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<Research> Citi Expects PETROCHINA (00857.HK) to Outperform SINOPEC CORP (00386.HK) in 2Q26; TP HKD10, Buy
Citi said in a research report that PETROCHINA (00857.HK) recorded a 2% YoY increase in net profit to RMB48.3 billion in 1Q26. During the period, exploration and production (E&P) p...
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<Research> Citi Expects PETROCHINA (00857.HK) to Outperform SINOPEC CORP (00386.HK) in 2Q26; TP HKD10, Buy
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Citi said in a research report that PETROCHINA (00857.HK)  -0.030 (-0.275%)    Short selling $312.57M; Ratio 33.468%   recorded a 2% YoY increase in net profit to RMB48.3 billion in 1Q26. During the period, exploration and production (E&P) performance missed expectations as realized oil prices fell 8.5% YoY, below forecasts. The refining segment did not see a QoQ surge as seen at SINOPEC CORP (00386.HK)  -0.080 (-1.751%)    Short selling $163.89M; Ratio 28.170%   , as SINOPEC CORP had procured crude oil in advance and enjoyed substantial inventory gains.

In addition, PETROCHINA's natural gas sales EBIT rose 40% YoY in 1Q26, serving as a highlight. The growth was mainly driven by a 3.5% YoY increase in sales volume and a 3% YoY decline in competitive pipeline gas import costs, offsetting the 4% YoY drop in average selling prices.

The broker expects PETROCHINA's earnings in 2Q26 to again Outperform those of SINOPEC CORP, supported by recent rises in liquefied natural gas prices that enhance gas competitiveness, alongside strengthening E&P and oil businesses. Although China may relax refined oil export restrictions, this would have limited impact in easing domestic gross refining margin (GRM) pressure for both oil majors.

Citi believes PETROCHINA will benefit from stable Russian crude oil supplies and is preferred over SINOPEC CORP. The broker assigned a TP of HKD10 and a Buy rating on PETROCHINA. (ss/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-15 16:25.)

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