April 20, 2018 / 10:26 AM / 3 months ago

CNOOC delivered strongest Q1 revenue since 2014 on growth in gas sales

BEIJING, April 20 (Reuters) - First-quarter revenue at CNOOC Ltd, the listed arm of China National Offshore Oil Co, rose 10.8 percent from a year earlier, largely due to a rebound in international oil prices.

The revenues for the oil-and-gas group in the first three months rose to 42.54 billion yuan ($6.76 billion), the company said on Friday, marking the highest revenues for a first quarter since 2014.

CNOOC did not disclose any profit figures.

The rise in revenue came as global oil prices continue to rebound and the offshore oil-and-gas specialist produced more gas supported by rising domestic gas prices.

CNOOC’s natural gas revenues rose more than 12 percent from a year ago to 4.5 billion yuan as realised gas sales prices rose 7.8 percent from the same period last year.

Total crude oil production worldwide fell to 99 million barrels in the first quarter from 100 million barrels a year ago, mainly due to declines at domestic fields, a company statement showed.

CNOOC’s capital spending rose to 9.66 billion yuan in the first three months, up more than 11 percent from the year earlier period, but it was down from record high level of around 19 billion yuan in the same period in 2014. ($1=6.29 yuan) (Reporting by Meng Meng and Aizhu Chen; Editing by Neil Fullick)

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