Chinese Oil Giant Crashes On Abysmal Earnings Report

Chinese oil and gas giant PetroChina reported on Wednesday a 58-percent plunge in its third-quarter profit as lower oil prices, fierce domestic fuel competition, and slowing gas demand growth weighed on earnings. PetroChina booked a net profit of US$1.25 billion (8.83 billion Chinese yuan) in Q3, down by 58.4 percent from the same period last year, missing analyst estimates. Revenues in the third quarter were slightly up—1.8 percent— from a year ago, but they were still below expectations, pushing the company’s stock price down by 4.33…