Profit sinks on weak oil prices
Print Edition
China National Offshore Oil Corp, one of the country’s three fuel producers, reported waning profitability yesterday, mainly due to prolonged weakness in oil prices.
The company’s net profit sank 56.1 percent in the first half of 2015 to 14.7 billion yuan (US$2.3 billion), according to its interim financial report.
While international oil prices are low, CNOOC’s oil and gas sales shrank by 34.2 percent to 77 billion yuan.
CNOOC’s net output of oil and gas grew 13.5 percent in the first six months to 240 million barrels of oil equivalent.
Chairman Yang Hua said CNOOC’s efforts to cut costs and lift efficiency in development and production operations achieved “outstanding results.”
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