CNOOC semi annual net profit fell 150% asset value dropped by more than 6 times – Sohu Finance-polartec

CNOOC slumped 150% in the first half net profit dropped over 6 times the value of assets – financial Sohu involved in low oil prices and oil and gas assets impairment in the first half of this year, CNOOC’s net loss amounted to 7 billion 740 million yuan. Capital expenditures in the first half of about 22 billion yuan, down by 1/3 compared to the same period last year. In August 24th, Cnooc Limited (00883.HK NYSE:CEO TSX:CNU, hereinafter referred to as CNOOC) in Hongkong released the 2016 interim results (as of June 30th) announcement, net profit fell 152.5%, which is CNOOC listed since 2001 the first semi annual performance loss. " government regulation of natural gas prices have a certain impact, but the main reason for poor performance is low oil prices. " CNOOC chairman Yang Hua at the results announcement conference. According to the announcement shows that the first half of the price of oil and natural gas prices were down 34.5% last year and 16.2%, led directly to CNOOC in the first half of the oil and gas sales revenue fell 28.5% over the same period in 2015, 55 billion 80 million yuan, 7 billion 740 million yuan loss. In addition, the first half of CNOOC’s profits plummeted and CNOOC oil and gas assets are not unrelated. Impairment of about 10 billion 400 million yuan, more than the same period in 2015 more than seven times. CNOOC’s asset impairment is mainly due to North America, Africa and other overseas oil fields, due to the impact of crude oil prices, as well as in Canada’s oil sands asset management plan adjustments. As of the end of 2015, CNOOC’s overseas assets accounted for 37.2% of total assets, in 2014 the total foreign profits accounted for only about 14.12% of total profits. Asset impairment refers to the fixed assets market continued to fall, or old technology causes such as the recoverable amount is lower than the book value, the difference will be recoverable amount is lower than the book value of fixed assets impairment. By the beginning of this year, the Canadian subsidiary (Nexen Energy ULC) Long Lake project accident shut down, CNOOC’s overseas net production fell 2.9%, equivalent to 81 million 500 thousand barrels of oil equivalent. CNOOC’s net oil and gas production in the first half of 2015 increased by 0.6% over the same period in the same period, to the equivalent of 241 million 500 thousand barrels of oil equivalent. In 2013, when he was vice chairman of Yang Hua under the auspices of CNOOC’s $15 billion 100 million acquisition of Canada’s company, become the biggest overseas acquisitions Chinese. Reuters reported that earlier this year, Nixon Long Lake project exploded, killing one worker and several workers were injured, resulting in catalytic cracking unit of 72000 barrels a day off, oil sands production well to stop production. Due to poor management, since 2015, Nelson has laid off 870 people. At the performance conference, Yang Hua expressed optimism about the Canadian oil sands project. He believes that the current cost of oil sands in the period of low oil prices do not have much advantage, but from a long period of 40-50 years, the oil sands are high quality assets, can be comparable with Saudi Crude Oil and Venezuelan heavy oil. August 15-18, Yang Hua conducted a Nielsen Co.相关的主题文章: