Cnooc Limited’s Net Profit Dropped 6.4% in First Quarter of 2023

Cnooc Limited (中国海洋石油有限公司) (600938.SH) reported a net profit of 32.1 billion yuan in the first quarter of 2023, down 6.4% year-on-year.

Meanwhile, the company posted 97.7 billion yuan in revenue, up 7.5% year-on-year.

At the end of the reporting period, it had 1 trillion yuan in total assets and 334.2 billion yuan in total liabilities, with a liability-to-asset ratio of 34.8%.