Cnooc Warns of $1.2 Billion Loss Amid Oil Sands Writedown

Updated on
  • Company expects first loss since Hong Kong listing in 2000
  • Long Lake oil sands operation in Canada idled this month

Cnooc Warns of $1.2B 1H Loss

Cnooc Ltd., China’s biggest offshore oil and gas producer, projected about $1.2 billion in first-half losses, flipping from a profit a year ago, as it took a charge on its Canadian oil sands assets. Shares fell in Hong Kong on Friday.

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