CNOOC Posts Record Profit as China Pumps More Oil at Home

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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. CNOOC’s average realized…