CNOOC (0883) said first quarter oil and gas sales revenue fell by 5.5 percent year over year to about 39.95 billion yuan (HK$43.77 billion) mainly due to the combined effect of lower realized oil price and increased oil and gas sales volume. Average realized oil price fell by 19.3 percent over a year earlier to US$49.03 (HK$382.43) per barrel, which was in line with the trend of international oil prices. The average realized gas price was US$6.38 per thousand cubic feet, representing a drop of 7.3 percent, mainly due to the decline in gas prices in North America. Capital expenditure was 16.90 billion yuan, up 20.1 percent on-year as a result of the increased workloads. The company has reduced its annual net production target for 2020 from 520-530 million BOE to 505-515 million BOE and total capital expenditures for 2020 from 85-95 billion yuan to 75-85 billion yuan.

Source: The Standard April 29, 2020 10:18 UTC