|Bid||52.80 x 4000|
|Ask||53.10 x 800|
|Day's range||52.80 - 53.22|
|52-week range||47.65 - 83.24|
|Beta (3Y monthly)||1.14|
|PE ratio (TTM)||12.06|
|Forward dividend & yield||2.32 (4.40%)|
|1y target est||82.15|
China’s call to its oil majors to increase energy production from domestic sources has resonated with the big 3, but production successes aren’t mind-blowing just yet
(Bloomberg) -- China has chosen at least three banks to work on the formation of the planned national oil and gas pipeline company, according to people with knowledge of the matter.BOC International Holdings Ltd., China International Capital Corp. and CLSA Ltd. have been picked as the advisers, said the people, who asked not to be identified because the information is private. Their tasks include extracting pipeline assets from the parent companies of the state’s three listed oil and gas firms -- PetroChina Co., China Petroleum & Chemical Corp., known as Sinopec, and Cnooc Ltd. -- and setting up a new entity to hold the assets, the people said.The national pipeline company would be provisionally named China Pipelines Corp., people familiar with the matter have said. Under the plan, state-controlled and private funds will inject capital sufficient to lower the combined stake held by the three oil majors to about 50%. The company may then file for an initial public offering, while details of the share sale could still change, the people said at that time.China’s State-owned Assets Supervision & Administration Commission is expected to be the biggest shareholder in the new company, while the three oil giants will also have stakes, one of the people said.The creation of the company is part of President Xi Jinping’s drive to streamline industrial capacity, especially among state-owned enterprises. The country has been considering centralizing pipeline operations since at least 2014, aiming to spur wider natural gas distribution and upstream exploration.PetroChina owns 76% of the roughly 65,000 kilometers (40,000 miles) of midstream natural gas pipelines, while 10% is held by Sinopec and 6% by China National Offshore Oil, analysts at Credit Suisse Group AG said in a June report. The remaining are owned by provincial governments or independent operators, they said.Representatives for CLSA, the parent companies of Sinopec and PetroChina declined to comment, while Sasac and the parent of Cnooc didn’t immediately respond to requests for comment. Representatives for BOCI and CICC also didn’t immediately respond to requests for comment.(Updates response from PetroChina’s parent company and CLSA in the final paragraph.)\--With assistance from Carol Zhong and Feifei Shen.To contact Bloomberg News staff for this story: Vinicy Chan in New York at email@example.com;Crystal Tse in Hong Kong at firstname.lastname@example.org;Steven Yang in Beijing at email@example.comTo contact the editors responsible for this story: Fion Li at firstname.lastname@example.org, ;Shiyin Chen at email@example.com, Ramsey Al-RikabiFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
TOTAL (TOT) gets approval to go ahead with the $13-billion Papua New Guinea LNG project, which will help it to benefit from rising demand of LNG in emerging economies.
Danish pension fund MP Pension said on Tuesday it would sell its stakes in 10 of the world's biggest oil firms as it seeks to divest major sources of carbon emissions from its portfolio. MP Pension said it would sell its stakes in ExxonMobil , BP, Chevron, PetroChina, Rosneft, Royal Dutch Shell, Sinopec, Total, Petrobras and Equinor.
An independent Russian producer has made a foray into China's market for liquefied petroleum gas (LPG), jostling with Middle Eastern countries for what could be a lucrative foothold, market data showed and traders said. China is one of the world's largest importers and consumers of the fuel. Key suppliers to the country are the United Arab Emirates, Qatar, Kuwait and Saudi Arabia, which jointly account for more than 60% of China's LPG imports.
(Bloomberg) -- China Big Oil wrapped up a first half that rewarded exploration & production and punished refining.PetroChina Co. and Cnooc Ltd. on Thursday posted stronger earnings, while Sinopec, the fuel-making behemoth, said earlier in the week that profit slid 24% from a year ago. All three delivered on commitments to increase spending, seeking to fulfill President Xi Jinping’s demand for higher energy output.Investors seemed pleased, especially with Cnooc’s cost cutting. The company led gains on the Hang Seng Index in Hong Kong on Friday, rising as much as 6.5%. PetroChina added as much as 4.5%.Here are some highlights from their January-June results:Spending SpreeUnlike global titans such as Royal Dutch Shell Plc and Chevron Corp., who are keeping a tight rein on spending and returning cash to investors, China’s state-owned giants are splurging to expand output. While the trio aren’t yet at the midway mark of their annual capex targets -- spending tends to be concentrated in the second half -- they have significantly increased from last year.Growing OutputAll three are steadily increasing output, which hasn’t come easy considering that many of their oil fields back home are old and costly. That helps explains why they’re betting big on natural gas. Cnooc’s net production rose to a record in the first half, while PetroChina posted a double-digit growth in domestic gas supply. Gas output by Sinopec, officially known as China Petroleum & Chemical Corp., gained 7% despite overall production rising just 0.9%.* NOTE: Table shows changes in first-half production from year ago.Trimming FatCnooc’s cost-cutting shone through. The offshore explorer further lowered its all-in cost to $28.99 a barrel from $31.83 a year ago, helping offset the impact of falling oil prices on its operations. “Cost control continues to be excellent,” analysts at Sanford C. Bernstein said in a note.Gas Import PainPetroChina is getting some reprieve from importing natural gas. Those losses narrowed to the least since 2016, which the company attributed to higher domestic output trimming overseas purchases. The top producer sells gas to domestic users at state-controlled prices, which tend to be lower than its costs of importing gas through long-term supply contracts and pipelines from Central Asia.(Updates to add share prices in third paragraph.)\--With assistance from Kari Lindberg and Dan Murtaugh.To contact Bloomberg News staff for this story: Jasmine Ng in Singapore at firstname.lastname@example.org;Feifei Shen in Beijing at email@example.comTo contact the editor responsible for this story: Ramsey Al-Rikabi at firstname.lastname@example.orgFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
SAO PAULO/RIO DE JANEIRO (Reuters) - Brazil's planned privatisation of eight Petroleo Brasileiro SA refineries has lured several of the world's largest trading and oil companies as prospective bidders, two sources with knowledge of the matter said. Around 20 companies have signed non-disclosure agreements granting them access to the refineries' data and signalling that they are considering a bid, the sources added, speaking on condition of anonymity to disclose private details of the sale. The first round of non-binding offers for four of the eight refineries Petrobras put on the block is due on Oct. 11, the sources said.
SAO PAULO/RIO DE JANEIRO (Reuters) - Brazil's planned privatization of eight Petroleo Brasileiro SA refineries has lured several of the world's largest trading and oil companies as prospective bidders, two sources with knowledge of the matter said. Around 20 companies have signed non-disclosure agreements granting them access to the refineries' data and signaling that they are considering a bid, the sources added, speaking on condition of anonymity to disclose private details of the sale. The first round of non-binding offers for four of the eight refineries Petrobras put on the block is due on Oct. 11, the sources said.
(Bloomberg) -- China’s biggest energy company is backing away from direct purchases of Venezuelan crude as the Trump administration tightens sanctions against the South American nation.China National Petroleum Corp. has canceled plans to load about 5 million barrels worth of Venezuelan oil onto ships this month in the aftermath of the latest executive order by President Donald Trump, according to people with knowledge of the situation who asked not to be identified discussing proprietary information.CNPC joins Turkey’s largest bank, Ziraat Bank, which severed its relationship with Venezuela’s Central Bank following sanctions. The moves represent a setback for Venezuelan President Nicolas Maduro, who has been counting on both China and Russia to keep the country going amid a humanitarian crisis, food shortages and hyperinflation.China became the top destination for Venezuelan crude after U.S. sanctions against state-owned Petroleos de Venezuela SA were announced at the end of January. Venezuela may run low on options without the help of CNPC to export oil, a main source of revenue that bankrolls the Maduro regime. The three August-loading cargoes canceled by CNPC’s subsidiary PetroChina Co. Ltd. haven’t so far attracted another buyer, according to reports seen by Bloomberg.PetroChina’s press office declined to comment on market speculation, citing company policy.On Aug. 5, Trump signed an executive order authorizing sanctions on anyone who provides support to Maduro. Opposition leader Juan Guaido, recognized by the Trump administration as the country’s leader, is backed by more than 50 countries.PetroChina’s pullback doesn’t mean China will completely turn away from Venezuelan oil. Other companies can continue to supply China’s independent refiners known as teapots with the South American nation’s crude, according to people familiar with the matter.China has been a staunch supporter of the Venezuelan government since its first oil-backed loan to late president Hugo Chavez. The Asian nation has loaned $50 billion in the past decade in exchange for oil. China, along with Russia, is one of 14 nations that support Maduro.This will be the first time in more than a decade that PetroChina forgoes Venezuelan crude, according to data compiled by Bloomberg. China has imported 339,000 barrels a day of Venezuelan oil this year. Most of the barrels come via PetroChina, but in the wake of U.S. sanctions, Russia’s Rosneft Oil Co PJSC has stepped up to supply Venezuelan oil to the country’s independent refiners.\--With assistance from Feifei Shen and Patricia Laya.To contact the reporters on this story: Lucia Kassai in Houston at email@example.com;Alfred Cang in Singapore at firstname.lastname@example.orgTo contact the editors responsible for this story: David Marino at email@example.com, Joe CarrollFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Singapore Jurong Port Tank Terminal's (JPTT) petroleum and petrochemical storage facility in Jurong Island has been fully leased, with China's PetroChina taking up all of its phase 1 capacity, JPTT said on Monday. JPTT's phase 1, which comprises 252,000 cubic metres of clean storage and petrochemicals capacity, started partial operations on April 1 this year. "The majority of the existing tanks are used for gasoline storage with the balance used for chemical components for the blending of gasoline," JPTT chief executive Ooi Boon Hoe said in a statement.
LONDON/SINGAPORE (Reuters) - Italian oil major Eni , China's overseas energy unit PetroChina and two trading houses are vying to supply liquefied natural gas (LNG) to Pakistan in one of the largest tenders ever worth billions of dollars, two sources familiar with the matter said on Friday. The 240-cargo 10-year tender, which is likely to be worth from $5 billion (£3.99 billion) to $6 billion according to Reuters calculations and the estimates of another source based on current market conditions, was issued last month and closed on Thursday. Pakistan is expected to be a significant growth driver in global LNG demand, with Wood Mackenzie estimating the country will need 25 million tonnes a year as domestic supplies dwindle and its economy grows.
Chinese oil refiners want changes to tax laws on the consumption and sale of fuel oil in order to start producing low-sulphur marine fuel when new global clean fuel rules start in 2020, four executives at Chinese oil companies said this week. China's central government must waive a 1,218 yuan ($177.11) per tonne consumption tax and offer rebates of the 13% value-added tax currently levied on fuel oil to allow the country's refiners to economically produce the very low-sulphur fuel oil (VLSFO) needed to meet the rules, officials at China Chemical and Petroleum Corp, PetroChina and China National Offshore Oil Co said.
If the plan to modify Chevron's (CVX) Kitimat facility to an 'all-electric' design materializes, the project will boast the lowest emission intensity among all large-scale LNG projects in the world.
While China's efforts to increase output may offset production decline from aging oilfields, it is not likely to reduce its dependence on foreign oil and gas imports.