PetroChina (601857): Steady growth in oil and gas production
PetroChina announced its third quarter report for 2019.
In the first three quarters of this year, the company achieved operating income of 18,144.
2 billion, an annual increase of 5.
1%; net profit attributable to shareholders of the parent company was 372.
5.3 billion (equivalent to RMB income)
20 yuan), a decline of 23 per year.
From the single quarter data, the company achieved operating income of 6181 in the third quarter.
43 ppm, an increase of ten years.
8%; Net profit attributable to shareholders of the parent company was 88.
3 billion (equivalent to RMB income)
05 yuan), down 58 before.
Exploration and production: Oil and gas production has steadily increased.
In the third quarter, the exploration and mining segment achieved a turnover of 1631.
3.7 billion, down 7 every year.
18%; realized operating profit of 233.
07 billion, down 16 every year.
We believe the drop in crude oil prices has caused the company’s upstream business profit to decline.
In terms of oil and gas production, the company has achieved a steady increase in production.
The company’s crude oil production in the third quarter 2.
3.1 billion barrels, an annual increase of 2.
30%; natural gas production is 9285 billion cubic feet, an annual increase of 6.
Refining and Chemicals Business: Profitability remains at the highest level.
In the third quarter, the company’s refining and chemical business 成都桑拿网 achieved a turnover of 2265.
7.7 billion, a slight decrease of 0 every year.
87%; realized operating income 21.
6.6 billion, a year-on-year decrease of 83.
In the first three quarters of this year, the company’s refining business quarter EBIT was 1 respectively.
00 USD / barrel; in 2016-2018, it was basically above 3 USD / barrel.
The profitability of the refining business has fallen. We believe that it is mainly affected by excess refining capacity, product prices, and crude oil prices.
Natural gas and pipeline business: Relatively stable earnings.
In the third quarter, the company’s natural gas and pipeline business achieved a turnover of 810.48 ppm, a five-year increase of 5.
61%; realized operating income of 36.
48 ppm, an increase of 0 in ten years.
In the first three quarters of this year, the EBIT of this business was 0.
14 yuan / cubic meter, profitability decline in the second and third quarters, we think it is mainly due to the decline in LNG prices and natural gas imports can increase.
In the first three quarters of this year, the company may import natural gas 217.
640,000 yuan, a loss of 18 in ten years.
Sales business segment: Single quarter may appear.
In the third quarter, the company’s sales business segment achieved a turnover of 5,479.
68 ppm, a ten-year increase2.
37%; business outlook 14.
We believe that although the sales volume of refined oil products has increased, competition has intensified due to the glut of refined oil products, resulting in the company’s sales business segment ending in a single quarter.
Earnings forecasts and investment advice.
We expect the company’s EPS for 2019-2021 to be 0.
34 yuan, 6 BPS in 2019.
Refer to comparable companies’ assessment levels and give them January 2019.
3 PB, corresponding to a reasonable value interval 7.
07 yuan, maintaining the “long-term market” investment rating.
Risk Warning: Crude oil prices continue to fall, natural gas prices are lowered, and the prosperity of the refining and chemical industry is decreasing.