CNOOC 2014 Net Profit Rises

reported a 6.6% rise in its net profit for 2014. CNOOC's net profit for the year climbed to 60.2 billion yuan, versus a year-ago profit of 56.46 billion yuan. Its revenue slipped 3.9% to 274.63 billion yuan versus 285.86 billion yuan. Its net production increased 5.1% y/y to 432.5 million barrels of oil equivalent, versus 411.7 million barrels of oil equivalent. Oil and gas sales revenue slipped 3.6% to RMB218.21 billion. CNOOC lowered exploration expenses to 11.53 billion yuan last year, compared to 17.12 billion yuan. Mr. Wang Yilin, Chairman of CNOOC Limited, said, "2014 was a particularly challenging year for the Company. Faced with different challenges, we have maintained our confidence, worked hand in hand to map out our long-term strategy and tackled our immediate problems in order to achieve solid growth in different areas of our business. This year, we will continue to promote the 'New Leap Forward' strategy, proactively carry out innovative measures, and enhance quality and efficiency in order to build a solid foundation for our long-term development." CNOOC shares fell 0.04% to close at $134.81 yesterday.