PetroChina Company Limited, Company Intelligence Report


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GlobalData

$ 1000

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PetroChina Company Limited (PetroChina) is an integrated company. It is present across the entire upstream value chain including the exploration, development, production and sales of crude oil and natural gas. It is also engaged in refining, transportation, storage and marketing of crude oil and petroleum products. It produces and sells basic petrochemical products, derivative chemical products and other chemical products; and it transmits natural gas, crude oil and refined products. The company is also the largest natural gas transporter and seller in China in terms of sales volume. PetroChina is a subsidiary of the state-owned China National Petroleum Corporation (CNPC). The company produces two-thirds of China's total oil and gas generation. The company principally operates in China. 

Scope
  • Key Highlights: This section provides detailed analysis on the companys overall oil and gas value chain, new projects, growth opportunities, new ventures, assets performance, hedging strategies, Capex funding, geographical results of oil and gas operations. 
  • Goals and Strategies: This section provides the upcoming goals and strategies of the company. The section mainly goals and strategies followed by the company in order to meet its upcoming goals. 
  • SWOT: The reports SWOT section provides the internal strength, weakness, opportunities and threats of company to reflect its strategic positions in the market. 
  • Key Events for 2011: This section provides the companys expected operational and financial activities in 2011. This section maps the companys focus for 2011 in nut shell. 
  • Production and Development Overview: This section highlights the companys crude oil and natural gas production forecast from its legacy and upcoming assets by region and commodity mix for next five years. The report also covers the detailed information and analysis on the companys producing and development assets. 
  • Exploration: This section includes detailed explanation and analysis on the companys exploration assets resulted due to new discoveries, new drilling and other activities. 
  • M&A trends: This section mainly provides information and analysis on the companys recent assets transactions, joint ventures, acquisition, and divestment activities during the last one year. This section highlights the companys status as a buyer or seller during the analyzed period. 
  • Financial Forecast and Valuation: This section highlights the detailed financial statement forecast for next five years. With the financial statement forecast, this section also provides intrinsic value of the company by using Net Asset Valuation method. 
  • Peer Group Analysis: This section compares the companys performance with its peer group on the basis of share prices, financial ratios, operational and financial parameters and other related parameters. 
  • Financial and Operational Metrics: This section covers the companys historical performance on several financial and operational parameters such as Production and Reserves, Reserves Replacement, Costs Incurred, Acreage, Wells, F&D Costs, Oil and Gas Revenue and Expenses etc.
Reasons to buy
  • The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to 
  • Provide detailed analysis to those who are interested in knowing the companies existing and future business strategies.
  • Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates. 
  • Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies. 
  • Use the analysis for strategy and planning, M&A identifications, and competitor analysis.
Table of content

1 Table of contents
1 Table of contents 3
1.1 List of Tables 5
1.2 List of Figures 6

2 PetroChina Company Limited, Company Overview 7
2.1 Exploration and Production 7
2.2 Refining and Chemicals 8
2.3 Marketing 9
2.4 Natural Gas and Pipeline 9

3 PetroChina Company Limited, Key Events for 2011 12

4 PetroChina Company Limited, Key Highlights 13
4.1 Strong Legacy Asset Base; Declining Production From Mature Oil Fields Needs to be Offset By New Major Discoveries 13
4.2 Supplementing Overall Business Growth Through Acquisitions; Seeking Business Opportunities on Domestic and International Level 14

5 PetroChina Company Limited, SWOT Analysis 15
5.1 Strength 15
5.1.1 High Reserve-Production Ratio Among Peers; Primarily Driven by High Natural Gas Reserve Base 15
5.1.2 High Reserve Replacement Ratio with Low Replacement Cost 15
5.2 Weakness 17
5.2.1 Limited Refineries in High Demand Regions 17
5.2.2 Lacking Offshore Presence in China 17
5.3 Opportunities 18
5.3.1 Development of Overseas Oil and Gas Resources 18
5.4 Threats 18
5.4.1 Major Legacy Assets are Matured and Already Peaked Their Production; Long Term Cash Flows can be Improved 18

6 PetroChina Company Limited, Goals and Strategies 19
6.1 Accelerating Overseas Oil and Gas Business Development 19
6.2 Moving towards Natural Gas 20

7 PetroChina Company Limited, Production Overview 21
7.1 Production Profile 21
7.2 China 22
7.2.1 Daqing Oil Region 22
7.2.2 Liaohe Oil Region 23
7.2.3 Xinjiang Oil Region 24
7.2.4 Sichuan Gas Region 25
7.2.5 Changqing Oil and Gas Region 26
7.2.6 Tarim Oil and Gas Region 28

8 PetroChina Company Limited, Exploration and Development Overview 30
8.1 China 30
8.1.1 Daqing Oil Region 31
8.1.2 Liaohe Oil Region 31
8.1.3 Xinjiang Oil Region 31
8.1.4 Sichuan Gas Region 31
8.1.5 Changqing Oil and Gas Region 31
8.1.6 Tarim Oil and Gas Region 32

9 PetroChina Company Limited, M&A Activity 33

10 PetroChina Company Limited, Production and Financial Statements Forecast 35
10.1 Income Statement (20072015) 37
10.2 Balance Sheet (20072015) 38
10.3 Cash Flow Statement (20072014) 39
10.4 Financial Ratios 40

11 PetroChina Company Limited, Valuation 43
11.1 Net Asset Value 43

12 PetroChina Company Limited, Quarterly Production Trends 46
12.1 PetroChina Company Limited, Total Oil and Gas Production 46
12.1.1 Total Crude Oil and Natural Gas Production Trend, Q4, 2009-Q4, 2010 46
12.2 PetroChina Company Limited, Crude Oil Production 47
12.2.1 Total Crude Oil Production Trend, Q4, 2009-Q4, 2010 47
12.3 PetroChina Company Limited, Natural Gas Production 48
12.3.1 Total Natural Gas Production Trend, Q4, 2009-Q4, 2010 48

13 PetroChina Company Limited, Valuation and Financial Data 49
13.1.1 Share Price Performance, 2005-2010 49
13.1.2 Key Valuation Metrics, 2005-2010 50
13.2 PetroChina Company Limited,Total Oil and Gas, Reserves and Production 51
13.2.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2005-2010 51
13.2.2 Total Crude Oil and Natural Gas Reserve Changes, 2005-2010 52
13.3 PetroChina Company Limited,Crude Oil/Liquids Production and Reserve 53
13.3.1 Crude Oil/Liquids Production and Reserve Trend, 2005-2010 53
13.3.2 Crude Oil/Liquids Reserve Changes, 2005-2010 54
13.4 PetroChina Company Limited, Natural Gas Production and Reserve 55
13.4.1 Natural Gas Production and Reserve Trend, 2005-2010 55
13.4.2 Natural Gas Reserve Changes, 2005-2010 56
13.5 PetroChina Company Limited, Allocation of the Upstream Capital Expenditure 57
13.5.1 Upstream Capital Expenditure, 2005-2010 57
13.5.2 Exploration and Development Costs, By Country/Region, 2005-2010 58
13.6 PetroChina Company Limited, Oil and Gas Cost Per boe, $/boe 60
13.6.1 Oil and Gas Cost Per boe, $/boe, 2005-2010 60
13.6.2 Oil and Gas Cost Per boe, $/boe, By Country/Region, 2005-2010 62
13.7 PetroChina Company Limited, Oil and Gas Revenue and Expenses 63
13.7.1 Oil and Gas Revenue and Expenses, 2005-2010 63
13.7.2 Oil and Gas Revenue and Expenses, By Country/Region, 2005-2010 64
13.8 PetroChina Company Limited, Oil and Gas Revenue and Expenses, Per boe 67
13.8.1 Oil and Gas Revenue and Expenses, By boe, 2005-2010 67
13.8.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2005-2010 68
13.9 PetroChina Company Limited, Oil and Gas Performance Metrics 69
13.10 PetroChina Company Limited, Developed and Undeveloped Acreage 70
13.10.1 Gross and Net Developed and Undeveloped Acreage, 2005-2010 70
13.10.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2005-2010 71
13.11 PetroChina Company Limited, Well Statistics 72
13.11.1 Producible Oil and Gas Well, 2005-2010 72
13.11.2 Producible Oil and Gas Well, By Country/Region, 2005-2010 73
13.11.3 Exploration and Development Wells Drilled, 2005-2010 74
13.11.4 Exploration and Development Wells Drilled, By Country/Region, 2005-2010 75

14 Appendix 76
14.1 Abbreviations 76
14.2 Methodology 76
14.2.1 Coverage 76
14.2.2 Secondary Research 76
14.2.3 Primary Research 77
14.2.4 Expert Panel Validation 77
14.3 Methodology for Company Valuation 77
14.4 Contact Us 78
14.5 Disclaimer 78

Table 1: PetroChina Company Limited, Regional Proved Reserve and Production Details, 2009 8
Table 2: PetroChina Company Limited, Production Volume of Refined Products, 000 tons, 20072009 8
Table 3: PetroChina Company Limited, Refined Product Sales Volume, 000 tons, 20072009 9
Table 4: PetroChina Company Limited, Pipeline Details, 20072009 9
Table 5: PetroChina Company Limited, Recent M&A Transactions, 20102011 14
Table 6: PetroChina Company Limited, Overseas M&A Transactions, 20092011 19
Table 7: PetroChina Company Limited, Asset Production Forecast, 20082014 29
Table 8: PetroChina Company Limited, Recent Transactions as a Buyer, 20092011 33
Table 9: PetroChina Company Limited, Recent Transactions as a Seller, 20092011 34
Table 10: PetroChina Company Limited, Forecast Production, 20072015 35
Table 11: GlobalData, Price Forecasts, 20102014 35
Table 12: PetroChina Company Limited, Income Statement ($m), 20082015 37
Table 13: PetroChina Company Limited, Balance Sheet ($m), 20082015 38
Table 14: PetroChina Company Limited, Cash Flow Statement ($m), 20082015 39
Table 15: PetroChina Company Limited, Profitability Ratios, 20102015 40
Table 16: PetroChina Company Limited, Other Financial Ratios, 20102015 41
Table 17: PetroChina Company Limited, Capital Market Ratios, 20092011 42
Table 18: GlobalData, Price Forecast, 20112015 43
Table 19: PetroChina Company Limited, Net Asset Value, 2011 44
Table 20: PetroChina Company Limited, Prospective Acreage & Non Proven Reserves, 2011 44
Table 21: PetroChina Company Limited, NPV of Oil/NGL Reserves, $/bbl, 2011 45
Table 22: PetroChina Company Limited, NPV of Natural Gas Reserves, $/Mcf, 2011 45
Table 23: PetroChina Company Limited, NPV of Total Oil and Natural Gas Reserves, $/boe, 2011 45
Table 24: PetroChina Company Limited, Sensitivity Analysis on Fair Value ($/share), 2011 45
Table 25: PetroChina Company Limited, Total Crude Oil and Natural Gas, Production, Q4, 2009-Q4, 2010 46
Table 26: PetroChina Company Limited, Share Price Performance, 2005-2010 49
Table 27: PetroChina Company Limited, Key Valuation Metrics, 2005-2010 50
Table 28: PetroChina Company Limited, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2005-2010 51
Table 29: PetroChina Company Limited, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2005-2010 52
Table 30: PetroChina Company Limited, Crude Oil Production and Reserves Metrics, MMbbl, 2005-2010 53
Table 31: PetroChina Company Limited, Crude Oil Reserve Changes, MMbbl, 2005-2010 54
Table 32: PetroChina Company Limited, Natural Gas Production and Reserves Metrics, Bcf, 2005-2010 55
Table 33: PetroChina Company Limited, Natural Gas Reserve Changes, Bcf, 2005-2010 56
Table 34: PetroChina Company Limited, Upstream Capital Expenditure, $m, 2005-2010 57
Table 35: PetroChina Company Limited, Exploration and Development Costs, By Country/Region, $m, 2005-2010 59
Table 36: PetroChina Company Limited, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2005-2010 61
Table 37: PetroChina Company Limited, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, By Country/Region, 2005-2010 62
Table 38: PetroChina Company Limited, Revenue and Expenses, $m, 2005-2010 63
Table 39: PetroChina Company Limited, Revenue and Expenses, By Country/Region, $m, 2005-2010 66
Table 40: PetroChina Company Limited, Oil and Gas Revenue and Expenses, $/boe, 2005-2010 67
Table 41: PetroChina Company Limited, Oil and Gas Revenue and Expenses, $/boe, By Country/Region, 2005-2010 68
Table 42: PetroChina Company Limited, Oil and Gas Performance Metrics, 2005-2010 69
Table 43: PetroChina Company Limited, Land Holdings (Developed and Undeveloped Acreage), Acres, 2005-2010 70
Table 44: PetroChina Company Limited, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2005-2010 71
Table 45: PetroChina Company Limited, Producible Oil and Gas Wells, 2005-2010 72
Table 46: PetroChina Company Limited, Producible Oil and Gas Wells, By Country/Region, 2005-2010 73
Table 47: PetroChina Company Limited, Exploratory and Developed Wells, 2005-2010 74
Table 48: PetroChina Company Limited, Exploratory and Developed Wells, By Country/Region, 2005-2010 75
Figure 1: PetroChina Company Limited, Operational Overview, 2011 7
Figure 2: PetroChina Company Limited, Performance Charts, 20072010 10
Figure 3: PetroChina Company Limited, Share Price Performance, April 2010April 2011 11
Figure 4: PetroChina Company Limited, Major Assets Production, MMboe, 20042014 13
Figure 5: PetroChina Company Limited, Reserve-Production Ratio, 2009 15
Figure 6: PetroChina Company Limited, Reserve Replacement Ratio, %, 20082009 16
Figure 7: PetroChina Company Limited, Reserve Replacement Cost Per Coe, $/boe, 20042009 17
Figure 8: PetroChina Company Limited, Natural Gas Production, MMcf/d, 20042014 20
Figure 9: PetroChina Company Limited, Production from Upstream Assets, MMboe, 20072015 21
Figure 10: PetroChina Company Limited, Total Production Mix, MMboe, 20072015 22
Figure 11: PetroChina Company Limited, Daqing Oil Region Production, MMboe, 20042014 23
Figure 12: PetroChina Company limited, Liaohe Oil Region Production, MMboe, 20042014 24
Figure 13: PetroChina Company Limited, Xinjiang Oil Region Production, MMboe, 20042014 25
Figure 14: PetroChina Company Limited, Sichuan Gas Region Production, MMboe, 20042014 26
Figure 15: PetroChina Company Limited, Changqing Oil and Gas Region Production, MMboe, 20042014 27
Figure 16: PetroChina Company Limited, Tarim Oil and Gas Region Production, MMboe, 20042014 28
Figure 17: PetroChina Company Limited, Exploration and Development Cost, $m, 20042009 30
Figure 18: PetroChina Company Limited, Total Crude Oil and Natural Gas, Production, MMboe, Q4, 2009-Q4, 2010 46
Figure 19: PetroChina Company Limited, Total Crude Oil Production, MMbbl, Q4, 2009-Q4, 2010 47
Figure 20: PetroChina Company Limited, Total Natural Gas Production, Bcf, Q4, 2009-Q4, 2010 48
Figure 21: PetroChina Company Limited, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), 2005-2010 50
Figure 22: PetroChina Company Limited, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2005-2010 51
Figure 23: PetroChina Company Limited, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2010 52
Figure 24: PetroChina Company Limited, Crude Oil Production and Reserves Metrics, MMbbl, 2005-2010 53
Figure 25: PetroChina Company Limited, Crude Oil Reserve Changes, MMbbl, 2010 54
Figure 26: PetroChina Company Limited, Natural Gas Production and Reserves Metrics, Bcf, 2005-2010 55
Figure 27: PetroChina Company Limited, Natural Gas Reserve Changes, Bcf, 2010 56
Figure 28: PetroChina Company Limited, Upstream Capital Expenditure, $m, 2005-2010 57
Figure 29: PetroChina Company Limited, Development Costs, By Country/Region, $m, 2005-2010 58
Figure 30: PetroChina Company Limited, Exploration Costs, By Country/Region, $m, 2005-2010 58
Figure 31: PetroChina Company Limited, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2005-2010 60
Figure 32: PetroChina Company Limited, Revenue and Expenses, $m, 2005-2010 63
Figure 33: PetroChina Company Limited, Exploration Expenses, By Country/Region, $m, 2005-2010 64
Figure 34: PetroChina Company Limited, Net Income/ Loss, By Country/Region, $m, 2005-2010 64
Figure 35: PetroChina Company Limited, Oil & Gas Revenue, By Country/Region, $m, 2005-2010 65
Figure 36: PetroChina Company Limited, Total Expenses, By Country/Region, $m, 2005-2010 65
Figure 37: PetroChina Company Limited, Oil and Gas Revenue and Expenses, $/boe, 2005-2010 67
Figure 38: PetroChina Company Limited, Lifting Cost per boe, By Country/Region, $/boe, 2005-2010 68
Figure 39: PetroChina Company Limited, Oil and Gas Performance Metrics, 2005-2010 69
Figure 40: PetroChina Company Limited, Land Holdings (Developed and Undeveloped Acreage), Acres, 2005-2010 70
Figure 41: PetroChina Company Limited, Producible Oil and Gas Wells, 2005-2010 72
Figure 42: PetroChina Company Limited, Exploratory and Developed Wells, 2005-2010 74