PetroChina, the country's biggest oil producer, posted the highest amount of liabilities among all non-financial A-share firms with 1.05 trillion yuan ($162.8 billion), the worst in nearly two decades.

The state-owned oil company experienced its lowest dive, reporting a 67 percent plunge in net profit to 35.5 billion yuan.

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According to state-run Securities Daily, the company posted the liability even though it has managed to reduce its debt ratio from 45.2 percent to 43.8 percent a year ago after chopping its total debts by 3.5 percent in 2015.

In December, PetroChina got regulatory approval to issue corporate bonds no more than 40 billion yuan, state news agency Xinhua reported.

The need for liquidity follows after oil enterprises posted a weaker year as a result of the slumping oil price. Brent crude, the standard for over 50 percent of the world's oil, also posted a 48 percent decline in 2015.

The other Chinese oil giant Sinopec also saw a 32.1 percent decrease to 32.2 billion yuan.

Securities Daily, citing management insiders, said that PetroChina's management is considering cost management. It reportedly plans to slash off capital expenditure to 23 percent or 155.7 billion yuan.

Moreover, experts reveal that oil companies are also reportedly looking at broadening ownership to keep lean. PetroChina allegedly sold its remaining natural gas reserves subsidiaries, including Changqing, Dagang, Huabei, Liaohe, Southwest and Xinjiang, to domestic petroleum administrations at 3.51 billion yuan.

The company posted a 26.7 percent plummet in cash flow to 261.32 billion yuan from operating expenditures and a 25.8 percent decrease from investment activities.

TagsOil, Brent, PetroChina, A-share firms, Sinopec, Petroleum, China National Petroleum Corporation