vested
CNOOC first quarter oil and gas sales dropCNOOC (0883) said first quarter oil and gas sales
revenue fell by 5.5 percent year over year to about 39.95 billion yuan (HK$43.77 billion) mainly due to the combined effect of lower realized oil price and increased oil and gas sales volume.
Average
realized oil price fell by 19.3 percent over a year earlier to US$49.03 (HK$382.43) per barrel, which was in line with the trend of international oil prices.
The average realized gas price was US$6.38 per thousand cubic feet, representing a
drop of 7.3 percent, mainly due to the decline in gas prices in North America.
The group achieved a total net production of 131.5 million barrels of oil equivalent for the three months, representing an increase of 9.5 percent year over year.
Production from
China was up by 9.7 percent on-year to 87.1 million BOE, mainly attributable to the commencement of new projects and the acquisition of China United Coalbed Methane Corporation.
Overseas production increased by 9 percent on-year to 44.5 million BOE, mainly due to production contribution from new projects including Egina oilfield in Nigeria and Appomattox oilfield in the US Gulf of Mexico.
Capital expenditure was 16.90 billion yuan,
up 20.1 percent on-year as a result of the increased workloads.
The company has reduced its annual net production target for 2020 from 520-530 million BOE to 505-515 million BOE and total capital expenditures for 2020 from 85-95 billion yuan to 75-85 billion yuan.
Xie Weizhi, chief financial officer predicts that Brent crude would fluctuate between US$30 (HK$234) and US$40 a barrel this year.
He said the global shale oil producers would reduce their production as the cost in North America is relatively high.
Source: The Standard
https://www.thestandard.com.hk/breaking ... sales-drop
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