PetroChina Company Limited

Afternoon Session - 2013 Meeting

“We owned a lot of PetroChina at one time. We own some B.YD now.”

Morning Session - 2012 Meeting

“you have made a few investments in China, PetroChina, and B.YD, to name two”

Afternoon Session - 2011 Meeting

“At the time I bought Petro-China stock, which I don't know, it's probably 2003 or thereabouts. It was extraordinarily cheap in relation to any calculation of reserves or refining capacity or cash flow”

Afternoon Session - 2011 Meeting

“I was fairly impressed, quite impressed, when I read the report of PetroChina. For one thing, they said they were going to pay out 45% of their earnings and dividends.”

Warren Buffett 2008 Interview (Ivey Archive)

“A shares, including Petro China, which was going public in China. Petro China and others were trading at twice the price within China”

"What's the sense of talking to management?"

“when you invested $500 million in PetroChina, all you did was read the annual report... I came to a conclusion to the company... it was selling for $35 billion, roughly... we really like things”

Afternoon Session - 2008 Meeting

“when you invested $500 million in Petro China back in 2001 or 2002, all you did was read the annual report”

Afternoon Session - 2008 Meeting

“it was something like PetroChina, it's like if somebody walked in the door here and they wait somewhere between 300 and 350 pounds... that's all I'm looking for is something that's financially fat.”

Afternoon Session - 2008 Meeting

“The Petro-China decision, just as we made it to buy it at a valuation overall of $35 or $40 billion, when we thought it was worth $100 billion”

Afternoon Session - 2008 Meeting

“if it went down to a price that we thought was a discount, significant discount to its valuation, we would buy PetroChina again.”

Afternoon Session - 2008 Meeting

“PetroChina became the most valuable company in the world. measured by market value, which would have come as enormous surprise to investors seven or eight years earlier. So they've done a terrific job”

2007 Berkshire Hathaway Shareholder Letter

“In 2002 and 2003 Berkshire bought 1.3% of PetroChina for $488 million... By 2007, two factors had materially increased its value: the price of oil had climbed significantly, and PetroChina's managemen”

Morning Session - 2007 Meeting

“We have an item of business. an item on the proxy relative to our holdings of PetroChina. We were not required to put that on the ballot.”

Afternoon Session - 2007 Meeting

“increasing exposure of your investments towards commodities, such as to oil through Prato China”

Afternoon Session - 2007 Meeting

“proxy resolution involving Berkshire pathways divestment of PetroChina. PetroChina is implicated in the genocide in Darfur, Sudan.”

Afternoon Session - 2007 Meeting

“Berkshire Hathaway can play a role in ending this slaughter by divesting in PetroChina, as we'll shortly describe.”

Afternoon Session - 2007 Meeting

“Berkshire Hathaway is the major non-Chinese investor in CNPC's subsidiary, PetroChina.”

Afternoon Session - 2007 Meeting

“PetroChina is an artifact created for the sole purpose of allowing some shareholders to distance themselves from the action of its parents, CNPC.”

Afternoon Session - 2007 Meeting

“the chairman of PetroChina's board is the immediate past president of CMPC...lack of strong corporate governance structures there would suggest that engagement with PetroChina by Berkshire”

Afternoon Session - 2007 Meeting

“if we engage PetroChina, ask them about these questions, what happens? The answer, by unanimous consent”

Afternoon Session - 2007 Meeting

“along with being a Berkshire share, I also independently owned shares of PetroChina. And this issue is something I've struggled with for years”

Afternoon Session - 2007 Meeting

“the management of PetroChina in a way that will be heard not only by the management of PetroChina, but by CNPC, China, and the international community”

Afternoon Session - 2007 Meeting

“If it was PetroChina following a policy that the Chinese government disagreed with me, believe me, there would be a change in a hurry.”

Afternoon Session - 2007 Meeting

“we, in turn, elected... to continue to hold our shares in PetroChina because we have no disagreement with what PetroChina is doing.”

Afternoon Session - 2007 Meeting

“I don't think it's proper for us to divest our shares in PetroChina. They would be sold to somebody else.”

Afternoon Session - 2007 Meeting

“We might sell PetroChina if it went up enough, but we would not be selling it to try and drive down the price”

Wesco 2006 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)

“The Morality of Investing in PetroChina, Which Is Helping the Government of Sudan, Which is Behind the Genocide in Darfur”

Morning Session - 2006 Meeting

“we made an investment about three years ago in PetroChina. Now, PetroChina is one of the – well, it is one of the five largest oil companies in the world.”

2005 Berkshire Hathaway Shareholder Letter

“2,338,961,000 PetroChina "H" shares (or equivalents)... 1.3 488 1,915”

Poor Charlie's Almanack

“expand his circle of competence so he could invest in something like PetroChina. If you're going to be an investor”

Morning Session - 2005 Meeting

“We bought PetroChina a few years ago, again after reading the annual report, and fortunately it was in English. It was the first stock, Chinese stock.”

Morning Session - 2005 Meeting

“PetroChina was over there and was a much larger business than most of the, just about any oil company in the world, except for BP and ExxonMobil.”

Morning Session - 2005 Meeting

“Petro China, in my view, was far cheaper, and I felt that the economic climate was likely to be better in China”

Morning Session - 2005 Meeting

“looking at things like PetroChina or whatever it may be and just deciding that here's a very good business, selling it a very cheap price”

Afternoon Session - 2005 Meeting

“you bought a stake in PetroChina. Then after it was disclosed that you owned it, it popped up a bit”

2004 Berkshire Hathaway Shareholder Letter

“2,338,961,000 PetroChina "H" shares (or equivalents)... 1.3 488 1,249”

Afternoon Session - 2004 Meeting

“your Petro-China investment...PetroChina may have been...the fourth most profitable oil company in the world last year”

Afternoon Session - 2004 Meeting

“if you read the annual report of PetroChina, I think that there's no – you will have as good an understanding of the company as you would if you read the annual report of any of the other big oil majo”

Afternoon Session - 2004 Meeting

“you don't have to be blindingly and have any blinding insights or have a high IQ to look at a Petro-China, for example. And, you know, I mean, it's a, when you get a, you know, a company that is doing”