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China's Cnooc (CEO) - Get CNOOC Ltd. Report said Thursday that first-quarter revenue tumbled 31%, despite an increase in output, as the oil price slump took its toll on the biggest Chinese offshore producer of gas and oil.

Revenue at the Beijing-based group fell to 24.6 billion renminbi (43.8 billion) in the three months to the end of March. Output rose 5.1% to 124.3 million barrels of oil equivalent.

Investors were left to guess at Cnooc's profitability as the company doesn't report quarterly earnings figures. Cnooc's Hong Kong-listed shares were largely unaffected, sliding just 0.5% to HK$9.88.

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The quarterly report is the latest in a spate of oil company earnings announcements this week. Yesterday France's Total (TOT) - Get Total SA Report and Norway's Statoil (STO)  both reported better than expected earnings, joining BP (BP) - Get BP Plc Report , which on Tuesday also beat analysts' expectations. Exxon Mobil (XOM) - Get Exxon Mobil Corporation Report and Chevron (CVX) - Get Chevron Corporation Report are due to report their quarterly figures on Friday.

Oil companies earnings collapsed over the first quarter as Brent crude prices averaged $34 a barrel, their lowest price for more than a decade. The companies have responded by delaying expensive new projects and cutting operating costs, enabling at least some to maintain thin profit margins.

Cnooc, which is controlled by the Chinese state, said it had sold oil at an average $32.54 a barrel in the first quarter, down 39% year-on-year, leading to a 34% decline in revenue from crude and liquid sales. Gas sales were made at an average $5.69 per thousand cubic feet over the first quarter, down 14.8%, leaving revenue from gas down just 2.5% due to increased production.

Capital expenditure for the first quarter was 39.2% lower compared with the first quarter of 2015. Spending on exploration and development tumbled $983 million over the same period to $1.34 billion.