China's Energy Giant Sees Profit Sliding 70% on Oil's Slump

China in November lowered natural gas prices for business and industrial users as the world’s second-largest economy seeks to boost use of the fuel in its energy mix and reduce pollution. The lower prices will save buyers an estimated 43 billion yuan on about 60 billion cubic meters of natural gas, the National Development and Reform Commission, the country’s economic planner, said at the time.

Fellow state-run energy company China Petroleum & Chemical Corp. said Wednesday that oil and gas output in 2015 fell for the first time in 16 years as a slump in domestic crude production outweighed record volumes of natural gas. Cnooc Ltd., the country’s biggest offshore explorer, said last week that output will fall this year, the first time in more than a decade, as it further cuts spending.

To contact Bloomberg News staff for this story: Jing Yang in Shanghai at jyang251@bloomberg.net To contact the editors responsible for this story: Ramsey Al-Rikabi at ralrikabi@bloomberg.net Abhay Singh


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