Cnooc's Profit Slides On Cheaper Oil Even as Output Grows [BNN Bloomberg (Canada)]
Chevron Corporation (CVX)
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Source: BNN Bloomberg
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. 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. 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 expenditure is expected at between 125-135 billion yuan this year, compared to 128 billion in 2023. The company plans to stick with its recent strategy of maintaining stable oil output while focusing on boosting gas production, it said in the fil
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