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Market Chatter: Market Chatter: Market Chatter: Cnooc Profit Falls on Capital Spend, Slowing Output Growth
3/22/2013 10:29:00 AM
By: MT Newswires
"Cnooc Ltd. reported lower 2012 profits that missed analyst estimates, as China's biggest offshore oil producer spent more to revive output growth, an effort underscored by its $15.1 billion takeover of Canadian oil producer Nexen Inc. (NXY.TO)," Bloomberg reported.
It said: "Net income fell to 63.7 billion yuan ($10.3 billion) in the 12 months ended Dec. 31 from 70.3 billion yuan a year earlier, the company said in a statement to the Hong Kong stock exchange today. That compared with the 65.3 billion yuan mean of 29 analyst estimates compiled by Bloomberg. Sales climbed 2.8% to 247.6 billion yuan."