And you thought earnings season had run its course. But yesterday, CNOOC
For the six months ended June 30, the company generated net profits of 1.82 billion U.S. dollars on a revenue decline of 42% for the period. The biggest culprit being crude prices averaging $52 a barrel, or 52% below last year's $109.
So it wasn't only the western likes of ExxonMobil
During a briefing following the release of his company's results, CNOOC's CEO Fu Chengyu tossed something of a curve ball when he stated that CNOOC does not plan to participate in a bid with China National Petroleum Corp. (CNPC) for YPF, Repsol's
Beyond that, he emphasized that his company really isn't eager to participate in any big acquisitions at this time. As he noted, "The economic recovery in the U.S. and Europe still needs to take some time. Under this macro environment, we will not do large-scale acquisitions." However, he wouldn't rule out the possibility of forming a joint venture with "any company in the world."
But don't get the idea that CNOOC is sitting along the China coast, forgoing international opportunities. What the company calls a "huge deep-water project" in which it is participating came online in Nigeria during the period. And an Indonesia liquefied natural gas project became productive in July.
From what I can see, Fools would be wise to keep their eyes on CNOOC. Personally, I'm betting that before too many more reporting periods have passed, the company will have spread its (water) wings into a variety of global locations.
CNOOC is a four-star stock as rated by Motley Fool CAPS players. Does this rating conform to your assessment of the company?
Fool contributor David Lee Smith doesn't own shares in any of the companies mentioned. CNOOC is a Motley Fool Global Gains recommendation. Try any of our Foolish newsletters today, free for 30 days. The Fool has a disclosure policy.