Bloomberg News

Cnooc Advances to Seven-Week High in New York as Sales Surge

October 26, 2011

Oct. 26 (Bloomberg) -- Cnooc Ltd., China’s largest offshore energy producer, advanced to the highest level in seven weeks after it reported a 24 percent gain in third-quarter revenue.

The American depositary receipts of the Beijing-based company rose 3.2 percent to $185.10 at 10:40 a.m. New York time. They earlier gained as much as 6.2 percent to $190.38, the highest intraday level since Sept. 2.

Cnooc’s third-quarter revenue rose 24 percent from a year earlier to 46.3 billion yuan ($7.3 billion) as higher crude prices countered a drop in output, it said in a statement today.

--Editor: Marie-France Han

To contact the reporter on this story: Belinda Cao in New York at lcao4@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net


Too Cool for Crisis Management
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus