PetroChina Income Drops to '99 Low on $3.8 Billion Writedown

  • Income falls 67% to lowest since company publicly listed
  • Company lowers capital spending 5% after a 31% cut in 2015

PetroChina Co. profit tumbled to the lowest since 1999 as the company reported a 25 billion yuan ($3.8 billion) writedown amid the crash in energy prices.

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