Major oil companies record surge in net income and revenue

CNOOC Limited has more than doubled its first-half net profit thanks to the high oil and gas prices, with its net income rising 115.7 percent year-on-year to 71.89 billion yuan ($10.50 billion) while revenue increased 75.6 percent year-on-year to 176.68 billion yuan, the offshore oil and gas producer said on Thursday.

The company has stepped up increasing oil and gas production during the first six months this year, with its net oil and gas production hitting a record high of 304.8 million barrels of oil equivalent (boe), a year-on-year increase of 9.6 percent, it said.

Capital expenditure during the first six months of the company rose to 41.6 billion yuan, up 15.4 percent year-on-year, said the company.

PetroChina Co Ltd, the listed unit of China National Petroleum Corp, also reported on Thursday an interim profit of 82.39 billion yuan, boosted by an increase of its oil and gas output and higher energy prices. Revenue during the first half of this year was up 35 percent at 1.6 trillion yuan, it said.

The company also recorded a 3.4 percent growth in domestic oil output and 4.4 percent rise in domestic gas production, it said.

zhengxin@chinadaily.com.cn