CNOOC (883) Q1 2025 earnings summary

Executive summary

• Net production reached 188.8 million boe, up 4.8% year-over-year, with China production up 6.2% and overseas up 1.9%.

• Seven new projects commenced production, including major developments in China and Brazil such as Bozhong 26-6, Panyu 10/11, and Buzios7.

• Two new discoveries and 14 successful appraisals, including Weizhou 10-5 and Suizhong 36-1 South, highlight ongoing exploration success.

• All-in cost per BOE decreased by 2.0% year-over-year to US$27.03.

• Oil and gas sales revenue was RMB88.27 billion, down 1.9% year-over-year, mainly due to lower realized oil prices.

Financial highlights

• Net profit attributable to equity shareholders was RMB36.56 billion, a 7.9% decrease year-over-year.

• Basic earnings per share fell 8.3% to RMB0.77.

• Capital expenditures totaled RMB27.71 billion, down 4.5% year-over-year.

• Net cash flows from operating activities were RMB57.27 billion, down 4.5% year-over-year.

• Total assets increased to RMB1,102.71 billion, up 4.4% from year-end 2024.

Outlook and guidance

• Buzios oil fields in Brazil expected to reach 1 million barrels per day in the second half of 2025.

• Continued focus on increasing reserves and production, reducing costs, and enhancing quality and efficiency.

• New projects are progressing smoothly, supporting future production growth.