CNOOC Profits on Record Production Growth

Zacks.com submits:

Chinas dominant producer of offshore crude oil and natural gas, CNOOC Limited (CEO) reported stellar 2010 results on the back of record production growth and high crude oil prices.

CNOOC reported 2010 earnings of 1.22 yuan per share ($18.00 per ADR), substantially above 0.66 yuan per share ($9.65 per ADR) in the prior year. However, full year 2010 earnings fell marginally short of the Zacks Consensus Estimate of $18.23 per ADR.

Production

CNOOC achieved an all-time high total net production of 328.8 million barrels of oil equivalent (MMBoe), up an impressive 44.4% from the year-ago level. Of the total production, 80.1% was oil and liquids. The production growth can be credited to projects that came online since 2009 and contribution from existing as well as new fields.

In 2010, oil production jumped nearly 42% year over year to 263.4 million barrels, while the companys gas volume surged 59.1% to 379.6


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