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CNOOC   Profit was down by 97%

CNOOC net profit for 2016 $92.4 million

CNOOCCNOOC shares rebounded sharply in Japan on Friday after the big Chinese oil producer reported a profit for 2016 and the market had been expecting a loss.

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READ MORE CNOOC net profits decreased 56.1 percent

The stock hit a high of 9.28 Hong Kong dollars, up HK$0.390, or 4.38%, from Thursday after falling for two straight days.

After Thursday's close, CNOOC said its net profit for 2016 came to 637 million yuan ($92.4 million). Although profit was down by 97% compared to 2015, investors were cheered that the company avoided slipping into the red, as expected.

The market was also emboldened by CNOOC executives' positive outlook for future earnings.

The median forecast among analysts surveyed by QUICK-FactSet was a loss of 4.2 billion yuan.

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