CNOOC's H1 profit rises 51%
By Richard Fu |
August 25, 2011, Thursday
|
Print Edition
Print Edition
CNOOC Ltd, China's dominant offshore oil and gas producer, posted a better-than-expected 51 percent surge in half-year earnings on rising crude prices, but revised downwards its 2011 production target because of oil spills in Bohai Bay.
Higher crude prices and output volume propelled the company's earnings to 39.34 billion yuan (US$6.2 billion) in the first six months, compared with 25.99 billion yuan a year earlier, according to interim results released yesterday. That's higher the 35.95 billion yuan median estimate of eight analysts polled by Bloomberg News.
Sales surged 51.2 percent to 124.6 billion yuan as CNOOC's average realized oil price jumped 41 percent to US$108.16 a barrel in the first half.
The Hong Kong-listed firm also cut its annual output target to 331-341 million barrels of oil equivalent from 355-365 million barrels on the impact of the oil spills and the delays in completing an acquisition in Argentina.
Oil and gas production rose 12.9 percent to 168.7 million barrels of oil equivalent in the first half of the year.
"We faced a challenge posed by the oil spill incident which occurred at Penglai 19-3 oilfield, and we felt deeply sorry," Chairman Wang Yilin said.
CNOOC and United States partner ConocoPhillips halted two platforms at Penglai 19-3 last month in Bohai Bay after two oil spills in June.
CNOOC owns 51 percent of Penglai 19-3, and ConocoPhillips, the oilfield's operator, holds the balance.
Higher crude prices and output volume propelled the company's earnings to 39.34 billion yuan (US$6.2 billion) in the first six months, compared with 25.99 billion yuan a year earlier, according to interim results released yesterday. That's higher the 35.95 billion yuan median estimate of eight analysts polled by Bloomberg News.
Sales surged 51.2 percent to 124.6 billion yuan as CNOOC's average realized oil price jumped 41 percent to US$108.16 a barrel in the first half.
The Hong Kong-listed firm also cut its annual output target to 331-341 million barrels of oil equivalent from 355-365 million barrels on the impact of the oil spills and the delays in completing an acquisition in Argentina.
Oil and gas production rose 12.9 percent to 168.7 million barrels of oil equivalent in the first half of the year.
"We faced a challenge posed by the oil spill incident which occurred at Penglai 19-3 oilfield, and we felt deeply sorry," Chairman Wang Yilin said.
CNOOC and United States partner ConocoPhillips halted two platforms at Penglai 19-3 last month in Bohai Bay after two oil spills in June.
CNOOC owns 51 percent of Penglai 19-3, and ConocoPhillips, the oilfield's operator, holds the balance.
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