HONG KONG, March 28 China's top offshore oil
producer CNOOC Ltd posted a 11.4 percent slide in its
2013 net profit on Friday, lagging analysts' forecasts, as it
struggled to deliver production growth and control costs amid
weakening crude prices.
CNOOC posted a net profit of 56.5 billion yuan
($9.09 billion) for last year, versus 63.7 billion yuan in 2012.
The result compared with a consensus forecast of 63.2 billion
yuan from 31 analysts polled by Thomson Reuters.
The state-run firm completed its $15.1 billion acquisition
of Canadian energy firm Nexen Inc in February last year. It was
China's largest overseas takeover that CNOOC says will boost its
annual output by 20 percent and proven reserves by 30 percent.
Once an investor darling for its high-growth profile, CNOOC
has been struggling to boost its output over the past few years
as domestic fields age.
Its production grew 20.2 percent to 411.7 million barrels of
oil equivalent in 2013, thanks to contributions from Nexen.
Its operating expenses soard 40 percent to 30 billion yuan
last year as a result of the Nexen acquisition last year, while
its realised crude prices dipped 5.3 percent to $104.6 per
($1 = 6.2130 Chinese yuan)
(Reporting by Charlie Zhu; Editing by Jeremy Laurence)