When you're an energy company, the less energy you expend, the better. The megacorporations of the global crude business have been venturing further and digging deeper to chase the world's supply, as evidenced by the rise of deep-water specialists Transocean
In times like these, it's important to have a portion of assets in one's backyard. Although the quarterly results are unaudited and lack crucial information, including net earnings, the latest release from CNOOC
Revenue for the first quarter rose to $3.4 billion, 62% more than last year. Net production rose 5% to nearly a half-million barrels of oil equivalent (BOE) per day, with the gas segment showing particular strength at 601 million cubic feet per day, a 9.3% year-over-year boost. Of course, the 69% rise in average realized oil prices from the year-ago period didn't hurt matters any.
What grabbed this Fool's attention was the apparent flurry of activity from the offshore China segment, which enjoyed a 6.3% production bump. In addition, the company reported four new discoveries in the region, commenced production at another, and is ready to start drilling at yet one more site.
Despite these positive results, it has been a rough earnings season for Chinese oil companies. PetroChina