BEIJING: Chinese oil major CNOOC reported 8.4 billion yuan in net profit in the second half of 2017, down sharply from 16.3 billion yuan in the first half, due to the higher cost of crude and impairment of assets.
The offshore oil and gas specialist also missed its capital expenses target by spending only 50 billion yuan last year, lower than its latest forecast of 60 billion to 70 billion yuan, according to CNOOC's filings to the Hong Kong exchange on Thursday.
For the whole year, CNOOC raked in 24.68 billion yuan in net profit, up from only 6.37 billion yuan 2016, the best annual result since 2014, earnings results showed.
Total revenues were up 27 percent to 186.4 billion yuan in 2017, also the best result since 2014.
Strong profits for the whole year were boosted by higher crude prices and persistent efforts to cut production cost, CNOOC said.
CNOOC's reported all-in costs of $32.5 per barrel, down 6 percent from a year earlier.
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