real-time news and commentary for investors
Thursday, Oct 24
Cnooc Q3 production jumps, but flat without Nexen contribution
- Cnooc (CEO) says Q3 production rose 17.8% Y/Y to 103.4M boe, boosted by 16.1M boe of output from Canadian energy firm Nexen which it acquired earlier this year; excluding Nexen's contribution, net production was flat.
- Cnooc's 338M-348M boe production target for the year remains unchanged; without Nexen's contribution, this would amount to just a 2% Y/Y increase.
- Unaudited Q3 revenue hit 57.35B billion yuan, up 17% Y/Y, as its average oil selling price rose 1.5% to $106.26/bbl..
- Eager to boost overseas acquisitions, Cnooc joined an international consortium that won the right to explore and develop Brazil's Libra oil field; CFO Zhong Hua says Cnooc would pay ~$700M for its share in the project.
- Cnooc also announces new gas and oil discoveries in the Bohai Sea.