PetroChina says profit down 82 percent due to low prices, 'complicated' economic situation

Energy Associated Press

State-owned PetroChina Ltd., Asia's biggest oil and gas producer, says its quarterly profit declined 82 percent from a year earlier due to low oil prices.

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The Beijing-based company said it earned 6.2 billion yuan ($989 million), or 0.03 yuan (0.5 cents) per share in the first quarter of the year.

PetroChina, one of the world's most valuable companies by market capitalization, cited the decline in global oil prices, slower Chinese economic growth and a "complicated political and economic situation."