CNOOC Limited Focuses on Value Creation, Production and Profit Hit New Highs in H1 2026

HONG KONG, Aug. 26, 2026 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) today announced its 2026 interim results. Navigating a complex global landscape and volatile oil markets, CNOOC Limited improved the coordination of production and operations, achieving record highs in multiple indicators including production and profit for the same period.

• Net production was 398.7 million BOE, a year-on-year ("YoY") growth of 3.7%
• Net profit attributable to equity shareholders reached RMB85.8 billion, a YoY increase of 23.4%
• Interim dividend was HK$0.94 per share (tax inclusive), with total dividend payout approximately RMB38.8 billion

Performance Overview

The Company remains focused on increasing reserves and production, and further strengthens the resource base. In the first half of the year, the Company made 4 new discoveries and successfully appraised 16 oil and gas bearing structures. Offshore China in the Bohai Bay, Luda 16-1 and Qinhuangdao 30-3 were discovered, and Kenli 10-6 was successfully appraised, demonstrating promising exploration prospects in new areas and new plays. In the South China Sea, Enping 11-1 was discovered, which could be brought on-stream fast by leveraging existing facilities. Wenchang 19-3 was successfully appraised, marking a major exploration breakthrough in the volcanic buried-hills in the Pearl River Mouth Basin. Overseas, active deployments in strategic areas continued. The Company entered 3 exploration blocks in Brazil and Indonesia. Among them, the Company for the first time as operator, acquired a new block in the pre-salt Santos Basin in Brazil.

The Company remains committed to core business, and steadily improves the development efficiency of oil and gas fields. In the first half of the year, the Company's net production reached 398.7 million BOE, grew by 3.7% YoY, with both domestic and overseas net production recording growth. 5 new projects were successfully brought on-stream, including the Penglai 19-3 Oilfield 1/2/3/8/9 Area Secondary Adjustment Project, Weizhou 10-3 Oilfield West Area Development Project, Huizhou 25-8 Oilfield Comprehensive Adjustment Project, and Buzios8 project in Brazil. Besides, a batch of new projects are under rapid development. The Company refined the management of reservoirs to effectively control the natural decline rate of offshore oilfields, and enhance recovery factor, thereby ensuring stable production from the producing oilfields. In addition, adjustment wells and workover operations were carried out in an orderly manner, bringing incremental volumes.

The Company continues to drive breakthroughs through technological innovation, and sharpens the edge of competitiveness. In the first half of the year, the Company focused on key exploration areas such as deep water and deep plays, to strengthen the theoretical foundation for efficient discovery of oil and gas resources. The application of key technologies for increasing reserves and production achieved remarkable results. The daily drilling efficiency hit a record high. Besides, breakthroughs in drilling offshore extended-reach wells effectively expanded the employable reserves. The Company formulated the scenario blueprint for the "Digital & Intelligent CNOOC" initiative, fully deployed the "Haineng-Zhiqing" digital platform, and strengthened the digital foundation for intelligent oil and gas fields. The intelligent injection-production interaction scenario for offshore oilfield production was selected as a high-value scenario at the 2026 World Artificial Intelligence Conference. The unmanned ratio of offshore platforms continued to climb, contributing to cost reduction and efficiency enhancement.

The Company integrates green production of oil and gas with development of new energy sectors, and steadily advances its green and low-carbon transition. The Company endeavors to produce oil and gas in a cleaner way. The consumption of green electricity at offshore platforms continued to grow through onshore power projects. The recovery and utilization of associated gas was expanded. Integrated development of oil and gas and new energy was advanced. China's first tension-leg floating wind power platform "Haiyou Anlan" has been connected to the grid and is expected to supply 54 million kWh of green electricity annually to the oilfield. The construction of the deep-sea wind power demonstration project CZ7 was advanced. Carbon-negative sector was fostered. China's first offshore CCUS project was fully commissioned.

The Company focuses on value creation, and achieves remarkable improvement in operational results. In the first half of the year, the Company generated an oil and gas sales revenue of RMB206.1 billion, representing a YoY increase of 20%. Net profit attributable to shareholders reached RMB85.8 billion, representing a YoY increase of 23.4%. Both set new records for the interim periods in the Company's history. The all-in cost was US$29.7 per BOE, remaining competitive. To actively reward shareholders, the Board of Directors has resolved to declare an interim dividend of HK$0.94 per share (tax inclusive) for the first half of 2026, with a dividend payout ratio of 45.2% and a total dividend payout approximately RMB38.8 billion, a new record high for the same period in history.

2026 Operation Targets

CNOOC Limited's annual production target is 780-800 million BOE, and the capital expenditure budget is RMB112-122 billion.

Mr. Zhang Chuanjiang, Chairman of the Company, said: "In the first half of the year, CNOOC Limited proactively coordinated production and operations and achieved satisfactory results. In the second half of the year, we will spare no effort to increase reserves and production, intensify research on core technologies, steadily advance new energy business, and further tap the potential for quality and efficiency improvement. We will strive to fulfill the annual production and business operation targets, and reward our shareholders with solid operating performance."

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Notes to Editors:

More information about the Company is available at https://www.cnoocltd.com.

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This press release includes forward-looking information, including statements regarding the likely future developments in the business of the Company and its subsidiaries, such as expected future events, business prospects or financial results. The words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company as of this date in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company currently believes are appropriate under the circumstances. However, whether actual results and developments will meet the current expectations and predictions of the Company is uncertain. Actual results, performance and financial condition may differ materially from the Company's expectations, as a result of salient factors including but not limited to those associated with macro-political and economic factors, fluctuations in crude oil and natural gas prices, the highly competitive nature of the oil and natural gas industry, climate change and environment policies, the Company's price forecast, mergers, acquisitions and divestments activities, "health, safety, security and environment" (HSSE) and insurance policies and changes in anti-corruption, anti-fraud, anti-money laundering and corporate governance laws.

Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realised or, even if substantially realised, that they will have the expected effect on the Company, its business or operations.

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For further enquiries, please contact:

Zhang Feihu
CNOOC Limited
Tel: +86-10-8452-1421
E-mail: [email protected]

Cheng Yao
Ever Bloom (HK) Communications Consultants Group Limited
Tel: +852 5540 0725
E-mail: [email protected]

SOURCE CNOOC Limited