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Offshore oil giant sees first-half profit down 19%
By Richard Fu |
August 21, 2012, Tuesday
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Online Edition
Online Edition
CNOOC Ltd, China's leading offshore oil producer, posted worse-than-expected first-half earnings with a year-on-year fall of 19 percent due to higher costs and the shutdown of a main field.
The company, which announced a US$15.1 billion takeover of 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 ago. 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 same period while oil and gas output declined 4.6 percent to 160.9 million barrels of oil equivalent, the company said in a filing to the Hong Kong Stock Exchange today.
CNOOC blamed its lower production on the closure of Penglai 19-3 field in the Bohai Bay after an oil spill last year. The company is still awaiting government approval to resume its operation in the field. It is, however, confident of achieving its production target of 330-340 million barrels of oil equivalent in 2012 with the help of new projects.
All-in cost for the first half was US$34.60 per barrel, up 13.1 percent, CNOOC said, citing rising industry costs and structural changes of the company's asset portfolio.
The company, which announced a US$15.1 billion takeover of 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 ago. 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 same period while oil and gas output declined 4.6 percent to 160.9 million barrels of oil equivalent, the company said in a filing to the Hong Kong Stock Exchange today.
CNOOC blamed its lower production on the closure of Penglai 19-3 field in the Bohai Bay after an oil spill last year. The company is still awaiting government approval to resume its operation in the field. It is, however, confident of achieving its production target of 330-340 million barrels of oil equivalent in 2012 with the help of new projects.
All-in cost for the first half was US$34.60 per barrel, up 13.1 percent, CNOOC said, citing rising industry costs and structural changes of the company's asset portfolio.
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