Petrochina 0857

Petrochina 0857

Postby winston » Fri May 09, 2008 12:43 pm

BROKER CALL - PetroChina H-shares downgraded to 'underweight' - JP Morgan

HONG KONG (XFN-ASIA) - JP Morgan said it has downgraded PetroChina's Hong Kong-listed shares to "underweight" from "neutral" after the stock's 20 pct gain in the last three weeks.

The target price was kept unchanged at 8.75 hkd.

JP Morgan noted that PetroChina had performed strongly in recent weeks on expectations of lower windfall tax burden.

But it noted that such expectations go against previous signals of higher resource tax.

"We don't incorporate any changes to the windfall tax scheme currently, but recognize that increasing starting level (of tax payment) from 40 usd to 60 usd (per barrel) would potentially increase PetroChina's profits by around 15 pct," it said.

Since March 2006 the Chinese government has collected a windfall tax of 20 to 40 pct on the portion of the price of a barrel of oil above 40 usd.

JP Morgan added that value-added tax refund on imported crude could potentially lower PetroChina's refining costs by 9 bln yuan for the remaining three quarters.

JP Morgan prefers CNOOC for its upstream exposure and Sinopec among downstream plays.

At 12.13 pm, PetroChina was down 0.58 hkd or 4.95 pct at 11.52 and Sinopec was down 0.38 hkd or 4.46 pct at 8.14, while CNOOC was up 0.14 hkd or 1.01 pct to 14.04 after another spike in crude prices overnight.

Source: XFN
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China National Petroleum Corp CNPC

Postby kennynah » Tue May 20, 2008 8:14 am

20 May 2008 00:05 GMT

China's CNPC estimates direct economic loss of 1.78 bln yuan from earthquake

BEIJING (XFN-ASIA) - China National Petroleum Corp (CNPC), the parent of PetroChina, said it has suffered direct economic losses of 1.78 bln yuan due to last week's earthquake in Sichuan province.

In a statement on the company's web site, it said its oil and gas fields and refining plants in Sichuan, Shaanxi and Gansu provinces and in the city of Chongqing have been affected to various extents.

As of May 18, the company said 5 employees were killed and 44 injured. A number remain missing or out of contact with the company.
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Re: China National Petroleum Corp CNPC

Postby winston » Tue May 20, 2008 8:24 am

Hi k,

Thanks for the kind article.

I think CNPC is not listed. Therefore, I will move this thread into Petrochina later.

Take care,
Winston
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Re: Petrochina 857

Postby winston » Tue Jun 03, 2008 9:37 am

PetroChina Cut to `Equal-Weight' From `Overweight' by Lehman

By Masumi Suga

June 3 (Bloomberg) -- PetroChina Co., the nation's largest oil producer, was cut to ``equal-weight'' by Lehman Brothers Holding Inc.

Lehman Brothers analyst Cheng Khoo previously rated the stock at ``overweight.'' Lehman's target price on the shares was cut to HK$11.70 from HK$15.80.

Petrochina shares have fallen 18 percent this year compared with an 11 percent drop in the benchmark Hang Seng Index.
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Re: Petrochina 857

Postby winston » Fri Jun 13, 2008 11:32 am

Not vested anymore. Seems they are now admitting that there is a shortage.

=========================

PetroChina says demand causing diesel shortage, oil majors not to blame

BEIJING (XFN-ASIA) - The latest round of diesel shortages on the Chinese market is due to heavy demand and cannot be blamed on the activities of the country's big two oil companies, said a spokesperson for PetroChina.

As reported by the Beijing Daily, Tian Jinghui, deputy head of PetroChina's retail division, said the shortages are not the result of stockpiling by PetroChina and Sinopec.

The companies have been accused of withholding diesel supplies from the market in anticipation of a price rise later in the year.

But Tian said that for several months supply has simply not been able to keep up with surging demand.

The situation since March has been far worse and on a far wider scale than last year, with long queues visible outside gas stations in Beijing and Shanghai as well as the provinces of Guangdong, Zhejiang, Jiangsu, Fujian, Hebei and Hunan, Tian said.

Tian also noted that the price differential between domestic retail oil products and overseas crude has forced more than 30 pct of small and local refiners to suspend or cut back production, putting even more pressure on supply.

Furthermore, because the price of imported fuel oil was now more or less the same as domestic diesel, many fuel oil users had now switched to diesel, he said.
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Re: Petrochina 857

Postby winston » Tue Jun 24, 2008 11:03 am

Not vested.

BROKER CALL - China oil price rises could lead to subsidy cuts - Credit Suisse

BEIJING (XFN-ASIA) - The decision to raise Chinese oil product prices last week could significantly improve the earnings of both Sinopec and PetroChina, but the benefits might be eroded by a cut in import tax rebates and a reduction in government subsidies, said analysts with Credit Suisse.

The analysts said in a note to investors that they have raised their 2008 earnings per share estimates for Sinopec by 51 pct, but there are considerable uncertainties and "multiple earnings outcomes."

"If oil prices fall as we expect them to, and subsidies remain in place, then Sinopec is poised to make bumper profits in 2009," the note said.

"If, on the other hand, the government takes away the subsidies if oil prices do indeed fall to 110 usd/barrel, then Sinopec's EPS outcome will be dramatically lower."


PetroChina's sensitivity to high oil prices means that Credit Suisse has cut its EPS estimates by 17 pct for this year.

"PetroChina's refining volumes have grown much faster than oil production," Credit Suisse said, making initial estimates seem "optimistic."

Both companies have "a risk of derating" because of this "opacity around earnings," the note said.

However, "for those that have to be in China, we prefer PetroChina (to Sinopec)," it added.

Credit Suisse said that it continues to favor CNOOC, which is involved purely in the exploration and production sector.
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Re: Petrochina 857

Postby sl2008 » Sat Jun 28, 2008 7:45 pm

Tips Petrochina(00857)
Date 20 / 6
Source Tung Tai Securities

Beijing raised fuel and power prices last night in order to cut demand.

The NDRC raised the retail guidance price for petrol by 16.7% to 6980 yuan a tonne and on diesel by 18.1% to 6520 yuan.

Retail electricity price are raised by 2.5fen per kw or average 4.7%.

The move should help Petrochina (857) and Sinopec (386) (Buy). However, They are still far from returning to profitability given they are losing US$50 for each barrel in the process.
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Re: Petrochina 857

Postby winston » Fri Aug 01, 2008 9:45 am

Not vested.

PetroChina in 20b cost-cut
StephanieTong
Friday, August 01, 2008

The mainland's biggest oil producer PetroChina (0857) will cut non-core business costs by 20.7 billion yuan (HK$23.63 billion) this year, according to company president Zhou Jiping.

CLSA head of China energy research Gordon Kwan says the move shows that PetroChina "is likely to report losses in the first half as expected."

First-half net profit of PetroChina is expected to fall by 40 percent from 81.8 billion yuan last year.

In a bid to curb rising inflation, the mainland government has regulated domestic oil product prices, hurting profits of oil firms such as PetroChina. It has, however, provided one-off subsidies or rebates on the 17 percent value- added tax levied on crude oil imports.

Meanwhile, PetroChina expressed doubts that VAT rebates will continue in the third quarter.

"That will not post much impact on PetroChina as its rebates are not much compared to Sinopec's," said a European bank analyst.

CLSA's Kwan estimates that in the first half, PetroChina VAT rebates amounted to about 6 billion yuan while Sinopec's reached 23 billion yuan.
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Re: Petrochina 857

Postby winston » Mon Sep 22, 2008 8:26 pm

Not vested .

PetroChina's parent buys back shares, pledges more

HONG KONG, Sept 22 (Reuters) - The parent of top Asian oil producer PetroChina (0857.HK: Quote, Profile, Research, Stock Buzz) bought 60 million shares in its listed subsidiary on Monday as major state-run firms began to heed Beijing's call to buy back shares in their listed units to prop up a volatile stock market.

China National Petroleum Corp, which had owned 86.29 percent of listed PetroChina (601857.SS: Quote, Profile, Research, Stock Buzz), increased that to 86.32 percent by buying shares through the Shanghai stock exchange trading system. The shares were worth 662 million yuan ($96.9 million) based on Friday's closing price.

PetroChina said in a statement on Monday its parent will increase its stake in the firm within the next 12 months, adding the total stake to be purchased would not exceed 2 percent of the entire corporation's share capital.

Beijing last week unveiled a set of bold measures to bolster its sagging stock market, including scrapping taxes on stock purchases and encouraging state-owned corporations to buy back shares of their listed units from the market.
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Re: Petrochina 857

Postby winston » Tue Oct 21, 2008 11:26 am

UPDATE 1-PetroChina says break-even at $85 per barrel

HONG KONG, Oct 21 (Reuters) - Asia's biggest oil and gas firm, PetroChina General Manager Jiang Jiemin added that for company profits, the optimum crude price would be $80 per barrel.

Natural gas output at the firm rose 15 percent over the first nine months of the year, and would continue to maintain double-digit growth next year, he told a company meeting.

Although PetroChina benefits from high crude prices by exploring for and pumping crude oil and gas, its obligation to supply the domestic market, where cars and trucks enjoy state-capped prices, has hit profits hard this year.

The fall of crude prices has tilted the balance back in favour of refining, which is expected to erode government subsidies for the beleaguered refiners -- PetroChina and its rival Sinopec Corp<600028.SS>"A sharp fall in U.S. gasoline prices last week means some Chinese motorists now pay more to fill up vehicles than their counterparts across the Pacific," Na Liu, China strategist at Scotia Capital, said in a note to clients.

"As this discrepancy was noticed in the local Chinese media, we believe that the Chinese government will face increasing pressure to lower the regulated diesel and gasoline prices, particularly if WTI remains below $75/barrel for an extended period of time," Liu said.

Citigroup analyst Graham Cunningham said the government would cut gasoline and diesel prices -- the question was by how much.

"Domestic oil product (gasoline and diesel) prices are structured for roughly $90-95/bbl oil and refining margins have jumped to an extraordinary $18/bbl," he said in a research note.

"Thus we expect a cut to product prices as early as November as refiners begin taking delivery of relative cheap crude."
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