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2016-03-25 19:15:00

PETROCHINA PROFIT DOWN 70%

PETROCHINA PROFIT DOWN 70%

PetroChina Co Ltd on Wednesday said profit fell 70 percent last year as low prices brought down upstream earnings, eclipsing the impact of a jump in natural gas income brought about in part by pipeline consolidation.

Net profit fell to 35.52 billion yuan ($5.47 billion) from 107.17 billion yuan a year earlier, China's biggest oil and gas producer said in a filing at the Hong Kong Stock Exchange.

The state-controlled also said it expects capital expenditure of 192 billion yuan this year compared with 202.24 billion yuan last year.

Low international…

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Tags: PETROCHINA, CHINA, OIL, GAS, PRICES

Chronicle:

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