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Cnooc 's Q3 sales fall 4.6% amid lower crude prices

Oct. 29, 2014 10:59 AM ETCNOOC Limited (CEO) StockCEOBy: Carl Surran, SA News Editor
  • Cnooc (CEO -1.3%), China's top offshore oil and gas explorer, says Q3 sales fell 4.6% Y/Y to 53.6B yuan, as lower crude prices eroded earnings.
  • Cnooc's realized crude oil price dropped 6.8% to $98.98/bbl from $106.26 a year ago, and CFO Zhong Hua says some of its new projects could be affected if crude prices stay low.
  • Says its Q3 production finished roughly flat at 103M boe, little changed from 103.4M boe in the year-ago quarter, as overseas output fell slightly due to maintenance at some fields.

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