PetroChina 2015 net slumps more than 60 percent

Net profits of PetroChina Co. Ltd., China’s top oil and gas producer, shrank more than 60 percent to 35.52 billion yuan ($5.55 billion) in 2015, Xinhua said, adding that revenues fell by 24.4 percent.

The company said in its annual business report filed with the Shanghai Stock Exchange that revenue hit more than 1.73 trillion yuan, down 24.4 percent year on year.

It attributed the decreases to a sluggish global economic recovery, downward pressure on the domestic economy, and a sharp fall in international oil prices.

Its domestic exploration and production operations achieved crude oil output of 806 million barrels, down 2.1 percent from the previous year, and marketable natural gas output of 2.9 trillion cubic feet, up 0.8 percent year on year.


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