Cnooc H1 Net Profit Down 19%

Cnooc Ltd

reported a 19% drop in its first-half net profit. Cnooc's net profit for the period declined to 31.87 billion yuan (US$5.1 billion), versus CNY39.34 billion, in the year-ago period. However, analysts were expecting a profit of CNY35.92 billion. Its revenue dropped 5% to CNY118.27 billion, versus CNY124.57 billion. Its net crude-oil and gas output declined 4.6% to 160.9 million barrels of oil equivalent. Cnooc also proposed a dividend of HK$0.15 for the first half, versus HK$0.25. Cnooc shares gained 0.60% to close at $201.02 yesterday.