CNOOC Reports 23.4% Rise in H1 2026 Net Profit to $12.76 Billion
The China National Offshore Oil Corporation (CNOOC) reported a net profit of 85.8 billion yuan ($12.76 billion) for the first half of 2026, representing a 23.4% increase compared to the same period in 2025. The company's oil and gas sales revenue rose by 20%, reaching 206.1 billion yuan. CNOOC also reported higher net production at 398.7 million barrels of oil equivalent, up from 384.6 mboe a year earlier. CNOOC chairman Zhang Chuanjiang highlighted the company's efforts in coordinating operations and achieving growth targets for reserves and production. The firm made four new discoveries domestically and expanded into three exploration blocks abroad, including Brazil’s pre-salt Santos Basin. CNOOC also advanced digital initiatives like its Haineng-Zhiqing platform and green energy projects such as offshore wind power. The company's asset base grew to 1.2 trillion yuan with a reduced gearing ratio of 7.3%. It emphasized continued focus on cost control, profitability, and the development of oil, gas, and new energy sources.
Topics: financial_performance oil_and_gas