CNOOC (883) Q3 2025 earnings summary

Executive summary

• Net oil and gas production rose 6.7% year-over-year to 578.3 million boe for the first three quarters, with natural gas up 11.6% and China production up 8.6% due to new project contributions.

• Fourteen new projects commenced production in the first three quarters, including major developments in China and overseas, with four starting in Q3.

• Five new discoveries and 22 oil and gas structures were successfully appraised, expanding the reserve base.

• Despite a challenging macroeconomic environment and a 14.6% drop in Brent crude prices, cost competitiveness and profitability resilience were maintained.

Financial highlights

• Oil and gas sales for the first three quarters totaled RMB255.48 billion, down 5.9% year-over-year, mainly due to lower realized oil prices.

• Net profit attributable to equity shareholders was RMB101.97 billion, a decrease of 12.6% year-over-year.

• Revenue for the first three quarters was RMB312.50 billion, down 4.1% year-over-year; Q3 revenue increased 5.7% year-over-year to RMB104.90 billion.

• Basic earnings per share for the first three quarters was RMB2.14, down 12.6% year-over-year.

• Capital expenditures reached RMB86.03 billion, a 9.8% decrease year-over-year.

Outlook and guidance

• Continued focus on increasing reserves and production, with steady growth in both China and overseas driven by new project contributions.

• Ongoing development of new projects and exploration activities to support future production.