PetroChina's market worth is now less than the value of its proven oil and gas reserves in the ground

[Tom Kirkman + 8,860]

What the heck?  Article is frustratingly short on details.  Perhaps a harbinger of their increasing trade war (on the losing side) with the U.S. ?

A Once $1 Trillion Dollar Oil Company Is Now Valued 80 Percent Lower

In 2007, PetroChina, China's largest oil and gas producer, became the world's first company to trade at over $1 trillion while debuting on the Shanghai stock exchange. But 10 years after this seemingly lofty amount, the company has shed 82 percent of its enterprise value, to trade at $169 billion, a shadow of its former valuation.

Far more hurtful is the fact that PetroChina's market worth is now less than the value of its proven oil and gas reserves in the ground – which is estimated to be worth $208.7 billion. This usually is never the case, as logically, no energy company will have to trade below the actual value of resources in its possession. PetroChina with an enterprise value/reserves value ratio of 0.801, is the lowest among 25 large oil and gas companies globally.