CNOOC (883) Q1 2026 earnings summary

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.