Cnooc's Profit Slides On Cheaper Oil Even as Output Grows [Financial Post (Toronto, Ontario, Canada)]
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Source: Financial Post
You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Cnooc Ltd.'s annual profits fell last year as weaker oil prices outweighed record production. The offshore driller reported 124 billion yuan ($17 billion) in net income for 2023, compared to 142 billion yuan a year earlier, it said in a stock filing on Thursday. Revenue fell to 417 billion yuan, from 422 billion yuan. Article content The country's No. 3 oil and gas producer is more affected by oil price changes than its sister firms because it has much less exposure to downstream businesses such as refining. Global benchmark crude futures averaged 17% less in 2023 than in 2022, eating into the drilling profits. Article content Crude and gas production rose to 678 million barrels of oil equivalent in 2023, the sixth straight annual increase. Cnooc in January said it's aiming for 700-720 million barrels of production in 2024 and 780-800 million in 2025. Capital expendit
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