Oil price plunge pulled PetroChina net profit down 17.3% in 2014

PetroChina (0857.HKG, 601857.SHA), the listed arm of state-owned China National Petroleum Corporation and the country’s largest oil and gas producer, posted a 17.3% decline in net profit for 2014 as oil prices plummeted to a six-year low, South China Morning Post reported. Net profit was RMB107.17 billion (US$17.26 billion), with operating profit from oil and gas output down 1.5% to RMB186.9 billion last year from 2013 as a 13% decline in average oil sales price more than offset a 3.6% rise in oil and gas output.