CNOOC 1H Profit Slumps on Virus-hit Demand, Low Oil Prices

China’s national offshore oil and gas producer CNOOC Ltd said first-half profit slumped by nearly two-thirds to the lowest since December 2017, as the coronavirus pandemic battered energy demand and sent oil prices to historical lows.

The listed arm of state-owned China National Offshore Oil Corp said on Wednesday net profit totaled 10.38 billion yuan ($1.50 billion), missing analysts’ forecasts for 12.6 billion yuan.

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