China CNOOC’s Q3 profit down 8% on yr despite higher output

Chinese national offshore oil and gas major CNOOC Ltd 0883.HK, 600938.SS on Tuesday posted an 8.13% fall in third quarter profit on lower realised oil prices despite higher output.

Net profit fell to 33.88 billion yuan ($4.64 billion), CNOOC said in a filing to the Hong Kong Stock Exchange.

The listed arm of state-backed CNOOC Group reported a 5.5% year-on-year increase in revenue to 114.8 billion yuan.
Source: Reuters (Reporting by Chen Aizhu in Singapore and Andrew Hayley in Beijing; editing by David Evans)