Latest News:  
Beijing   Sunny    29 / 17 ℃  City Forecast

English>>China Business

CNOOC H1 profits falls 19 pct


08:15, August 22, 2012

BEIJING, Aug. 21 (Xinhua) -- China National Offshore Oil Corporation Limited (CNOOC) -- the country's largest offshore oil producer -- has seen its half-year net profits fall 19 percent to 31.87 billion yuan (5.02 billion U.S. dollars).

The declining demand for crude oil in global markets as well as the economic downturn hit the company's profitability, CNOOC said in its half-year report, filed with the Hong Kong Stock Exchange.

Despite the 19 percent year-on-year fall, the oil giant remains one of the most profitable companies in the country. It posted record-high net profits of 70.26 billion yuan for the whole of 2011.

In the first half of this year, oil and gas revenues dipped 1.4 percent from a year earlier, to 95.66 billion yuan, the Hong Kong-listed company said.

Oil and gas output totaled 160.9 million barrels, down 4.6 percent year-on-year. That was a result of an oilfield in China's Bohai Bay being suspended because of an oil leak. The drop was also due to maintenance of oilfields and the sale of interests in a block in Indonesia.

The company's earnings per share also went down 19 percent to reach 0.71 yuan, while the board of directors proposed a half-year pretax dividend of 0.15 Hong Kong dollar pending the approval of shareholders.

The company's average oil price stood at 116.91 U.S. dollars per barrel and the average natural gas price reached 5.9 U.S. dollars per 1,000 cubic feet, representing year-on-year increases of 8.1 percent and 20 percent, respectively.

The company aims to meet its annual production target of between 330 million and 340 million barrels of oil equivalent.

News we recommend:
Prices fly for Angry Birds' merchandise Wine imports give Chinese firms a hangover Spirited into the world of e-commerce
E-shopping fuels domestic consumption China's firms bigger but not necessarily better China's beauty industry profits from a makeover
Taxing times for China's tax reformers  Experts divided on yuan’s future [Audio]Soccer in China Part III: The Business Side


Leave your comment0 comments

  1. Name


Selections for you

  1. Officers and men in live-ammunition tactical drill

  2. Uncover the secret of gold bars production

  3. Taxing times for China's tax reformers

  4. Hong Kong ready for Paralympics

  5. sexy bikini - on the beach

  6. How to marry a billionaire

Most Popular


  1. EU, China extend hands of friendship
  2. Editorial: Rules for stock market
  3. U.S.-S. Korea drills harmful to regional stability
  4. Wake-up call for industry
  5. Is Romney trounced, or has more tricks?
  6. Commentary: Meet the new consumers
  7. Medicare row escalates with Romney's VP pick
  8. New UN envoy's appointment last ditch for Syria
  9. Stock markets remain a depressing drag
  10. ASEAN, China should maintain regional stability

What's happening in China

Lhasa ranks at top of residents' happiness list

  1. Officers and men in live-ammunition tactical drill
  2. Many workers face extended probation period
  3. Free Qixi Festival events canceled
  4. Three Gorges Dam sees new round of flooding
  5. Amusement parks boost real estate market

China Features

  1. Japan stuck in neighbors' anger
  2. Is China's low-cost era approaching its end?
  3. Chinese firms provided one-stop services in U.S.
  4. Don't store bread and biscuits together
  5. Eat ducks during Chushu (Stopping the heat)

PD Online Data

  1. Spring Festival
  2. Chinese ethnic odyssey
  3. Yangge in Shaanxi
  4. Gaoqiao in Northern China
  5. The drum dance in Ansai