OEF Rapid Review Articles
PetroChina’s profit fell 78% to the lowest on record as the oil price crash punished the country’s biggest oil and gas producer for a third year. Net income dropped to 7.86 billion yuan (US$1.1 billion). While PetroChina expects its crude production to fall a second year in 2017, it sees gas sales rising 10% this year and to be its main growth driver to the end of the decade. PetroChina expects its 2017 global crude production to be 879 million barrels, down 4.5%.
LINK TO THE SOURCE ARTICLE:
PetroChina: Record-Low Profit But Capex To Rise Over 40%
