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CNOOC Hits Record Profit Amidst Oil Price Surge
26 Aug
Summary
- Record first-half net profit reached 85.8 billion yuan.
- Oil and gas production saw a 3.7% increase to 398.7 million barrels.
- Company declared its highest interim dividend since listing.
CNOOC Ltd has reported a record-breaking first-half net profit, reaching 85.8 billion yuan, a significant increase of 23.4% from the prior year.
This surge in earnings was primarily driven by an uplift in oil prices and a 3.7% rise in net oil and gas production, which totaled 398.7 million barrels of oil equivalent. The company's average realized oil price climbed to $85.49 per barrel.
Alongside its robust profit, CNOOC announced an interim dividend of HK$0.94 per share, marking the highest payout since its stock market debut. The company also confirmed four new oil and gas discoveries within China.
CNOOC has maintained its annual production target and capital expenditure guidance, with first-half capital expenditure amounting to 62 billion yuan. The company also expanded its exploration efforts by securing new blocks in Brazil and Indonesia.
