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CNOOC (883) investor relations material
CNOOC Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Net profit attributable to shareholders rose 7.1% year-over-year to RMB 39.14 billion, driven by higher oil and gas sales and increased production volumes.
Oil and gas net production reached 205.1 million BOE, up 8.6% year-over-year, with strong contributions from both domestic and overseas projects.
Four new discoveries and twelve successful appraisals were achieved, with notable progress in the Liaozhong depression and Guyana projects.
Capital expenditure increased 19.1% year-over-year to RMB 33.02 billion, reflecting accelerated exploration and development activities.
Financial highlights
Operating revenue was RMB 116.08 billion, up 8.6% year-over-year; oil and gas sales revenue rose 9.9% to RMB 97.0 billion.
Total profit increased 5.1% year-over-year to RMB 52.36 billion.
Basic and diluted EPS were RMB 0.82, up 7.1% year-over-year.
Net cash flow from operating activities was RMB 55.15 billion, down 3.7% year-over-year.
Total assets reached RMB 1,151.56 billion at quarter-end, up from RMB 1,098.56 billion at year-end 2025.
Outlook and guidance
Continued focus on increasing reserves and production, cost control, and efficiency improvements.
Ongoing development of new projects and accelerated deployment of exploration and adjustment wells.
- Record production and reserves in 2025, but profits fell amid lower oil prices and volatility.883
Q4 202526 Mar 2026 - Net profit surged 25% to RMB79.73 billion, with record production and higher dividends.883
Q2 202423 Jan 2026 - Record production and green progress, but profit fell 12.8% as oil prices declined.883
Q2 20256 Jan 2026 - Net profit rose 19.5% YoY to RMB116.7 billion on record production and strong cost control.883
Q3 202411 Dec 2025 - Production up, profits down as lower oil prices offset volume gains; costs and capex declined.883
Q1 202511 Dec 2025 - Net profit rose 11.4% to RMB137.9B on record production, reserves, and a 44.7% payout.883
Q4 20242 Dec 2025 - Production up 6.7% year-over-year, but net profit down 12.6% on lower oil prices.883
Q3 202530 Oct 2025
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