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Time of India
29-04-2025
- Business
- Time of India
CNOOC's Q1 profit down 7.9% on weaker oil prices, but output grows
Singapore: Chinese offshore oil and gas major CNOOC Ltd's first-quarter net profit fell 7.9 per cent , weighed by weaker oil prices but higher output helped stem the decline. Net income for January-March reached 36.56 billion yuan ($5.03 billion), versus 39.7 billion yuan in the same period last year, according to the company's filing with the Hong Kong Stock Exchange on Tuesday. The listed arm of the state oil giant China National Offshore Oil Company (CNOOC), reported a 4.1 per cent fall in revenue to 106.85 billion yuan in the first quarter thanks to higher output. CNOOC Ltd's total net production during the period was 188.8 million barrels of oil equivalent (boe), up 4.8 per cent on the year. Domestic net output grew 6.2 per cent benefiting from major oilfields such as Bozhong 19-6 in the Bohai Bay, while output from the company's international operations rose 1.9, lifted by growing output at Brazil's Mero-2 and others. CNOOC in January set its 2025 net production target at a record between 760 million and 780 million boe, or 5.6 per cent to 8.3 per cent above 2024's levels. As one of the world's most cost-efficient offshore producers, all-in production costs for the first quarter stood at $27.03 a barrel, versus $27.59 in the corresponding period last year. First-quarter capital spending amounted to 27.7 billion yuan, down 4.5 per cent on the year.
Business Recorder
29-04-2025
- Business
- Business Recorder
CNOOC's Q1 profit down 7.9% on weaker oil prices, but output grows
SINGAPORE: Chinese offshore oil and gas major CNOOC Ltd's ( opens new tab first-quarter net profit fell 7.9%, weighed by weaker oil prices but higher output helped stem the decline. Net income for January-March reached 36.56 billion yuan ($5.03 billion), versus 39.7 billion yuan in the same period last year, according to the company's filing with the Hong Kong Stock Exchange on Tuesday. The listed arm of the state oil giant China National Offshore Oil Company (CNOOC), reported a 4.1% fall in revenue to 106.85 billion yuan in the first quarter thanks to higher output. CNOOC Ltd's total net production during the period was 188.8 million barrels of oil equivalent (boe), up 4.8% on the year. China issues at least 152mn T in 2025 crude oil import quotas, sources say Domestic net output grew 6.2% benefiting from major oilfields such as Bozhong 19-6 in the Bohai Bay, while output from the company's international operations rose 1.9, lifted by growing output at Brazil's Mero-2 and 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. As one of the world's most cost-efficient offshore producers, all-in production costs for the first quarter stood at $27.03 a barrel, versus $27.59 in the corresponding period last year. First-quarter capital spending amounted to 27.7 billion yuan, down 4.5% on the year.
Reuters
29-04-2025
- Business
- Reuters
CNOOC's Q1 profit down 7.9% on weaker oil prices, but output grows
SINGAPORE, April 29 (Reuters) - Chinese offshore oil and gas major CNOOC Ltd's ( opens new tab first-quarter net profit fell 7.9%, weighed by weaker oil prices but higher output helped stem the decline. Net income for January-March reached 36.56 billion yuan ($5.03 billion), versus 39.7 billion yuan in the same period last year, according to the company's filing with the Hong Kong Stock Exchange on Tuesday. Make sense of the latest ESG trends affecting companies and governments with the Reuters Sustainable Switch newsletter. Sign up here. The listed arm of the state oil giant China National Offshore Oil Company (CNOOC), reported a 4.1% fall in revenue to 106.85 billion yuan in the first quarter thanks to higher output. CNOOC Ltd's total net production during the period was 188.8 million barrels of oil equivalent (boe), up 4.8% on the year. Domestic net output grew 6.2% benefiting from major oilfields such as Bozhong 19-6 in the Bohai Bay, while output from the company's international operations rose 1.9, lifted by growing output at Brazil's Mero-2 and 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. As one of the world's most cost-efficient offshore producers, all-in production costs for the first quarter stood at $27.03 a barrel, versus $27.59 in the corresponding period last year. First-quarter capital spending amounted to 27.7 billion yuan, down 4.5% on the year. ($1 = 7.2673 Chinese yuan renminbi)
Reuters
27-03-2025
- Business
- Reuters
China CNOOC's 2024 net profit rises 11% on record output
SINGAPORE, March 27 (Reuters) - China's CNOOC Ltd ( opens new tab posted a rise of 11.4% in 2024 net profit on record output despite weaker oil prices, as the state energy firm continues to focus on increasing reserves and production. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. The offshore oil and gas specialist reported a net profit of 137.9 billion yuan ($18.99 billion) in a filing to the Hong Kong Stock Exchange on Thursday. Domestic rival Sinopec Corp reported a 16.8% decline in net income at 50.3 billion yuan. CNOOC's oil and gas output rose 7.2% to a record 726.8 million barrels of oil equivalent (boe), meeting the high end of its target. Historically one of the industry's lower-cost explorers and producers, the company's all-in production cost held steadily low at $28.52 per boe, compared to $28.83 in 2023. Capital expenditure totalled 130.2 billion yuan last year, up versus about 128 billion in 2023. Proven reserves totalled 7.27 billion BOE as of end of 2024 and the reserve replacement ratio stood at 167%. The reserve life remained at 10 years. "Reserves are the cornerstone of our development. We adhered to the philosophy of value-driven exploration and targeted at large and medium-sized oil and gas fields," the company said. CNOOC remains a top contributor to China's domestic oil production growth as state-owned oil companies tackle geologically more challenging and more costly resources such as shale oil to counter a steep decline at mature basins. The company maintained a focus on developing natural gas, including major projects such as the phase-2 of deepsea Shenhai-1 in the South China sea. It made a total of 10 oil and gas discoveries such as deepwater Lingshui 36-1 gas field in the South China Sea. ($1 = 7.2635 Chinese yuan renminbi)
