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CNOOC (883) investor relations material
CNOOC Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for Q1 2026 rose 8.6% year-over-year to RMB116.08 billion, with net profit attributable to equity shareholders up 7.1% to RMB39.14 billion.
Net oil and gas production increased 8.6% year-over-year to 205.1 million BOE, with China and overseas production both contributing to growth.
Four new discoveries and 12 successful appraisals were made, with notable progress in the Liaozhong depression and Guyana projects.
Capital expenditures increased 19.1% year-over-year to RMB33.02 billion, reflecting accelerated exploration and development.
Financial highlights
Revenue: RMB116.08 billion, up 8.6% year-over-year.
Net profit attributable to equity shareholders: RMB39.14 billion, up 7.1% year-over-year.
Basic and diluted EPS: RMB0.82, up 7.1% year-over-year.
Net cash flows from operating activities: RMB55.15 billion, down 3.7% year-over-year.
Total assets at quarter-end: RMB1,151.56 billion, up 4.8% from year-end 2025.
Outlook and guidance
Continued focus on increasing reserves and production, cost reduction, and efficiency improvements.
Ongoing development of new projects and accelerated capacity construction.
- Record production and reserves in 2025, but profits fell amid lower oil prices and volatility.883
Q4 202526 Mar 2026 - Net profit surged 25% to RMB79.73 billion, with record production and higher dividends.883
Q2 202423 Jan 2026 - Record production and green progress, but profit fell 12.8% as oil prices declined.883
Q2 20256 Jan 2026 - Net profit rose 19.5% YoY to RMB116.7 billion on record production and strong cost control.883
Q3 202411 Dec 2025 - Production up, profits down as lower oil prices offset volume gains; costs and capex declined.883
Q1 202511 Dec 2025 - Net profit rose 11.4% to RMB137.9B on record production, reserves, and a 44.7% payout.883
Q4 20242 Dec 2025 - Production up 6.7% year-over-year, but net profit down 12.6% on lower oil prices.883
Q3 202530 Oct 2025
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