Lower Oil Prices Drag China’s CNOOC Profit Down Despite Higher Output

Chinese state-held oil and gas giant CNOOC booked lower net profit for the first quarter of 2025 as lower oil prices more than offset increased production. CNOOC, which specializes in offshore oil and gas developments in China and internationally, reported on Tuesday a net profit attributable to equity shareholders of $5 billion (36.56 billion Chinese yuan) for the first quarter, down by 7.9% compared to the same period of 2024. The decline was attributed to lower realized oil prices. During the quarter, CNOOC’s average realized oil price…