China's biggest oil and gas producing company, PetroChina posted an almost 70 percent decrease in its profit for 2015, the company announced Wednesday, joining the ranks of oil majors hit hard by low oil prices.
PetroChina's net profit plummeted by 66.7 percent to 35.5 billion yuan ($5.47bn) in 2015 from 107.1 billion yuan in 2014.
Also, the operating income of the company dropped to 1.7 trillion yuan from 2.2 trillion yuan year-on-year, marking a 24.4 percent decrease.
"In 2015, the global economic recovery slowed down, the downward pressure on China's economy continuously intensified, the overall supply in the oil and gas market was sufficient and the international oil prices kept dropping at a low level," the company said.
The domestic exploration and production of crude oil output was 806.3 million barrels, a decrease of 2.1 percent over the previous year.
"In 2015, the oil and gas equivalent output from overseas operations reached 203.5 million barrels, representing an increase of 38.3 percent from the previous year and accounting for 13.6 percent of the company's total oil and natural gas equivalent output," said the company.
Persistent low oil prices hit nearly all the oil and gas giants like Anglo-Dutch Shell, U.S's ExxonMobil, UK's BP, all of which posted low earnings and plummeted profits.
PetroChina, whose core focus is on upstream activities of oil and gas, is the subsidiary of Chinese national oil and gas company, China National Petroleum Corporation.
1 U.S dollar equals to 6.51 yuan.