PetroChina, Cnooc see profits plunge

The tough times for China’s oil companies appear likely to continue after two major oil drillers reported weak earnings Wednesday. The Wall Street Journal reports PetroChina Co. and offshore oil explorer Cnooc Ltd. both predicted little chance of recovery in global oil prices in the second half of the year. The companies have been among the hardest hit in China from the commodities slump because of their exposure to fluctuations in global oil prices. PetroChina’s net profit plunged 98%, to 531 million yuan ($80 million), in the six months ended June 30 compared with the first half of 2015. Cnooc posted a 7.7 billion yuan net loss, compared with a 14.7 billion yuan net profit in the first half last year.