China’s Cnooc More Than Doubles Profits on Higher Oil Prices
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Cnooc Ltd. more than doubled its first half profits from a year ago as China’s biggest offshore driller benefited from sky-high oil and gas prices.
The firm posted 71.9 billion yuan ($10.5 billion) in profits in the first half of the year, more than doubling the 33.3 billion yuan earnings it made in the same period last year, according to an exchange filing. Last month it flagged that net income would be 70.5 billion to 72.5 billion yuan in a preliminary filing.