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CNOOC reports best half-year profit since 2015

Aug. 23, 2018 11:25 AM ETCNOOC Limited (CEO) StockCEOBy: Carl Surran, SA News Editor
  • China's CNOOC (CEO -0.8%) says H1 profits jumped 57% Y/Y to 25.48B yuan ($3.71B), its best half-year performance since H1 2015, helped by higher crude prices and strong gas sales.
  • CNOOC's H1 crude oil production from domestic fields fell to 128M barrels from 134M barrels in the year-ago period, citing the aging of the Bohai Rim field and the maintenance of two drilling ships, while natural gas output rose 11% Y/Y.
  • CNOOC maintains guidance for full-year capex of 70B-80B yuan, even as capital spending during H1 totaled only 21B yuan; the company says it will accelerate spending in H2.

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