CNOOC Limited Reports 16.8% Profit Increase in Q3

CNOOC Limited announced a 16.8% year-on-year increase in net profit attributable to equity shareholders, reaching RMB119.12 billion for the first three quarters of 2026. This rise in profitability coincides with a 19.5% increase in oil and gas sales revenue, amounting to approximately RMB305.35 billion, largely attributed to elevated oil prices.

The company’s net oil and gas production saw a 2.7% increase year-on-year, reaching 593.7 million BOE. This growth was supported by contributions from both domestic and overseas projects, with overseas production benefiting from projects in Guyana and Brazil. Net production in China increased by 1.9% to 408.5 million BOE, boosted by output from fields like Kenli 10-2.

CNOOC Limited continued to invest in exploration and development, with five new discoveries and the successful appraisal of 23 oil and gas structures in the first three quarters of the year. Capital expenditures totaled approximately RMB89.9 billion, a 4.5% increase year-on-year, reflecting increased workloads related to adjustment wells. The company reported an average realized oil price of US$86.32 per barrel, a 26.4% increase year-on-year, alongside an average realized gas price of US$8.13 per thousand cubic feet, up 3.4% year-on-year.

The company's all-in cost remained competitive at US$30.57 per BOE. As of September 30, 2026, CNOOC Limited had a total of 206,974 ordinary shareholders. The majority shareholder remains CNOOC (BVI) Limited, with other significant shareholders including state-owned entities such as China National Petroleum Corporation and Sinopec International Energy Investment Co., Ltd.

These results reflect a period of steady growth for CNOOC Limited, driven by increased production and favorable oil prices. The company’s strong financial performance in the first three quarters of 2026 positions it as a significant player in the global energy market, though sustained high oil prices and geopolitical factors remain key variables for future performance.