Market Chatter: Market Chatter: Market Chatter: Cnooc Profit Falls on Capital Spend, Slowing Output Growth
"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."