CNOOC posts strong Q1 earnings, profit hit new record supported by increasing output

2024-04-25 2024-05-01

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Chinese state-owned energy giant CNOOC reported strong earnings for the first quarter of the year, with profits hitting a new record high, as the company continued to increase output amid slightly lower global crude prices.

CNOOC, China’s biggest offshore driller, reported revenue a 111.5 billion yuan for the first quarter, increasing 14.1% from a year earlier, and of that, oil and gas sales surged 21%, the company said in a filing on Thursday.

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