PetroChina’s 3Q Results Beat Expectation On Higher Oil Prices; Raising FVE to HKD 6.10
In a low-oil-price environment that sees the industry moving to cut costs, PetroChina may be at a disadvantage, as the pace of its cost restructures may move slowly as a result of restrictive government policies. Lower upstream returns leave management with limited flexibility to lean on its historically attractive upstream operations to garner cost advantages in its downstream operations.While we believe that government restrictions on domestic exploration by foreign firms have given PetroChina...
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