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PetroChina

PetroChina is the largest oil and natural gas producer and seller in China as well as one of the largest oil companies in the world. The company engages primarily in oil extraction, natural gas production, exploration, refining, and petrochemical production. PetroChina has been steadily increasing the amount of oil it imports from other nations. In 2014 the company imported 435.6 mn barrels of crude oil while in 2017 the company imported 572.5 mn barrels. PetroChina's oil production volume fell by 3.4% YoY in FY17, while its natural gas production volume grew by 4.8%. This focus on increasing natural gas output is in-line with other Chinese oil & gas peers. Most of PetroChina's proved oil and gas reserves are in Northern, Western, and Southwestern China. PetroChina's 30 overseas production projects contributed 16.2% of oil and 7.9% of natural gas production for FY17. The company holds exploration licenses for 286.8 mn acres and production licenses for 29.7 mn acres. PetroChina has a large retail presence and owned 21,399 service stations, as of 31 December 2017 . (17 Sep 2018)

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Oil & Gas: OPEC+ Plays Let's Make a Deal

Sector Analysis: 07 Dec 2018, 11:38 AM ET - OPEC+ reportedly came together at the last minute for a 1.2 mmbd production cut although details are sparse at this point.

Oil & Gas: OPEC+ Struggling to Come Together

Sector Analysis: 06 Dec 2018, 2:02 PM ET - OPEC came away from its meeting in Vienna today empty-handed on an agreement, with plans to continue the discussion with OPEC+ tomorrow.

Oil & Gas: Slashing Oil Outlook, Downgrading E&Ps

Sector Analysis: 26 Nov 2018, 4:48 AM ET - We believe the recent 33% drop in oil prices is likely to be just the first leg of a deeper decline.  We are reducing our 2019 oil price view and recalibrating our IG and HY E&P investment recommendations to a more defensive position.

Oil & Gas: Bloodbath Over or Temporary Pause?

Sector Analysis: 15 Nov 2018, 5:11 AM ET - Oil prices finally turned north yesterday, with WTI closing up a scant $0.20/bbl to $55.89/bbl, following a record string of 12 straight down days which saw prices plunge $12/bbl, or 18%.  

Asia Corporate Recommendations: November 2018

Asia Corporate Recommendations: 01 Nov 2018, 4:38 AM ET - We lowered our recommendation on Anton Oilfield 2020 to Market perform. However, we upgraded our recommendations on a number of Chinese property bond issues and  initiated on the new Evergrande 2020 with an Outperform recommendation.

Asia Credit Calendar: Week of 29 October 2018

Strategy Analysis: 25 Oct 2018, 11:47 PM ET - 3Q earnings season begins. Issuers reporting this week include Bank of China, Agricultural Bank of China, ICBC, Minsheng Banking, ANZ, NAB, Macquarie, Nomura, OCBC, Health & Happiness, Alibaba and Baidu. 

Asia Corporate Recommendations: October 2018

Asia Corporate Recommendations: 01 Oct 2018, 4:59 AM ET - We assigned an Outperform recommendation to the CGN $ bond complex and Market perform recommendations to Country Garden's new 2022 and 2024 bonds. We also raised our recommendation on Baidu 2019 to Outperform. 

Asia Weekly: EM Currencies Falter As Fed Hikes

Asia Weekly: 28 Sep 2018, 2:26 AM ET - On Thursday, the Fed hiked its benchmark interest rate by 0.25% to 2.25% and is expected to raise it one more time in December.  Emerging market currencies, including the Indonesian Rupiah (IDR), have been under pressure as a result. 

Asia Credit Calendar: Week of 27 August 2018

Strategy Analysis: 24 Aug 2018, 3:15 AM ET - 13 Chinese property developers, 12 Chinese financial institutions and 6 Chinese industrial companies will release results next week.
Focused

PetroChina: May Suspend US LNG Purchases

Worth Watching: 13 Aug 2018, 4:10 AM ET - PetroChina (PetroChina, NR/NR/A+. Parent CNPC A2/A/A+) may suspend purchases of spot US liquefied natural gas cargoes during the winter to avoid potential trade tariffs, according to the press. PetroChina would instead increase purchases from o ..

Asia Corporate Recommendations: August 2018

Asia Corporate Recommendations: 01 Aug 2018, 5:28 AM ET - This month's new initiations: Agile 2021, KWG 2021 and Sunac 8.625% 2020 with M/P. Upgrades include Agile bond complex and Jinmao 2018 to M/P. Downgrades include CNOOC bond complex and Baidu 2019 to M/P, Sunac 2021 and Vedanta 2024 to U/P.

Oil & Gas: Mega-mergers Lead the Way in 2Q18

Sector Analysis: 16 Jul 2018, 10:24 PM ET - Global Oil & Gas M&A activity hit $97 bn in 2Q18, rising $31 bn, or 73%, sequentially and posting the highest quarterly total since 1Q17.

Asia Corporate Recommendations: July 2018

Asia Corporate Recommendations: 02 Jul 2018, 6:01 AM ET - Escalating US-China trade tensions and refinancing concerns for Chinese issuers amid stricter credit controls continue to weigh on investor risk appetite. We downgraded our recommendations on Alam, Jababeka, Agile and Yanlord recently.

Oil Markets: OPEC Leaves 'Em Guessing

Sector Analysis: 26 Jun 2018, 4:26 AM ET - OPEC and its non-OPEC partners in cooperation, collectively, OPEC+, threw the market a curveball over the weekend by failing to come up with any clear and concrete plans to bring production back online.
Focused

Asia Corporate Recommendations: June 2018

Asia Corporate Recommendations: 01 Jun 2018, 4:20 AM ET - "Sell in May and go away" proved wise yet again. We maintain a defensive stance towards Asian high yield, despite the recent sell-off. 

Oil & Gas: Market Tightens, Raising Price Forecast

Sector Analysis: 30 May 2018, 5:34 AM ET - Oil has come off the boil in the past week as the Saudis and Russia look to help ease tightening oil market conditions. However, we expect conditions will remain tight nonetheless - raising price forecasts.

Asia Credit Calendar: Week of 23 April 2018

Strategy Analysis: 19 Apr 2018, 11:33 PM ET - Chinese corporates start to release 1Q18 results. They include Anton Oilfield, China Aluminium Corp, Baidu, Dr Peng Telecom, China Grand Automotive and PetroChina.

Asia IG News: CNPC, ICBC, ABC, Alibaba, Tencent

Worth Watching: 09 Apr 2018, 5:59 AM ET - Asia IG News (Click on the hyperlinks to see CreditSights research)Greater China:China National Petroleum Corp (CNPC)'s share price gained 10% today, as the Chinese government announced a 30%-tax cut on shale gas for the next 3 years (1 April 2018 ..

Asia IG News: 21 March 2018

Worth Watching: 21 Mar 2018, 5:26 AM ET - Asia IG News Click on the hyperlinks to see CreditSights research)Greater China: China Resources Land's stock price rallied 5.3% today after its profit margin jumped.Geely's profit doubled in FY17 on higher SUV sales.Tencent plans to build blockch ..
Focused

Asia IG News: 16 March 2018

Worth Watching: 16 Mar 2018, 5:46 AM ET - Asia IG News (Click on the hyperlinks to see CreditSights research)Greater China: Baidu  expands smart hardware unit with $160 mn acquisition of Skyworth TV.Kunlun Energy sent record 8.49 billion cubic meters of natural gas to inland customers thr ..

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