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Cnooc Posts 1st Half-Year Loss on Canadian Oil Sands Charge

  • Reports first-ever half year loss at 7.74 billion yuan
  • Total output slips more than 5% from second half of 2015
Updated on

Cnooc Ltd. posted its first-ever half-year loss as crude’s plunge and writedowns on assets, including Canadian oil sands, destroyed profit at China’s biggest offshore oil and gas producer.

The company swung to a 7.74 billion yuan ($1.16 billion) loss in the January to June period, compared with a net income of 14.7 billion yuan a year earlier, the Beijing-based explorer said in a statement to the Hong Kong stock exchange on Wednesday. Oil and gas revenue fell 28.5 percent to 55.08 billion yuan and the company declared an interim dividend of HK$0.12 per share.