Cnooc revenue rises almost 56% on oil price rise
Cnooc Ltd., China’s offshore oil producer, said Thursday that its first-quarter revenue rose 55.8% to 38.39 billion yuan ($5.57 billion) from the same period last year.
It attributed the increase to a rise in global oil prices.
The state-owned oil major, which reports unaudited quarterly results, said its oil-and-gas output fell 4.2% to 119.1 million barrels of oil equivalent in the quarter ended March 31 when compared with the same quarter last year.
It also said capital expenditures in the quarter shrank 10.6% to 8.67 billion yuan from the same quarter a year ago.