CNOOC Limited reported its strongest first-half performance on record, driven by higher production, firmer oil prices and tight cost control.
Financial Performance • Revenue reached RMB 242.66 billion, up 16.90% year on year. • Net profit attributable to shareholders rose 23.40% to RMB 85.82 billion. • Operating cash flow expanded 29.70% to RMB 141.63 billion. • All-in production cost averaged USD 29.70 per barrel of oil equivalent (boe), preserving the group’s cost advantage. • The gearing ratio edged down to 7.30%, underscoring a solid balance-sheet position.
Dividend Supported by robust cash generation, the board declared a record interim dividend of HKD 0.94 per share (tax inclusive), payable on or around 16 October 2026 to shareholders on record as of 18 September 2026. Dividends will be paid in HKD for Hong Kong-listed shares and in RMB for A-shares, using the People’s Bank of China average HKD/RMB parity rate from the week preceding the board resolution.
Operational Metrics • Net oil and gas production climbed 3.70% to 398.70 million boe, with domestic fields contributing 275.20 million boe and overseas assets 123.60 million boe. • Liquids accounted for 77.8% of output, while natural gas comprised 22.2%. • Five new projects—including Huizhou 25-8 and Buzios 8—commenced production, underpinning volume growth. • Capital expenditure totalled RMB 61.99 billion, a 7.60% increase, allocated mainly to development (RMB 39.09 billion) and exploration (RMB 9.63 billion).
Exploration & Reserves • Four offshore China discoveries—Luda 16-1, Bozhong 34-2 North, Qinhuangdao 30-3 and Enping 11-1—were announced, alongside 16 successful appraisals. • Internationally, the company secured three exploration blocks in Brazil and Indonesia, expanding its global footprint.
Strategic Initiatives CNOOC advanced digitalisation through the “Haineng-Zhiqing” platform and progressed low-carbon projects, including commissioning of China’s first tension-leg floating wind power unit “Haiyou Anlan” and full commissioning of the Enping 15-1 offshore CCUS project.
Liquidity and Capital Structure • Total assets stood at RMB 1.20 trillion, up 9.50% from end-2025. • Cash and cash equivalents rose to RMB 161.70 billion. • Interest-bearing liabilities were RMB 57.57 billion; no covenant breaches were reported.
Outlook for Second Half Management targets continued reserve and production growth, strict cost management and steady progress on new energy projects while maintaining a “high level of safety” framework.
Record earnings, disciplined spending and a higher interim payout underscore CNOOC’s focus on value creation amid a volatile energy market.