Goldman Sachs issued a research report maintaining a "Buy" rating on PETROCHINA (00857, 601857.SH), citing the company's resilient cash flow, which remains sufficient to cover basic capital expenditures and dividends even with Brent crude prices below $60 per barrel. The report highlighted PETROCHINA's attractive free cash flow and dividend yield. The bank expects the company's free cash flow to remain robust despite weak oil prices, with its valuation also low compared to global peers. The target price for H-shares was set at HK$8.6, while A-shares were given a target of RMB 11.8.

Goldman Sachs noted that PETROCHINA's Q3 EBITDA and net profit declined by 5% and 4% year-on-year, respectively, demonstrating resilience compared to a 13% drop in Brent crude prices during the same period. EBITDA exceeded the bank's expectations by 3%, likely driven by strong performance in upstream operations and natural gas sales. Capital expenditures for the first three quarters reached 65% of the bank's full-year forecast, slightly above the historical average of 61%. Meanwhile, cash flow stood at 125% of the full-year estimate, compared to the historical average of 108%.