Bloomberg: China on track to miss 2015 shale output goal

• China likely will miss its shale gas production target for this year, Bloomberg reports, as PetroChina (PTR -0.5%) and Sinopec (SNP +0.8%) reduce production amid weakening demand growth and the collapse in energy prices.
• PTR, China’s largest oil and gas company, may produce ~1.6B cm of shale gas this year, lagging behind its stated target of 2.6B cm, and no. 2 SNP may pump ~3.5B cm of shale gas, according to the report.
• The combined production of the two companies of 5.1B cm would come in well short of China's previously announced 2015 production target of 6.5B cm.