Cnooc 9-Month Net Rises 90% on Higher Output, Prices
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Cnooc Ltd., China’s biggest offshore oil producer, said profit rose 90 percent in the first nine months of last year as it ramped up production to meet demand in the world’s fastest-growing major economy.
Consolidated net income increased to 38.9 billion yuan ($5.9 billion) from 20.5 billion yuan a year earlier, the Beijing-based energy explorer said in a statement to the Hong Kong stock exchange today. Cnooc, which normally only discloses nine-month revenue and production figures, gave details of its unaudited profit for the period ahead of planned bond sales.