Cnooc Net Gain to Beat PetroChina as Oil Output Rises
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Cnooc Ltd., China’s biggest offshore oil producer, may post first-half profit growth more than double that of PetroChina Co. and Royal Dutch Shell Plc after selling more crude to meet diesel demand from factories and farmers.
Net income probably rose 85 percent from a year earlier to 23 billion yuan ($3.4 billion), according to the median estimate of six analysts compiled by Bloomberg. Cnooc is set to outperform PetroChina and China Petroleum & Chemical Corp. because it doesn’t turn crude into fuels as its larger domestic rivals do and isn’t constrained by government caps on fuel prices, analysts including UOB-Kay Hian Ltd.’s Wang Aochao said.