PetroChina's profit tumbles but refining earnings soar.

摘要

The Chinese state energy major said its 2015 profit was down 70% from 2014 levels to 35.52B yuan ($5.47B) due to declining energy prices, as lower crude prices led to an 81.8% decline in operating profit from exploration and production to 33.96B yuan ($5.23B). PetroChina noted that its domestic crude output declined by 2.1% to"an average of 2.21MM b/d while foreign output rose by 35.4% to 454K b/d. The company expects its total crude output to decline to 2.53MM b/d as it reduces its capex budget from 202.24B yuan in 2015 to 192B yuan ($29.57B) in 2016.