- 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.