CNOOC (883) Q1 2025 earnings summary

Executive summary

• Achieved total net production of 188.8 million BOE in Q1 2025, up 4.8% year-over-year, with China production up 6.2% and overseas up 1.9%.

• Oil and gas sales revenue was RMB88.27 billion, down 1.9% year-over-year, mainly due to lower realized oil prices; net profit attributable to equity shareholders was RMB36.56 billion, down 7.9%.

• Two new discoveries and 14 successful appraisals were made, including Weizhou 10-5 and Suizhong 36-1 South.

• Several new projects commenced production, including Panyu 10/11, Bozhong 26-6, Caofeidian 6-4, Wenchang 19-1 Phase II, and Buzios7 in Brazil.

• All-in cost per BOE decreased by 2.0% year-over-year to US$27.03.

Financial highlights

• Revenue for Q1 2025 was RMB106.85 billion, down 4.1% year-over-year.

• Net profit attributable to equity shareholders was RMB36.56 billion, down 7.9% year-over-year.

• Net cash flows from operating activities were RMB57.27 billion, down 4.5% year-over-year.

• Basic and diluted EPS were both RMB0.77, down 8.3% year-over-year.

• Total assets increased to RMB1,102.71 billion, up 4.4% from year-end 2024.

Outlook and guidance

• Continued focus on increasing reserves and production, reducing costs, and enhancing quality and efficiency.

• New projects are progressing smoothly, supporting future production growth.