|Bid||111.84 x 900|
|Ask||111.75 x 800|
|Day's range||111.01 - 113.04|
|52-week range||81.11 - 193.66|
|Beta (5Y monthly)||1.27|
|PE ratio (TTM)||9.70|
|Forward dividend & yield||11.61 (10.27%)|
|Ex-dividend date||02 Jun 2020|
|1y target est||119.44|
(Bloomberg) -- China’s biggest oil and gas producer will adjust its spending plan this year, adding to signals that the government’s push to boost domestic production can’t withstand the collapse in crude prices.PetroChina Co. will “dynamically optimize and adjust” its capital expenditures for 2020, the company said Thursday as it reported earnings, adding that the board had earlier approved spending of about 295 billion yuan ($42 billion), slightly less than last year. That follows a vow Wednesday by Cnooc Ltd., the country’s top offshore producer, to cut capex this year.The spending revisions come as Chinese oil majors have been under pressure from President Xi Jinping’s government to boost domestic output amid the country’s rising dependence on imports in recent years. Neither PetroChina nor Cnooc provided new spending estimates.“Considering the impact of Covid-19 and changes in international oil prices, the group will follow the principle of positive free cash flow, dynamically optimize and adjust the capital expenditures for 2020,” PetroChina said in its statement. The company’s capital spending last year rose 16% to 297 billion yuan, the highest level since 2013.PetroChina will try to balance efforts to address low oil prices with the need to secure energy supply in China, Vice President Li Luguang said on an earnings call. It will plan 2020 crude oil and natural gas production volumes based on this, Li added.Cnooc officials said Wednesday that they would cut capital expenditures from a previous forecast of 85 billion to 95 billion yuan. It spent 79.6 billion yuan in 2019, an increase of 27%.Sinopec Corp., China’s other state-owned oil and gas giant, is set to report earnings Sunday.Cnooc management sees room to lower costs further and will focus efforts on overseas projects, which have higher costs than domestic operations. The company said it plans to reduce some less-efficient overseas output while bolstering domestic production.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Guyana's third-ever crude cargo for export, entitled to the government as profit oil from the Liza project, set sail on Thursday on tanker Cap Philippe, bound for Panama, according to Refinitiv Eikon data. The 1-million-barrel cargo, along with other two shipments of the same volume to follow, were sold by the Guyanese government to Royal Dutch Shell in a December tender. The first two cargoes of crude produced at the Liza project were entitled to Exxon and exported by the company to the U.S. Gulf Coast and Panama, according to the Eikon data.
While LNG prices plunge due to a supply glut, this gives Sinopec (SNP) a leverage over Cheniere, which is the supplier in the potential $16-billion LNG deal.
Chinese offshore oil and gas major CNOOC plans to lift capital spending to the highest level since 2014, it said on Monday, as it sharpens its focus on domestic drilling. CNOOC, one of the industry's lowest-cost explorers and producers, will maintain its cost competitiveness after record low costs in 2019, finance chief Xie Weizhi told a media briefing. CNOOC's strategy is in light of its expectations that global oil prices will be influenced more by Saudi Arabia-led producers rather than geopolitical factors such as the U.S.-China trade war or the worsening Iran-U.S. relations, said Xie.
With this deal, Shell (RDS.A) will expand its footprint in the oil market of Guyana, thus supporting the country's oil marketing efforts.
ExxonMobil (XOM) expects the first phase of the deepwater Liza field to hit production of 120,000 barrels of oil per day off the coast of Guyana.
Reportedly, ExxonMobil (XOM) plans for shipment of two cargoes, each with a capacity to carry 1 million barrels of oil from deepwater Liza field in January.
ExxonMobil (XOM) has made 14 discoveries at the Stabroek block, wherein recoverable reserves are estimated to be more than 6 billion barrels of oil equivalent.
Equinor (EQNR)-run Johan Sverdrup oil field's phase one production projection of 440,000 barrels of oil per day for summer 2020 is constant.
Uganda said on Monday it had settled a tax dispute with international oil firms, clearing the way for Britain's Tullow Oil to revive plans to sell a stake in its assets and allow the firms to move to a final decision on development. The government has been locked in a dispute with the firms, including France's Total and China's CNOOC, over the taxes assessed on Tullow's plans to sell part of its stakes in the country's oil fields. Uganda's previous oil tax disputes have been around capital gains tax on proceeds from asset sales.
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.
Brazil's biggest-ever oil auction frustrated expectations on Wednesday, as high prices and the dominant role of state-run oil company Petrobras scared off global oil majors. Petroleo Brasileiro SA, as the Brazilian firm is also known, and Chinese state firms CNOOC and CNODC made the only bids out of over a dozen major oil firms who had registered. The setback was a harsh reminder that, even as promising offshore fields make Brazil a rare bright spot in Latin America's petroleum industry, steep signing bonuses and tricky production-sharing deals can keep foreign players at bay.
It is still too early to give a new timeline on a final green light for investment in Uganda's first oilfields, Tullow Oil Chief Executive Paul McDade said on Wednesday, reiterating Tullow's plan to sell down its stake. "We will not (make an) FID (final investment decision on) the project at the current equity," McDade told Reuters. Tullow's plan to sell another stake in its 230,000 barrel per day project in Uganda to France's Total and China's CNOOC, already partners in the fields, was called off in August due to a tax dispute with the Ugandan authorities.
As Brazil approaches the biggest oil auction in its history — and one of the world's most expensive ever — the field of deep-pocketed bidders has narrowed to less than a dozen oil majors. In Wednesday's auction, known as the transfer-of-rights (TOR) bidding round, firms are expected to pay up to 106.5 billion reais ($26.5 billion) in signing bonuses for fields that Brazil says may hold up to 15 billion barrels of untapped crude. In September, oil regulator ANP said 14 firms signed up to participate in the auction of four TOR blocks, which could cement Brazil's reputation as one of the world's hottest offshore plays.
Bids for North Sea oil and gas firm Siccar Point, backed by private equity groups Blackstone and Blue Water Energy, are due on Nov. 7 and are likely to target specific assets rather than the whole company, four industry sources said. The list of bidders is expected to include EIG-Harbour Energy backed Chrysaor that is currently the largest producer in the North Sea, private equity fund HitecVision, Royal Dutch Shell, BP , Equinor, Suncor, CNOOC and Repsol, the sources said.