(MENAFN) China's offshore explorer giant, Cnooc Ltd, announced posting a profit increase of 6.6 percent for the full-year of 2014, despite the worldwide fall in crude prices, Arab News reported.
The company's net income surged to USD9.7 billion last year, up from USD9.2 billion a year earlier and beating analysts' expectations that it would log profits of USD8.5 billion.
The Chinese company beat the downturn by raising oil and gas production and lowering its costs for the first time since 2010. However, sales dropped 4 percent to USD44.8 billion.
"While production volumes were strong, renewed laser-like focus on cost control enabled Cnooc deliver the beat," a Hong Kong-based analyst at Sanford C said in a statement.
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