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PetroChina swings to net loss in Q1

by ChemOrbis Editorial Team -
  • 28/04/2016 (17:22)
According to media sources, state-owned PetroChina posted net loss of CNY13.79 billion ($5.45 billion) in the first quarter compared with a profit of CNY6.15 billion ($949 million) in the same period of last year. The company’s weaker results stemmed from lower oil prices. It was the first quarterly loss in the company’s history.

The company reported that they expect global crude oil prices to remain at relatively low levels over the short term. PetroChina also expects total crude output to reach 924.7 million barrels this year.

In 2015, PetroChina’s net profit fell 70% on the year to CNY35.52 billion ($5.48 billion).
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