CNOOC Posts Sharper-Than-Expected Fall In 2013 Earnings

Some analysts say CNOOC overpaid for Nexen as it had underestimated the risks of monetizing the landlocked oil sands and shale gas assets in Canada that account for the bulk of Nexen's proven and probable reserves.

Shares of CNOOC ended up 1.15 percent on Friday ahead of the results announcement. The stock lost about 15 percent in the last three months, versus a 5 percent drop in the benchmark Hang Seng Index.

($1 = 6.0502 Chinese yuan)

(Reporting by Charlie Zhu; additional reporting by Bangalore newsroom; Editing by Matt Driskill)


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