CNOOC Q1 Profit Rises 7.1 Percent on Higher Output
CNOOC reported a 7.1 percent rise in first-quarter profit to 39.14 billion yuan on higher oil prices. Net production grew 8.6 percent to 205.1 million barrels.
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CNOOC LTD-H grew its first-quarter net profit 7.1% to 39.14 billion yuan ($5.73 billion) as output and oil prices climbed. Revenue rose 8.6% to 116.08 billion yuan, exceeding the 36.56 billion yuan profit recorded during the same period last year. Higher Brent Crude Oil prices and a 12.3% jump in overseas production are driving the offshore producer's valuation higher.
