CNOOC Sees 7.9% Drop in Q1 Profits as Oil Prices Weaken, Yet Output Climbs

SINGAPORE (Cryptonesia) - The net income of Chinese offshore energy giant CNOOC Ltd dropped by 7.9% in the first quarter, primarily due to lower oil prices. However, increased production helped mitigate this decrease.
In the first quarter from January to March, net income amounted to 36.56 billion yuan ($5.03 billion). This figure is down compared to 39.7 billion yuan during the corresponding period of the previous year, as stated in the company’s filing with the Hong Kong Stock Exchange on Tuesday.
The subsidiary of the Chinese national offshore oil company, CNOOC, experienced a 4.1% decline in revenue to 106.85 billion yuan during the initial three months of the year due to increased production levels.
During this period, CNOOC Ltd.'s overall net production reached 188.8 million barrels of oil equivalent (boe), marking an increase of 4.8% compared to the previous year.
The domestic net output increased by 6.2%, aided by significant oil fields like Bozhong 19-6 in the Bohai Bay region. Meanwhile, the company’s international operations saw an uptick of 1.9%, driven by rising production at Brazil's Mero-2 field and several others.
CNOOC in January set its 2025 net production target at a record between 760 million and 780 million boe, or 5.6% to 8.3% above 2024's levels.
Being one of the globe’s most economical offshore producers, the total production expenses per barrel during the initial quarter were recorded at $27.03, compared to $27.59 for the same duration the previous year.
In the first quarter, capital expenditures totaled 27.7 billion yuan, representing a decrease of 4.5% compared to the previous year.
($1 equals 7.2673 Chinese Yuan Renminbi)
(Reported by Chen Aizhu; edited by David Evans)
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