PetroChina Co Ltd Class H

00857: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$5.40	Ynw	Pwcfhcfb

PetroChina: Takeaways From Reverse Roadshow

Chokwai Lee

Jul 8, 2024

We attended PetroChina’s reverse roadshow to visit Daqing oilfield and Jilin oilfield and came back with a few takeaways. There is no change in our view, and we keep our fair value estimate at HKD 6.80 per H-share (CNY 6.20 per A-share). We think the shares are currently overvalued. We see the recent OPEC+ production cut extensions as a sign of weakness, not strength. Hence, we believe the West Texas Intermediate oil price could ease to USD 65-USD 70 a barrel in 2024 and this is negative to the revenue outlook for oil companies.

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