China’s CNOOC Reports 16% Rise in Net profit in 2019

China’s national offshore energy producer CNOOC Ltd reported a 15.9% rise in 2019 profit on Wednesday, its best performance in five years thanks to higher oil and gas output and persistent cost control.

CNOOC, one of the industry’s lowest-cost explorers and producers, had planned to lift capital spending this year to its highest level since 2014 but the plan might be clouded by the coronavirus outbreak and plunging oil prices.

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