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CNOOC says CEO to resign, H1 net 2nd Best ever
China’s top offshore oil and gas producer CNOOC Ltd said its long-time chief executive will step down and be replaced by its president, as it posted its second-best interim profit ever,
fuelled by higher crude oil prices and a rise in production. Fu Chengyu,
who was instrumental in CNOOC’s failed $18.5 billion bid for U.S. oil
company Unocal in 2005, would relinquish his chief executive position
but remain as non-executive chairman of the company, effective Sept. 16,
CNOOC said on Thursday.
He will be replaced by President and CFO Yang Hua, an MIT-educated
executive who joined the company in 1982. “I’m glad we were able to
locate an ideal successor, Mr. Yang Hua, who has devoted himself to
CNOOC Ltd for more than 20 years and has proven himself a robust
operator in the toughest circumstances,” Fu said in a statement. Despite
posting earnings that soundly beat analyst forecasts, CNOOC warned of
rising costs. Some analysts say CNOOC may not be able to sustain its
strong profit growth in the second half if costs continue to escalate
and if oil prices continue to trade sideways around the $70-$80 per
barrel range, relatively flat from the average price of $72 per barrel
in the same period a year ago. Unlike peers PetroChina and Sinopec Corp,
CNOOC Ltd makes almost all of its profit from exploration and
production and does not have to sell fuel at state-capped prices below
production costs.
?”Even though we have led the industry in terms of profitability in
recent years, our cost is undoubtedly under upward pressure,” CNOOC said
in a statement to the Hong Kong stock exchange. “With those oil and gas
fields developed under the high oil prices environment coming on
stream, cost control has become more challenging.”
The company has benefited directly from higher crude prices in the first
half, which have averaged around $78 per barrel, 52 percent higher than
a year earlier. Some analysts are also concerned that CNOOC, which
could be the most acquisitive Chinese oil company this year as it races
to meet its aggressive production growth targets, could overpay for
future acquisitions.
Among the deals that CNOOC is reported to be eyeing are BP Plc’s stake
in Argentina-focused oil and gas company Pan American Energy (PAE),
which the British oil giant could sell to raise money to cover its Gulf
of Mexico oil spill costs. CNOOC, the first of China’s trio of energy
companies including PetroChina and Sinopec to report earnings, posted a
net profit of 25.99 billion yuan ($6.8 billion) for the first half of
2010 versus 12.4 billion yuan a year earlier. That beat a consensus
forecast of 21.46 billion yuan from eight analysts polled by Reuters.
Total oil and gas output rose 40.8 percent to a record 149 million
barrels of oil equivalent (boe) in the first half. Its average realised
oil price was $76.59 per barrel, up 55.2 percent from the same period a
year earlier. Before the results, Hong Kong-listed CNOOC shares ended up
0.9 percent at HK$13. Shares in CNOOC are up 6.6 percent so far this
year, compared with PetroChina, which has lost 6.2 percent, and Sinopec,
which is down 8 percent.
Source: Reuters
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