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.
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).
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 ~$11-12/bbl; historical gas-import losses improving via price reform.
For PetroChina, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| China | 90% | 43 | State control, NOC dominance, limited foreign upstream access. |
| Central Asia / overseas | 10% | 64 | Export-route (CPC) dependence on Russia, contract disputes. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Changqing (Ordos Basin) | China | Onshore oil & gas | Now China's largest oil & gas field |
| Daqing | China | Onshore oil | Legacy giant, mature/declining |
| Tarim Basin | China | Oil & gas | Deep gas/oil growth area, Xinjiang |
| Sichuan Basin | China | Gas (incl shale) | Key natural gas & shale gas growth |
| Refining & Chemicals | China | Downstream | Large integrated refining/petrochemical network |
| Natural Gas Pipelines/Marketing | China | Gas midstream/marketing | Dominant domestic gas distribution |
| Overseas (CNPC assets) | Central Asia/ME/Africa | Upstream | Kazakhstan, Turkmenistan gas, Iraq, etc. |
| Kunlun / LNG terminals | China | Gas | LNG import & distribution via Kunlun Energy |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 4550 | 4620 | 4720 | 4800 | 5046 |
| Proved reserves (bnboe) | 18.00 | 18.30 | 18.60 | 18.80 | 18.24 |
| Revenue ($bn) | 363.0 | 450.0 | 418.0 | 408.0 | 400.6 |
| EBITDA ($bn) | 70.0 | 92.0 | 90.0 | 93.0 | 65.3 |
| Net income ($bn) | 12.8 | 20.7 | 22.4 | 22.9 | 22.0 |
| Free cash flow ($bn) | 15.0 | 30.0 | 25.0 | 28.0 | 16.8 |
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✓ FY2025 figures verified against primary sources:
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