China Oil Giants Unmoved by Bull Rally After Worst Earnings
- PetroChina profit saved by Central Asian pipelines sale
- Cnooc posts first-ever half-year loss on Nexen writedown
Worst-Ever Earnings for Two of China's Oil Giants
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After posting their worst-ever half-year results, two of China’s oil giants aren’t getting carried away by crude’s return to a bull market, forecasting a rocky path ahead.
PetroChina Co., the country’s biggest oil and gas company, and Cnooc Ltd., China’s main offshore explorer, reported the weakest earnings since they were both publicly listed. About a week after oil capped a 22 percent gain from its previous low, the two producers that together account for about 70 percent of the country’s crude output both struck a cautious note about the outlook for prices in the coming months.