By Martin Mou

PetroChina Co. said Thursday that it swung to a net loss in the first half, citing unprecedented shocks and challenges from an oil-price collapse and demand slump amid the Covid-19 pandemic.

Net loss was 29.98 billion yuan ($4.35 billion), compared with net profit of CNY28.42 billion in the year-ago period.

Revenue dropped 22% to CNY929.05 billion, primarily due to weaker sales of refined products and natural gas, as well as lower selling prices.

Looking ahead, the Chinese oil major said it expects the global oil market to remain in supply surplus in the second half, and noted there is great uncertainty over a rebound in global oil prices.

In the domestic market, the excessive supply of refined oil is intensifying and growth of natural gas demand is slowing, the company said.

PetroChina said it will strive to meet annual production and operation objectives. 



  Write to Martin Mou at martin.mou@wsj.com