CNOOC Reports Net Profit of 119.1 Billion Yuan in First Three Quarters, Up 16.8% YoY
nashnova research
CNOOC's first-nine-month net profit hit RMB 119.1 billion, up 16.8% year-on-year, driven by a 26.4% surge in realized oil prices — yet profit growth notably lagged the oil-price gain, flagging cost-side pressure.
How much did CNOOC earn?
Revenue reached RMB 355.6 billion in the first nine months, up 13.8% YoY; net profit attributable to shareholders was RMB 119.1 billion, up 16.8%.
Basic earnings per share came in at RMB 2.51.
This means → CNOOC remains one of the highest cash-earning energy names on the Hong Kong exchange, with profit scale setting another same-period record.
Where did the money come from?
Oil and gas sales revenue totaled roughly RMB 305.4 billion, up 19.5% YoY — about 86% of total revenue.
The company stated explicitly that rising oil prices were the primary driver.
In plain terms = CNOOC's business model is straightforward — when oil prices rise, revenue rises. Oil and gas sales are virtually the entire story.
How much did oil and gas prices rise?
Average realized oil price was US$86.32 per barrel, up 26.4% YoY.
Average realized gas price was US$8.13 per thousand cubic feet, up 3.4% YoY.
This means → oil prices did nearly all the heavy lifting; gas-price gains were marginal. Earnings leverage is almost entirely tied to crude.
Oil prices rose 26% — why did profit rise only 17%?
Per-barrel main cost stood at US$30.57 per barrel of oil equivalent, a low absolute level that confirms CNOOC's cost advantage remains intact.
Yet the oil-price gain (26.4%) significantly outpaced the net-profit gain (16.8%), leaving a gap of nearly 10 percentage points.
This reflects costs or other expense items rising in parallel, absorbing part of the oil-price windfall — cost control is the key variable for whether margins can expand further.
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