CNOOC (883) Q1 2026 earnings summary

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.