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CNOOC
CNOOC (883) investor relations material
CNOOC Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Net oil and gas production rose 6.7% year-over-year to 578.3 million BOE for the first three quarters, with natural gas up 11.6% and China production up 8.6% due to new project contributions.
Five new discoveries and 22 successful appraisals were made in the first three quarters, with 14 new projects commencing production, including four in Q3.
Despite a challenging macroeconomic environment and a 14.6% drop in Brent crude prices, cost competitiveness and profitability resilience were maintained.
Financial highlights
Q3 revenue increased 5.7% year-over-year to RMB104.90 billion, but nine-month revenue fell 4.1% to RMB312.50 billion.
Net profit attributable to equity shareholders dropped 12.2% in Q3 to RMB32.44 billion and 12.6% for the nine months to RMB101.97 billion.
Oil and gas sales revenue for the first three quarters was RMB255.48 billion, down 5.9% year-over-year, mainly due to lower realized oil prices.
Average realized oil price fell 13.6% year-over-year to US$68.29/bbl; realized gas price rose 1.0% to US$7.86/mcf.
All-in cost decreased 2.8% year-over-year to US$27.35/BOE.
Outlook and guidance
Continued focus on reserves and production growth, quality and efficiency enhancement, and cost control.
Ongoing development of new projects and exploration activities to support future production.
Reconcile profit decline with production/cost gains
Impact of reduced capex on future production
Future strategy for oil vs. natural gas portfolio
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Next CNOOC earnings date
Q4 202527 Mar, 2026
CNOOC
Next CNOOC earnings date
Q4 202527 Mar, 2026
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Frequently asked questions
CNOOC Limited is an upstream oil and gas company headquartered in Hong Kong, China. It is a key player in the exploration, development, production, and sale of crude oil and natural gas, focusing primarily on offshore fields. As a subsidiary of China National Offshore Oil Corp, CNOOC Limited operates significant oil fields in the Bohai, Western South China Sea, Eastern South China Sea, and the East China Sea regions. The company stands out as one of China's largest producer of offshore crude oil and natural gas and is recognized among the world's leading independent oil and gas exploration and production companies. , ensuring a steady provision of these critical resources. The company is headquartered in Hong Kong, and its shares are listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange.
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