Cnooc Ltd., the largest offshore oil and gas driller in China, announced an increase in profit for the third quarter. Net income rose to 36.9 billion yuan ($5.2 billion) from 33.9 billion yuan in the previous year.
The company's performance was boosted by increased output, which helped offset the impact of falling crude oil prices. Despite Brent crude averaging around $79 per barrel during the quarter, an 8% decrease compared to the same period in 2023, Cnooc successfully navigated the challenges posed by weaker demand in China.
These results demonstrate the company's ability to adapt to changing market conditions while remaining profitable.