CNOOC third-quarter profit rises 2.7 per cent year-on-year
CNOOC reported a 2.7 per cent rise in third-quarter profit to 33.3 billion yuan. Net oil and gas output increased 0.6 per cent year-on-year. First-nine-month profit hit a record 119.1 billion yuan, up 16.8 per cent.
China National Offshore Oil Corporation (CNOOC) reported a net profit of 33.3 billion yuan (US$4.6 billion) for the third quarter of 2026, a year-on-year increase of 2.7 per cent, according to the company's financial results released on 30 October.
Revenue for the quarter reached 112.9 billion yuan, up 7.6 per cent from a year earlier. Oil and gas sales revenue rose 18.5 per cent to 99.3 billion yuan, driven by higher crude prices.
Net oil and gas output for the quarter was approximately 195 million barrels of oil equivalent, an increase of 0.6 per cent year-on-year. The average realised price stood at US$88.03 per barrel, up more than 32 per cent from the same period last year.
For the first nine months of 2026, CNOOC's net profit hit a record 119.1 billion yuan, up 16.8 per cent year-on-year. Revenue totalled 355.6 billion yuan, a 13.8 per cent increase.
Oil and gas sales revenue for the first three quarters rose 19.5 per cent to 305.4 billion yuan, benefiting from higher oil prices. Net oil and gas output reached a record 594 million barrels of oil equivalent for the period, up 2.7 per cent year-on-year.