China’s top offshore oil producer CNOOC said its consolidated first-half net profit fell 56.1 percent, as a precipitous drop in crude prices offset higher production.
The company reported a net profit of 14.73 billion yuan ($2.30 billion) for the first half, compared to the 33.6 billion profit a year earlier, according to a filing with the Hong Kong stock exchange.
The results are unaudited.
Net production of oil and gas for the first-half was up 13.5 percent on year to 240.1 million barrels of oil equivalent.
CNOOC chairman, Yang Hua, said in the filing that the “severe operating environment” is expected to continue through the second half of the year, and that the company will “focus more on economic efficiency” rather than just on “production volume”.