Hong Kong - based oil and gas company CNOOC Ltd. (CEO) announced a 61.8% increase in revenue for the first quarter compared to the prior year. For the year -on-year period, the company reported an increase in net production.
For the quarter, the company reported net revenue of RMB 24.034 billion. In the prior year, the company's revenue was RMB 14.851 billion.
Net production for the quarter came in at 496,753 Boe. Crude oil production increased 3.7% to 392,722 barrels/day. Net gas production was up 9.3% to 601 million cubic feet per day.
The company reported a 6.3% increase in net production in offshore China from the prior year. Realized oil price for the quarter surged 69.2% to US$ 88.76 per barrel and gas price increased 14.3% to US$ 3.65 per thousand cubic feet.
CEO finished Friday's regular trading session at $173.23, down $0.56 on a volume of 437K shares.
Monday, April 28, 2008
CNOOC Q1 Revenue Surges; Net Production Up 5%
>>LATEST NEWS: