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China’s major oil firms report weaker financial results for Q3

by ChemOrbis Editorial Team - content@chemorbis.com
  • 30/10/2015 (09:08)
According to media reports, major Chinese oil companies PetroChina, CNOOC and Sinopec reported weaker financial results for the third quarter of this year due to plunging crude oil prices. PetroChina’s net income slumped 81% to a record low of CNY5.2 billion ($818 million) in the third quarter compared with the same period of the previous year.

Meanwhile, Sinopec’s net profit dipped more dramatically in the third quarter. The company reported a CNY1.64 billion ($259 million) net income, down around 91.5% from the same period of 2014.

Similarly, CNOOC Limited reported that its oil and gas sales revenue plunged 32.2% from a year earlier to around CNY6.25 billion ($987 million) in the July-September period. However, the company’s total net production in the third quarter climbed 23.8% on the year to 127.5 million barrels of oil per day (bpd). Net production from offshore China reached 83.3 million bpd, up 28.2% from a year earlier owing to higher production from newly commenced projects in Bohai and the Eastern South China Sea.
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