PetroChina posts Q1 $2bn loss on oil slump

摘要

SINGAPORE (ICIS)--PetroChina swung to a net loss of China yuan (CNY) 13.8bn ($2.13bn) in the first quarter from a net profit of CNY6.15bn in the same period of 2015 following the drop in crude oil prices and global oversupply, the Chinese state-owned energy major said late on Thursday. The company’s operating income fell 14% year on year to CNY325.8bn in the first quarter amid the significant drop in oil and gas prices, it said in a statement.