CNOOC Limited

China National Offshore Oil Corporation (CNOOC) announced on the 26th that its net profit attributable to shareholders reached a record high in the first half of the year. Driven by higher crude oil prices and increased production, net profit rose 23.4% year-on-year to 85.8 billion yuan (approximately 12.9 billion U.S. dollars). Oil and gas sales revenue increased 20% to 206.1 billion yuan, and the average realized crude oil price rose 23.6% to $85.49 per barrel. Net oil and gas production increased 3.7% to a record 398.7 million barrels of oil equivalent, of which domestic production in China increased 3.3% to 275.2 million barrels. The company maintained its annual production target of 780 million to 800 million barrels and its capital expenditure plan of 112 billion to 122 billion yuan.

CNOOC released its 2026 interim report. Total operating revenue was 242.66 billion yuan, up 16.88% year on year. Net profit attributable to the parent company was 85.818 billion yuan, up 23.42% year on year. Net cash inflow from operating activities was 141.631 billion yuan, up 29.72% year on year. The company's asset-liability ratio was 28.60%, gross margin was 53.46%, return on equity was 10.02%, and diluted earnings per share was 1.81 yuan. The number of shareholders was 213,000, and the top ten shareholders held 95.01% of total share capital.

CNOOC announced on August 26 that it plans to distribute an interim dividend of HK$0.94 per share, before tax, to all shareholders. The actual total payout will be determined based on the total number of issued shares on the record date. In the first half of 2026, the company achieved revenue of 242.66 billion yuan and net profit attributable to the parent of 85.818 billion yuan.

CNOOC released its 2026 interim report, showing first-half operating revenue of 242.66 billion yuan, up 16.9% year on year. Net profit attributable to shareholders of the parent company reached 85.818 billion yuan, an increase of 23.4% year on year. Net oil and gas production reached 398.7 million barrels of oil equivalent, up 3.7% from a year earlier. Centering on high-quality development, the company coordinated efforts in reserve growth and production increases, quality and efficiency improvement, technological innovation, and green and low-carbon development, achieving its best-ever first-half operating performance. The company plans to pay an interim dividend for 2026 of 0.94 Hong Kong dollars per share, tax inclusive.

Chinese refiners are rushing to buy at least 8 million barrels of Iraqi crude to fill supply gaps from Saudi Arabia and ADNOC, while Iraq has boosted exports through the Strait of Hormuz to around 2 million barrels per day in August. Sources said Rongsheng Petrochemical and some state-run refiners bought Basrah Heavy and Basrah Medium crude for near-term delivery, with sellers including CNOOC and several global oil trading firms. Some Basrah Medium cargoes were sold at premiums below 10 dollars per barrel against Dubai quotes on a delivered basis. The deals took place even as the Iran conflict drags on and some tankers switch off their location transponders while passing through the Strait of Hormuz to reduce security risks.

The Shanghai Composite Index closed only slightly higher today, amid concerns over China's economic outlook after gross domestic product expanded just 4.3 percent in the second quarter of 2026, the slowest growth rate since the fourth quarter of 2025 and below the government's full-year growth target range of 4.5 to 5 percent. The index closed at 3,867.03 points, up 2.67 points or 0.07 percent. Investors are watching the meeting of the Politburo Standing Committee of the Communist Party of China later this month, with top leaders expected to set the economic policy agenda for the remainder of the year. Technology stocks faced selling pressure, with Zhongji Innolight falling 6.66 percent and Eoptolink Technology plunging 7.79 percent, while energy stocks outperformed, with PetroChina surging 2.34 percent and CNOOC jumping 4.72 percent.

ExxonMobil and its partners have committed $1 billion to the Usan Infill Project, an offshore oil and gas development in Nigeria. The Nigerian Upstream Petroleum Regulatory Commission said the investment marks ExxonMobil's return to exploration and production in the country through its subsidiary Esso Exploration and Production Nigeria, with the last drilling activity by the company in Nigeria occurring in 2016. The project is expected to boost oil and gas production by 40,000 barrels per day from the Usan field, which lies in Oil Mining Lease 138 under a production sharing contract with the Nigerian National Petroleum Company. Other partners include Chevron, TotalEnergies, and Nexen, a subsidiary of CNOOC. The Usan field, discovered in 2002 and producing since 2012, involves a floating production, storage and offloading unit and 42 subsea wells at depths of 2,400 meters, with the infill project anticipated to begin production within 18 months.

CNOOC has released the implementation announcement for its 2025 A-share final dividend distribution, with a cash dividend of 0.47881 yuan per share, tax inclusive. The record date is July 9, 2026, and the ex-dividend and ex-rights date is July 10, 2026. CNOOC is a constituent of the Dividend Low Volatility Index and the Dividend Quality Index. The Dividend Low Volatility Index selects 50 securities with good liquidity, continuous dividends, high dividend yields, and low volatility. The Dividend Quality Index selects 50 securities with continuous cash dividends, relatively high dividend payout ratios, and strong profitability. As of July 2, the Dividend Low Volatility Index had a dividend yield of 5.34% over the past year, and the Dividend Quality Index had a dividend yield of 3.22% over the past year.