Cnooc's profit drops 59% in 2020
Chinese state-run Cnooc’s net profit in 2020 slumped 59% year/year owing to lower realised oil and gas prices, it said on March 25.
The company reported a net profit of yuan 24.96bn ($3.83bn) in 2020 compared with yuan 61bn in the previous year, while revenue fell 33% yr/yr to yuan 155.37bn.
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Realised oil prices last year were $40.96/barrel, down 35.3% yr/yr, and gas prices dropped 1.6% yr/yr to $6.17/’000 ft3, Cnooc said. The company’s output hit record of 528.2mn barrels of oil equivalent (boe) in 2020, up 4.3% yr/yr.
In 2021, Cnooc expects its production to range between 545mn boe and 555mn boe.