CNOOC Limited600938
▲ PositiveCapitalrelevance
Record first-half net profit and higher oil prices boost earnings.
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CNOOC LimitedChina National Offshore Oil Corporation (CNOOC) announced on the 26th that its net profit attributable to shareholders reached a record high in the first half of the year. Driven by higher crude oil prices and increased production, net profit rose 23.4% year-on-year to 85.8 billion yuan (approximately 12.9 billion U.S. dollars). Oil and gas sales revenue increased 20% to 206.1 billion yuan, and the average realized crude oil price rose 23.6% to $85.49 per barrel. Net oil and gas production increased 3.7% to a record 398.7 million barrels of oil equivalent, of which domestic production in China increased 3.3% to 275.2 million barrels. The company maintained its annual production target of 780 million to 800 million barrels and its capital expenditure plan of 112 billion to 122 billion yuan.
CNOOC LimitedRecord first-half net profit and higher oil prices boost earnings.