WSJ:Cnooc 1st-Quarter Oil, Gas Revenue Up 3.7% On Higher Oil Prices
HONG KONG Dow Jones)--Cnooc Ltd. (CEO), China's biggest offshore oil and gas producer by output, said Tuesday its first-quarter oil and gas revenue rose 3.7% from a year earlier because of higher oil prices.
Oil and gas revenue for the three months ended March 31 was CNY48.84 billion, up from CNY47.08 billion a year earlier.
The company didn't specify its first-quarter net profit.
Cnooc said crude oil and natural gas output fell 6.3% in the first quarter from the same period a year earlier because it shut production at its Penglai 19-3 oilfield last year, while the average selling price of its crude oil jumped 19.4% to US$120.79 a barrel over the same period as international oil prices strengthened.
-By Yvonne Lee, Dow Jones Newswires; 852-2802-7002; yvonne.lee@dowjones.com
