BEIJING (Bloomberg) -- CNOOC Ltd., China’s biggest offshore oil and gas explorer, said first-half profit fell as higher spending and little-changed average oil prices undercut an increase in oil and gas production. Net income totaled 33.59 billion yuan ($5.47 billion), or 0.75 yuan a share, down from 34.38 billion yuan, or 0.77 yuan, a year earlier, CNOOC said in a statement to the Hong Kong stock exchange Aug. 28. That exceeded the 30.8 billion yuan average of three analyst estimates compiled by Bloomberg.
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CNOOC profit drops as spending undercuts higher production
![CNOOC profit drops as spending undercuts higher production]()
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