PetroChina Profit Falls to Lowest on Record as Oil Declines
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PetroChina Co. posted its lowest quarterly profit on record as weaker oil prices took their toll on earnings. The result missed some analysts’ estimates and its shares dropped.
Net income at China’s biggest oil and gas producer fell 82 percent to 6.15 billion yuan ($991 million) from 34.2 billion yuan a year ago, the company said in a statement Monday.