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Cnooc H1 Net Profit Down 19%


Cnooc Ltd (NYSE: CEO) 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.


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