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August 26, 2022

CNOOC net income surges to $10.50bn in the first half of 2022

In the wake of good results, the company’s board of directors has declared an interim dividend of HK$0.70 per share.

Chinse energy major CNOOC has reported a net income of RMB71.89bn ($10.50bn) for the first-half of 2022, a surge of nearly 116% from RMB33.33bn a year ago, benefitting from higher oil and gas prices.

For the six months period ending 30 June 2022, the firm’s revenue from oil and gas sales increased by 75.6% to RMB176.7bn, from RMB100.62bn in the same period a year ago.

China’s national oil company reported a 9.6% increase in net oil and gas production to 304.8 million barrels of oil equivalent, of which 71% came from domestic operations.

The firm said in a statement: “The company vigorously enhanced the quality and efficiency of its operations, and effectively organised its production to seize the favourable time window of high oil prices, thereby recording highest net profit and revenue so far, highlighting the strong capability of the management.”

The earnings per share for the first half stood at RMB1.57 while its capital expenditure stood at approximately RMB41.6bn.

CNOOC chairman Wang Dongjin said: “In the first half of 2022, the external environment was complicated. The company seized the favourable opportunities and made proactive moves to reach record-high operating results.

“We will pay close attention to the international situation and industry trends. We will continue to pursue a high-quality development, so that we can reach the goals we set at the year beginning and create more value for shareholders.”

The company’s board of directors has declared an interim dividend of HK$0.70 per share, including tax.

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