CNOOC H1 Net Profit Up 23.4% to RMB 85.8 Billion as All-In Cost Holds at USD 29.7/BOE

CNOOC Limited reported net profit attributable to equity shareholders of RMB 85.8 billion for the first half of 2026, up 23.4% year on year, with an all-in cost of USD 29.7 per BOE. The company announced its interim results on August 26, 2026 in Hong Kong.

Oil and gas sales revenue rose 20% year on year to RMB 206.1 billion, or USD 30.67 billion, over the six months, according to China Daily. Profit therefore grew faster than the top line, a spread that traces back to the cost per barrel rather than to volume.

Net production reached 398.7 million BOE in the January to June period, a year-on-year increase of 3.7%. The company said it remains on track for its full-year target of 780 to 800 million BOE, against a capital expenditure budget of RMB 112 billion to RMB 122 billion.

The board declared an interim dividend of HKD 0.94 per share, tax inclusive, for a total payout of approximately RMB 38.8 billion and a payout ratio of 45.2%. That distribution is funded out of earnings generated at a unit cost that leaves a wide margin against prevailing crude benchmarks.

CNOOC Limited trades on the Stock Exchange of Hong Kong under 00883 for the Hong Kong dollar counter and 80883 for the renminbi counter, and on the Shanghai Stock Exchange under 600938.

Exploration delivered 4 new discoveries and 16 successfully appraised oil and gas bearing structures in the half. Offshore China in the Bohai Bay, Luda 16-1 and Qinhuangdao 30-3 were discovered, while Kenli 10-6 was appraised.

Five new projects were brought on stream, including the Penglai 19-3 secondary adjustment project, the Weizhou 10-3 west area development, the Huizhou 25-8 comprehensive adjustment project, and the Buzios8 project in Brazil. The company entered 3 exploration blocks in Brazil and Indonesia, and for the first time as operator acquired a block in the pre-salt Santos Basin in Brazil.

CNOOC recorded steady production growth across both domestic and overseas markets. It is described as the country's top offshore oil and gas producer, with record highs across multiple operational and financial indicators in the half, achieved amid volatile international oil prices, according to China Daily.

On the power side, Haiyou Anlan, described as China's first tension-leg floating wind power platform, has been connected to the grid. The platform is expected to supply 54 million kWh of green electricity annually to directly power offshore oilfield operations. That configuration substitutes grid-connected offshore wind for fuel burned on the production facility itself, which feeds back into the unit cost line rather than sitting in a separate sustainability ledger.

Zhang Chuanjiang, chairman of CNOOC, said the company will continue to focus on increasing reserves and ramping up production in the second half. "We will deepen our breakthroughs in core technologies, steadily expand our footprint in the new energy sector, and deeply tap into our potential for quality and efficiency improvements," Zhang said.

For an equity investor comparing offshore producers, the numbers that matter are the pairing of USD 29.7 per BOE with a 45.2% payout ratio. Cost per barrel at that level sets how much of the revenue increase reaches shareholders, and the half-year distribution of roughly RMB 38.8 billion is the direct measure of that pass-through.

The capital plan frames the second half. Delivering the low end of the 780 to 800 million BOE target requires production above the 398.7 million BOE booked in the first six months, with spending capped at RMB 112 billion to RMB 122 billion for the year. Exploration entries in Brazil and Indonesia carry no volume yet, so the near-term production arithmetic rests on the five projects already on stream and on the Bohai Bay appraisal work.