ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print
Nikkei Markets

PetroChina reviewing capex, output goals on oil's plunge

Asset injection into PipeChina won't affect business continuity

PetroChina, an integrated energy company that also has a presence in refining, fuel marketing and gas distribution, produced 909.3 million barrels of oil last year.   © Reuters

HONG KONG (Nikkei Markets) -- PetroChina signaled on Thursday that it was still in a wait-and-watch mode with regards to its targeted capital expenditure and production goals for 2020 following the historic plunge in oil prices that have begun to hurt its financial performance.

Chief Financial Officer Chai Shouping said on a conference call that the Chinese energy giant is currently in the middle of compiling a capex plan that is "dynamic to the change in oil prices," and that the overarching objective is to "make ends meet" while realizing positive free cash flows.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more