CNOOC Limited reported its strongest interim performance on record, with net profit attributable to shareholders surging 23.4% year on year to RMB85.80 billion for the six months ended 30 June 2026. Basic and diluted earnings per share rose in tandem to RMB1.81.
Revenue and Sales • Operating revenue advanced 16.9% to RMB242.66 billion. • Oil and gas sales contributed RMB206.09 billion, up 20.0%. • Net production reached 398.7 million barrels of oil equivalent, a 3.7% increase.
Cost and Margin Profile • All-in cost held at US$29.70 per BOE, sustaining cost competitiveness. • Operating profit grew 18.6% to RMB112.74 billion, lifting the operating margin to 46.5% (1H25: 45.8%).
Cash, Balance Sheet and Liquidity • Cash and cash equivalents almost doubled to RMB161.70 billion from RMB78.68 billion at end-2025. • Net current assets rose to RMB253.14 billion (end-2025: RMB204.13 billion). • Total equity expanded to RMB858.56 billion, reflecting stronger retained earnings.
Dividend The Board declared an interim dividend of HK$0.94 per share (tax inclusive), a 28.8% increase over last year’s HK$0.73, payable on or around 16 October 2026 to shareholders on record as of 18 September 2026.
Operational Highlights • Five new projects commenced production during the period. • Four domestic oil and gas discoveries and 16 successful appraisals were recorded; three overseas exploration blocks were secured in Brazil and Indonesia. • Digital-transformation initiatives progressed, with the “Haineng-Zhiqing” platform fully deployed. • China’s first offshore CCUS project was fully commissioned, and the “Haiyou Anlan” tension-leg floating wind project was connected to the grid.
Tax and Financing Income tax expense rose to RMB27.64 billion, aligning with higher profitability. Finance costs declined marginally to RMB3.01 billion despite a larger asset base.
Outlook Statement Management reiterated targets for reserve and production growth, technology advancement, and disciplined cost control for the remainder of 2026, while maintaining a focus on safety and low-carbon initiatives.
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