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    Neil Beveridge

    Research Analyst at Sanford C. Bernstein

    Neil Beveridge's questions to PETROCHINA CO (PCCYF) leadership

    Neil Beveridge's questions to PETROCHINA CO (PCCYF) leadership • Q3 2021

    Question

    Neil Beveridge of Sanford C. Bernstein inquired about PetroChina's natural gas business, seeking guidance on potential Q4 losses, the company's ability to pass on higher LNG costs to customers, and whether the strong domestic gas production growth could be sustained to mitigate import losses.

    Answer

    CFO Chai Shouping acknowledged a Q3 import gas loss of RMB 6.4 billion. He explained that while most sales are under long-term contracts, costs for volumes outside these contracts are passed through, and spot LNG purchases are controlled. Mr. Chai confirmed that increasing domestic gas production is a core strategy to mitigate import losses, noting that the company has already exceeded its growth targets and allocated more CapEx to this area.

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    Neil Beveridge's questions to CHINA PETROLEUM & CHEMICAL (SNPMF) leadership

    Neil Beveridge's questions to CHINA PETROLEUM & CHEMICAL (SNPMF) leadership • Q3 2017

    Question

    Neil Beveridge inquired about the refining demand outlook for Q4, its potential impact on margins, and the company's strategy for deploying its CNY 161 billion in cash and cash equivalents.

    Answer

    Executive Houliang Dai stated that the strong demand momentum for gasoline and jet fuel seen in the first three quarters is expected to continue into Q4, with positive growth anticipated for diesel. He projected good margins, supported by an improved product mix. CFO Dehua Wang added that the cash would be allocated to two main areas: funding CapEx for upstream exploration and downstream refining hubs, and increasing the shareholder dividend payout ratio.

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