CNOOC's profit shrinks 19% in H1
By Richard Fu |
August 22, 2012, Wednesday
|
Print Edition
Print Edition
FIRST-HALF earnings for CNOOC Ltd, China's top offshore oil producer, shrank by a worse-than-expected 19 percent due to higher costs and the shutdown of a main field.
The company, which last month announced a US$15.1 billion takeover for Canada's Nexen Inc, said net profit fell to 31.87 billion yuan (US$5.01 billion) in the first six months from 39.34 billion yuan a year earlier. Seven analysts polled by Reuters had an average forecast of 34.2 billion yuan.
Revenue fell 5 percent to 118.27 billion yuan in the period while oil and gas output shed 4.6 percent to 160.9 million barrels of oil equivalent, CNOOC said in a filing to the Hong Kong stock exchange yesterday.
It blamed the lower output to the closure of its key Penglai 19-3 field in China's Bohai Bay after an oil spill last year.
The company yesterday didn't provide a date for the field's start-up, which is pending government approval. But it confirmed that it's operationally ready to resume production.
CNOOC also is confident of meeting its production target of 330-340 million barrels of oil equivalent for 2012 set earlier in the year.
Sanford C. Bernstein analyst Neil Beveridge wrote in a note that CNOOC has more growth than the market is giving the company credit for. "While production has been disappointing over the past two years, organic growth should start to pick up in the second half of 2012 and beyond," he noted.
The company, which last month announced a US$15.1 billion takeover for Canada's Nexen Inc, said net profit fell to 31.87 billion yuan (US$5.01 billion) in the first six months from 39.34 billion yuan a year earlier. Seven analysts polled by Reuters had an average forecast of 34.2 billion yuan.
Revenue fell 5 percent to 118.27 billion yuan in the period while oil and gas output shed 4.6 percent to 160.9 million barrels of oil equivalent, CNOOC said in a filing to the Hong Kong stock exchange yesterday.
It blamed the lower output to the closure of its key Penglai 19-3 field in China's Bohai Bay after an oil spill last year.
The company yesterday didn't provide a date for the field's start-up, which is pending government approval. But it confirmed that it's operationally ready to resume production.
CNOOC also is confident of meeting its production target of 330-340 million barrels of oil equivalent for 2012 set earlier in the year.
Sanford C. Bernstein analyst Neil Beveridge wrote in a note that CNOOC has more growth than the market is giving the company credit for. "While production has been disappointing over the past two years, organic growth should start to pick up in the second half of 2012 and beyond," he noted.
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