PetroChina Company Limited ( PTR Quick Quote PTR - Free Report) reported first-quarter 2022 earnings of RMB 39,059 million or RMB 0.21 per diluted share, up from RMB 27,719 million or RMB 0.15 per diluted share a year earlier. One of China’s big three oil giants, PetroChina’s earnings were buoyed by surging energy prices and strong fuel demand. Further, China’s dominant oil and gas producer’s total revenues during the period rose 41.2% from the 2021 level to RMB 779,368 million.
Liquidity & Capital Expenditure
At the end of the first quarter, the Zacks Rank #3 (Hold) Group’s cash balance was RMB 170,528 million and long-term debt amounted to RMB 271,038 million. PetroChina’s debt-to-capital ratio was 15.7%. Meanwhile, cash flow from operating activities was RMB 84,425 million. Capital expenditure for the year reached RMB 51,812 million, up 40.2% from the year-ago level.
You can see . the complete list of today’s Zacks #1 Rank stocks here Big Oil Earnings Update
Let’s take a look at how some other
integrated energy stocks fared in the first quarter. ExxonMobil’s ( XOM Quick Quote XOM - Free Report) first-quarter earnings per share of $2.07 — excluding identified items — missed the Zacks Consensus Estimate of $2.25 but improved from the year-ago profit of 65 cents. The lower-than-expected earnings were owing to a decline in oil equivalent production. This was partially offset by higher commodity prices and improved refining margins. On a bullish note, surging oil and gas prices allowed XOM to increase its stock repurchase program from $10 billion to $30 billion. The American energy giant has planned to execute the repurchase program through next year. During the quarter under review, ExxonMobil generated cash flow of $15,081 million from operations and asset divestments. The smaller peer Chevron ( CVX Quick Quote CVX - Free Report) reported adjusted first-quarter earnings per share of $3.36, missing the Zacks Consensus Estimate of $3.44 on weaker-than-expected performance from the downstream segment. Precisely, income from the unit totaled $331 million, below the Zacks Consensus Estimate of $569 million. However, the energy major’s bottom line compared favorably with the year-earlier quarter's earnings of 90 cents on the back of sharply higher commodity prices. CVX recorded $8.1 billion in cash flow from operations compared to $4.2 billion a year ago. The soaring cash flow could be attributed to strong price realizations in the upstream business. Importantly, Chevron’s free cash flow for the quarter was $6.1 billion. Further, Chevron paid $2.7 billion in dividends and bought back $1.3 billion worth of its shares. London-based BP plc ( BP Quick Quote BP - Free Report) reported adjusted earnings of $1.92 per ADS on a replacement-cost basis, excluding non-operating items. The bottom line beat the Zacks Consensus Estimate of earnings of $1.41 per share and rose from 78 cents reported a year ago. The strong quarterly earnings were driven by higher realizations of commodity prices. BP announced plans to execute a $2.5-billion share buyback, which is expected to be completed before it reports the second-quarter results. The company anticipates buying back $1 billion worth of shares every quarter, considering Brent crude price at $60 per barrel.