Cnooc Profit Rises as Expanded Output Offsets Weaker Demand
- CFO says China’s stimulus to positively impact oil consumption
- Company accounts for most of the country’s supply growth
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Cnooc Ltd. posted a rise in third-quarter profit after the company offset lower crude oil prices with increased output.
China’s largest offshore oil and gas driller said net income rose 9% to 36.9 billion yuan ($5.2 billion), from 33.9 billion yuan last year, according to a statement on Monday. The increase came despite a 14% slump in revenue to 99.3 billion yuan.