CNOOC 2026 First-Half Net Profit Up 23.4% to RMB 85.8 Billion

CNOOC announced its first-half results on August 26, 2026. The company achieved oil and gas sales revenue of RMB 206.1 billion, up 20% year on year; total revenue of RMB 242.7 billion, up 16.9%; and net profit attributable to shareholders of RMB 85.8 billion, up 23.4%. All these metrics set record highs for the corresponding period.

During the first half, the company's oil and gas production grew steadily, with net production reaching 398.7 million barrels of oil equivalent, another record for the period. The unit cost per barrel of oil equivalent was $29.7, remaining at a low level.

The company declared an interim dividend of HK$0.94 per share (including tax) for 2026, with a total payout of RMB 38.8 billion, a record since listing. In exploration, it made four oil and gas discoveries in China and successfully evaluated 16 oil-bearing structures; overseas, it acquired three new exploration blocks in Brazil and Indonesia.

The company said that in the second half, it will anchor on its annual production and operation targets, fully promote reserve growth and production increase, deepen core technology research, steadily expand its new energy business, and strictly maintain the bottom line of safety and environmental protection.