Cnooc Revenue Tumbles as Oil Rout Overpowers Output Boost
- Realized crude oil price dropped 51% to $48.84 a barrel
- Oil and gas production rose 24% to 127.5 million boe
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Cnooc Ltd., China’s biggest offshore oil and gas producer, posted a 32 percent decline in third-quarter sales as a slump in energy prices outpaced a boost in production and a cut in spending.
Revenue from oil and natural gas output was 36.3 billion yuan ($5.7 billion) in the three months ended Sept. 30, the Beijing-based explorer said in a statement to the Hong Kong stock exchange Wednesday. Cnooc doesn’t disclose profits quarterly. The drop in revenue was narrower than the slump in oil prices during the period while the company’s output is on track to reach the high end of its annual target.