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Investor Relations14 Oct 2025
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CNOOC (0883) investor relations material
CNOOC Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary27 Aug, 2025
Executive summary
Net oil and gas production reached 384.6 million BOEs, up 6.1% year-over-year, with natural gas production rising 12%, despite a 15.1% decline in Brent oil prices.
Net profit attributable to shareholders was RMB 69.5 billion, down 12.8–13% year-over-year, the third highest in company history for the period.
Interim dividend declared at HK$0.73 per share, with a payout ratio of 45.5%, the second highest in company history.
Ten new projects commenced production, including major developments in China and Brazil, and five new discoveries were made.
Technological innovation and digital transformation advanced, with progress in smart gas fields and clean energy initiatives.
Financial highlights
Oil and gas sales/revenue reached RMB 171.7 billion, down 7–7.2% year-over-year.
All-in cost per BOE was USD 26.94, maintaining a decade-long low-cost strategy.
Free cash flow remained robust at RMB 57 billion.
Total assets increased to RMB 1,119 billion, with net assets at RMB 788.4 billion and a gearing ratio of 8.4%.
Basic EPS was RMB 1.46, down 12.7% year-over-year.
Outlook and guidance
Focus on increasing oil and gas reserves and production, advancing green energy transition, and fostering technological innovation.
2025 production target set at 760–780 million BOE, with CapEx budget of RMB 125–135 billion.
Reserve replacement ratio target is no less than 130%.
CapEx in the second half expected to increase compared to the first half, with continued investment in oil, gas, and new energy projects.
Confidence in delivering enhanced shareholder returns and advancing toward world-class energy company status.
Impact of oil price volatility on profit?
Update on key green energy projects?
Summarize recent exploration successes
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Next CNOOC earnings date
Q3 202527 Oct, 2025
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Frequently asked questions
CNOOC Limited is an upstream oil and gas company headquartered in Hong Kong, China. It is a key player in the exploration, development, production, and sale of crude oil and natural gas, focusing primarily on offshore fields. As a subsidiary of China National Offshore Oil Corp, CNOOC Limited operates significant oil fields in the Bohai, Western South China Sea, Eastern South China Sea, and the East China Sea regions. The company stands out as one of China's largest producer of offshore crude oil and natural gas and is recognized among the world's leading independent oil and gas exploration and production companies. , ensuring a steady provision of these critical resources. The company is headquartered in Hong Kong, and its shares are listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange.
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