Cnooc Ltd said that net income probably more than doubled in the first nine months of the year, as China’s biggest offshore oil and gas driller continues to reap the benefit of higher energy prices.
Preliminary net income rose as much as 108% from last year to 109.8 billion yuan ($15 billion), based on Chinese accounting standards, according to a statement to the Shanghai stock exchange on Sunday. The firm said earnings surged due to higher oil prices, and record oil and natural gas output. Cnooc didn’t break out its third-quarter results.
Oil and gas prices have soared in the wake of Russia’s invasion of Ukraine, driving profits at China’s biggest state-owned energy firms to all-time highs in the first half. To bolster the nation’s energy security, the companies have also been ordered to raise domestic production.
Cnooc is scheduled to release its final earnings for the period on Oct. 27.