China’s State Oil and Gas Champions Tested by Turbulent Markets

China’s state-run oil and gas giants are holding back on aggressive expansion plans as they balance market turbulence against long‑term goals for energy security.

The country’s big three producers — PetroChina Co., Sinopec and Cnooc Ltd. — all saw profits decline last year as energy prices softened. The results came as the industry grapples with flattening oil demand, a faster green transition and chronic overcapacity in low‑end petrochemicals markets.