CNOOC H1 Net Profit Plunges

reported a 56 percent drop in its first-half net profit. The company posted a net profit of 14.73 billion yuan ($2.30 billion) for the first half, versus a year-ago profit of CNY33.59 billion. Its basic EPS came in at RMB0.33. Its revenue declined 35 percent to CNY89.59 billion versus CNY138.80 billion. Net production of oil and gas climbed 13.5 percent year-over-year to 240.1 million barrels of oil equivalent in the first half. Production from offshore China gained 19.1 percent to 156.3 million BOE, while production from overseas rose 4.4 percent to 83.9 million BOE. The company's board declared an interim dividend of 25 Hong Kong cents per share. Mr. Li Fanrong, CEO of the Company, said, "In the first half of 2015, the Company made tremendous efforts to reduce costs and enhance efficiency. As a result of these initiatives, our exploration, development and production activities have maintained stable growth, and major financial indicators remained healthy. In the second half of the year, we will effectively execute the year's operational strategy under the guidance of the Company's growth strategy, proactively deal with the adverse environment of low oil prices and ensure that all annual production and operation targets for the year are achieved." CNOOC shares fell 1.49 percent to close at $99.65 yesterday.