Hong Kong–listed CNOOC Limited reported unaudited first-quarter 2026 revenue of RMB 116.08 billion, up 8.6 % year on year (YoY). Profit before tax grew 5.1 % to RMB 52.36 billion, while net profit attributable to equity shareholders advanced 7.1 % to RMB 39.14 billion. Basic and diluted earnings per share increased to RMB 0.82.

Operating cash flow reached RMB 55.15 billion, 3.7 % lower YoY, and capital expenditures expanded 19.1 % to RMB 33.02 billion, reflecting accelerated investment in exploration, development and production projects. All-in costs were contained at US$28.41 per barrel of oil equivalent (BOE), maintaining the group’s cost competitiveness.

Production volume rose 8.6 % YoY to 205.1 million BOE. Domestic output accounted for 140.0 million BOE, up 7.0 %, supported by fields such as Kenli 10-2, while overseas production climbed 12.3 % to 65.1 million BOE, underpinned by projects including Yellowtail in Guyana.

Average realised crude price increased 4.5 % YoY to US$75.92 per barrel in line with higher Brent pricing, whereas the average realised natural-gas price edged down 1.2 % to US$7.69 per thousand cubic feet. Oil and gas sales revenue reached RMB 97.00 billion, a YoY gain of 9.9 %.

During the quarter, CNOOC recorded four new discoveries and appraised 12 structures. Key developments such as the Huizhou 25-8 Comprehensive Adjustment Project and the Penglai 19-3 Blocks Secondary Adjustment Project commenced production, with other projects progressing as planned.

As at 31 March 2026, total assets stood at RMB 1,151.56 billion, up 4.8 % from year-end 2025. Equity attributable to shareholders increased 4.3 % to RMB 837.10 billion, while cash and cash equivalents rose to RMB 110.24 billion. The company’s shareholder base comprised 217,916 ordinary shareholders, with CNOOC (BVI) Limited holding a 60.54 % stake.