CNOOC production rises 40% in first half, net profits jumps 109%
China oil and gas heavyweight CNOOC (NYSE:CEO, HK:00883) reported a near 41% increase in first half production to 149 million barrels of oil equivalent, while net profit surged approximately 110% to RMB 26 billion (approximately US$3.827 billion).
Earnings per share came in at RMB 0.58 and CNOOC confirmed that it would pay an interim dividend of HK$0.21 per share.
"The production growth of the first half of 2010 was mainly driven by new projects brought on stream in 2009 and first half of this year and the outstanding performance of major producing fields. Up to now, 6 new projects have been announced to come on stream, 4 of which in the first half year," stated CNOOC.
CNOOC also benefited from higher oil prices, with the average realized price for its product increasing 55% year-on-year to US$76.59 per barrel. Operating cost per barrel of oil fell 15% to US$6.08, while all in costs were US$23.85 per barrel.
During the first half of 2010, CNOOC chalked up nine new discoveries and completed seven appraisals. The most significant exploration discovery was the Penglai Field, offshore China.
"In the first half of 2010, we have harvested extraordinary results. New projects were brought on stream as planned and record production growth was achieved, laying a solid base for realizing the full year production target.
In addition, we have successfully completed several M&A projects which will further fuel the development of the Company," Yang Hua, President of CNOOC said.
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