China's petroleum firms post strong 3Q revenues

China National Offshore Oil Corp. (CNOOC) and China Petroleum and Chemical Corp. (Sinopec; SNP.NYSE, 600028.SH, 0386.HK) announced strong third-quarter growth figures, Bloomberg reported. Sinopec’s net income rose 15% year-on-year to US$2.9 billion in the third quarter, beating analyst expectations. Revenue at CNOOC rose to US$5.8 billion in the third quarter, up from US$3.6 billion in the same period last year. CNOOC is raising its annual output estimate by 13% after a surge in output during the third quarter. "We would expect a plenteous harvest this year," said Yang Hua, CEO of China’s biggest offshore oil producer. CNOOC has an advantage over its rivals because it can sell oil at market rates, while others must sell at government-fixed prices. China’s set oil price has risen only twice in 2010 – by 4.6% and 3% – while market rates have risen 36%.