China's CNOOC Profit Slips 6.4% in First Quarter on Lower Oil Price
05.01.2023 By TankTerminals.com - NEWS

May 1, 2023 [Reuters] – Chinese national oil and gas company CNOOC Ltd (0883.HK), ‘s first-quarter profit slipped 6.4% from a year ago, as lower realised oil prices squeezed margins despite higher output.

 

Net profit fell to 32.1 billion yuan ($4.64 billion) from 34.3 billion yuan ($4.96 billion) in the same period last year, according to the company’s filing with the Hong Kong Stock Exchange on Thursday.

The lower profit follows a 23.9% slide in realised oil prices versus a year ago when prices spiked in the immediate aftermath of Russia’s invasion of Ukraine in February 2022.

The listed arm of the state-backed CNOOC Group reported a 7.5% year-on-year increase in revenue to 97.7 billion yuan ($14.12 billion) over the first quarter.

CNOOC’s total net production during the period was 163.9 million barrels of oil equivalent (boe), up 8.6% on last year.

Domestic output increased by 5.5% while output from the company’s international operations in countries such as Brazil and Guyana increased by 16.6%.

The company has set a production target of a record 650 million to 660 million boe in 2023, as part of its medium-term goal of a 6% increase in average annual production by 2025.

As one of the world’s most cost-efficient producers, all-in production costs for the first quarter stood at $28.2 per barrel, down 7.7% on the same period last year.

Capex increased 46.1% to 24.74 billion yuan.

In March, CNOOC announced plans for a modest increase in capex from 100 billion yuan ($14.55 billion) last year to 100-110 billion yuan for 2023, as it targeted further development of nine projects and a reserve replacement ratio of greater than 130%.

Pro Trial: Access 12,600 Tank Terminal and Production Facilities

12,600 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

India's First Methanol Plant to be Set up in Telangana
11.21.2024 - NEWS
November 21, 2024 [Chem Analyst]- In a groundbreaking initiative, India is set to get its first m... Read More
Egypt in Talks with Foreign Companies Over Long-Term LNG Purchases, Sources Say
11.21.2024 - NEWS
November 21, 2024 [Reuters]- Egypt is in talks with U.S. and other foreign companies to purchase ... Read More
INEOS and GNFC Sign a Memorandum of Understanding to Build a New World Scale Acetic Acid Unit in India
11.21.2024 - NEWS
November 21, 2024 [INEOS]- INEOS Acetyls and Gujarat Narmada Valley Fertilizers & Chemicals L... Read More
Peru's State Oil Firm Could Open to Private Investors in 2025, Chairman says
11.21.2024 - NEWS
November 21, 2024 [Reuters]- Peru’s indebted state-run oil firm could consider offering a ... Read More