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

IndustriesAssociated 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.

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.

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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."