On August 26, Cnooc Limited unveiled its interim results for 2026. During the first half of the year, amid a volatile international landscape and wide oil price fluctuations, the company intensified its production and operational coordination, achieving record-high metrics for the period. Net production reached 398.7 million barrels of oil equivalent, up 3.7% year-on-year, while net profit attributable to shareholders hit RMB 85.8 billion, a 23.4% increase. The interim dividend was set at HK$0.94 per share (including tax), totaling approximately RMB 38.8 billion.
In the first six months, Cnooc Limited saw double-digit growth in both domestic and overseas net production. Oil and gas sales revenue climbed 20% year-on-year to RMB 206.1 billion, with net profit attributable to shareholders surging 23.4% to RMB 85.8 billion, setting a fresh record for the period. The company's unit oil cost remained competitive at USD 29.7 per barrel of oil equivalent.
The board has approved an interim dividend of HK$0.94 per share (including tax) for 2026, reflecting a payout ratio of 45.2% and an aggregate distribution of approximately RMB 38.8 billion, also a historic high for the interim period. Additionally, Cnooc Limited is actively advancing its green and low-carbon transition, focusing on clean oil and gas production. It continues to expand its use of green electricity through onshore power projects and steadily promotes the recovery and utilization of associated gas.
In the realm of integrated oil and new energy development, the company's first tension-leg floating wind platform, "Haiyou Anlan," has been connected to the grid, expected to generate 54 million kWh of green power annually for the oilfield. The deep-sea offshore wind demonstration project CZ7 is progressing steadily. The company is also fostering its negative-carbon initiatives, with the first offshore CCUS project in China now fully operational.
Cnooc Limited has maintained its full-year production target of 780-800 million barrels of oil equivalent, with a capital expenditure budget of RMB 112-122 billion. Chairman Zhang Chuanjiang commented: "In the second half of the year, the company will focus on ramping up reserves and production, deepening core technology breakthroughs, steadily expanding the new energy sector, and unlocking further efficiency gains to fulfill annual operational targets and deliver solid returns to all shareholders."
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