At one time last year, PetroChina was the largest company in the world by market cap.
Today, it is getting clobbered because its profits plunged by 34% and said things won’t get any better the rest of this year.
The problem is close to nonexistent profits on its refinery operations because the Chinese government has capped the price it can charge.
The moral of the story is don’t invest in companies whose price is controlled by the government.
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