CNOOC will post $1.2b H1 loss due to oil price slump
By Lyu Chang and Jing Shuiyu | China Daily | Updated: 2016-07-30 07:43
China National Offshore Oil Corporation, the country's largest offshore oil and gas producer, warned that it will have its first half-year loss of 8 billion yuan ($1.2 billion) since becoming a listed company, due to a prolonged slump of oil prices and a write-down on its Canadian oil sands assets.
The offshore oil giant expects a loss for the first half - a big swing from a net profit of 14.7 billion yuan in the same period in 2015, according to a filing to the Hong Kong Stock Exchange on Thursday.
Shares of CNOOC in Hong Kong fell 0.28 percent to close at HK$9.28 ($1.19) on Friday. That was less than the benchmark Hang Seng Index's drop of 1.52 percent.
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