Cnooc 1Q Revenue Rose 55.8% on Year to CNY38.39 billion

By Wayne Ma Features Dow Jones Newswires

Cnooc Ltd., China's offshore oil producer, said Thursday that its first-quarter revenue rose 55.8% to 38.39 billion yuan ($5.57 billion) from the same period last year.

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It attributed the increase to a rise in global oil prices.

The state-owned oil major, which reports unaudited quarterly results, said its oil-and-gas output fell 4.2% to 119.1 million barrels of oil equivalent in the quarter ended March 31 when compared with the same quarter last year.

It also said capital expenditures in the quarter shrank 10.6% to 8.67 billion yuan from the same quarter a year ago.

Write to Wayne Ma at wayne.ma@wsj.com

(END) Dow Jones Newswires

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April 27, 2017 05:21 ET (09:21 GMT)