BEIJING — Leading Chinese state-owned energy groups PetroChina and Sinopce reported net losses for the first quarter through March, hurt by falling oil prices and the loss of demand from the coronavirus pandemic.
The losses, reported Wednesday by the two companies’ Hong Kong-listed arms, eclipse profits earned a year earlier.
Fellow energy giant China National Offshore Oil Corp., or CNOOC, said the same day it managed to stay profitable, but it will cut capital expenditures due to diminished revenues.
These setbacks come as the Chinese government enlists state-owned enterprises to pull the world’s second-largest economy out of its slump. All