Cnooc Revenue Tumbles as Oil Rout Overpowers Output Boost

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  • Realized crude oil price dropped 51% to $48.84 a barrel
  • Oil and gas production rose 24% to 127.5 million boe

Cnooc Ltd., China’s biggest offshore oil and gas producer, posted a 32 percent decline in third-quarter sales as a slump in energy prices outpaced a boost in production and a cut in spending.

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