China's CNOOC reports 11% drop in profit in H1

Chinese state-owned oil and gas company CNOOC on August 17 announced an 11.3% year/year decline in its first-half profit due to lower realised oil prices.

The net profit for the first half of the year was reported at 63.8bn yuan ($8.76bn), down from 71.9bn yuan in the same period the previous year. CNOOC revealed these figures in a filing to the stock exchange. Additionally, the company's revenue dropped from 202.3bn yuan to 192.1bn yuan. The average realised oil price during the first half of the year experienced a 29% yr/yr decrease.

In contrast to the decline in profits, CNOOC's total production increased by 8.9% yr/yr, reaching 331.8mn barrels of oil equivalent. “In the first half of the year, the company achieved significant growth in oil and gas production in both China and overseas, with daily net production hitting a record high,” CNOOC chairman Wang Dongjin said.