11:22 am Post subject: |
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Morningstar on PetroChina's most recent joint venture:
| Quote: | | Four months after Encana ECA and PetroChina PTR announced a joint venture to develop Encana's Montney assets at Cutbank Ridge, the firms announced that the deal has been scrapped. As originally planned, the joint venture included PetroChina paying $5.4 billion for a 50% working interest at Cutbank Ridge, which also included planned infrastructure of 700 million cubic feet per day (mmcf/d) of gas processing capacity, 3,400 kilometers of pipeline, and the Hythe gas storage facility. Encana's press release stated that the two parties were unable to reach acceptable terms in the joint operating agreement. We suspect that the degree of delineation drilling versus actual development activity also played a part in PetroChina's decision. Looking forward, there is a fair degree of uncertainty surrounding Encana's plans at Cutbank Ridge. The firm now states that it is looking to form additional joint ventures, separate from infrastructure assets. We do not have a gauge on potential counterparty appetite for such deals, but note that, with the wealth of undeveloped Canadian acreage currently available for joint venture interests, this may be difficult for Encana to accomplish in the near term. As for PetroChina, we doubt the collapse of this deal will do much to diminish its appetite for foreign resources, or its desire to gain technical knowledge. We anticipate it will continue to look for other opportunities to partner in Canadian shale gas development. We will be revising our Encana valuation model to reflect the loss of PetroChina's deal proceeds, as well as Encana's future development plans at Cutbank Ridge. We anticipate a reduction to our fair value estimate. |
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rffrydr
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Location: Sunny California
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rffrydr
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Joined: 30 Oct 2005
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Location: Sunny California
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| Posted: Thu Jun 18, 2009 10:03 am Post subject: |
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Please, Bugs, no more talk about investing government-infiltrated enterprises:
http://www.reuters.com/article/rbssEnergyNews/idUSHKG8323120090618
| Quote: | | "The acquisition is beneficial to the company in terms of the implementation of professional management of pipeline operation, thereby materializing the company's competitiveness on technological management and pipeline network in western China," PetroChina said in a statement. |
Back the Carnegie days.
_________________
Today is the Tomorrow you worried about Yesterday! |
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rffrydr
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Location: Sunny California
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