SINGAPORE: Chinese offshore oil and gas major CNOOC Ltd’s (600938.SS), opens new tab first-quarter net profit fell 7.9%, weighed by weaker oil prices but higher output helped stem the decline.
Net income for January-March reached 36.56 billion yuan ($5.03 billion), versus 39.7 billion yuan in the same period last year, according to the company’s filing with the Hong Kong Stock Exchange on Tuesday.
The listed arm of the state oil giant China National Offshore Oil Company (CNOOC), reported a 4.1% fall in revenue to 106.85 billion yuan in the first quarter thanks to higher output.
CNOOC Ltd’s total net production during the period was 188.8 million barrels of oil equivalent (boe), up 4.8% on the year.
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Domestic net output grew 6.2% benefiting from major oilfields such as Bozhong 19-6 in the Bohai Bay, while output from the company’s international operations rose 1.9, lifted by growing output at Brazil’s Mero-2 and others.
CNOOC in January set its 2025 net production target at a record between 760 million and 780 million boe, or 5.6% to 8.3% above 2024’s levels.
As one of the world’s most cost-efficient offshore producers, all-in production costs for the first quarter stood at $27.03 a barrel, versus $27.59 in the corresponding period last year.
First-quarter capital spending amounted to 27.7 billion yuan, down 4.5% on the year.
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