Cnooc 3Q Oil-And-Gas Sales CNY35.94 Billion; Up 16.9% on Year

By Joanne ChiuFeaturesDow Jones Newswires

Chinese offshore oil-and-gas explorer Cnooc Ltd. (0883.HK) said its revenue in the third quarter rose 15.5% from a year earlier to 37.25 billion yuan ($5.6 billion) on higher oil and gas prices.

Cnooc said after markets closed Wednesday that third-quarter unaudited oil-and-gas sales revenue increased 16.9% to CNY35.94 billion, mainly due to higher average realized oil and gas prices.

Continue Reading Below

The blue-chip company's net production was 116.2 million barrels of oil equivalent in the third quarter, down 1.3% from a year earlier. It doesn't report a quarterly profit figure.

The company's average realized oil price rose 20.4% to US$50.87 per barrel during the period, while the average realized gas price was US$6.05 per thousand cubic feet, up 15.9% on year. Cnooc spent CNY11.78 billion of capital expenditure in the third quarter, almost flat from a year ago.

Write to Joanne Chiu at

(END) Dow Jones Newswires

October 25, 2017 05:21 ET (09:21 GMT)