Energy

Higher oil prices lift CNOOC's H1 net profit by 109.6%

(Xinhua)
Updated: 2010-08-19 17:37

BEIJING - China National Offshore Oil Company Limited announced Thursday its annual net profit surged 109.6 percent in the first half of 2010 to 25.99 billion yuan ($3.83 billion).

Special Coverage: 2010 Interim Results of Listed Companies Related readings:  CNOOC's H1 profits may double  CNOOC's profit growth to exceed PetroChina's, Shell's  China top refiners crude runs seen flat in Aug vs July  CNOOC looking to Latin America for oil, gas

The oil giant's earnings per share more than doubled to 0.58 yuan from a year ago.

Fu Chengyu, chairman and chief executive officer of China's biggest offshore oil producer by output, attributed the profit surge to strong production growth and higher international oil prices.

The company's net production of oil and gas rose by 40.8 percent year-on-year to 149 million barrels of oil equivalent in the first half.