CNOOC expects to double profit in H1
Chinese state-run energy company CNOOC expects to more than double its net profit in the first half of 2022 (H1) owing to high oil prices, it said on July 14 in a stock exchange filing.
CNOOC’s net income in H1 is likely to be between 70.5bn and 72.5bn yuan ($10.45bn and $10.75bn), up between 112% and 118% year/year.
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“Benefiting from the rise in the international oil prices, production growth and cost control, profitability of the first half of the year increased significantly,” CNOOC said.