CNOOC Posts Q1 Net Profit of 39.1 Billion Yuan, Up 7% Year-on-Year

CNOOC Delivers Strong Q1 Results

In the first quarter of 2026, China National Offshore Oil Corporation (hereinafter referred to as "CNOOC") released its latest earnings report, with all core financial indicators achieving steady growth. The report showed that the company recorded operating revenue of 116.079 billion yuan in Q1, up 8.60% year-on-year; net profit attributable to shareholders of the parent company reached 39.144 billion yuan, up 7.10% year-on-year; and basic earnings per share came in at 0.82 yuan.

The results once again affirm CNOOC's stable profitability as the country's largest offshore oil and gas producer.

Dual Growth in Revenue and Profit

Looking at the specific figures, CNOOC's Q1 revenue surpassed the 116 billion yuan mark, with a year-on-year increase of 8.60%, continuing its prior growth momentum. Meanwhile, net profit attributable to shareholders grew 7.10% year-on-year to 39.144 billion yuan, demonstrating the company's ongoing optimization in cost control and operational efficiency.

Notably, despite numerous uncertainties in the global energy market, CNOOC maintained a high level of profitability. The basic earnings per share of 0.82 yuan also provided shareholders with promising return expectations.

Digital-Intelligent Transformation Drives Cost Reduction and Efficiency Gains

In recent years, CNOOC has been intensifying its digital-intelligent transformation efforts, actively exploring the application of cutting-edge technologies such as artificial intelligence, big data, and digital twins in offshore oil and gas exploration and development. Through the construction of intelligent platforms and deployment of digital management systems, the company has achieved efficiency improvements in reservoir analysis, drilling optimization, production scheduling, and other processes.

Industry analysts point out that CNOOC's integration of AI technology into traditional oil and gas production workflows is a key factor enabling the company to continuously reduce costs and improve efficiency in a complex market environment. Smart oilfield development has not only boosted per-well output but also effectively reduced operation and maintenance costs, providing technological support for profit growth.

Industry Outlook and Future Prospects

Currently, the global energy transition is accelerating, and traditional oil and gas companies face the dual challenge of low-carbon development and ensuring energy security. While maintaining steady growth in its core oil and gas business, CNOOC is also actively expanding into new energy sectors, including offshore wind power and carbon capture and storage (CCS).

Judging from Q1 performance, CNOOC's "steady growth" strategy has begun to yield results. With further development of domestic offshore oil and gas resources and continued enhancement of digital-intelligent capabilities, the company's full-year performance is expected to maintain a positive trajectory.

Market analysts generally believe that against the backdrop of a continuously strengthened energy security strategy, CNOOC, as a leading central state-owned enterprise, will continue to benefit from the dual dividends of policy support and technological advancement, making its medium- to long-term development prospects highly promising.