CNOOC Reports Record-High Interim Net Profit of RMB 85.8 Billion, Up 23% YoY
Nashnova编辑部
CNOOC's first-half net profit hit RMB 85.8 billion, up 23.4% year-on-year, with both revenue and profit setting all-time H1 records; profit grew nearly 7 points faster than revenue, signaling that cost discipline — not just higher oil prices — is driving the beat.
How much did CNOOC earn — and where did the money come from?
H1 revenue reached RMB 242.7 billion, up 16.9%; net profit hit RMB 85.8 billion, up 23.4%, with EPS at RMB 1.81.
This means → profit growth outpaced revenue growth by nearly 7 percentage points — the extra earnings did not come purely from higher prices; the cost side squeezed out margin too.
The interim dividend was set at HKD 0.94 per share (pre-tax), a record since listing — management is confirming confidence with cash.
How much oil came out of the ground — and is the cost under control?
H1 net oil-and-gas production set a new high, with both domestic and overseas output breaking records.
Lifting cost stayed at USD 29.7 per barrel of oil equivalent (BOE — a unit that converts natural gas into its oil-energy equivalent), which the company calls competitively advantaged.
In plain terms = more barrels, no more spending per barrel — that is the engine behind profit growing faster than revenue.
Where will future oil come from?
Domestically, CNOOC made 4 new oil-and-gas discoveries and appraised 16 hydrocarbon-bearing structures; onshore unconventional gas reserves grew steadily.
Overseas, it secured 3 new exploration blocks in Brazil and Indonesia, widening the global footprint.
This means → the company is replenishing reserves (finding new fields to replace depleted ones) while current production runs at record pace — no gap in the pipeline.
How far has the low-carbon transition come?
China's first offshore CCUS project — carbon capture, utilization, and storage, which traps CO₂ from production and buries it underground — is now fully operational in the South China Sea.
The floating wind-power demonstrator "Hai You An Lan" has been connected to the grid; the deep-sea wind project CZ7 is advancing on schedule.
This reflects CNOOC moving from narrative to working assets on its "oil-and-gas first, low-carbon in parallel" roadmap.
What should investors watch in the second half?
Profit growth materially above revenue growth shows cost control and volume expansion are in a positive feedback loop.
Whether the full-year result breaks records again hinges on two variables: oil-price trajectory and ramp-up pace of new projects.
In plain terms = the H1 scorecard is strong; the second half depends on whether oil prices and project timelines cooperate.
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