Spills Put the Chills on CNOOC’s Q1
- Posted by Danny
- on April 24th, 2012
Oil and gas sales climbed a modest 3.7%, but spills hampered its largest oilfield’s output.
Some of the details from Reuters:
“CNOOC Ltd reported a 6.3 percent drop in crude oil and gas output in the first quarter after a spill shut its biggest oilfield last year, as the top Chinese offshore oil producer struggles to deliver production growth for this year.
Production totalled 79.8 million barrels of oil equivalent (boe) in the first three months, compared with 85.2 million boe a year earlier….”
“CNOOC Chief Executive Officer Yang Hua told Reuters that the company, which made five new discoveries and five successful appraisal wells offshore China in the first quarter, was confident of hitting its production target set for this year.
The company aims to produce 330 million to 340 million boe this year — little changed from 331.8 million boe in 2011… It targets compound annual output growth of 6 to 10 percent in the five years through 2015, partly by focusing on unconventional resources including oil sands and shale gas.”
CEO also ramped up capex by more than 58% YoY, so they’re obviously getting serious about cranking up production. That’s a good thing because increased volume will be needed to keep up with the rising costs of “its exposure to deepwater and unconventional assets.”
source: CNOOC Q1 output falls 6.3 pct after oil spills – Reuters
disclosure: we currently own shares in CEO
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
Daniel Miller and Jason Robinson are self taught investors based in Daphne, Alabama, and are the co-founders of the WallStreetBean. Neither one of them are professional investors - just two regular guys who want to share their investing ideas and thoughts with others. More
- The Mother of All Analogs (Update)
- BeanScreen for May 1, 2013
- BeanScreen LinkHouse – Week in Review (April 22-27, 2013)
- BeanScreen for April 1, 2013
- The Crichton Leprechaun
- BeanScreen LinkHouse – Week in Review (March 4-9, 2013)
- BeanScreen for March 1, 2013
- Winter Cookies
- BeanScreen LinkHouse – Week in Review (Feb 11-16, 2013)
- BeanScreen LinkHouse – Week in Review (Feb 4-9, 2013)