CNOOC Posts Strong Q1 2026 Performance with Record Output and Profit Growth

China National Offshore Oil Corporation (CNOOC) released its operating results for the first quarter of 2026 on April 28, delivering robust growth in net oil and gas output as well as net profit attributable to parent shareholders. The company has continuously deepened reserve and production growth while steadily advancing cost reduction and efficiency improvement, underpinning its solid performance amid complex global energy market dynamics.

In the first quarter, CNOOC achieved a net oil and gas output of 205.1 million barrels of oil equivalent, an 8.6 percent year-on-year increase and a new historical high. China Economic Net reported that domestic net output reached 140 million barrels of oil equivalent, rising 7 percent year-on-year, while overseas net output stood at 65.1 million barrels of oil equivalent, a 12.3 percent year-on-year growth, reflecting the company’s balanced development strategy at home and abroad.

The first quarter also saw fruitful progress in CNOOC’s exploration and development efforts. The company made four new discoveries and successfully evaluated 12 oil and gas-bearing structures during the period. Among these, the new Luda 16-1 discovery has demonstrated promising exploration prospects in the Paleogene lithologic area of the Liaozhong Sag, while the successful evaluation of Enping 20-5 has achieved remarkable results in integrated rolling reserve growth. In terms of development and production, projects including the Huizhou 25-8 Oilfield comprehensive adjustment project and the Penglai 19-3 Oilfield Phase II adjustment project have been put into operation successfully, with other new projects advancing smoothly.

Driven by higher realized oil prices and increased oil and gas sales volume, CNOOC’s unaudited oil and gas sales revenue in the quarter reached approximately 97 billion yuan, a 9.9 percent year-on-year increase. China Daily stated that the company’s net profit attributable to the shareholders of the parent company hit 39.14 billion yuan, up 7.1 percent year-on-year. With a main cost per barrel of oil at 28.41 US dollars, CNOOC has maintained its cost competitiveness, supported by its full industrial chain layout and improved digital technology.

CNOOC’s capital expenditure in the first quarter amounted to about 33.02 billion yuan. China Economic Net noted that the increase in capital expenditure was mainly due to the accelerated deployment of exploration and adjustment wells as well as the speed-up of capacity construction. The company has no plan to adjust its full-year capital expenditure budget, which remains stable between 112 billion yuan and 122 billion yuan.

Currently, CNOOC continues to advance its exploration and development work steadily, with existing projects operating smoothly and new projects progressing as scheduled. The company remains committed to deepening reserve and production growth and optimizing cost structure. Looking ahead, CNOOC will closely follow changes in the global energy market, accelerate technological innovation, and further consolidate its market position while maintaining stable and high-quality development.