Chinese Oil Giant CNOOC Sees Profits Plunge By 59% In 2020

Chinese oil giants were not immune to the ravaging nature of the COVID-19 pandemic that decimated oil demand the world over, with CNOOC Ltd reporting a 59% drop in profits for 2020. CNOOC, the China National Offshore Oil Corp., posted net profits of 24.96 billion yuan (around $3.82 billion), according to Reuters, citing the company's Hong Kong Stock Exchange filing, and revenue of 155.37 billion yuan. In 2019, CNOOC posted 61.05 billion yuan in net profit. A 59% plunge in profits sounds ominous, but it was still in line with analyst expectations,…