Wed, Aug. 26, 8:18 AM
- 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.
Fri, Mar. 27, 7:56 AM
- Cnooc (NYSE:CEO) reports a 6.5% increase in full-year profit, attributing cost cuts and higher output that helped offset the slide in global oil prices.
- China's biggest offshore energy explorer says its net income rose to 60.2B yuan ($9.7B) from 56.5B yuan a year earlier, well ahead of the analyst consensus estimate of 52.3B yuan, but sales slipped 4% to 275B yuan.
- Cnooc credits much of its improved profit to a 6% drop in its production cost to $42.30/boe, even while its oil and gas output rose 5.1% Y/Y to 432M boe, as more than 10 new projects started production, including Liwan 3-1, the first major deepwater gas field offshore China.
- Cnooc says it achieved a reserve replacement ratio of 112% last year, and had net proven reserves of 4.48B boe at year-end.
- Cnooc has said it plans to increase production by as much as 15% in 2015, while cutting capital expenditure by as much as 35% to 70B yuan.
Thu, Mar. 26, 8:49 AM
- PetroChina (NYSE:PTR) says its net profit fell 17.3% last year to its lowest annual profit in five years, as falling crude oil prices squeezed earnings.
- PTR says its net income dropped to 107.2B yuan ($17.2B) from 129.6B yuan a year earlier, while revenue rose 1.1% to 2.28T yuan from 2.25T a year earlier.
- Capital spending for 2015 will be reduced by 8.8% at 266B, adding to last year's 8.4% reduction; the move follows similar cuts by Chinese state-owned rivals Sinopec (NYSE:SNP) and Cnooc (NYSE:CEO).
- Oil and gas production rose 3.6% to 1.45B boe in 2014, and realized crude oil price fell 13% to 3,939 yuan/ton.
Aug. 28, 2014, 8:18 AM
- Cnooc (NYSE:CEO) says H1 net profit fell 2.3% Y/Y as higher spending and little-changed average oil prices undercut an increase in oil and gas production.
- Still, H1 net income was a better than expected 33.6B yuan ($5.47B); revenues were flat Y/Y at 138.8B yuan, while oil and gas sales rose 5.7% to 117.1B yuan.
- Difficulties in cost control “should not be underestimated,” CEO says, adding that it sees uncertainties and challenges in H2.
- H1 production rose 6.8% Y/Y to 211.6M boe, with Canadian unit Nexen contributing 36.3M boe; CEO expects full-year production to reach 422M-435M boe, a 5.6% Y/Y increase.
Apr. 22, 2014, 6:59 AM| Apr. 22, 2014, 6:59 AM | Comment!
Mar. 30, 2014, 4:50 PM
- Deutsche Bank analysts say they left Cnooc's (CEO) investor meeting following Friday's soft earnings scratching their heads.
- "There was talk of CNOOC "the exploration company," which defies the PSC-structure and history. The "new discovery" on deep water Lingshui 17-2 was offered as evidence, although we question the choice of words. CNOOC suggested that it had been exploring deep water for only two years – least we forget the Liwan discovery in August 2006. There was focus on the (mostly acquired) RRR of 327 and 10.8 years of reserve life; peer average FY12 was 12.1-years. There was a comment about focusing on "organic growth" – some of CNOOC’s best assets came from M&A: MEG, OML-130, Lake Albert (maybe). There was a comment about efficiency and reducing costs and we remember earlier comments about perusing off shore China deep water exploration and the endless rise in Capex. Where are we going, gentlemen?"
Mar. 28, 2014, 8:21 AM
- Cnooc (CEO) posted an 11.4% drop in its 2013 net profit, well below analyst forecasts, to 56.5B yuan ($9.3B) vs. 63.7B yuan the previous year, as it struggled to deliver production growth and control costs amid weakening crude prices.
- China's largest offshore oil and gas producer nevertheless says it expects to boost capital spending by 14%-30% this year, a sharp contrast to plans from rivals PetroChina (PTR) and Sinopec (SNP), which said they will cut capital expenditure this year by 7% and 4.2% respectively.
- SNP had reported 2013 net profit rose 3.4%, while PTR had reported a 12% rise.
- Production rose 20.2% Y/Y to 411.7M boe in 2013, thanks to contributions from newly acquired Nexen; excluding the contribution, Cnooc produced 350.9M boe, missing for the third year in a row its compound annual growth target of 6%-10% set for the 2011-15 period.
Aug. 20, 2013, 7:56 AM
- Cnooc (CEO) H1 net profit rose 7.9% to 34.38B yuan ($5.6B) from 31.87B yuan a year earlier and revenue jumped 17% to 139B yuan from 118.3B, thanks to stronger oil and gas output overseas following the acquisition of Canada's Nexen.
- Net crude oil and gas output rose 23% to 198.1M boe, including a 24.8M boe contribution from Nexen; without Nexen, production rose 7.7%.
- Says it is targeting production of 338M-348M boe this year, with Nexen's production contribution likely to reach 59M boe.
- Proposes an H1 dividend of HK$0.25 ($0.03), up from HK$0.15 a year earlier.
Aug. 20, 2013, 6:47 AM
Mar. 22, 2013, 8:06 AMCnooc (CEO) says its 2012 profit fell 9.3% due to higher costs for exploration and operating in Canada's oil sands. Revenue rose 2.8% to 247.6B yuan from 240.9B on higher oil and gas sales. Cnooc’s largest domestic offshore field, Penglai 19-3, was shut because of a spill, hindering production growth. Says it will increase expense on drilling new wells and exploring for resources by 52% Y/Y. (PR) | Mar. 22, 2013, 8:06 AM | Comment!
Oct. 25, 2012, 5:52 AM
Oct. 24, 2012, 8:49 AMCnooc (CEO) raises its 2012 net oil and gas production target as it reports a 5.2% increase in Q3 revenue on the back of higher oil and gas output. Q3 revenue rose to 48.96B yuan ($7.73B) from 46.52B a year earlier. CEO says it is working to secure Canadian approval of its bid to acquire Nexen and expects to complete the deal before the end of the year. CEO +1.3% premarket. | Oct. 24, 2012, 8:49 AM | Comment!
Aug. 21, 2012, 4:21 AMMore on Cnooc (CEO) H1: Cnooc says that while it has 100B yuan ($15.72B) in cash, it still intends to raise money to help finance its $15.1B bid for Canada's Nexen (NXY) and thereby maintain its credit rating. Cnooc also has no plans to sell any Nexen assets once the transaction is closed. | Aug. 21, 2012, 4:21 AM | Comment!
Aug. 21, 2012, 2:48 AMCnooc (CEO): H1 net profit -19% to 31.87B yuan ($5.1B), below consensus of 35.92B yuan. Revenue -5% to 118.27B yuan. Earnings hurt by a production halt at the Penglai oil field following a a massive oil spill last year and higher taxes. Cnooc confident it will achieve its 2012 oil and gas production goals. Declares H1 dividend of HK$0.15 ($0.02), down from HK$0.25 last year. (PR) | Aug. 21, 2012, 2:48 AM | Comment!
Jul. 19, 2012, 11:59 AMNexen (NXY -1.2%) reports a 57% Q2 drop in profit on lower crude prices and its unsuccessful Kakuna well in the Gulf of Mexico. NXY earned C$0.19/share, down from C$0.45 Y/Y and below analyst consensus of C$0.27. NXY says it's on track to meet its Q3 and Q4 production guidance; its full-year production view remains at 185K-220K boe/day. | Jul. 19, 2012, 11:59 AM | Comment!
Aug. 24, 2011, 4:52 AM
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