CNOOC Posts Record $12.7 Billion First-Half Profit on Production Surge
Net profit rose 23% as combined output grew 8.6% year on year, with all-in costs held at $29.7 per barrel and a shareholder dividend confirmed.
CNOOC reported on Friday (2026-08-28) that net profit attributable to shareholders in the first half of 2026 reached RMB85.8 billion ($12.7 billion), a 23.4% increase year on year and a new record for any interim period in the company's history. Oil and gas sales revenue for the six months totalled RMB206.1 billion ($30.6 billion), up 20% from a year earlier, also a record.3
Production growth, not just price, drove both figures. In the first quarter alone, CNOOC achieved net output of 205.1 million barrels of oil equivalent, an 8.6% year-on-year increase and a record for any opening quarter. Overseas volumes rose faster, up 12.3% to 65.1 million BOE, with the Yellowtail Project in Guyana and the Kenli 10-2 field offshore China named as key contributors. Domestic China output rose 7.0% to 140.0 million BOE.3,1
Costs stayed tight. All-in expenses held at $29.7 per barrel of oil equivalent, which CNOOC described as "remaining competitive." ICE Brent crude front-month stood at $89.34 a barrel on Friday (2026-08-28), leaving wide headroom against that unit cost. The board resolved to pay a dividend; the specific terms were not disclosed in the statement reviewed by Rigzone on Friday (2026-08-28).3
Price was a tailwind in the first quarter. Brent averaged $78.38 a barrel in that period, up 4.5% year on year per CNOOC's quarterly report. The company did not separately break out second-quarter realized prices in Friday's (2026-08-28) statement, leaving the price contribution to H1 revenue only partially visible.1,3
Capital spending in Q1 reached RMB33.02 billion ($4.9 billion), driven by accelerated exploration deployment. The Friday (2026-08-28) statement said the company would "spare no effort" to build reserves and lift output in the second half. CNOOC also flagged full deployment of its 'Haineng-Zhiqing' digital platform, describing it as the digital foundation for intelligent field operations.3
The group figures sit against a more complicated picture at the asset level. CNOOC's North Sea arm reported a 90% collapse in earnings in 2026 as production weakened and decommissioning costs rose sharply, according to Energy Voice reporting on Thursday (2026-07-02). Panmure Liberum analyst Ashley Kelty said the accounts made for "gloomy reading" and suggested CNOOC could join other major operators in reconsidering its North Sea position. Growth elsewhere has more than covered the shortfall so far, but the regional gap is widening.2
The macro backdrop in Q1 was mixed. China's GDP expanded 5.0% year on year in the first quarter, supporting domestic demand. The IMF cut its global growth forecast to 3.1% during the same period, citing Middle East tensions and inflation risks. CNOOC's plan to accelerate output in H2 runs into that external demand uncertainty.1
The H1 result shows CNOOC can sustain double-digit production growth while keeping costs below $30 a barrel. With ICE Brent front-month at $89.34 on Friday (2026-08-28) and market signals skewed bearish, the spread between unit costs and realized prices may compress faster in H2 than the company's output targets assume. The North Sea position, still generating sharply reduced earnings while the parent posts records, is the specific line to track when H2 numbers arrive.3,2,1