MARKETS

CNOOC profits hit as revenues fall 32%

CHINESE national oil company CNOOC has seen profits fall to just 10.38 billion yuan (A$2.09 billion) as COVID-19 decimated demand and the oil price crash from March-April hit revenue.

paul hunt

For the six months ending June 30, the CNOOC said profits had fallen 65.7% from 30.28 billion yuan (A$6 billion) in the first half of 2019. This is despite oil and gas production increasing 6% year-over-year...

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