Cnooc Ltd. (0883.HK) swung to a net profit of 16.25 billion yuan (US$2.44 billion) in the first half from a net loss of CNY7.74 billion a year ago, partly on higher revenue from sales of oil and gas.
The major Chinese offshore oil producer said Thursday revenue rose 38% to CNY92.36 billion from CNY66.83 billion.
The company said combined oil-and-gas output in the six months ended June 30 was 237.9 million barrels of oil equivalent, down 1.5% from a year earlier. Oil-and-gas sales rose 36% to CNY74.94 billion, it said.
It declared an interim dividend of 0.20 Hong Kong dollars a share.
In the second half of the year, Cnooc said it expects global oil prices to hover at "a low level" for an extended period.
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(END) Dow Jones Newswires
August 24, 2017 05:31 ET (09:31 GMT)