CNOOC FY14 Net Profit Up 6.6% Despite Decline In Revenue

(RTTNews) - CNOOC Ltd. (CEO, CNU.TO) Friday announced 6.6 percent increase in Full year 2014 net profit to RMB 60.20 billion from the prior year. Earnings per share was RMB 1.35. Oil and gas sales revenue declined 3.6 percent to RMB 218.21 billion from last year, as there was an 8.2 percent decline in average realized oil price to $96.04 per barrel on a yearly comparison. Average realized natural gas price was $6.44 per thousand cubic feet, up 11.4% year over year.

Further, the company said its Board proposed a year-end dividend of HK$0.32 per share, inclusive of tax.

CNOOC said its net proved reserves for 2014 were approximately 4.48 billion barrels of oil equivalent. In 2014, net oil and gas production reached 432.5 million BOE, an increase of 5.1% year-over-year.

Mr. Li Fanrong, CEO of the Company, said, "In 2014, the entire Company focused on cost control, which effectively improved production and operational efficiency, helped the Company meet its various targets set at the beginning of the year, and laid a solid foundation for the Company's sustainable development in response to the impact of low oil prices. In 2015, the Company will adjust its operating strategy to adapt to a more complex and changing environment in order to meet all the targets for the year."