BEIJING, April 7 China's largest oil and gas
producer, PetroChina, said on Friday it expected a
first-quarter profit of 5-6 billion yuan ($724.8-$869.8
million), down slightly from the preceding quarter, but a
turnaround from a huge loss a year earlier.
The forecast is slightly lower than the 6.2 billion yuan
profit reported in the fourth quarter.
However, it would be a big improvement from the year-ago
loss of 13.8 billion yuan, the company's first-ever, due to a
recovery in crude prices and cost cutting measures, the company
Earnings in the first three months of 2016 were hit by weak
crude oil , which sank to around $27 per barrel,
the lowest in years, in mid-January 2016 amid concerns about a
Prices have recovered to around $56 per tonne currently on
hopes that cuts by OPEC and other producers will help erode the
(Reporting by Josephine Mason and Min Zhang; Editing by Sunil