From Los Angeles TimesIt's a world milestone as shares of China's largest energy producer begin trading on the Shanghai stock exchange.By Dawn C. Chmielewski, Los Angeles Times Staff Writer November 6, 2007SHANGHAI -- PetroChina Co. became the world's first company valued at more than a trillion dollars Monday, catapulting over U.S. energy titan Exxon Mobil Corp. as eager Chinese got their first shot at investing in the oil giant when its stock began trading on the Shanghai exchange.Shares of PetroChina nearly tripled as investors scrambled to get in on the offering. The stock opened at the equivalent of $2.24 and traded as high as $6.52 before closing at $5.90.That price, plus the value of shares traded on the New York and Hong Kong exchanges and those held by the company's government-controlled parent, gave PetroChina a total market value of $1.1 trillion -- more than double Exxon Mobil, at $486 billion.[Read more]
From National PostPetroChina’s much-publicized achievement of becoming the first company in history to top US$1-trillion in market capitalization has many wondering if this is a good reflection of China’s ascent on the global stage or merely a bubble that is due to burst any day now.China now accounts for four of the world’s top ten companies (also China Mobile, China Petroleum and Industrial and Commerical Bank), as well as seven of the globe’s 16 biggest names, Northern Securities points out in a note to clients.The Chinese market may be in an extremely speculative phase, the firm said, adding that while the its market cap used to be only a fraction of its GDP, the US$3.8-trillon in value for Chinese stocks now exceeds the nation’s estimated GDP of US$3.25-trillion by 17%.How does this compare with other emerging nations or the United States?It is significantly above Brazil, India and Russia, and is almost on par with the U.S. market’s valuation, Northern Securities said,
Following on from my story about the richest man in the world being from India, it has now come to pass that the world most valuable company by market capitalization is a Chinese company - PetroChina. PetroChina Co. shares more than doubled in their Shanghai debut Monday, giving the oil giant a $US1 trillion market capitalization and easily surpassing Exxon Mobil as the world's largest company. The run-up gave the oil giant a market capitalization more than twice that of US based Exxon Mobil. To put this in context - the market cap of PetroChina is 10% larger than Australia's GDP (Gross Domestic Product - Value of Goods and Services produced in 1 year) However using production metrics, Exxon Mobil is still significantly bigger than PetroChina. PetroChina produced 1.06 billion barrels of oil equivalent last year, compared to Exxon Mobil's 1.56 billion. Exxon Mobil reported revenue in 2006 of $365.5 billion and earned a net profit of $39.5 billion. PetroChina's 2006 revenue was only
When shares of PetroChina (PTR) begin to trade on the Shanghai exchange on Monday, they may double...
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By Claire Zhang
SHANGHAI, Nov 2 (Reuters) - Chinese stocks fell on Friday, hit by concern about monetary policy, weak global markets and selling to raise money to buy shares in PetroChina (0857.HK:...
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Record oil prices and strong sales and profits have vaulted PetroChina Co. Ltd. (PTR) past General Electric Co. (GE) as the world’s second-biggest company by market value.PetroChina also said it had completed procedures for its $5 billion A-share initial public offering and expects to list its shares on China’s Shanghai stock exchange in November. The pending swarm of fresh investors should bump the $434 billion PetroChina even closer toward the world’s largest company, the $525-billion Exxon Mobil Corp. (XOM).Adding to PetroChina’s hot streak, the company may make further discoveries in the northern Liaohe and Dagang areas, Bloomberg News reported that Chairman Jiang Jiemin stated at the Communist Party Congress in Beijing yesterday (Monday). The offshore oil discoveries would add to reserves from the Jidong Nanpu field, the nation’s largest oil discovery in almost half a century - and the site of newly discovered reserves.Overall, the hope is that more domestic oil producti
The news should cause some concerns or perhaps weeping among US investors who see big US companies...
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Warren Buffett appears to be clearing out Berkshire Hathaway (NYSE: BRK.A)'s portfolio of its PetroChina ADR (NYSE: PTR). shares. Berkshire actually owns the regular shares, not the ADRs. According to Reuters, Berkshire Hathaway has reduced its stake to about 3.1%, and since the required filings with the Security and Exchange Commission happen in the rears, Berkshire Hathaway may have disposed of all its shares by now.When I posted Serious Money: Berkshire Hathaway (BRK.A) cuts PetroChina (PTR) holdings again, I was under the impression that Buffett had maintained a sizable position in the stock. By most standards, this might still be the case, but as a percentage of what Berkshire held, it is clear now that it has decided to unload the stock, siding with its more vocal shareholders that it had no business supporting a company doing business with a Somalian Sudanese government which has demonstrated contempt for human rights and ignored international calls for change.Although Buffett
Warren Buffett's Berkshire Hathaway sold a block of listed shares in PetroChina for the fifth time in three months, dropping its stake in the company's share capital to 6.97%, according to a filing to the Hong Kong stock exchange Monday.
Since July, Buffett has scaled down his holding in PetroChina from 11.05%. He has sold 249.3 million PetroChina H shares in five disclosed sales.
Why is Buffett selling? To take profits. Warren Buffett got in on PetroChina's initial public offering in Hong Kong in March 2000 at 1.28 Hong Kong dollars.
Shareholders of PetroChina Co., the largest listed oil and gas producer in China by capacity, approved a plan to sell Class A shares in a domestic initial public offering ahead of a listing in Shanghai. The pricing won’t be too high. I think ordinary investors can afford it, President Jiang Jiemin said. Read Original Post Here
U.S. oil major Chevron Corp. won the right to help develop a PetroChina Co. gas field in Sichuan province, people familiar with the situation said, marking a rare inroad by a foreign company into China’s onshore oil and natural-gas production. Chevron’s bid was chosen over those of Statoil ASA of Norway, France’s Total SA and Anglo-Dutch oil giant Royal Dutch Shell PLC, the people said. Read Original Post Here
PetroChina Co., the nation's biggest oil producer, said reserves at the newly discovered Jidong Nanpu field in Bohai Bay may be larger than initial announcements indicate.
PetroChina plans to produce 10 million metric tons of oil (200,000 barrels a day) from the field by 2012, President Jiang Jiemin said at the company's annual general meeting in Beijing today. PetroChina said May 3 it
PetroChina Co., the nation's biggest oil producer, said reserves at the newly discovered Jidong Nanpu field in Bohai Bay may be larger than initial announcements indicate.
PetroChina plans to produce 10 million metric tons of oil (200,000 barrels a day) from the field by 2012, President Jiang Jiemin said at the company's annual general meeting in Beijing today. PetroChina said May 3 it
by Michele Batchelor
Shares of PetroChina Co., the nation's top oil producer, surged after the company announced China's biggest discovery in half a century.
The stock climbed 14 percent, pushing the market value to HK$1.82 trillion ($233 billion) and overtaking OAO Gazprom and BP Plc to become the world's No. 3 oil company after Exxon Mobil Corp. and Royal Dutch Shell Plc. The deposit in Bohai
by Wang Ying
China Petroleum & Chemical Corp., Asia's biggest oil refiner, will take a stake in PetroChina Co.'s $2 billion oil-processing plant in Qinzhou in the southwestern province of Guangxi, a company official said. PetroChina, the local government and Sinopec, as China Petroleum is known, will invest in the refinery which obtained central government approval in February,
