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Tuesday, Aug 20
More on Cnooc's H1 results, results jump following Nexen addition
- Cnooc (CEO) H1 net profit rose 7.9% to 34.38B yuan ($5.6B) from 31.87B yuan a year earlier and revenue jumped 17% to 139B yuan from 118.3B, thanks to stronger oil and gas output overseas following the acquisition of Canada's Nexen.
- Net crude oil and gas output rose 23% to 198.1M boe, including a 24.8M boe contribution from Nexen; without Nexen, production rose 7.7%.
- Says it is targeting production of 338M-348M boe this year, with Nexen's production contribution likely to reach 59M boe.
- Proposes an H1 dividend of HK$0.25 ($0.03), up from HK$0.15 a year earlier.