China Oil Giants Unmoved by Bull Rally After Worst-Ever Earnings


After posting their worst-ever half-year results, two of China’s oil giants aren’t getting carried away by crude’s return to a bull market, forecasting a rocky path ahead.

PetroChina Co., the country’s biggest oil and gas company, and Cnooc Ltd., China’s main offshore explorer, reported the weakest earnings since they were both publicly listed. About a week after oil capped a 22 percent gain from its previous low, the two producers that together account for about 70 percent of the country’s crude output both struck a cautious note about the outlook for prices in the coming months.

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