CNOOC’s profit falls as output surges
CNOOC Ltd, China’s largest offshore oil and natural gas developer, said net profit fell 11.4 percent to 56.46 billion yuan ($9.11 billion) last year, even as output set records.
CNOOC said the decline mainly reflected higher costs and lower realized oil prices.
“The decline was caused by a weak upstream crude market. Also, the company doesn’t have a strong presence in the oil products retail market compared with the other two giants — PetroChina Co and Sinopec Group,” said Wang Yanting, oil product analyst at consultancy JYD Online Corp.
China Petroleum & Chemical Corp (Sinopec) released its annual results last Friday, showing profits of 8.6 billion yuan in the refining sector, compared with a year-earlier loss. (Photo 2)