PetroChina net profit tumbles 78% in 2016

BEIJING - PetroChina, China's largest oil and gas producer, reported Thursday a 77.9 percent year-on-year plunge in net profits last year due to low oil and gas prices.

Profit attributable to owners of the company totaled 7.9 billion yuan ($1.1 billion) in 2016, according to results released by PetroChina in line with international financial reporting standards.

Revenue dropped 6.3 percent year on year to 1.6 trillion yuan, the company said, attributing the revenue decrease to falling oil and gas prices.

The company saw crude oil output slip 5.3 percent year on year to 921 million barrels in 2016 and marketable natural gas output rise 4.6 percent to 3.3 trillion cubic feet.

It plans to further reduce crude oil output to 879 million barrels this year, while keeping gas production at approximately the same level as last year.

Despite the sharply lower profits, PetroChina saw its shares edge up by 0.13 percent in Shanghai and 0.17 percent in Hong Kong on Thursday.