China’s largest offshore oil driller CNOOC reported that its third-quarter net profit surged 89.06% year over year to 36.88 billion yuan, driven by higher oil and gas prices, the company said.
Third-quarter revenue rose 54% to 89.2 billion yuan and total net production rose 8.8% to 156.8 million barrels of oil equivalent (boe).
Capital spending grew by nearly 30% on year to 27.1 billion yuan, taking the total for the first three quarters to 68.7 billion yuan, compared to an annual budget of 90-100 billion.
CNOOC said its realised oil prices increased 36% from a year earlier to $95.8 per barrel, while gas prices gained 15% to $8.15 per thousand cubic feet.
Separately, state-owned oil giant PetroChina reported that its third-quarter net profit surged 71.5% from a year earlier to 37.88 billion yuan.
For the first three quarters of the year, PetroChina’s net profit jumped 60.1% year over year to 120.27 billion yuan.
Domestic crude oil output increased 2.7% during the first nine months versus a year earlier to 577 million barrels, while gas output was up 5.1% to 3,296 billion cubic feet.
PetroChina processed 1.8% less crude oil than a year earlier at 896 million barrels in the first nine months, or 3.28 million barrels per day.
Due to weakened domestic fuel demand amid Covid restrictions, PetroChina’s gasoline output fell 12% year over year during the period and that of aviation fuel tumbled 33%.
However, the firm’s domestic natural gas sales reached 147 billion cubic meters, resulting a 30% growth in operating income in the gas marketing segment.
“As a result of the recurrence of COVID19 in some areas, the demand for refined oil in domestic market declined, while the demand for natural gas in domestic market has been growing,” the firm said in a filing to the Hong Kong Stock Exchange.