Home | About Us | Contact Us | Site Map | Chinese
News | Biz | Pearl River Delta | Enjoy Life | Culture | Travelling | Pics | Cities & Towns | Gov Info | Specials
Home > News Brief > China
High oil price lifts CNOOC's net profit
Latest Updated by 2006-03-27 15:43:49
Related News
Nation to advance efficiency in oil sectors
China plans to invest 22.5 bln dollars in oil refining sector in next five years
Work to begin on oil pipeline in near future: Russian FM
Govt raises retail prices of processed oil
China sticks to policy of peaceful development
Govt raises retail prices of processed oil
Highlights from China International Fashion Week

CNOOC Ltd., China's largest offshore oil producer by output, said Friday its 2005 net profit rose 57 percent on soaring oil prices and strong output growth.

Net profit for 2005 was 25.32 billion yuan (US$3.13 billion), up from 16.14 billion yuan the year before. The company's earnings last year were lower than analyst estimates. Analysts polled by Thomson Financial expected the company to earn 27.08 billion yuan last year.

Revenue rose 25.8 percent to 69.46 billion yuan, the firm said.

CNOOC, which disclosed a US$2.27 billion acquisition of a stake in a Nigerian oil field mid-January, said it proposed a final dividend of 10 Hong Kong cents, following an interim dividend of 5 Hong Kong cents per share and a special interim dividend of 5 Hong Kong cents per share. In 2004, shareholders each received a final dividend of 3 Hong Kong cents, plus a special dividend of 5 Hong Kong cents.

CNOOC produced 13.7 percent more oil and gas in offshore China in 2005, with an output of 141 million barrels of oil equivalent. In 2004, the company's offshore output was 123.9 million barrels of oil equivalent, a rise of 13.5 percent from 2003.

Its 2005 average oil selling price was 33.6 percent higher at US$47.31 a barrel, from US$ 35.41 a barrel in 2004. High oil prices were the main driver of the earnings of the purely upstream oil firm.

Crude oil prices soared to new heights in 2005. Benchmark U.S. oil futures advanced 40 percent to close the year at US$61.04 a barrel on the New York Mercantile Exchange, after peaking at US$70.85 in August, when Hurricane Katrina was lashing key oil areas in the Gulf of Mexico.

Editor: Yan

By: Source: Szdaily web edition
Previous:  Fuel prices jump to aid battered refiners  Next:China plans to invest 22.5 bln dollars in oil refining sector in next five years

Expat Indians mark Holi, festival of color

Olympic medalists in town

[Group Photo]The Zhuxian Cave in Zhuhai

New Guangzhou station in operation by 2008

Celebrities involved in sex tape scandals
This site contains material from other media for content enrichment purpose only.
The website do not endorse such content and do not bear the joint responsibility of their copyright infringement.
The views expressed in written material posted to the bulletin boards of are those of the authors and/or publishers. The website does not endorse information products posted by organizations and individuals here. The originators of these information products are solely responsible for their content.
For copyright infringement issues, you shall contact within thirty (30) days. Email:
If you find any error in this page, please drag your mouse to mark the text with error, then press "CTRL" and "ENTER", to inform us. Thanks for your help!
Home  |  About Us  |   Contact Us  |  Site Map  |  Chinese
©2005 WWW.NEWSGD.COM. All rights reserved.registered number 020074 Terms of Use | Advertise | ICP Certificate No.B2-20050252
Guangdong Gov Link
Guangdong Gov Brief
State Structure
Guangdong in Brief
Laws & Regulations
Exchange Rate
Guangdong Guide
Museum Museum
University University
Eat Eat
Shopping Duting
Night Life Night Life
Weather Weather
Phone No. Phone Num
Consulate Consulate
Airport Airport
Travel Tips Tours Tips