Cnooc Reports Flat Q3 Revenue
Cnooc Limited, the listed arm of Chinese state-run Cnooc, October 24 said its sales revenue for the three months ending September 30 (Q3 2019) reached about yuan 48.33bn ($6.84bn), up 0.8% yr/yr as higher production was offset by a decrease in released prices.
The company achieved a total production of 124.8mn barrels of oil equivalent for the quarter, representing an increase of 9.7% yr/yr. Production from offshore China rose 8.9% to 80.2mn boe, while overseas production increased 11.2% to 44.6mn boe, Cnnoc Limited said. During the period, the company made three new discoveries and drilled 19 appraisal wells.
During Q3, Cnooc Limited’s average realised oil price decreased 14.9% yr/yr to $60.89/barrel, which is in line with the international oil prices, the company said. The company’s average realised gas price decreased 8.8% to $5.70/’000 ft3.
For the quarter, the company's capital expenditure increased 27.9% yr/yr to approximately yuan 19.53bn.