Company Report
CNPC corporate profile
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
CNPC is one of the largest integrated oil and gas companies globally, with upstream production hitting a record high of 6.47 mmboe/d in 2024. As a state-owned energy champion, CNPC has invested heavily in domestic unconventional gas to grow production and address concerns about energy security. CNPC paused major international M&A in 2013 and has since focused on domestic unconventional gas. As gas exploration has become more challenging and costly, the company needs to re-energise its portfolio.
Table of contents
- CNPC Corporate Structure
- Resilience
- Sustainability
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Upstream dominates
- Recent market performance
- Focusing on core oil and gas while developing emerging energies
- Key targets
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Low breakeven, more sustainable cash generation
- Financial outlook
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Mature domestic upstream oil; Eye on unconventional gas potential
- Current portfolio
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Focusing on onshore oil and unconventional gas
- Capex
- Opex
- New project returns
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Long-term growth underpinned by tight gas and shale gas potential
- Wood Mackenzie view
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Conventional onshore dominates while unconventional resources catch up
- Business development
- CNPC narrows its supply-demand gap with new term contracts
- 1 more item(s)...
Tables and charts
This report includes the following images and tables:
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CNPC: corporate structurePetroChina Resilience: 1) benchmarking; 2) ratings weighted by DimensionPetroChina Sustainability: 1) benchmarking; 2) ratings weighted by Dimension
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Benchmark: NPV10 by segment*CNPC: upstream NPV10 > US$1 billionCNPC: dividend and payout ratio2024 Gearing ratio vs 2025-2027 breakevenCNPC: WI production by countryCNPC: WI production by resource themeCNPC: remaining resources by commercialityCNPC: remaining resources by access typeContracts by supply region vs. uncontracted demand
- 19 more item(s)...
What's included
This report contains:
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