Chinese offshore oil and gas major CNOOC reported a 9 per cent increase in third-quarter net income versus a year earlier, as higher oil and gas output offset lower realised oil prices.
Net profit during the July to September period was 36.93 billion yuan ($5.2 billion), versus 33.88 billion yuan a year earlier, CNOOC said in a filing to the Hong Kong Stock Exchange.
Its revenue fell 13.5 per cent on the year to 99.25 billion yuan. The state-run company's reported realised oil price for the July-September period was 8.2 per cent lower at $76.41 a barrel versus a year earlier.
CNOOC's total net oil and gas production rose 7 per cent on the year to 179.6 million barrels of oil equivalent (boe) during the third quarter.
Between January and September, net production from China expanded by 6.8 per cent on the year to 369.2 million boe, thanks to growth in the Bozhong 19-6 field offshore north China and Enping 20-4 field in the South China Sea.
Overseas production rose by 12.2 per cent to 172.9 million boe, owing to the start-up of the Payara project in Guyana.
The company said in August it aimed to pump a record 700 million to 720 million barrels of oil equivalent for 2024, or 3 per cent to 6 per cent above the level of last year.
Capital spending was at 32.2 billion yuan for the quarter, down 2.2 per cent on the year, and totalled 95.3 billion yuan for the first nine months of the year, up 6.6 per cent over the same period of 2023.
It has targeted annual capital expenditure at 125 billion yuan to 135 billion yuan, versus last year's 129.6 billion.
CNOOC's Hong Kong-listed shares have gained about 44 per cent year to date, outperforming the benchmark Hang Seng Index that has risen nearly 21 per cent. -Reuters