CNOOC FY17 Profit Surges On Oil Price, Cost Control - Quick Facts

(RTTNews) - CNOOC Limited (CEO, CNU.TO) reported Thursday that its fiscal 2017 net profit increased significantly to 24.7 billion Chinese yuan from last year's 637 million yuan, due primarily to higher international oil prices and improvements in cost control. Basic earnings per share were 0.55 yuan, up from 0.01 yuan a year ago.

Oil & gas sales climbed 25.2 percent to 151.89 billion yuan from 121.33 billion yuan a year ago.

In 2017, the Company's average realized oil price was $52.65 per barrel, representing an increase of 27.2% year-over-year. The average realized natural gas price was $5.84 per thousand cubic feet, an increase of 7%.

At the end of 2017, the Company's net proved reserves were approximately 4.84 billion barrels of oil equivalent, reaching a historic high.

Further, the Board of Directors has proposed a year-end dividend of HK$0.30 per share.

Yang Hua, Chairman of CNOOC Limited, said, "The Company increased the reserve life significantly and improved profit greatly. In the future, the Company will follow the established development strategy and continue to pursue value creation to bring greater returns to shareholders."