Chinese oil and gas giant CNOOC Ltd. (CEO) on Friday reported a decline in fiscal 2012 profit on higher expenses, even as revenues were benefited by higher production and prices. The company announced a dividend, and said it is fully confident to achieve its 2011 to 2015 production CAGR target.
In fiscal 2012, net profit was 63.69 billion Chinese Yuan, a decrease of 9.3 percent from last year, primarily caused by the increased tax and exploration expenses. Basic earnings per share reached 1.43 Yuan.
Oil and gas sales revenue reached 194.77 billion yuan, 2.9 percent higher than last year.
Annual oil and gas production maintained a steady growth and reached 342.4 million barrels of oil equivalent, representing an increase of 3.2 percent year-over-year, benefited from the production contribution of the new oil and gas fields and good performance of the producing oil and gas fields.
The company's average realized oil price amounted to $110.48 per barrel and its average realized natural gas price reached $5.77 per thousand cubic feet, representing an increase of 0.7 percent and 12 percent, respectively.
CNOOC said it made outstanding achievements in exploration activities in 2012, with breakthroughs in shallow water and deepwater offshore China as well as overseas. The projects that were planned to come online in 2012 all commenced production within the year.
CEO Li Fanrong said, "In 2012, we made significant progresses in all aspects of our business under the guidance of our 'A New Leap Forward' blueprint and maintained a good performance. In 2013, the Company will remain committed to enhancing the capability for sustainable development while ensuring health, safety and environmental-friendly operations and endeavor to build a responsible international energy company."
Further, the company said its Board of Directors has proposed a year-end dividend of 0.32 Hong Kong dollar per share.
In Hong Kong, CNOOC shares closed today's trading at 14.32 Hong Kong dollar, down 0.12 Hong Kong dollar or 0.83 percent.
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