PetroChina Co Ltd Class H

00857: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$9.90	Tvn	Msslldmn

PetroChina’s Strong Q1 Results Underpinned by Robust Upstream and Marketing Earnings

Chokwai Lee

May 1, 2023

Business Strategy and Outlook

PetroChina is the listed arm of one of China's two integrated oil majors and the largest oil producer. With revenue and assets more heavily weighted toward the upstream activities, PetroChina is more sensitive to swings in the oil price than its peer, Sinopec. In addition, the firm’s downstream operations lag Sinopec, which has better scale and efficiency in the sector. However, PetroChina will benefit more in a rising oil price environment.

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