CNOOC Posts Q1 Net Profit of 39.1 Billion Yuan, Up 7.1% Year-on-Year

CNOOC Delivers Strong Q1 Results

According to 36Kr, China National Offshore Oil Corporation (hereinafter referred to as "CNOOC") recently released its first-quarter 2026 earnings report. The data showed that the company achieved operating revenue of 116.079 billion yuan during the quarter, an increase of 8.6% year-on-year. Net profit attributable to shareholders of the parent company reached 39.144 billion yuan, up 7.1% year-on-year, maintaining a steady growth trajectory.

Rising Oil Prices and Sales Volumes Drive Performance Growth

According to the announcement, the primary driver behind the performance improvement was the simultaneous increase in realized oil prices and oil and gas sales volumes. This dual tailwind provided strong support for growth in both revenue and profit.

On the revenue side, the quarterly income of 116.079 billion yuan reflects CNOOC's robust performance in oil and gas production and sales. The 8.6% revenue growth rate exceeding the 7.1% profit growth rate suggests that while the company expanded its revenue base, it also faced some cost-side pressures. Nevertheless, overall profitability remained at a high level.

On the profit side, the single-quarter net profit of 39.144 billion yuan translates to an average daily net profit exceeding 430 million yuan, placing the company's profitability at the forefront of domestic energy enterprises.

Accelerating Digital and Intelligent Transformation in the Energy Sector

Notably, CNOOC has been steadily increasing its investment in digital and intelligent technologies in recent years, actively advancing the deep application of artificial intelligence across the entire oil and gas value chain — from exploration and development to production. The deployment of AI technologies in areas such as seismic data interpretation, reservoir prediction, intelligent drilling, and unmanned operations on offshore platforms is providing new momentum for cost reduction and efficiency improvements at traditional energy companies.

Industry analysts have pointed out that CNOOC's steady performance growth is not only attributable to favorable international oil prices and higher production and sales volumes, but is also closely linked to the company's ongoing digital transformation. Through AI-driven intelligent decision-making systems, the company has achieved significant results in improving exploration success rates, optimizing production efficiency, and enhancing safety management.

Outlook: Promising Prospects for Deep Integration of Energy and AI

Looking ahead, as the global energy market's supply-demand dynamics continue to evolve and artificial intelligence penetrates deeper into the energy sector, CNOOC is well positioned to further unlock its growth potential. On one hand, the company's ongoing strategy of increasing reserves and boosting production will provide a solid foundation for continued performance growth. On the other hand, the operational efficiency gains enabled by AI will serve as a critical lever for maintaining competitive advantages.

As the leading enterprise in offshore oil and gas development in China, CNOOC's performance is not only a testament to its own operational capabilities but also reflects the active exploration and practice of China's energy industry along the path of integrating traditional industries with artificial intelligence.