CNOOC H1 Profit Falls; Full Year Production Target Unchanged - Quick Facts

(RTTNews) - CNOOC Limited (CEO, CNU.TO) reported that its first-half net profit fell 56.1% year-over-year to RMB 14.73 billion. Basic earnings per share was RMB 0.33 in the first half of 2015.

CNOOC reported that, due to the substantial decline in realized oil prices, the company's oil and gas sales revenue were RMB 77.03 billion, representing a decline of 34.2% from last year.

First-half total net oil and gas production reached 240.1 million BOE, up 13.5% year-over-year, primarily due to the production contribution from newly commenced projects in Bohai and the Eastern South China Sea. Production from offshore China rose by 19.1% to 156.3 million BOE and production from overseas was 83.9 million BOE, up 4.4%.

The company said its 2015 full year production target of 475-495 million BOE remains unchanged.

Li Fanrong, CEO, said, "In the first half of 2015, the company made tremendous efforts to reduce costs and enhance efficiency. As a result of these initiatives, our exploration, development and production activities have maintained stable growth, and major financial indicators remained healthy."

The Board of CNOOC has declared an interim dividend of HK$0.25 per share.