China CNOOC’s Q3 net income up 89% on yr at $5.1 bln

(Reuters) – CNOOC Ltd’s (0883.HK), third-quarter net profit soared by 89% from a year earlier to 36.9 billion yuan ($5.11 billion), driven by stronger oil and as prices, the Chinese offshore oil and gas major said on Thursday.

Third-quarter revenue rose 54% on the year to 89.2 billion yuan and total net production rose 8.8% to 156.8 million barrels of oil equivalent (boe).

Third-quarter capital spending rose by nearly 30% to 27.1 billion yuan, taking the total for the first nine months to 68.7 billion yuan, versus an annual budget of 90-100 billion.

CNOOC said its realized oil prices increased 36% from a year earlier to $95.8 per barrel, while gas prices gained 15% to $8.15 per thousand cubic feet.

($1 = 7.2275 Chinese yuan renminbi)

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