Cnooc Revenue Drops as Output Gain Outweighed by Oil Tumble

Updated on
  • Revenue by offshore explorer drops 31%; capex cut by 39%
  • Company made 3 new discoveries; oil, gas output rises 5.1%

Cnooc Ltd., China’s biggest offshore oil and gas explorer, reported a 31 percent decline in revenue and an increase in output amid a crash in crude prices.

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