It’s a plight that affects all international oil majors, ranging from UK-based BP, to Irving Texas-based ExxonMobil, the world’s largest publicly traded oil company, to China’s state-owned oil and gas behemoths – their revenue and profits are largely dictated by not only cost cutting, exploration and production and the other myriad of things these companies are known to be good at – but the rise and fall of global oil prices, a dynamic that is out of their control. Yesterday, PetroChina, the publicly listed arm of state-run oil major Sinopec, said in a filing on the Shanghai Stock Exchange it expects net profit in the first six months of this year to increase by between 13.5 billion yuan ($1.98 billion) to 15.5 billion yuan from the first half of 2017, up by 107 percent to 122 percent from the same period a year ago. PetroChina’s net profit is forecast […]