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China's CNOOC Reports Record Profit, Output for 2021

March 30, 2022

© Igor Golovnev / Adobe Stock
© Igor Golovnev / Adobe Stock

China's CNOOC Ltd posted record annual net profit for 2021, with earnings nearly tripled from 2020, supported by rapidly rebounding oil and gas prices as global energy demand recovered from the pandemic.

The state-controlled offshore oil and gas specialist posted a net profit of 70.32 billion yuan ($11.08 billion), versus 24.96 billion yuan in 2020, according to a company filing to the Hong Kong Stock Exchange on Thursday.

Total oil and gas output was also a record at 573 million barrels of oil equivalent, up 8.5% on year.

Under Beijing's call to maintain domestic crude oil output at 4 million bpd or some 30% of national consumption, CNOOC recorded fastest growth in domestic oil production among state energy giants.

One of the industry's lowest-cost explorers and producers, CNOOC's all-in production cost rose to $29.49 a barrel last year from $26.34 in 2020.

Capital expenditure was up 11.6% at 88.73 billion yuan, below a target of 90-100 billion yuan.

CNOOC said earlier on Wednesday it won final approval from the China Securities Regulatory Commission for a planned 35 billion yuan ($5.52 billion) A-share listing to fund global and domestic oil and gas projects.

The company's HK-listed shares have gained 37% so far this year. 

($1 = 6.3462 Chinese yuan renminbi)

(Reuters)



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