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China's Cnooc wraps up weak 2016 but forecasts higher production

Mar. 23, 2017 9:10 AM ETCNOOC Limited (CEO) StockCEOBy: Carl Surran, SA News Editor
  • China's Cnooc (NYSE:CEO) reports its worst annual result since at least 2011, with revenue from its core oil and gas business falling 17% in 2016, but it expects to increase production this year as oil prices rebound.
  • CEO says its 2016 net profit totaled 637M yuan ($92.5M), down 97% from 20.2B yuan in profit in 2015, as revenue from oil and gas fell to 121B yuan from 147B yuan in 2015.
  • The state-owned company's 2016 total production of oil and gas fell 3.8% Y/Y to 476.9M boe, the first drop since 2012, but plans to begin operations on five new projects in 2017 and to increase reserves and production through drilling and acquisitions.
  • CEO's average realized oil price for the full year was $41.40/bbl, 19% lower than 2015, while natural gas prices fell 14.6% from the previous year.

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