(Corrects typo in 1st paragraph to read "least", not "last".)
BEIJING, March 30 China's largest oil and gas
producer, PetroChina, on Thursday reported a drop
of 78 percent in 2016 annual net profit, to its lowest since at
least 2011, hit by lower prices for crude oil and natural gas.
The shrinking profits posted by China's state oil and gas
producers for last year have highlighted their growing
challenges from falling output from aging wells and excess
supply in domestic fuel oil markets.
PetroChina's net profit sank to 7.86 billion yuan ($1.14
billion) from 35.7 billion yuan in 2015 as revenue fell 6.3
percent to 1.62 trillion yuan ($235 billion), based on IFRS
PetroChina's crude oil production fell 5.3 percent to 920.7
million barrels in 2016, after peaking at 972 million barrels in
2015, the company said in an earnings statement.
($1 = 6.8895 Chinese yuan)
(Reporting by Josephine Mason and Meng Meng; Editing by Tom