CNOOC H1 profits falls 19%
Updated: 2012-08-21 16:10
The declining demand for crude oil in global markets as well as the economic downturn hit the company's profitability, CNOOC said in its half-year report, filed with the Hong Kong Stock Exchange.
Despite the 19 percent year-on-year fall, the oil giant remains one of the most profitable companies in the country. It posted record-high net profits of 70.26 billion yuan for the whole of 2011.
In the first half of this year, oil and gas revenues dipped 1.4 percent from a year earlier, to 95.66 billion yuan, the Hong Kong-listed company said.
Oil and gas output totaled 160.9 million barrels, down 4.6 percent year-on-year. That was a result of an oilfield in China's Bohai Bay being suspended because of an oil leak. The drop was also due to maintenance of oilfields and the sale of interests in a block in Indonesia.
The company's earnings per share also went down 19 percent to reach 0.71 yuan, while the board of directors proposed a half-year pretax dividend of HK$0.15 pending the approval of shareholders.
The company's average oil price stood at $116.91 per barrel and the average natural gas price reached $5.9 per 1,000 cubic feet, representing year-on-year increases of 8.1 percent and 20 percent, respectively.
The company aims to meet its annual production target of between 330 million and 340 million barrels of oil equivalent.