|Bid||34.30 x 2900|
|Ask||34.32 x 1100|
|Day's range||33.97 - 34.36|
|52-week range||27.74 - 55.38|
|Beta (5Y monthly)||0.99|
|PE ratio (TTM)||7.81|
|Forward dividend & yield||1.59 (4.63%)|
|1y target est||43.25|
The oil price crash has weighed on the entire sector, but China’s national oil companies are seeing short-term suffering that could lead to long-term gains
The Zacks Analyst Blog Highlights: NVIDIA, Coca-Cola, PetroChina, CVS Health and Zoom Video Communications
China's top energy producers will grow their natural gas output this year by twice as much as in the previous oil rout even as they slash spending due to collapsing oil prices, company officials and analysts said. The world's top energy consumer is forecast to expand its natural gas production by 5% or more in 2020 despite plans for deep spending cuts which will likely curb local oil production, they said. China's state-owned energy companies are joining others worldwide in slashing expenditure after this year's 56% drop in oil prices as a global pandemic ravaged economic activity.
PetroChina's (PTR) downstream segment was weighed down by depressed domestic product demand, lower refined products sales and drop in prices.
Chinese state energy company Sinopec is in early-stage talks with Hin Leong Trading Pte Ltd to buy a stake in an oil storage terminal that is partly owned by the Singapore trader, according to three sources with knowledge of the matter. The sale could provide much needed cash for family-owned Hin Leong, one of Asia's biggest independent traders. The company owes a total of $3.85 billion to 23 banks and has applied to a Singapore court to delay its debt repayments, according to a Hin Leong presentation to lenders on April 14 contained in the court filing, which was reviewed by Reuters but has not been made public.
PetroChina's <601857.SS><0857.HK> Tarim unit had discovered a new fracture zone with petroleum reserves of 228 million tonnes, China's official Xinhua news agency cited the company's general manager as saying. "This is a major breakthrough after we conquered the impact of the coronavirus," said PetroChina, adding that its Tarim unit had fully resumed production. The company based in northwestern China pumped out 624 cubic metres of crude oil per day and 371,000 cubic metres of natural gas after production testing on Wednesday, PetroChina said in a statement on its website.
Prices of Asian spot liquefied natural gas (LNG) edged up this week as supply for cargoes to be delivered in April tightened, but traders expected prices to remain low for a while as demand continued to be weak amid the coronavirus outbreak. The average LNG price for April delivery into northeast Asia is estimated at about $3.20 per million British thermal units (mmBtu), 20 cents higher from the previous week, but still near record low prices, several traders said. Prices for cargoes delivered in May are estimated to be at the same level as April, they added.
PetroChina has suspended some natural gas imports, including on liquefied natural gas (LNG) shipments and on gas imported via pipelines, as a seasonal plunge in demand adds to the impact on consumption from the coronavirus outbreak. The company issued the force majeure notice to suppliers of piped gas and also to at least one LNG supplier, though details of the force majeure notice could not immediately be confirmed. PetroChina, China's top gas producer and piped gas supplier, did not immediately respond to requests for comment.
China's top gas importer PetroChina <601857.SS> has declared force majeure on natural gas imports, including on liquefied natural gas (LNG) shipments and on gas imported via pipelines, following the coronavirus outbreak, four industry sources told Reuters. The company issued the force majeure notice to suppliers of piped gas and also to at least one LNG supplier, though details of the force majeure notice could not immediately be confirmed. PetroChina did not immediately respond to requests for comment.
China National Offshore Oil Corp (CNOOC), the country's biggest importer of liquefied natural gas (LNG), has suspended contracts with at least three suppliers amid the rapid spread of the coronavirus, two sources said on Thursday. The biggest suppliers of LNG to CNOOC include Anglo-Dutch energy company Royal Dutch Shell, France's Total, Australia's Woodside Petroleum and Qatargas, industry sources said. The force majeure notice covers CNOOC's LNG purchases for February and March, one of the two sources said.
Chinese marine fuel suppliers have signed up short-term deals to buy very low-sulphur fuel oil from companies like oil major Shell <RDSa.L>, Germany's Uniper <UN01.DE> and U.S. commodities trader Freepoint ahead of a new standard on emissions for the global shipping industry that kicks in on Jan. 1. While China's state refiners have pledged to produce a combined 14 million tonnes of the fuel for 2020 that complies with the tighter rules set by the International Maritime Organization (IMO), Beijing has not yet rolled out much-anticipated tax breaks that will encourage refineries to ramp up domestic output of the very low-sulphur fuel oil (VLSFO). Instead, companies like Chimbusco, PetroChina <0857.HK> and Sinopec Corp <0386.HK> have procured supplies from the international market to cover demand up to the end-March, executives at the three firms said.
Asian spot prices for liquefied natural gas (LNG) for cargoes delivered in February slipped this week amid ample supply, but losses were limited as Indian companies sought cargoes to meet spot requirements. The average LNG price for February delivery into northeast Asia is estimated to be about $5.45 per million British thermal units (mmBtu), down five cents from the previous week, several industry sources said. India's Gujarat State Petroleum Corp (GSPC) was seeking two cargoes for delivery in January, with one of them to be a commissioning cargo for the newly built Mundra terminal, industry sources said.
HARBIN, China/SINGAPORE/MOSCOW (Reuters) - Across China's coal-burning northeastern provinces, pipelines are being laid, contracts signed and coal-fired boilers ripped out ahead of the arrival next week of the country's first piped natural gas from Russia. The 'Power of Siberia' pipeline, due to open on Dec. 2, will pipe natural gas around 3,000 km (1,865 miles) from Russia's Siberian fields to the fading industrial region, which has lagged the push to gas in China's south and east. The pipeline - which will deliver gas under a 30-year, $400 billion (£312 billion) deal signed in 2014 - has the potential to transform northeast China's energy landscape and even slow the country's surging imports of liquefied natural gas (LNG).
Higher oil and gas production and drop in lifting costs helped PetroChina's (PTR) exploration and production unit profit surge 32.9% during the nine months ended Sep 30, 2019.
China's natural gas demand is expected to rise by more than 300 billion cubic metres (bcm) between 2018 and 2035, or 30% of global volume growth, stoked by the country's push to shift to the cleaner fuel from coal, a senior executive of PetroChina <601857.SS> <0857.HK> said on Wednesday. "It's slightly cheaper than central Asian gas but PetroChina will still be making a loss as it (the price) exceeds that of domestic city-gate benchmark rates," Ling told Reuters, speaking separately on the sidelines of the Singapore International Energy Week.