CNOOC (883) Q4 2025 earnings summary

Executive summary

• Net production reached a record 777.3 million boe in 2025, up 7% year-over-year, despite volatile oil prices and global uncertainties.

• Net profit attributable to equity shareholders was RMB122.1 billion, down 11.5% from 2024, despite lower Brent oil prices.

• Significant progress in green and low-carbon initiatives, including offshore wind and CCUS projects.

• Technological innovation advanced, with increased unmanned platform operations and smart factory recognition.

• Net proved reserves hit 7,773 million boe, reflecting steady resource growth.

Financial highlights

• Revenue was RMB398.2 billion, down 5.3% year-over-year, and oil & gas sales were RMB335.7 billion, down 5.6%.

• Net operating cash flow was RMB209.0 billion; free cash flow reached RMB97.4 billion.

• Total assets rose to RMB1,098.6 billion, with equity at RMB805.2 billion.

• Asset-liability ratio was 26.7%, and gearing ratio decreased to 8.0%.

• Realized oil price averaged $66.47/bbl (down 13.4%), and realized gas price was $7.95/mcf (up 3%).

Outlook and guidance

• 2026 production target set at 780–800 million boe.

• 2026 capital expenditure budgeted at RMB112–122 billion.

• Continued focus on increasing reserves, production, and green energy transition.

• Dividend payout ratio to remain no less than 45% through 2027.