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Journalism of Courage
China’s top offshore oil and gas producer CNOOC Ltd on Wednesday reported a 51.4 per cent rise in first-half net profit,beating analysts forecasts,on higher crude oil prices and increased production volume.
CNOOC makes most of its profit from exploration and production,and only has a small presence in the refining sector. Compared with peers PetroChina Co Ltd and China Petroleum & Chemical Corp (Sinopec) . CNOOC is less influenced by state-capped fuel prices that are now below production costs.
CNOOC posted a net profit of 39.34 billion yuan for the first half of 2011,versus 25.99 billion yuan a year earlier.
The results beat a consensus forecast of 35.56 billion yuan from seven analysts polled by Reuters.
The company said revenue rose 51.2 per cent to 124.57 yuan,and posted EPS at 0.88 yuan.
