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Yulu Ao

China National Offshore Oil Corporation (CNOOC), the nation’s largest offshore oil and gas producer, saw its net profit jump 23.4 per cent to a record high in the first half of the year, as higher oil prices and increased production boosted earnings amid the Iran war.
The company’s net profit rose to 85.8 billion yuan (US$12.7 billion) in the six months ended June, up from 69.5 billion yuan a year earlier, according to an exchange filing on Wednesday. Revenue increased 16.9 per cent to 242.7 billion yuan, also a record high for any interim period, the filing showed.
CNOOC’s oil and gas sales rose 20 per cent to 206.1 billion yuan during the period, while net production increased by a more modest 3.7 per cent to a record 398.7 million barrels of oil equivalent.
Both domestic and overseas production reached record highs, according to the company.
“In the second half of the year, we will stay focused on our annual production and operation targets, spare no effort to increase reserves and production, intensify research on core technologies, steadily grow our new energy business, further tap the potential for quality and efficiency enhancement, and strictly uphold the bottom line of safety and environmental protection,” said Zhang Chuanjiang, the company’s chairman, in the interim report.
The firm declared an interim dividend of HK$0.94 per share, up 28.8 per cent from a year earlier and the highest since its listing. Its shares had fallen 0.8 per cent to close at HK$24.92 in Hong Kong ahead of the earnings release.
The strong interim results came amid a turbulent period for global energy markets, as escalating conflict in the Middle East and disruptions to shipping through the Strait of Hormuz sent oil prices sharply higher.


Brent crude, which started the year at around US$61 a barrel, surged above US$100 in March and traded as high as US$115 in the second quarter, before retreating as ceasefire talks raised hopes of a recovery in oil flows through the key waterway.
Higher oil prices also lifted earnings at China Petroleum & Chemical Corporation, or Sinopec, although the impact was more mixed because of its much larger refining and fuel-marketing businesses.
Sinopec, the largest oil refiner in China, reported over the weekend that its net profit had jumped 19.3 per cent to 25.6 billion yuan in the first half, while revenue had increased 2 per cent to 1.4 trillion yuan.
It said in its interim report that geopolitical conflicts in the Middle East had caused international crude prices to fluctuate sharply, with the average spot price of Brent crude jumping 29.1 per cent year on year to US$92.60 per barrel in the first half.
Sinopec said it responded to the Middle East conflict by increasing crude purchases from non-Middle Eastern sources and adjusting its procurement pace. But high oil prices had also weighed on domestic fuel consumption, contributing to a 28.6 per cent year-on-year decline during the period in operating profit at its marketing and distribution business, it added.
Separately, Sinopec bought back 2.33 million of its Hong Kong-listed shares for HK$10.98 million on Wednesday, at prices ranging from HK$4.69 to HK$4.72 per share, according to an exchange filing.


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China’s largest offshore oil and gas producer saw net profits jump over 23 per cent in the first half amid turbulence in the Middle East


China’s largest offshore oil and gas producer saw net profits jump over 23 per cent in the first half amid turbulence in the Middle East.


China’s CNOOC rakes in record first-half profit on high oil prices amid Iran war

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}China’s largest offshore oil and gas producer saw net profits jump over 23 per cent in the first half amid turbulence in the Middle East

China’s largest offshore oil and gas producer saw net profits jump over 23 per cent in the first half amid turbulence in the Middle East