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Market generally believes that the lower oil and gas price as compared to the same period of last year caused the fall of CNOOC's revenue. CNOOC Ltd did not give a net profit figure for the period. During the first half, CNOOC's revenue was 40.65 billion yuan and net profit reached 12.40 billion yuan. The company said its realized crude oil price was 67.83 US dollars per barrel, presenting a decrease of 36.6 percent year on year, but an increase of 37.4 percent comparing with that of the first half of 2009. The realized gas price rose 2.8 percent to 3.93 US dollars per thousand cubic feet. It is anticipated that the crude oil price in the fourth quarter would maintain at about 80 US dollars per barrel, a favorable factor for CNOOC. CNOOC in the third quarter has seen its net production offshore China increased by 9.7 percent year on year to 524.412 barrels oil equivalent per day (BOE/day) and the net production overseas reached 122,970 BOE/day, a surge of 78.9 percent. In the third quarter, CNOOC total capital expenditure increased by 10.3 percent year on year to 11.24 billion yuan, a reflection of the higher production cost. For full details on CNOOC ADS (CEO) click here. CNOOC ADS (CEO) has Short Term PowerRatings of 5. Details on CNOOC ADS (CEO) Short Term PowerRatings is available at This Link.
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