CNOOC H1 Net Profit Down; Backs 2014 Production Outlook - Quick Facts

(RTTNews) - Chinese energy firm CNOOC Limited (CEO, CNU.TO) reported that its net profit for the six months ended June 30, 2014 declined 2.3% to RMB 33.59 billion from RMB 34.38 billion in the same period last year. Basic earnings per share were RMB 0.75, down from RMB 0.77 in the previous year.

But, Oil & gas sales for the period grew 5.7% to RMB 117.10 billion from the prior year's RMB 110.80 billion, benefiting from the growth of net oil and gas production and increase in realized oil and gas prices.

Revenue subtotal declined to RMB 138.80 billion from RMB 139.03 billion in the previous year.

Total net oil and gas production was 211.6 million barrels of oil equivalent (BOE), up 6.8% from last year, with 36.3 million BOE contributed by Nexen.

The Company's average realized oil price was US$106.30 per barrel in the first half of 2014, representing an increase of 2.0% from the prior year.

The Board has declared an interim dividend of HK$0.25 per share (tax inclusive).

The company still expects production to be in the range of 422 million - 435 million barrels of oil equivalent for 2014.