CNOOC (883) Q1 2026 earnings summary

Executive summary

• Net oil and gas production increased 8.6% year-over-year to 205.1 million boe, with both China and overseas operations contributing to growth.

• Four new discoveries and twelve successful appraisals were achieved, with notable progress in the Liaozhong depression and Guyana projects.

• Three new projects commenced production, including Huizhou 25-8 and Penglai 19-3, leveraging digital and intelligent technologies.

• Oil and gas sales rose 9.9% year-over-year to RMB97.0 billion, and net profit attributable to equity shareholders increased 7.1% to RMB39.14 billion.

• Capital expenditures increased 19.1% year-over-year to RMB33.02 billion, reflecting accelerated exploration and development.

Financial highlights

• Revenue grew 8.6% year-over-year to RMB116.08 billion.

• Net profit attributable to equity shareholders was RMB39.14 billion, up 7.1% year-over-year.

• Basic and diluted EPS increased 7.1% to RMB0.82.

• Oil and gas sales reached RMB97.0 billion, up 9.9% year-over-year.

• Net cash flows from operating activities were RMB55.15 billion, down 3.7% year-over-year.

Outlook and guidance

• Continued focus on reserves and production growth, quality, and efficiency to offset rising taxes and exchange rate fluctuations.

• Ongoing advancement of overseas exploration projects, digital technologies, and accelerated capacity construction.