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Workers check the pipelines at a PetroChina oil field on the outskirts of Guang'an, Sichuan province, in 2007.
Workers check the pipelines at a PetroChina oil field on the outskirts of Guang'an, Sichuan province, in 2007.
(Stringer/Reuters)

FINANCIAL TIMES

PetroChina and CNOOC: operational momentum, but less impressive earnings

Lex is a premium daily commentary service from the Financial Times. It helps readers make better investment decisions by highlighting key emerging risks and opportunities.

Once upon a time, PetroChina Co. Ltd. was the world’s most valuable company, clocking in at $1-trillion (U.S.) in November, 2007. Those days are over. Today, the Chinese state oil and gas producer is worth $235-billion. That may be more realistic – Exxon Mobil Corp. has a market capitalization of $380-billion. PetroChina is a different oil company today, however, judging from Thursday’s first-half results. The question is whether it is a more investible one.