China’s Cnooc Doubles First Half Profit on Surge in Oil Prices
Vehicles refuel at a Cnooc Ltd. gas station in Shanghai.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
China’s biggest offshore oil driller said it more than doubled first half profits from a year ago amid a surge in crude prices.
Cnooc Ltd.’s preliminary net income was between 70.5 billion and 72.5 billion yuan ($10.5 billion to $10.8 billion), it said in an exchange filing. The company earned 33.3 billion yuan in the first half last year.