PetroChina Down 82%

PetroChina, the largest oil and gas producer in Asia, announced that their 1st quarter 2015 profit has declined 82% from the 1st quarter 2014. A spokesman for PetroChina cited a, "significant drop of prices of crude oil and refined oil, slower Chinese economic growth and a complicated political and economic situation." In addition a number of executives and former executives from PetroChina and its parent company, China National Petroleum Corp, have been caught in a anti-corruption crackdown.