The past year brought plenty of adversity for China National Petroleum Corp (CNPC), the state-owned parent company of the country’s second-largest oil producer, PetroChina. Slumping oil prices and energy demand have put pressure on the industry's revenue and profit margins, and PetroChina is no exception. Even before the pandemic began, PetroChina announced a 58% drop in profits in the third quarter of last year, caused by overcapacity in China’s market for natural gas. PetroChina’s gas import business suffered a $4.3 billion net loss in 2019. Despite the headwinds, the oil and gas refiner maintains its spot at No. 4 on the Global 500 list—the same ranking it has held for four years now.