PetroChina’s net income drops to 5 year low in 2014
However, the company’s sales rose 1.1% on the year to 2.28 trillion Yuan ($367 billion) in 2014. On the production side, oil and gas production increased 3.6% to 1.45 billion barrels of oil equivalent (bpd) in 2014.
In the face of weaker crude oil costs, the company has decided to cut its capital spending for 2015 to 266 billion Yuan ($43 billion), down 8.8% from a year earlier.
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