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PetroChina’s net income slumps 67% in 2015

by ChemOrbis Editorial Team - content@chemorbis.com
  • 23/03/2016 (08:55)
According to media reports, PetroChina’s net profit slumped 67% to CNY35.5 billion ($5.45 billion) in 2015, recording the lowest level seen since 1999. The company’s weaker financial results were attributed to a CNY25 billion ($3.8 billion) writedown stemming from multi-year low oil prices. The company’s sales also fell 24% to CNY1.73 trillion ($266 billion) last year.

PetroChina reported that they will lower capital spending by 5% this year in addtiton to a 31% cut in 2015 while they are also planning to shut down oil and gas fields that do not make a profit under current oil prices.

PetroChina also said that asset values will rise in the next few years on the back of rebounding oil prices. For this year, the company expects their production to fall 2.7% to 1.45 billion barrels of oil equivalent.
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