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PetroChina Profit Slumps as Natural Gas Earnings Join Oil Slide

  • Net income falls to 1.2 billion yuan in July-September period
  • Upstream losses, weaker natural gas overwhelm better refining
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PetroChina Co. posted a 77 percent decline in third-quarter profit as a suppressed international oil market and lower domestic natural gas prices eroded earnings at the country’s biggest producer.

Net income fell to 1.2 billion yuan ($177 million) in the July-September period, the Beijing-based company said in a statement to the Hong Kong stock exchange on Friday. Higher earnings from refining and chemicals were overwhelmed by losses on production and weaker performance from its natural gas and pipelines units. Revenue dropped 3.8 percent to 411.4 billion yuan.