China’s Oil Giants Buoyed by Higher Prices as Output Stagnates

28 Apr 2017   China

Crude oil production falling as focus shifts to natural gas PetroChina swings to profit, Sinopec income more than doubles Oil’s recovery is helping ease the pain of shrinking output by China’s biggest energy producers. PetroChina Co. , the country’s largest producer, reported first quarter earnings swung to a profit thanks to the surge in prices, even as total output fell 6.3 percent from a year ago. China Petroleum & Chemical Corp. , the refining giant known as Sinopec, saw net income more than double while production dropped 2.4 percent. Along with Cnooc Ltd. , China’s biggest offshore explorer, the state-run firms are struggling to halt a drop in domestic crude output that’s pushed the country’s imports to a record, overtaking the U.S. as the world’s largest buyer. And as China’s big three raise combined spending for the first time in four years, the focus is beginning to shift to […]

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