Changqing posts profit on spending cuts

China National Petroleum Corp said its Changqing oilfield, the country’s biggest crude and gas producer, rebounded from losses earlier this year to post a first-half profit amid reduced spending. Oil and gas equivalent output from the field reached 26.5 million metric tons in the first six months of the year, on its way to meeting the 50 million ton annual output target, CNPC said in a statement on Tuesday.