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Petrochina Growth, Cash and Competitor Analysis

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oil3(Sept. 7, 2009) Revenue and earnings growth analysis following 2009 first six months (2009 H1) financial results. The below charts show the results for Petrochina (NYSE:PTR) across three six months periods (2008H1,  2008 H2, and 2009 H1). Revenues of Petrochina (NYSE:PTR) fell by 24.7% from 2008 H1 to 2009 H1. This was primarily because of the low levels of international crude oil prices during the first half of 2009. Affected by the global financial crisis, there was also a slowdown in the growth of PRC real economy and decline in demand for refined and chemical products. However, the overall demand for natural gas remained high. In spite of slowdown, PTR posted a steady net profit of RMB50,501 million.

 

ptr_revenue_profit

ptr_eps

The following chart shows a comparison between Petrochina (NYSE:PTR) and its competitors China Petroleum & Chemical Corp. (NYSE:SNP), known as Sinopec, and CNOOC Ltd. (NYSE:CEO) in the industry in terms of some key income statement variables. Even though Sinopec (NYSE:SNP) has posted higher revenues than Petrochina, Sinopec has incurred a very high operating expense as compared with PTR which in turn has reduced its net profit, less than that of PTR. Petrochina has posted the highest net profit among all three in the industry.

 

compare_PTR_CEO_SNP_09H1

Cash Flows:

PTR Cash Flows

cash_PTR_09H1

The above chart shows the cash flows for Petrochina (NYSE:PTR) during the first half of 2009. The operating cash flows increased by 58.7% when compared to the same time last year. This was because of optimal management of current assets such as inventories and working capital. The cash flow from financing activity increased by 39.7%. This was primarily due to the advance payment for construction projects and acquisition activities. PTR has posted a strong net cash flow of RMB56,082.

Cash Flows - Competitor analysis

cash_PTR_CEO_SNP_09H1

The above chart compares the net operating, financing, investing and net cash flows for PTR, SNP and CNOOC Ltd. (NYSE:CEO) for the first half of 2009. PTR has generated the highest cash from operating activities among all three in the industry. Operating cash flow is a good indication of the health of the business as the cash is generated from core business operations. As indicated above, PTR has invested aggressively in new construction projects and acquisitions as part of their business expansion plans when compared to China Petroleum and Chemical Corp. (NYSE:SNP) and CNOOC Ltd. (NYSE:CEO). Petrochina acquired 45.51% stake in Singapore Petroleum Company limited. PTR raised RMB45,000 million by issuing debt-term debt. The net cash flow for PTR is the highest when compared to SNP and CNOOC.



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