Hurt by plunging oil prices, PetroChina slumped to a first-quarter net loss. Versus a profit of 10.249 billion a year earlier, a net loss of 16.23 billion yuan ($2.29 billion) in the January-March quarter reported by the company. Revenue plunged to 509.098 billion yuan, falling 14.4 percent.
It reported a rise in oil production by 4.2 percent. From a previously planned 295 billion yuan, the firm has said it will adjust spending this year in response to the coronavirus pandemic and record-low oil prices. Helped by a cut in operational costs by 8.9 percent, a 14.883 billion yuan operating profit in Q1 recorded by its exploration and production business.
The coronavirus pandemic has caused its crude oil throughput plunged by 9.6 percent to 276.5 million barrels. Cutting profit by 20.11 billion yuan, sales of refined oil products fell 15.9 percent to 3,547.8 tonnes.
PetroChina had reduced gas imports from Russia and cancelled some gas contracts with suppliers from Qatar, Australia, and central Asia.
