Cnooc Q1 Profit Rises To 39.14 Billion Yuan As Oil Prices Climb
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Cnooc Ltd. reported a Q1 net income of 39.14 billion yuan ($5.7 billion), up from 36.6 billion yuan a year earlier, driven by rising crude prices amid Middle East tensions. Brent crude averaged $78 per barrel, supporting upstream profitability. Production increased by 8.6% to 205.1 million barrels of oil equivalent, aligning with the company's strategy to maintain high output through 2030. Capital expenditures rose 19% to 33 billion yuan, focusing on sustaining production growth. Geopolitical tensions have heightened inflation risks, but China's economy shows strong demand for energy.
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