CNOOC Q1 Oil And Gas Sales Revenue Down 30.7%

(RTTNews) - CNOOC Limited (CEO, CNU.TO) reported that its first-quarter oil and gas sales revenue fell 30.7 percent year-over-year to about 24.64 billion Chinese Yuan, mainly due to the sharp decrease in international oil prices.

Total net production rose 5.1 percent year-over-year to 124.3 million barrels of oil equivalent or BOE.

The company's average realized oil price decreased 39.1% to US$32.54 per barrel while the average realized gas price was US$5.69 per thousand cubic feet, down 14.8%.

For the first quarter of 2016, the company's capital expenditure reached approximately 9.69 billion yuan, representing a decrease of 39.2% YoY.