Enerquill Advisory · Research Work with us
Screening universe › NOC / state › 0857.HK

PetroChina (0857.HK · HKEX / Shanghai)

NOC / state — HQ China. Oil & gas valuation, proved reserves, production, break-even, net-asset-value and jurisdiction-risk screen.
Category NOC / stateRegion ChinaCEO Dai Houliang (Chairman)Jurisdiction risk Med (45)

Overview

China's largest producer — Daqing (mature, declining), Changqing (Ordos, now the country's largest field), Tarim and Sichuan (gas/shale growth); fully integrated with large refining/chemicals plus dominant domestic gas pipeline/marketing (post-PipeChina); overseas barrels via parent CNPC.

State-controlled (~80%+ CNPC), trades at a low multiple with a high dividend payout and a growing gas mix; downstream refining is large but cyclically thin. Flags: state control, domestic price regulation, and a persistent A/H valuation gap.

Valuation snapshot (FY2025)

Market cap
$205bn
Enterprise value
$220bn
EV / EBITDA
3.4x
P / E
9.3x
FCF yield
8.2%
Dividend yield
5.0%
ROACE
9%
Debt / equity
20%
Net debt / EBITDA
0.2x
EV / reserves
$12.06/boe
EV / flowing
$44k/boe/d
Free cash flow
$16.8bn

Its EV/EBITDA of 3.4x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of 8.2% is higher than the 6.5% median, and at $12.06/boe of proved reserves it is cheaper than the $13.51/boe median.

On a balanced screen across the universe, PetroChina scores 50/100, strongest on valuation (69/100). Sub-scores: value 69, quality 28, growth 35, risk 44 (higher = riskier).

Reserves & production

PetroChina holds approximately 18.24 billion boe of proved (1P) reserves with FY2025 production of about 5,046 thousand boe/d (33% liquids), a reserve life of roughly 9.9 years. Break-even: ~$40/bbl (upstream lifting cost / note) — China's largest oil & gas producer; domestic upstream with regulated pricing; lifting cost ~$11-12/bbl; historical gas-import losses improving via price reform.

Net asset value (public-source)

For PetroChina, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.

Jurisdiction risk · production-weighted country risk

45 /100
Medium jurisdiction risk
Production-weighted average of the country scores below (0 = safest, 100 = riskiest).
Country / regionProd. shareCountry riskKey jurisdiction risk
China90%43State control, NOC dominance, limited foreign upstream access.
Central Asia / overseas10%64Export-route (CPC) dependence on Russia, contract disputes.
How this is scored. Each country's risk (0–100) is anchored to two named public indices — the OECD Country Risk Classification (0–7 official export-credit country risk) and the World Bank Worldwide Governance Indicators (Political Stability & Absence of Violence percentile) — blended 55/45 and rescaled to 0–100. A company's jurisdiction risk is the production-weighted average across the countries where it operates. This is a pure country measure, kept separate from company & financial risk (leverage, governance). Source: OECD Country Risk Classification (CRC) as of 24 July 2025, sourced via the German Federal Export Credit Guarantees (exportkreditgarantien.de) which applies the OECD consensus country risk category directly (values 0-7; 0 = lowest risk). High-income OECD members are not individually rated by the OECD and are set to crc=0 per the model spec (US, UK, Norway, Canada, Australia, Japan, NZ, and most of Europe incl. OECD members Israel, Poland, Hungary, Czechia, Lithuania, Ireland). 'ps' = World Bank Worldwide Governance Indicators (WGI) 'Political Stability and Absence of Violence/Terrorism' percentile rank, latest available (2023 vintage), 0-100 with higher = more stable; ps values are best sourced estimates rounded to the WGI percentile scale. Yemen not on OECD list ('./.') so crc estimated at 7. Iraq-Kurdistan and Falklands are non-standard model rows using judgment, not official OECD entries..

Need this for a live deal on 0857.HK?

Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.

Work with us →About Enerquill

Key assets & projects

AssetLocationTypeNotes
Changqing (Ordos Basin)ChinaOnshore oil & gasNow China's largest oil & gas field
DaqingChinaOnshore oilLegacy giant, mature/declining
Tarim BasinChinaOil & gasDeep gas/oil growth area, Xinjiang
Sichuan BasinChinaGas (incl shale)Key natural gas & shale gas growth
Refining & ChemicalsChinaDownstreamLarge integrated refining/petrochemical network
Natural Gas Pipelines/MarketingChinaGas midstream/marketingDominant domestic gas distribution
Overseas (CNPC assets)Central Asia/ME/AfricaUpstreamKazakhstan, Turkmenistan gas, Iraq, etc.
Kunlun / LNG terminalsChinaGasLNG import & distribution via Kunlun Energy

Five-year trend (FY2021–FY2025)

Metric20212022202320242025
Production (mboe/d)45504620472048005046
Proved reserves (bnboe)18.0018.3018.6018.8018.24
Revenue ($bn)363.0450.0418.0408.0400.6
EBITDA ($bn)70.092.090.093.065.3
Net income ($bn)12.820.722.422.922.0
Free cash flow ($bn)15.030.025.028.016.8

Get the 0857.HK one-page tearsheet (PDF)

Enter your email and we'll open a print-ready one-page tearsheet for PetroChina — and add you to the monthly oil & gas valuation screen.

Peer companies — NOC / state

2222 · Saudi Aramco0883.HK · CNOOCPBR · PetrobrasEQNR · Equinor0386.HK · SinopecPKN · OrlenONGC · ONGCEC · EcopetrolPTT · PTT PCLYPF · YPFOQEP · OQ Exploration & ProductionOIL · Oil India

Sources

✓ FY2025 figures verified against primary sources:

↗ Compare 0857.HK against 141 peers in the interactive screener

Disclaimer. Screening research only — a starting point, not investment or transactional advice. Figures are drawn from public sources (~mid-2026), may contain errors, and require independent due diligence before any decision.
Enerquill Advisory. Data compiled from company FY2025 filings and results releases; market data ~mid-2026. Larger names are verified against primary sources (shown on each page); smaller names are best-estimates pending verification. © Enerquill Advisory. enerquilladvisory.com