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Tuesday, 02 December, 2008, 04:30 GMT | more >>

CNOOC Ltd shrugs off earnings dip



By Upstream staff 

China National Offshore Oil Corporation Ltd (CNOOC Ltd) has seen its output rise by 4.5% in the first half of the year, but booked a 10.6% drop in first-half earnings on the back of lower crude prices and a hefty windfall tax pay-out.

CNOOC Ltd said its crude output for the first six months of the year totalled 68.1 million barrels, while natural gas output came in at 99.7 billion cubic feet.

Its average oil selling price was US$58.8 per barrel in the period, down 5.8% from a year earlier.

The company's first-half net profit was 14.55 billion yuan ($1.93 billion), versus 16.28 billion yuan a year earlier.

The result beat a consensus forecast for 13.96 billion yuan from five analysts polled by Reuters.

Analysts say a rebound in crude prices, which peaked at a record $78.77 early this month, could fuel earnings growth for the company.


Wednesday, 29 August, 2007, 09:06 GMT  | last updated: Wednesday, 29 August, 2007, 09:07 GMT

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