Summary Box: PetroChina now tops in oil production
NEW YORK (AP) — NEW NO.1: A 13-year-old Chinese company called PetroChina has passed Exxon Mobil Corp. as the world's biggest publicly traded producer of oil.
FUNDAMENTAL SHIFT: PetroChina has expanded rapidly by squeezing more from China's aging oil fields and outspending Western companies to acquire more petroleum reserves in places like Canada, Iraq and Qatar.
MORE OIL: By developing as many oil wells as possible — especially in Africa, Iraq and other politically unstable regions — China's oil companies will help expand supply. Increased competition also could make it tougher for Big Oil to generate returns for their shareholders.
