`No Hope' Fields Spur 1st PetroChina Output Cut in 17 Years

  • Output seen dropping 2.7% as crude decline outweighs gas gain
  • Reported $3.8 billion writedown; sees $40-$50 oil this year

Employees stand at a PetroChina Co. gas station in Beijing, China, on Friday, March 4, 2016.

Photographer: Qilai Shen/Bloomberg

As oil’s collapse leaves some fields with no chance to turn a profit, China’s biggest producer is ready to cut its losses.

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