SINGAPORE: PetroChina Co looks cheap on many levels, perhaps none more so than comparing it to the value of its reserves beneath the Earth’s surface.
By plotting its enterprise value against reserves, China’s state-run oil and gas champion is the cheapest among global energy firms tracked by Sanford C. Bernstein & Co. Its shares have sunk 14% in Hong Kong this year to trade almost at the lowest since 2005. That’s despite a 19% gain in crude prices.
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