CNOOC, PetroChina Earnings Hit By Lower Oil Prices

摘要

Lower oil prices hit third-quarter earnings for Chinese state firms China National Offshore Oil Corp. (CNOOC) and PetroChina, with both companies' revenues falling by over 20% year-on-year. CNOOC reported revenue of 23.76 billion yuan ($3.48 billion), down 23%, as its realized crude price fell nearly 37% to $67.83 per barrel. The average natural gas price rose 2.8% to $3.93 per thousand cubic feet.