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

Spark: Spot LNG Shipping Rates Climb to Almost $200,000 Per Day
09.23.2023 - NEWS
September 23, 2023 [LNG Prime]- Spot charter rates for the global liquefied natural gas (LNG) car... Read More
Sempra Gets FERC OK for Port Arthur LNG Expansion
09.23.2023 - NEWS
September 23, 2023 [LNG Prime]- LNG player Sempra Infrastructure, a unit of Sempra, won regulator... Read More
Oil Ends Week Lower as Demand Concerns Face Russia Supply Ban
09.23.2023 - NEWS
September 23, 2023 [Reuters]- Oil prices held steady on Friday but closed the week lower on profi... Read More
TransMontaigne Appoints Randal Maffett as Chief Executive Officer
09.23.2023 - NEWS
September 23, 2023 [Businesswire]- TransMontaigne Partners LLC (“TransMontaigne” or the “C... Read More