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China’s CNPC reports 52% slump in profit for 2015

by ChemOrbis Editorial Team -
  • 28/04/2016 (06:38)
According to media reports, China National Petroleum Corp. (CNPC), the country’s biggest oil and gas producer’s, profit declined by 52% year on year to $12.7 billion due to lower oil prices. The company’s revenues also fell by 26% to about $308 billion from a year earlier while oil and gas output rose 1.8% to almost 260 million metric tons.

Domestic crude production reached 111.4 million metric tons, accounting for 52% of the country’s total production, while natural gas output reached around 95 billion cubic meters or 72.7% of the country’s total production.

Meanwhile, CNPC sold 116.3 million tons of oil products in 2015, which constitutes 40% of the country’s market share. Domestic natural gas sales increased 2.6% to 122.6 billion cubic meters.
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