CNOOC Posts Record Profit as China Pumps More Oil at Home

China’s push to squeeze more oil and gas from home is paying off just as imported energy becomes more geopolitically complicated. CNOOC posted record first-half profit and production on Wednesday, helped by higher oil prices following the Iran war and continued growth from its offshore fields.

Net profit attributable to shareholders jumped 23. 4% from a year earlier to 85. 8 billion yuan, or about $12. 9 billion. Oil and gas sales revenue climbed 20% to 206. 1 billion yuan. The biggest boost came from crude prices.