Commodities
CNOOC Surges to Record First-Half Profit on Higher Oil Prices
Chinese oil and gas major CNOOC has posted its highest-ever first-half net profit, thanks to rising oil prices and increased production.
The company's net profit attributable to shareholders rose by 23.4% to 85.8 billion yuan ($12.9 billion) in the six months ending June, compared with 69.5 billion yuan a year earlier, according to a filing with the Hong Kong Stock Exchange.
Oil and gas sales revenue jumped 20% to 206.1 billion yuan during the same period.
CNOOC's average realized oil price increased by 23.6% to $85.49 per barrel, while its average realized gas price rose 1.3% to $8 per thousand cubic feet.