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CNOOC H1 Profit Up 110%, Names Yang Hua As New CEO - Quick Facts

(RTTNews) - CNOOC Ltd. (CEO) Thursday reported a net profit for the first half of 2010 of RMB 25.99 billion or RMB 0.58 per share, up 109.6% from last year.

For the six months, the company recorded a net production of 149.0 million barrels of oil equivalent, representing an increase of 40.8% year-on-year. The company attributed the production growth to new projects brought on stream and the outstanding performance of major producing fields.

The company's oil and gas sales surged 108.0% to RMB 67.64 billion from the previous year.

During the period, the average realized oil price rose 55.2% year-on year to US$76.59 per barrel, which was in line with the trend of international oil price.

Further, the board has decided to pay an interim dividend of HK$0.21 per share.

Separately, the company said its Chief Executive Officer Fu Chengyu will resign from the role and remains as the Chairman of the board. The company also named Yang Hua as new Chief Executive Officer of the company and new Vice Chairman of the board.

The company noted that Hua will resign from the role of President and Chief Financial Officer of the company and Li Fanrong will be appointed as new President of the company. The changes in senior management will be effective from September 16.