When it comes to oil, China’s state energy behemoths have become more predictable, market-driven entities. But for increasingly important natural gas, investors still must turn to Beijing for clarity. PetroChina , the country’s largest producer of oil and gas, emphasized frugality late Thursday when it reported 2014 results. Like 2013, it slashed capital expenditures, with management targeting another 9% reduction in 2015. PetroChina even funded its big investments and dividends entirely out of operating cash flows, which wasn’t the case in 2013. China Petroleum & Chemical , the nation’s number two energy producer that’s better known as Sinopec, cut capital spending by 16% in 2014. It’s encouraging that China’s state-run companies are learning to live within their means, like Western majors. Anticorruption probes imposed discipline , as did oil’s price collapse. Investors should […]