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Cnooc hit by high costs and lower output

Financial Times - Aug 21, 2012

Cnooc, China’s main offshore oil and gas producer, posted an unexpectedly large 19 per cent drop in net profit in the first half of the year on higher costs and lower output caused partly by an oil spill.

Most analysts had expected the state-controlled energy group would post a small profit fall in the first half. Its Hong Kong-listed shares fell 3 per cent on Tuesday.

The net profit drop comes at a sensitive time for Cnooc, which is in the midst of a bid to acquire Canadian oil company Nexen for $15.1bn in a deal that, if completed, would be the largest ever offshore acquisition by a Chinese company.

In announcing first-half results on Tuesday, Cnooc said it cut its interim dividend by 40 per cent to HK$0.15 per share in order to save cash to pay for the Nexen deal, which still needs to be approved by the Canadian government.

Cnooc said on Tuesday it has a Rmb100bn ($15.7bn) cash pile but still plans to raise money to fund the Nexen deal.

Read Full Article from Financial Times

- Posted: 2012-08-21 16:36:54

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