China’s Oil Giant CNOOC Sees Profits Drop 11% On Lower Prices ...Middle East

CNOOC Ltd, China’s state-held oil and gas giant, has reported a decline of 11.3% year over year in its net profit for the first half of 2023, as lower oil prices weighed on profitability. CNOOC posted $8.7 billion (63.8 billion Chinese yuan) in net income between January and June, down from the same period last year as lower commodity prices weighed on realized prices at all major companies during the second quarter of 2023 and the first half of 2023. The lower oil prices more than offset an 8.9% increase in CNOOC’s net oil and gas…

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Last updated : 18 August 2023 clock 04:37 PM

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