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PetroChina Company Limited, Company Intelligence Report

  • ID: 1772858
  • May 2015
  • 155 Pages
  • GlobalData

PetroChina Company Limited, Company Intelligence Report

Summary

PetroChina Company Limited (PetroChina) is an integrated energy company and the largest oil and gas producer and distributor in China. It is a subsidiary of the state-owned China National Petroleum Corporation (CNPC) and is listed on Shanghai Stock Exchange (SSE) under the symbol 601857.SS. CNPC holds an 86.5% stake in PetroChina. The company was formed on November 5, 1999 and was part of the restructuring of CNPC.

PetroChina operates in the upstream, refining and chemical, marketing, and natural gas and pipeline segments. The company’s upstream segment handles the exploration, development and production of crude oil and natural gas. Its refining and chemical segment manages the refining, transportation, storage and marketing of crude oil and petroleum products, as well as handling the production and sale of basic petrochemical products, derivative chemical products and other chemical products. The segment also manages the transmission of natural gas, crude oil and refined products. The natural gas and pipeline segment handles the transportation and sale of natural gas. PetroChina is also the READ MORE >

Note: Product cover images may vary from those shown

1.1 List of Tables

1.2 List of Figures

2 PetroChina, Company Overview

2.1 Exploration and Production

2.2 Refining and Chemicals

2.2.1 Chemicals

2.3 Marketing

2.4 Natural Gas and Pipeline

3 PetroChina, Key Highlights

3.1 Continued Development of Domestic Operations to Drive Growth

3.1.1 Exploration and Production

3.1.2 Refining and Chemicals

3.1.3 Marketing

3.1.4 Natural Gas and Pipeline

3.2 International Ventures to Strengthen PetroChina’s Resource Base and Longer-Term Value

4 PetroChina, SWOT Analysis

4.1 Strengths

4.1.1 Integrated Business Structure

4.1.2 Dominant Position in China

4.1.3 Incremental Revenue Base

4.1.4 Incremental Reserves and Production Base

4.2 Weaknesses

4.2.1 High Dependence on Oil in the Production Mix

4.2.2 Lack of Offshore Presence in China

4.3 Opportunities

4.3.1 Development of Overseas Oil and Gas Resources

4.4 Threats

4.4.1 Volatility in Commodity Prices could Adversely Affect Future Growth Plans

4.4.2 Intense Competition from Other Industry Participants

4.4.3 Environmental Regulations

5 PetroChina, Exploration, Development and Production Overview

5.1 Exploration and Development Overview

5.2 Production Profile

5.3 Asset Portfolio

5.3.1 China

5.3.2 Overseas Oil and Gas

6 PetroChina, Capital Expenditure

6.1 Exploration and Production

6.2 Refining and Chemicals

6.3 Marketing

6.4 Natural Gas and Pipeline

6.5 Head Office and Other

7 PetroChina, Forecast Production and Financial Statements

7.1 Income Statement (2012-2019)

7.2 Balance Sheet (2012-2019)

7.3 Cash Flow Statement (2012-2019)

8 PetroChina, Valuation

8.1 Discounted Cash Flows

9 PetroChina, Peer Comparison

9.1 Share Price Performance

9.2 Operational and Financial Performance

9.3 Key Financial and Operational Ratio

10 PetroChina Company Limited, Production and Reserves Trends

10.1 Total Oil and Gas, Reserves and Production

10.1.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2010-2014

10.1.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2010-2014

10.1.3 Total Crude Oil and Natural Gas Reserve Changes, 2010-2014

10.2 Crude Oil/Liquids Production and Reserve

10.2.1 Crude Oil/Liquids Production and Reserve Trend, 2010-2014

10.2.2 Crude Oil Production and Reserves By Country/Region, 2010-2014

10.2.3 Crude Oil/Liquids Reserve Changes, 2010-2014

10.3 Natural Gas Production and Reserve

10.3.1 Natural Gas Production and Reserve Trend, 2010-2014

10.3.2 Natural Gas Production and Reserves, By Country/Region, 2010-2014

10.3.3 Natural Gas Reserve Changes, 2010-2014

10.4 Total Crude Oil and Natural Gas Reserves Life Index

10.4.1 Total Crude Oil and Natural Gas Reserves Life Index, 2010-2014

10.4.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2010-2014

11 PetroChina Company Limited, E&P Costs Trends

11.1 Allocation of the Upstream Capital Expenditure

11.1.1 Upstream Capital Expenditure, 2010-2014

11.1.2 Acquisition Costs By Country/Region, 2010-2014

11.1.3 Exploration and Development Costs, By Country/Region, 2010-2014

11.2 Oil and Gas Cost Per boe, US$/boe

11.2.1 Oil and Gas Cost Per boe, US$/boe, 2010-2014

11.2.2 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2010-2014

12 PetroChina Company Limited, Reserve Replacement Ratio

12.1 Oil and Gas Production Replacement Ratio

12.1.1 Oil and Gas Production Replacement Ratio, 2010-2014

12.1.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2010-2014

13 PetroChina Company Limited, Results of Oil & Gas Operations Trend

13.1 Oil and Gas Revenue and Expenses

13.1.1 Oil and Gas Revenue and Expenses, 2010-2014

13.1.2 Oil and Gas Revenue and Expenses, By Country/Region, 2010-2014

13.2 Oil and Gas Revenue and Expenses, Per boe

13.2.1 Oil and Gas Revenue and Expenses, By boe, 2010-2014

13.2.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2010-2014

13.3 Oil and Gas Performance Metrics

14 PetroChina Company Limited, Land Holdings and Well Data

14.1 Developed and Undeveloped Acreage

14.1.1 Gross and Net Developed and Undeveloped Acreage, 2010-2014

14.1.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2010-2014

14.2 Well Statistics

14.2.1 Producible Oil and Gas Well, 2010-2014

14.2.2 Producible Oil and Gas Well, By Country/Region, 2010-2014

14.2.3 Exploration and Development Wells Drilled, 2010-2014

14.2.4 Exploration and Development Wells Drilled, By Country/Region, 2010-2014

15 Appendix

15.1 Abbreviations

15.2 Sources

15.3 Research Methodology

15.3.1 Coverage

15.3.2 Secondary Research

15.3.3 Primary Research

15.4 Disclaimer

1.1 List of Tables

Table 1: PetroChina, Crude Oil and Natural Gas Reserves, 2012-2014

Table 2: PetroChina, Oil and Gas Production by Region, 2012-2014

Table 3: PetroChina, Refined Products (‘000 Tons), 2012-2014

Table 4: PetroChina, Refineries, Operating Statistics (mbd), 2012-2014

Table 5: PetroChina, Refined Products, (‘000 Tons), Q1 2014 and Q1 2015

Table 6: PetroChina, Chemical Products, Production Volumes (‘000 Tons), 2012-2014

Table 7: PetroChina, Chemical Products, Production Volume (‘000 Tons), Q1 2014 and Q1 2015

Table 8: PetroChina, Chemical Products, Sales Volume (‘000 Tons), 2012-2014

Table 9: PetroChina, Refining and Chemicals, Summary, 2013-2014

Table 10: PetroChina, Refined Products Sales Volume, Tons (‘000), 2012-2014

Table 11: PetroChina, Marketing, Summary, 2013-2014

Table 12: PetroChina, Natural Gas and Pipeline, 2012-2014

Table 13: PetroChina, Financial and Operational Overview, 2011-2014

Table 14: PetroChina, Total Revenue by Segment (CNY bil), 2009-2014

Table 15: PetroChina, Wells Drilled By Region, 2011-2014

Table 16: PetroChina, Oil and Gas Production, 2010-2014

Table 17: PetroChina, Productive Wells by Region, 2011-2014

Table 18: PetroChina, Oil and Gas Production by Region, 2012-2014

Table 19: PetroChina, Total Oil and Gas Production, 2012-2019

Table 20: PetroChina, Capex by Activity (CNY bil), 2010-2014

Table 21: PetroChina, Total Oil and Gas Production, 2012-2019

Table 22: GlobalData, Price Forecasts, 2015-2019

Table 23: PetroChina, Income Statement (CNY mil), 2012-2019

Table 24: PetroChina, Balance Sheet (CNY mil), 2012-2019

Table 25: PetroChina, Cash Flow Statement (CNY mil), 2012-2019

Table 26: PetroChina, Free Cash Flow Calculation (CNY mil), 2015-2019

Table 27: PetroChina, Discounted Cash Flow Calculation, 2014

Table 28: PetroChina and Peers, Operational and Financial Performance, 2014

Table 29: PetroChina, Peer Group Comparison, Reserves and Production (mmboe), 2014

Table 30: PetroChina and Peers, Financial and Operational Ratios, 2014

Table 31: PetroChina, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2010-2014

Table 32: PetroChina, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2010-2014

Table 33: PetroChina, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2010-2014

Table 34: PetroChina, Crude Oil Production and Reserves Metrics, mmbbl, 2010-2014

Table 35: PetroChina, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2010-2014

Table 36: PetroChina, Crude Oil Reserve Changes, mmbbl, 2010-2014

Table 37: PetroChina, Natural Gas Production and Reserves Metrics, bcf, 2010-2014

Table 38: PetroChina, Natural Gas Production and Reserves, By Country/Region, bcf, 2010-2014

Table 39: PetroChina, Natural Gas Reserve Changes, bcf, 2010-2014

Table 40: PetroChina, Oil and Gas Reserves Life Index, Years, 2010-2014

Table 41: PetroChina, Oil and Gas Reserves Life Index, By Country/Region, Years, 2010-2014

Table 42: PetroChina, Upstream Capital Expenditure, US$ mil, 2010-2014

Table 43: PetroChina, Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2010-2014

Table 44: PetroChina, Exploration and Development Costs, By Country/Region, US$ mil, 2010-2014

Table 45: PetroChina, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2010-2014

Table 46: PetroChina, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2010-2014

Table 47: PetroChina, Oil and Gas Production Replacement Ratio, %, 2010-2014

Table 48: PetroChina, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2010-2014

Table 49: PetroChina, Revenue and Expenses, US$ mil, 2010-2014

Table 50: PetroChina, Revenue and Expenses, By Country/Region, US$ mil, 2010-2014

Table 51: PetroChina, Oil and Gas Revenue and Expenses, US$/boe, 2010-2014

Table 52: PetroChina, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2010-2014

Table 53: PetroChina, Oil and Gas Performance Metrics, 2010-2014

Table 54: PetroChina, Land Holdings (Developed and Undeveloped Acreage), Acres, 2010-2014

Table 55: PetroChina, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2010-2014

Table 56: PetroChina, Producible Oil and Gas Wells, 2010-2014

Table 57: PetroChina, Producible Oil and Gas Wells, By Country/Region, 2010-2014

Table 58: PetroChina, Exploratory and Developed Wells, 2010-2014

Table 59: PetroChina, Exploratory and Developed Wells, By Country/Region, 2010-2014

1.2 List of Figures

Figure 1: PetroChina, China, Operational Map, Exploration and Production Segment, 2014

Figure 2: PetroChina, China, Operational Map, Refining and Chemicals Segment, 2014

Figure 3: PetroChina, China, Marketing Segment Operational Map, 2014

Figure 4: PetroChina, China, Natural Gas and Pipeline Segment Operational Map, 2014

Figure 5: PetroChina, Key Domestic Pipelines Operational Map, 2014

Figure 6: PetroChina, Financial and Operational Overview, 2011-2014

Figure 7: PetroChina, Share Performance, April 2014-March 2015

Figure 8: PetroChina, Core Business Overview, 2015

Figure 9: PetroChina, China, Exploration Discoveries, 2014

Figure 10: PetroChina, Exploration and Production, Revenue (CNY bil), 2009-2014

Figure 11: PetroChina, Refining and Chemicals, Revenue (CNY bil), 2009-2014

Figure 12: PetroChina, Marketing, Revenue (CNY bil), 2009-2014

Figure 13: PetroChina, Natural Gas and Pipeline Revenue, 2009-2014

Figure 14: PetroChina, International Operations, 2014

Figure 15: PetroChina, Total Revenue (CNY bil), 2009-2014

Figure 16: PetroChina, Total Revenue by Segment (CNY bil), 2009-2014

Figure 17: PetroChina, Reserves and Production (mmboe), 2010-2014

Figure 18: PetroChina, Operational Map, 2014

Figure 19: PetroChina, Net Productive and Dry Exploratory and Development Wells, 2010-2014

Figure 20: PetroChina, Production (mmboe), 2012-2019

Figure 21: PetroChina, Production Mix (%), 2012-2019

Figure 22: PetroChina, Longwangmiao Gas Reservoir, 2014

Figure 23: PetroChina, Overseas Oil and Gas, 2014

Figure 24: PetroChina, Capex by Segment (CNY bil), 2015

Figure 25: PetroChina and Peers, Relative Share Price Performance Index (%), April 2014-March 2015

Figure 26: PetroChina and Peers, Financial and Operational Parameters (US$/boe), 2014

Figure 27: PetroChina, Peer Group Comparison, F&D Cost and Reserve Replacement Comparison, 2014

Figure 28: PetroChina and Peers, Reserves and Production (mmboe), 2014

Figure 29: PetroChina and Peers, Reserve Life Index (Years), 2014

Figure 30: PetroChina and Peers, Valuation Ratios, 2014

Figure 31: PetroChina, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2010-2014

Figure 32: PetroChina, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2010-2014

Figure 33: PetroChina, Total Oil & Gas Production, By Country/Region, mmboe, 2010-2014

Figure 34: PetroChina, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2014

Figure 35: PetroChina, Crude Oil Production and Reserves Metrics, mmbbl, 2010-2014

Figure 36: PetroChina, Oil Reserves, End of Period, By Country/Region, mmbbl, 2010-2014

Figure 37: PetroChina, Oil Production, By Country/Region, mmbbl, 2010-2014

Figure 38: PetroChina, Crude Oil Reserve Changes, mmbbl, 2014

Figure 39: PetroChina, Natural Gas Production and Reserves Metrics, bcf, 2010-2014

Figure 40: PetroChina, Gas Reserves, End of Period, By Country/Region, bcf, 2010-2014

Figure 41: PetroChina, Gas Production, By Country/Region, bcf, 2010-2014

Figure 42: PetroChina, Natural Gas Reserve Changes, bcf, 2014

Figure 43: PetroChina, Oil and Gas Reserves Life Index, Years, 2010-2014

Figure 44: PetroChina, Gas Reserve Life Index, By Country/Region, Years, 2010-2014

Figure 45: PetroChina, Oil & Gas Reserve Life Index, By Country/Region, Years, 2010-2014

Figure 46: PetroChina, Oil Reserve Life Index, By Country/Region, Years, 2010-2014

Figure 47: PetroChina, Upstream Capital Expenditure, US$ mil, 2010-2014

Figure 48: PetroChina, Development Costs, By Country/Region, US$ mil, 2010-2014

Figure 49: PetroChina, Exploration Costs, By Country/Region, US$ mil, 2010-2014

Figure 50: PetroChina, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2010-2014

Figure 51: PetroChina, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2010-2014

Figure 52: PetroChina, Revenue and Expenses, US$ mil, 2010-2014

Figure 53: PetroChina, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2010-2014

Figure 54: PetroChina, Exploration Expenses, By Country/Region, US$ mil, 2010-2014

Figure 55: PetroChina, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2010-2014

Figure 56: PetroChina, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2010-2014

Figure 57: PetroChina, Oil & Gas Revenue, By Country/Region, US$ mil, 2010-2014

Figure 58: PetroChina, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2010-2014

Figure 59: PetroChina, Production Costs, By Country/Region, US$ mil, 2010-2014

Figure 60: PetroChina, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2010-2014

Figure 61: PetroChina, Oil and Gas Revenue and Expenses, US$/boe, 2010-2014

Figure 62: PetroChina, Exploration Expenses per boe, By Country/Region, US$/boe, 2010-2014

Figure 63: PetroChina, Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2010-2014

Figure 64: PetroChina, Lifting Cost per boe, By Country/Region, US$/boe, 2010-2014

Figure 65: PetroChina, Annual Net Income per boe, By Country/Region, US$/boe, 2010-2014

Figure 66: PetroChina, Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2010-2014

Figure 67: PetroChina, Total DD&A per boe, By Country/Region, US$/boe, 2010-2014

Figure 68: PetroChina, Total Revenue per boe, By Country/Region, US$/boe, 2010-2014

Figure 69: PetroChina, Oil and Gas Performance Metrics, 2010-2014

Figure 70: PetroChina, Land Holdings (Developed and Undeveloped Acreage), Acres, 2010-2014

Figure 71: PetroChina, Producible Oil and Gas Wells, 2010-2014

Figure 72: PetroChina, Exploratory and Developed Wells, 2010-2014

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Strong Legacy Asset Base; Declining Production From Mature Oil Fields Needs to be Offset By New Major Discoveries

PetroChina has been primarily engaged in crude oil and natural gas exploration, development and production activities. The majority of the company's assets are located in onshore China, mainly in the northeastern, northern, southwestern and northwestern parts of China. According to industry information, China's largest and oldest oil fields are located in the northeast region of the country and around 85% of Chinese production capacity is located onshore where PetroChina is a leading E&P player. PetroChina is the largest crude oil and natural gas producer in China. It holds major interests in the largest producing oil fields of China such as the Daqing, Jilin, Liaohe, Dagang, Huabei, Tarim, Changqing and Jidong regions. With all the equity interests in these regions, PetroChina accounts for roughly 60% and 80% of China's total oil and gas output, respectively. These assets have been heavily tapped by the company since the 1960s and are still providing the company with significant production capacity. However, the production from these assets is expected to decrease significantly in the next few years. Many of the company's legacy assets have reached their peak production and are in the declining phase. The annual production volume in the Daqing region, the largest oil prospective region in China, reached its peak of 1 MMbbl/d during 1976 and since then it has been continuously declining. The other producing regions: Huabei, Liaohe, Changqing, Dagang, and Tarim reached their peak during 1979, 1995, 2010, 2009 and 2009 respectively. These assets accounted for around 66% of PetroChina's total production and 67% of its total proved reserves during 2009. The figure below shows PetroChina's production from the major assets from 2004 through 2014. The figure indicates that the production from the company's major assets has been continuously declining and is expected to decline further.

As the production from the major assets has been declining, there arises a need to add more production from new discoveries or through the adoption of oil enhanced recovery techniques to maintain future production. In line with this, PetroChina has been conducting significant exploration activities, discovering the Tanan, Nanbeier, Yongpinghe and Honggouzi oil fields during 2009. The company has also been successfully exploiting its mature assets through the use of oil recovery techniques. Through the deployment of enhanced recovery techniques, the company increased its production from the Daqing oil region by 27.0%, 27.0% and 27.4% in 2006, 2007 and 2008 respectively. This indicates the company's ability to add more reserves and successfully increase its production

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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