PTR Sep 2020 45.000 put

OPR - OPR Delayed price. Currency in USD
8.40
0.00 (0.00%)
As of 12:44PM EST. Market open.
Stock chart is not supported by your current browser
Previous close8.40
Open8.40
Bid0.00
Ask0.00
Strike45.00
Expiry date2020-09-18
Day's range8.40 - 8.40
Contract rangeN/A
Volume5
Open interest112
  • PetroChina (PTR) 2019 Earnings Down, Warns of Coronavirus Impact
    Zacks

    PetroChina (PTR) 2019 Earnings Down, Warns of Coronavirus Impact

    PetroChina's (PTR) overall production of oil and natural gas increased 4.6% year over year to 1,560.8 million barrels of oil equivalent.

  • Even China’s Big Oil Is Cutting Back
    Bloomberg

    Even China’s Big Oil Is Cutting Back

    (Bloomberg Opinion) -- Under the watchful eye of Beijing’s energy hawks, China’s oil and gas majors have splurged for more than a decade, first on deals abroad and then drilling at home. Yet with crude prices at less than half where they were at the start of the year and demand battered by a coronavirus epidemic, they’re preparing to cut back.Cnooc Ltd. signaled Wednesday it might reduce its 2020 capital expenditure budget, which was set at as much as $13 billion, the highest since 2014. PetroChina Ltd., the country’s largest oil producer with a market value of $117 billion, suggested Thursday that it would do the same. Given the delicate politics involved, it’s a welcome hint of rational frugality.Energy security has always been a top concern for China’s leadership. Overseas deals peaked at $28 billion in 2012, the year Cnooc bid for Canada’s Nexen. Local production growth has been less exuberant, and China has been importing ever more. As trade tensions with Washington rose in 2018, President Xi Jinping urged the country’s state-owned titans to drill. That set off a frenzy from deepwater fields in the South China Sea to shale gas in Sichuan, where China Petroleum & Chemical Corp., known as Sinopec, has led. Performing national service is fine when oil is at $60 a barrel, even if the improvements are unimpressive compared to the capital spent. It’s a different matter when West Texas Intermediate is just coming off an 18-year low of less than $20. That’s a price at which no one can make money — not even Cnooc, with an all-in production cost of less than $30 per barrel of oil equivalent. Cnooc’s adventures in U.S. onshore and Canadian oil sands look terrible; its buccaneering domestic ventures are little better.Overseas, oil majors from Chevron Corp. to Saudi Aramco are cutting spending to preserve capital. Dividends are precarious. Logic dictates that China’s producers, even with healthier balance sheets, will follow the same pattern. The question is whether they can put financial logic ahead of political necessity. So far, the message is cautious: Cnooc executives pointed out that 2020 spending targets were drawn up when oil was at $65, so adjustments would be made. It gave no specifics. PetroChina, meanwhile, didn’t disclose precise targets for the year. That’s no accident, given a volatile market. After a string of personnel changes, there are new bosses across the industry. Political priorities haven’t been set in stone, given the delay in the annual National People’s Congress meeting. Still, the official message has been clear: Life is returning to normal after a devastating shutdown. Announcing a drastic spending cut, or anything that might hint at job losses or a weak economy, simply isn’t on the cards. PetroChina employed 476,000 at the end of 2018.That doesn’t mean that there won’t be mild cuts followed by steeper ones later in the year, a pattern seen before.How steep? Unlike during the last price crunch, in 2014 and 2015, the forward curve suggests prices will remain low, with little prospect for a quick solution to the Russia-Saudi spat that has worsened a global supply glut. Demand, meanwhile, is in the doldrums. China’s economy, and therefore its own appetite for oil and gas, is recovering only slowly, and the rest of the world is ailing as more lockdowns, factory closures and travel restrictions are imposed to limit the spread of the coronavirus. Analysts at UBS Group AG forecast Cnooc’s capex could come down 25% over the next two years, a cut that could be far deeper if oil averages closer to $30 this year. Overall, they project Chinese state-owned oil producers could cut spending by over a third, dragging production down 8% to 9%. Exploration budgets may be trimmed, though domestic production — where job preservation remains key — will mostly be spared. That leaves refining and other downstream activities, plus projects abroad, to bear the brunt. Low energy prices aren’t all bad for China, which imports more than 70% of the crude it consumes. Even liberalization of the domestic gas market becomes easier when prices are low enough for consumers to cope with change, Michal Meidan of the Oxford Institute for Energy Studies points out. Cheaper oil could eventually stimulate demand. For now, a little less drilling all round. This column does not necessarily reflect the opinion of Bloomberg LP and its owners.Clara Ferreira Marques is a Bloomberg Opinion columnist covering commodities and environmental, social and governance issues. Previously, she was an associate editor for Reuters Breakingviews, and editor and correspondent for Reuters in Singapore, India, the U.K., Italy and Russia.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Reuters - UK Focus

    LIVE MARKETS-Selloff: PetroChina, Saudi Aramco coincidence

    You can share your thoughts with Thyagaraju Adinarayan (thyagaraju.adinarayan@thomsonreuters.com), Joice Alves (joice.alves@thomsonreuters.com) and Julien Ponthus (julien.ponthus@thomsonreuters.com) in London. Did you know the market top before the 2008 financial crisis came around PetroChina's IPO and the market top this time around was preceded by Saudi Aramco's IPO. Another one here, both companies were the world's largest listed oil companies at the time of the listing.

  • Xi Ordered China’s Oil Industry to Drill, Then the Crash Came
    Bloomberg

    Xi Ordered China’s Oil Industry to Drill, Then the Crash Came

    (Bloomberg) -- Oil’s historic price crash is presenting an uncomfortable dilemma to China’s energy majors: follow market signals to cut drilling, or heed President Xi Jinping’s orders to boost output.While China’s main influence on global oil is as the world’s largest importer, it also produces 3.8 million barrels a day, more crude than all but two of OPEC’s individual members. The last time crude slumped this low, in 2016, China’s response was to cut spending at old and expensive fields, and output slumped.That may not be an option this time, after trade tensions with the U.S. prompted Xi in 2018 to order an increase in domestic exploration and production to safeguard the country’s energy security. The longer the price collapse lasts, the more the government’s push for energy sufficiency will be tested, with state-owned firms like PetroChina Co., Sinopec Corp. and Cnooc Ltd. caught in the middle.“The Chinese government still wants to produce more to enhance its self-sufficiency rate,” said Dennis Ip, an analyst at Daiwa Capital Markets Hong Kong Ltd. “Lower oil prices are definitely going to hurt the cash flow for those Big Three oil majors. Whether they execute 100% of their capital plan this year, or try to defer, really depends on how long this lasts.”Crude prices have tumbled by nearly half since the beginning of the year as the coronavirus outbreak saps demand and Saudi Arabia and Russia unleash supply in what appears to be the start of a price war. U.S. drillers like Occidental Petroleum Corp. and Diamondback Energy Inc. have already announced plans to slash spending amid the rout.China’s drillers are particularly sensitive to lower prices, because its fields are older and require more work to sustain production, said Parul Chopra, vice president for upstream research at consultancy Rystad Energy AS. The price needed for new wells to break even in the country is about $41 a barrel, compared to $13 for Saudi Arabia and $11 for Iraq, he said. PetroChina, the country’s biggest oil company, described some of its fields as having “no hope” of being profitable during the 2016 price crash.China’s oil production plummeted during the last crash, from a peak of 4.3 million barrels a day in 2015, when it was the world’s fifth-biggest producer, to 3.8 million barrels in 2018, when it fell to No. 8.By then, the country had surpassed the U.S. to become the world’s biggest oil importer. With trade tensions boiling, Xi instructed state-owned energy firms to boost output. China National Petroleum Corp., the majority owner of listed PetroChina, said it would adopt “revolutionary measures” to ensure stable or increased production.The country’s three oil majors raised spending the following year by 18% and managed to reverse the decline in production. It came at a cost, though. PetroChina’s shares fell 20% even as the MSCI Asia Energy Index rose 6% and it was accused of putting national service above shareholders.China’s economic recovery from the coronavirus outbreak will add more incentive to keep drilling activity elevated, said Max Petrov, a principal analyst with energy consultancy Wood Mackenzie Ltd.“Beijing will want to keep energy flows and employment levels running high as economic activity returns to normality after the impact of Covid-19,” he said. “This suggests spending will remain high or accelerate during the second half of the year.”In the wake of this week’s price collapse, analysts have been busy marking down their forecasts for the listed units. While the big oil firms enjoy government favor -- and subsidies -- they’re not protected from market circumstances. PetroChina, for example, imports gas at a loss to facilitate China’s switch from coal to the cleaner burning fuel.Of the Big Three, Sinopec may be best placed to ride out the oil market’s meltdown, according to Citigroup, because of its huge refining operations, which benefit from cheaper crude. At the same time, the value of its oil inventory will have been crushed by the collapse, and that’ll weigh on profits.Cnooc, the biggest offshore explorer, is the only one of the three to announce spending plans this year, saying in January it would boost expenditure to the highest level since 2014. Daiwa’s Ip said all three companies are conducting internal analysis on spending levels following the recent price crash, and have yet to decide a course of action.Sinopec declined to comment on its spending plans. PetroChina and Cnooc didn’t respond to requests for comment.While the oil crash will hurt drillers’ profits, it offers another way for the country to boost energy security, said Tian Miao, an analyst at Everbright Sun Hung Kai Co. Plunging prices are creating an opportunity for China to import cheap crude to fill its strategic reserves, which it can tap if its supplies are ever threatened.“China’s commitment to boosting domestic oil and gas production will stay unchanged for the long term,” she said. “Domestic oil majors’ incentives for higher output and more capex will inevitably be reduced if oil prices remain weak for the rest of the year, but that can be offset by higher imports.”To contact the reporters on this story: Dan Murtaugh in Singapore at dmurtaugh@bloomberg.net;Jing Yang in Shanghai at jyang251@bloomberg.netTo contact the editors responsible for this story: Ramsey Al-Rikabi at ralrikabi@bloomberg.net, Jason Rogers, Jasmine NgFor 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.

  • Asian spot LNG prices edge higher as supply tightens
    Reuters

    Asian spot LNG prices edge higher as supply tightens

    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 suspends some gas contracts as coronavirus hits demand: sources
    Reuters

    PetroChina suspends some gas contracts as coronavirus hits demand: sources

    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.

  • Exclusive: PetroChina suspends some gas contracts as coronavirus hits demand - sources
    Reuters

    Exclusive: PetroChina suspends some gas contracts as coronavirus hits demand - sources

    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.

  • Exclusive: China's top gas importer PetroChina declares force majeure on imports - sources
    Reuters

    Exclusive: China's top gas importer PetroChina declares force majeure on imports - sources

    China's top gas importer PetroChina 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.

  • The Zacks Analyst Blog Highlights: Medtronic, PetroChina Company, American Tower, Eversource Energy and Arista Networks
    Zacks

    The Zacks Analyst Blog Highlights: Medtronic, PetroChina Company, American Tower, Eversource Energy and Arista Networks

    The Zacks Analyst Blog Highlights: Medtronic, PetroChina Company, American Tower, Eversource Energy and Arista Networks

  • Top Research Reports for Medtronic, PetroChina & American Tower
    Zacks

    Top Research Reports for Medtronic, PetroChina & American Tower

    Top Research Reports for Medtronic, PetroChina & American Tower

  • Should Value Investors Buy PetroChina (PTR) Stock?
    Zacks

    Should Value Investors Buy PetroChina (PTR) Stock?

    Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

  • Reuters

    RPT-China's Unipec snaps up over 6 mln bbls of gasoil in Feb - data

    China's Unipec, an arm of Asia's top refiner Sinopec snapped up the lion's share of gasoil cargoes traded in Singapore this month, despite weaker domestic demand amid a coronavirus epidemic, according to trade data and industry sources. Unipec has bought about 6.4 million barrels of gasoil with a sulphur content of 10 parts per million (ppm) during the Platts Market on Close (MoC) process in Singapore this month, or 77.5% of the total volume of 8.3 million barrels traded in February, the data showed. Unipec bought the majority of these cargoes from PetroChina and Trafigura, starting at cash premiums of as high as $1 a barrel to Singapore quotes near the beginning of this month, down to the most recent purchase at a 20-cent premium on Tuesday.

  • Bloomberg

    R.I.P. HNA, and the $143 Billion Empire You Built

    (Bloomberg Opinion) -- The house of HNA Group Co. may be no more, bringing an end to the dramatic rise and fall of one of the biggest buyers of global assets in recent years. It was about time.The Chinese government is planning to take over the airline-to-insurance-to-property conglomerate that splashed out over $40 billion in recent years to buy assets including stakes in Hilton Worldwide Holdings Inc. and Deutsche Bank AG and airplane lessor Avolon Holdings Ltd., Bloomberg News reported citing people familiar with the plans. A government seizure would mark the final step in an unwinding of the closely held and debt-encumbered behemoth that began more than two years ago.  In theory, Beijing was already running the show behind the scenes. In early 2018, as Anbang Insurance Group Co. (another binge-buyer that scooped up assets like New York’s Waldorf Astoria Hotel) was being taken over by the Chinese government, HNA was extended over $3 billion of credit lines by large state-owned lenders to keep going. Since then, on Beijing’s directive, it has sold off assets and attempted to retreat to its core airline-related business. Despite state support, HNA has still been late to make payments on bonds and unable to effectively run the sprawling businesses it bought.An official takeover would mean ownership changes at its foreign affiliates and subsidiaries. Would Ingram Micro Inc., the Irvine, California-based electronics distributor HNA bought in 2016, effectively become a Chinese state-owned enterprise? And if it did, would the company then have to go back to the Committee on Foreign Investments in the U.S. for approval?Under its existing agreement with CFIUS, Ingram Micro is required to operate as a standalone company, and is subject to annual audits of its compliance with certain operating and security agreements, according to Moody’s Investors Service. The company’s board composition is governed by an agreement with CFIUS and the U.S. Defense Department. Another subsidiary, Swissport Group Sarl, a ground handler, serves over 300 airports and millions of metric tons of cargo through over 100 warehouses globally. HNA representatives comprise a majority of the board. If the government officially takes control of HNA, those relationships will get more complicated. Just this week, the U.S. State Department designated five Chinese state-owned media outlets as foreign missions, increasing their reporting requirements around property and personnel. Waltzing onto foreign boards or owning overseas real estate isn’t as easy for Chinese entities as it once was.It also makes sense that Beijing would act now, in the teeth of the coronavirus epidemic.There’s no doubt that with the outbreak all but halting the real economy, hard-up borrowers are coming to the fore. Analysts had long seen HNA’s indebtedness as a significant risk to the financial system. To fund the borrowing spree that fueled its risk, the company spun a complex web of debt between subsidiaries and affiliates, using its units as collateral at times to take on yet more debt.Now, Beijing is  opening the spigots and relaxing bad loan limits to encourage banks to lend more freely and keep the economy ticking over. In this emergency environment, the ongoing risk of a collapse in HNA’s enormous net debt pile — worth $69 billion at the end of June, bigger than the borrowings of PetroChina Co. or Walmart Inc. — isn’t helping. You’re less likely to extend credit to a struggling business if you think your existing loan book might turn bad.It’s never easy to undo the excess of an M&A binge, and HNA’s large and labyrinthine balance sheet has meant even its wave of selloffs has barely moved the needle. While total assets have fallen by about $46.53 billion, to $142.8 billion, since their peak at the end of 2017, net debt is actually marginally up, making it increasingly difficult for HNA to service its borrowings. Affiliates and subsidiaries like Ingram Micro and Swissport have already distanced themselves, placing clauses in debt agreements that protect their cash flows. Throughout HNA's history, operating income has only occasionally run ahead of interest payments.To the extent that management has been able to keep these plates spinning at all, it's likely to have depended heavily in recent months on the way that HNA's investments in logistics, air transport, catering and retail have given it a presence throughout the sinews of China's economy, and the world’s. The coronavirus represents a critical blow to that proposition. China's aviation market has shrunk from the world's third-biggest to 25th place because of the infection. Hotels and shopping malls are empty. Cash is barely flowing.Two years on, Beijing is still trying to shed the assets of Anbang, now renamed Dajia Insurance. Officially unwinding the House of HNA will prove a much hairier task. But China may have no other options left.To contact the authors of this story: Anjani Trivedi at atrivedi39@bloomberg.netDavid Fickling at dfickling@bloomberg.netTo contact the editor responsible for this story: Rachel Rosenthal at rrosenthal21@bloomberg.netThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Anjani Trivedi is a Bloomberg Opinion columnist covering industrial companies in Asia. She previously worked for the Wall Street Journal. David Fickling is a Bloomberg Opinion columnist covering commodities, as well as industrial and consumer companies. He has been a reporter for Bloomberg News, Dow Jones, the Wall Street Journal, the Financial Times and the Guardian.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Outlook for Oil & Gas Integrated International Industry Bleak
    Zacks

    Outlook for Oil & Gas Integrated International Industry Bleak

    Outlook for Oil & Gas Integrated International Industry Bleak

  • The Zacks Analyst Blog Highlights: Apple, PetroChina, Lockheed Martin, Morgan Stanley and Square
    Zacks

    The Zacks Analyst Blog Highlights: Apple, PetroChina, Lockheed Martin, Morgan Stanley and Square

    The Zacks Analyst Blog Highlights: Apple, PetroChina, Lockheed Martin, Morgan Stanley and Square

  • Earnings Season Scorecard and Research Reports for Apple, PetroChina & Others
    Zacks

    Earnings Season Scorecard and Research Reports for Apple, PetroChina & Others

    Earnings Season Scorecard and Research Reports for Apple, PetroChina & Others

  • What Does CNOOC's 2020 Capex & Production Guidance Tell Us?
    Zacks

    What Does CNOOC's 2020 Capex & Production Guidance Tell Us?

    CNOOC's (CEO) total capital expenditures for 2020 are projected in the range of RMB 85-RMB 95 billion.

  • China firms stock up cleaner shipping fuel overseas ahead of new emission rules
    Reuters

    China firms stock up cleaner shipping fuel overseas ahead of new emission rules

    Chinese marine fuel suppliers have signed up short-term deals to buy very low-sulphur fuel oil from companies like oil major Shell , Germany's Uniper 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 and Sinopec Corp have procured supplies from the international market to cover demand up to the end-March, executives at the three firms said.

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