Cnooc Swings to Net Profit of CNY16.25 Billion in 1st Half

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.

Write to Chester Yung at

(END) Dow Jones Newswires

August 24, 2017 05:31 ET (09:31 GMT)