China's CNOOC reports records for half-year profit, production (Pink Current Info:CEOHF)
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Aug 28 2024
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Should l Buy ?
Source: SeekingAlpha
Record Profit and Production Increase: CNOOC reported a record net profit of 79.73 billion yuan (~$11.2 billion) for the first half of the year, a 25% increase, driven by strong production and higher oil prices, with net output rising 9.3% to 362.6 million barrels of oil equivalent.
New Discoveries and Sales Growth: The company discovered seven new offshore fields with significant reserves and reported a 22% increase in oil and gas sales value to 185.11 billion yuan, alongside an 18% rise in revenues to 226.8 billion yuan.
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
