CNOOC revenue down 27pc as oil prices slide

Business | Avery Chen 23 Oct 2020

CNOOC (0883) is exploring marine wind power generation as a revenue source in the future, amid weak oil prices.

Its third-quarter revenue fell 27.7 percent to 36.33 billion yuan (HK$42.18 billion).

Unaudited oil and gas sales revenues dropped 26.8 percent to 35.55 billion yuan last quarter, due to lower realized oil prices, increased oil and gas sales volumes and exchange rate changes.

The average realized oil price decreased 29.3 percent year-on-year to US$43.03 (HK$335.63) per barrel. Its average realized gas price increased 2 percent to US$ 5.85 per thousand cubic feet, due to increase in gas sales volume in China.

Capital expenditure fell 5.8 percent to 18.4 billion yuan last quarter, but rose 1.6 percent to 54.03 billion yuan in the first three quarters.

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