CNOOC’s profit falls as out­put surges

China Daily (Canada) - - NEWSCAPSULE -

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)

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