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Cnooc's H1 net profit drops 56% as lower crude prices outweigh capex cuts

Aug. 26, 2015 8:18 AM ETCNOOC Limited (CEO) StockCEOBy: Carl Surran, SA News Editor1 Comment
  • Chinese offshore oil producer Cnooc (NYSE:CEO) says its consolidated H1 net profit fell 56% Y/Y to 14.73B yuan ($2.3B) from 33.6B yuan a year ago, as a precipitous drop in crude prices offset higher production.
  • Cnooc's H1 net production of oil and gas rose 13.5% Y/Y to 240.1M boe, but production in Canada, where its Nexen subsidiary operates, fell 15% to 10.5M boe.
  • Cnooc reiterates plans to increase full-year production by as much as 15% to as high as 495M boe, while cutting capex by as much as 35% to 70B yuan.
  • The company cut H1 capital spending by 31%, “in line with guidance, reflecting increased capital discipline in a challenging commodity price environment,” says Bernstein's Neil Beveridge.

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