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Chinese oil firms score big H1 profit gains; PTR pays out all in dividends

Published 08/24/2017, 08:07 AM
© Reuters.  Chinese oil firms score big H1 profit gains; PTR pays out all in dividends
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  • Chinese oil producers PetroChina (NYSE:PTR) and Cnooc (NYSE:CEO) report big jumps in their H1 profits, lifted by rising oil prices and greater demand for natural gas.
  • PTR's total H1 revenues rose 32% to 975.9B yuan from 739.1B yuan in the year-ago period while net profits soared to nearly 12.7B yuan (~$1.9B) from 512M yuan, marking the strongest H1 profit since 2015 and easily beating analyst expectations.
  • PTR says it will pay out the entire H1 profit as shareholder dividends, issuing a special dividend in addition to an interim dividend.
  • H1 oil and gas production fell 3% Y/Y to 725.7M boe, while production costs fell 4.2% to $11.32/boe.
  • Cnooc (CEO) says its H1 profit was the best since 2014, swinging from a loss to a gain of 16.3B yuan on 38% higher revenue of 92.36B yuan from 66.83B yuan.
  • H1 oil and gas output totaled 237.9M boe, down 1.5% Y/Y.
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