CNOOC (883) Q2 2026 earnings summary

Executive summary

• Net oil and gas production reached a record 398.7 million BOE, up 3.7% year-over-year, with both domestic and overseas output at all-time highs.

• Net profit attributable to equity shareholders rose 23.4% to RMB85.8 billion, with operating revenue up 16.9% to RMB242.7 billion, both setting interim records.

• Five new projects commenced production, four new discoveries were made in China, and three new exploration blocks were acquired overseas.

• Advanced green transition with the commissioning of China's first tension-leg floating wind power project and full commissioning of the first offshore CCUS project.

• Interim dividend declared at HK$0.94 per share, up 28.8% year-over-year, marking a record high since listing.

Financial highlights

• Revenue reached RMB242.7 billion, up 16.9% year-over-year, and net profit attributable to equity shareholders was RMB85.8 billion, up 23.4%.

• Basic and diluted EPS were RMB1.81, up 23.4% year-over-year.

• Net operating cash inflow was RMB141.6 billion, with free cash flow of RMB88.3 billion.

• All-in cost per BOE was US$29.7, reflecting strong cost competitiveness.

• Interim dividend payout totaled approximately RMB38.8 billion.

Outlook and guidance

• Focus on increasing reserves and production, advancing new energy business, and enhancing operational quality and efficiency.

• 2026 production target set at 780–800 million BOE, with capex budget of RMB112–122 billion.

• Continued investment in technological innovation and digital transformation.

• Emphasis on cost competitiveness, safety, and environmental protection to meet annual targets.