Further cuts ahead as oil price slump hampers Cnooc profits

Partial results for Cnooc (0883.HKG), listed unit of state-owned China National Offshore Oil Corp., indicate it has more cutting to do to reach a goal of slashing spending by about a third compared to a year ago as it deals with a sharp drop in revenue resulting from low oil prices, The Wall Street Journal reported. “Capital expenditure was reduced significantly,” said Neil Beveridge, an analyst at Bernstein Research. “It needs to be cut more to achieve the full-year guidance.”