CNOOC (883) Q3 2025 earnings summary

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.