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 percent. Chinese Oil Giant Crashes (Click to enlarge) This past quarter’s results are PetroChina’s weakest so far this year, despite the fact that the company boasted increased exploration activity and shale gas reserves. For the first nine months of the year, PetroChina’s net profit slumped by 23.4 percent on the year. PetroChina’s operating and net profits in both Q3 and the first […]