PetroChina post $2.1 Billion Quarterly Loss

PetroChina, the world largest oil and gas producer, posted its first lost since it began public trading in 2000. The quarterly loss was the largest among all international majors. Chinese rival, Sinopec posted a profit of nearly $1 billion for the quarter. Strong positions in refining and trading helped European majors BP, TOTAL and Statoil post profits for the quarter. An analyst for the Jefferies Group LLC in Hong Kong noted, “PetroChina, on the other hand, doesn’t have a strong presence in refining and trading to shield it from the impact of plunging oil prices.” PetroChina’s output is expected to fall in 2016 for the first time in 17 years.