CNOOC Energy Technology Q1 Net Profit Reaches 637 Million Yuan, Up 7.31% Year-on-Year

CNOOC Energy Technology Q1 Results: Revenue-Profit Divergence Reverses as Net Profit Grows Steadily

36Kr has learned that CNOOC Energy Technology Development (stock code: 600968) recently released its Q1 2026 earnings report. The report shows that despite slight revenue pressure, the company achieved steady net profit growth, demonstrating strong cost management capabilities and profitability resilience.

Key Financial Highlights

According to the announcement, CNOOC Energy Technology Development recorded operating revenue of 9.748 billion yuan in Q1 2026, down 3.24% year-on-year, while net profit attributable to listed company shareholders reached 637 million yuan, up 7.31% year-on-year. Notably, the company achieved positive net profit growth despite a slight revenue decline — a "profit growth without revenue growth" performance that is particularly commendable in the current macroeconomic environment.

From a profit margin perspective, the company's net profit margin improved compared to the same period last year, reflecting substantive progress in operational efficiency optimization and cost control.

Driving Factors Behind the Results

As an energy technology services company under CNOOC, CNOOC Energy Technology Development's business spans energy technology services, FPSO production technology services, safety and environmental protection, energy conservation, and other segments. The Q1 performance was likely influenced by several factors:

First, cost reduction and efficiency improvement efforts are bearing fruit. In recent years, the company has continuously advanced lean management and digital transformation, effectively reducing operating costs by introducing intelligent technologies to optimize operational workflows. The deepening application of artificial intelligence in oil and gas exploration and development has provided strong support for quality and efficiency improvements.

Second, the share of high-value-added businesses has increased. The company has continued to increase investment in technology services, driving a shift in business structure toward higher-margin segments and improving overall profitability.

Third, the revenue decline remains manageable. The 3.24% revenue decline falls within a reasonable range and may be related to project scheduling adjustments and market price fluctuations, without causing significant impact on the company's overall operations.

Accelerating Digital and Intelligent Transformation

It is worth noting that CNOOC Energy Technology Development has actively embraced the digital transformation wave in recent years, deeply integrating AI technology into offshore oil and gas technology service scenarios. From intelligent inspection and predictive equipment maintenance to digital twins for offshore platforms, artificial intelligence is reshaping the operational model of traditional energy services companies. This strategic direction is also viewed by the market as one of the key drivers for the company's continued profitability improvement in the future.

Future Outlook

Looking ahead to the full year of 2026, as domestic offshore oil and gas development continues to intensify and the clean energy transition deepens under the "dual carbon" goals, CNOOC Energy Technology Development is expected to capture more growth opportunities in core business areas such as technology services and energy conservation and environmental protection. Meanwhile, the company's positioning in the digital intelligence space will lay a foundation for medium- to long-term performance growth.

Market analysts note that CNOOC Energy Technology Development's Q1 performance reflects the company's operational stability amid industry fluctuations, and going forward, close attention should be paid to the recovery of its revenue side and progress in new business expansion.