China’s CNOOC 2012 net profit declines by 9.3% to CNY63.7bn

22 March 2013 09:32  [Source: ICIS news]

SINGAPORE (ICIS)--CNOOC Ltd, the listed arm of China National Offshore Oil Corp (CNOOC), said on Friday its net profit in 2012 fell by 9.3% year on year to yuan (CNY) 63.7bn ($10.2bn) due to higher costs and more investments in exploration.

Its revenue for the full year of 2012 rose by 2.9% to CNY194.8bn, while operating profits in the year dropped by 3.9% to CNY87.1bn.

Its production of oil and gas in 2012 increased 3.2% to 342.4m tonnes of oil equivalent (toe), while sales of the materials expanded by 2.7% to 322.6m toe, according to the company.

In 2012, the company’s realised prices of crude oil and natural gas stood at $110.48/bbl and $5.77/thousand cubic feet respectively, up by 0.7% and 12.0%, respectively.

Its all-in cost increased 16.8% to $35.73/bbl in 2012, primarily because of higher resource taxes.

CNOOC Ltd’s production target in 2013 is 338m-348m toe, according to the company.

($1= CNY6.22)

By: Fanny Zhang
+65 6780 4359

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly