PetroChina, CNOOC Profits Slump as Prices and Domestic Demand Drop

(Beijing) – PetroChina and CNOOC, two of China's largest oil producers, saw first half profits dry up due to weak oil prices and a drop in demand at home, and warned the downward trend would continue amid a cautious outlook on prices for the rest of the year.

PetroChina Co., the country's biggest oil and gas producer, said net profit for the first half plunged 98 percent year on year to 531 million yuan. Revenue over the same period declined 15.8 percent to 739 billion yuan compared to last year, the state-run explorer said on August 24.