CNOOC posts 11% drop in 2013 net profit
Print Edition
CNOOC Ltd, China’s top offshore oil producer, yesterday posted an 11 percent decline in 2013 net profit, missing forecasts, as weakening crude prices and higher operating costs hurt earnings.
Net profit fell to 56.5 billion yuan (US$9.1 billion) last year from 63.7 billion yuan in 2012, the Hong Kong-listed company said yesterday. The consensus forecast by 31 analysts polled by Thomas Reuters was 63.2 billion yuan.
Its revenue rose 16 percent to 285.9 billion yuan.
CNOOC, which completed the US$15.1 billion acquisition of Canadian rival Nexen Inc in February last year, has been struggling to ensure output grow strongly in recent years. Last year, its net oil and gas output rose 20.2 percent to 411.7 million barrels of oil equivalent, but 60.8 million barrels were produced by Nexen.
In January, CNOOC said it would keep its goal of 6-10 percent average growth in annual output from 2011 to 2015.
CNOOC said its operating expenses surged 40 percent to 30 billion yuan last year because of the Nexen acquisition and higher costs for some new projects. It plans to bring seven to 10 new projects on stream this year.
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