Company report
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19 Pages

CNPC corporate report


CNPC corporate report

Report summary

CNPC's strategic direction started to change before the oil price crash of 2014. Rising costs and Chinese government scrutiny saw a move away from increasingly bold international expansion. Weak fundamentals and government pressure to improve the efficiency and transparency of state owned enterprises has seen further retrenchment over the last two years. But growth prospects have been damaged by deep cuts and production declines beyond 2018 are a very real risk without a recovery in investment. There are signs that CNPC is starting to re-engage in international business development and this could signal a more expansive approach in 2017, led by government-to-government initiatives. We also expect a return to international M&A but timescales are uncertain and could depend on a sustained period of higher oil prices.   

What's included?

This report includes 2 file(s)

  • CNPC corporate report PDF - 822.66 KB 19 Pages, 6 Tables, 19 Figures
  • CNPC-PetroChina Corporate report.xls XLS - 3.37 MB

Description

The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.

This has forced companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.

This Upstream Oil and Gas Company report offers thought-provoking insight into corporate financial health, investment strategy and operational outlook supported by our proprietary asset data and energy research experts.

Widely used by both the energy and financial sectors, our report gives you a unique perspective on key strategic and financial challenges, as well as opportunities facing this oil and gas company.

Wood Mackenzie provides an independent evaluation and expert opinion on the operational performance, strategy and future of the world's top oil and gas companies. Our unique, objective analysis helps you understand, validate, compare and challenge market and corporate views so you can assess strategic opportunities.

  • Executive summary
    • Organisational Structure
  • Strategy
  • Valuation
  • Financial health
    • Options to free up capital
  • Resources, reserves and production
    • Production overview
    • Resources and Reserves Overview
  • Portfolio summary
  • Economic assumptions

In this report there are 25 tables or charts, including:

  • Executive summary
    • Executive summary: Table 1
  • Strategy
    • Benchmarking: international portfolio country risk exposure
    • Upstream portfolio analysis by country/province
    • CNPC: production by resource theme
    • Benchmark: evolution of upstream NPV,10
    • Benchmark: net acreage in key deepwater exploration provinces
    • Benchmark: Chinese NOC M&A deal value
  • Valuation
    • Relative share price performance since 2015
    • Evolution of market premium/discount
    • Domestic asset NPV,10
    • Top international assets, NPV,10
  • Financial health
    • Evolution of year-end net debt (PetroChina)
    • Breakdown of Brent price needed to achieve cash flow neutrality (PetroChina)
  • Resources, reserves and production
    • Production outlook
    • Reserves and resource detail
    • Benchmarking: reserves and resources detail
    • Benchmarking: reserves and resources life
  • Portfolio summary
    • Portfolio summary: Image 1
  • Economic assumptions
    • Base price assumptions (nominal terms)
    • Economic assumptions: Image 1
    • Economic assumptions: Image 2
    • High price assumptions
    • Low price assumptions
    • Valuation assumptions
    • Foreign exchange rate assumptions
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