March 29:
HONG KONG: China's top offshore oil producer CNOOC posted a 11.4 per cent slide in its 2013 net profit yesterday, lagging analysts' forecasts, as it struggled to deliver production growth and control costs amid weakening crude prices.
CNOOC posted a net profit of 56.5 billion yuan ($9.09bn) for last year, versus 63.7bn yuan in 2012. The result compared with a consensus forecast of 63.2bn yuan from 31 analysts polled by Thomson Reuters.
The state-run firm completed its $15.1bn acquisition of Canadian energy firm Nexen in February last year. It was China's largest overseas takeover that CNOOC says will boost its annual output by 20pc and proven reserves by 30pc.
Once an investor darling for its high-growth profile, CNOOC has been struggling to boost its output over the past few years as domestic fields age.
Its production grew 20.2pc to 411.7 million barrels of oil equivalent in 2013, thanks to contributions from Nexen.
Its operating expenses soared 40pc to 30bn yuan last year as a result of the Nexen acquisition last year, while its realised crude prices dipped 5.3pc to $104.6 per barrel.
Source: http://www.gulf-daily-news.com/NewsDetails.aspx?storyid=373783
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