CNOOC Posts Record Profit as China Pumps More Oil at Home
China’s push to squeeze more oil and gas from home is paying off just as imported energy becomes more geopolitically complicated. CNOOC posted record first-half profit and production on Wednesday, helped by higher oil prices following the Iran war and continued growth from its offshore fields.
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Key Facts
- Fact 1: Net profit attributable to shareholders jumped 23.4% from a year earlier to 85.8 billion yuan, or about $12.9 billion.
- Fact 2: Oil and gas sales revenue climbed 20% to 206.1 billion yuan.
- Fact 3: CNOOC’s average realized oil price rose 23.6% to $85.49 per barrel during the first six months of the year, while its realized natural gas price increased just 1.3%.
- Fact 4: Net oil and gas production rose 3.7% to a record 398.7 million barrels of oil equivalent, including 275.2 million boe produced in China.
China’s push to squeeze more oil and gas from home is paying off just as imported energy becomes more geopolitically complicated. CNOOC posted record first-half profit and production on Wednesday, helped by higher oil prices following the Iran war and continued growth from its offshore fields.
Net profit attributable to shareholders jumped 23.4% from a year earlier to 85.8 billion yuan, or about $12.9 billion. Oil and gas sales revenue climbed 20% to 206.1 billion yuan. The biggest boost came from crude prices.
(Original synthesis pending human/AI review — generated by the stub provider by selecting real sentences from the source material, not by writing new analysis or commentary.)
Original source: OilPrice.com
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