CNOOC Posts 40% Slide In 1Q Revenue As Oil Prices Plunge

Reuters

HONG KONG, April 24 (Reuters) – China's top offshore oil producer, CNOOC Ltd, posted a 40 percent slide in first-quarter revenue on Friday as a drop of nearly 50 percent in crude prices offset higher production.

Revenue fell to 35.5 billion yuan ($5.73 billion) in the first quarter as realised oil prices tumbled 49 percent year-on-year to $53.4 per barrel, CNOOC said.

Total net production rose 9.4 percent year-on-year to 118.3 million barrels of oil equivalent (boe), the company said in a filing with the Hong Kong stock exchange.

The results are unaudited. The state-controlled company does not report quarterly profit figures.

Last month CNOOC reported net profit of 60.2 billion yuan for 2014, up 6.5 percent from 2013, as cost cuts, lower tax payments and higher output helped offset the slide in oil prices. ($1 = 6.1955 Chinese yuan)

(Reporting by Charlie Zhu; Editing by Alan Raybould)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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