China oil firm CNOOC's Q1 revenue leaps 45% (after windfall tax payment)

[Robbien]

HONG KONG, April 25 (Reuters) - Top Chinese offshore oil and gas producer CNOOC Ltd. (0883.HK: Quote, Profile, Research) (CEO.N: Quote, Profile, Research) reported a 45 percent surge in revenue and 11 percent rise in domestic output in the first quarter, capitalising on higher energy prices.

. . .

Big Oil companies including Exxon Mobil Corp. (XOM.N: Quote, Profile, Research) and Chevron Corp. (CVX.N: Quote, Profile, Research) are facing mounting public scrutiny over swelling profits and in China producers will start to pay a windfall tax for the first time this year.

Chief Financial Officer Yang Hua said the impact of that tax was "nominal" in the first quarter, as Beijing only implemented the plan in March.

However, if the policy had been enacted in 2005, it would have reduced net income by about 4 percent based on last year's realised oil price and output, he said.

http://today.reuters.com/investing/financeArticle.aspx?type=marketsNews&storyID=2006-04-25T112959Z_01_HKG79136_RTRIDST_0_ENERGY-CHINA-CNOOC-UPDATE-2.XML