- There's no letup likely for China's oil companies after PetroChina (PTR -1.2%) and Cnooc (CEO -2.3%) reported weak earnings and saying they see little room for optimism for the rest of the year.
- PTR says its H1 net profit plummeted 98% Y/Y to 531M yuan ($80M) - its smallest half-year profit since it was publicly listed in 2000 - on 739B yuan in revenue, 15% lower than the same period of 2015,and warns that the "global oil price is likely to keep fluctuating at a low level."
- CEO posted a 7.7B yuan net loss for H1, in part because of a large impairment charge on the value of its assets in Canada and elsewhere, vs. a 14.7B yuan net profit in the year-ago period, as revenue fell 25% to 66.8B yuan; H1 capital spending totaled 22B yuan, or about a third of the full-year's budgeted amount.
H1 earnings at Chinese oil companies plunge
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| Symbol | Last Price | % Chg |
|---|---|---|
| PCCYF | - | - |
| PetroChina Company Limited | ||