SunSirs: CNOOC Q1 Production Jumps 8.6%; Full-Year Target Unchanged

On the evening of April 28th, China National Offshore Oil Corporation (hereinafter referred to as "China National Offshore Oil Corporation") disclosed its first-quarter report for 2026. In the first quarter, the company achieved operating income of 116.079 billion yuan, a year-on-year increase of 8.6%; the net profit attributable to the shareholders of the parent company was 39.144 billion yuan, a year-on-year increase of 7.1%.

In the first quarter of 2026, China National Offshore Oil Corporation (CNOOC) achieved a net production of 205.1 million barrels of oil equivalent, a year-on-year increase of 8.6%, setting a new historical high. Among them, the net production in China was 140.0 million barrels of oil equivalent, up by 7.0% year-on-year; the net production overseas was 65.1 million barrels of oil equivalent, up by 12.3% year-on-year.

During the earnings call on the day of the release, the company's management responded to several market关注 topics, including the full-year capital expenditure plan and oil and gas production targets.

The financial report shows that China National Offshore Oil Corporation's capital expenditure in the first quarter was about 33.02 billion yuan, a year-on-year increase of 19.1%; China National Offshore Oil Corporation's management responded that the increase in capital expenditure in the first quarter was mainly due to the intensification of efforts to increase reserves and production and the acceleration of capacity building plans, among which exploration capital expenditure increased by 13% year-on-year; development expenditure increased by 24% year-on-year; production capitalization expenditure increased by 12.8% year-on-year; at present, the company has no plan to adjust the company's full-year capital expenditure budget.

Meanwhile, China National Offshore Oil Corporation's (CNOOC) oil and gas production increased by 8.6% year-on-year in the first quarter, also drawing market attention. The company's management stated that the production rhythm in the first quarter was stable, and there is no plan to adjust the full-year production target for now.

previously, China National Offshore Oil Corporation had disclosed that the company's full-year production target was 7.8 billion to 8 billion barrels of oil equivalent; the capital expenditure budget remained stable in 2026, supporting the steady growth of production, at 112 billion to 122 billion yuan.

In terms of oil and gas prices, China National Offshore Oil Corporation (CNOOC) achieved an average oil price of US$75.92 per barrel and an average gas price of US$7.69 per thousand cubic feet in the first quarter, representing year-on-year increases of 4.5% and a decrease of 1.2%, respectively. Due to the impact of the realized oil price and the increase in oil and gas sales volume, CNOOC's unaudited oil and gas sales revenue was approximately RMB 97.0 billion, an increase of 9.9% year-on-year.

In terms of cost, thanks to the company's full-industry chain layout and the improvement of technology levels such as digitalization, China National Offshore Oil Corporation has formed a set of cost control system. In the first quarter, the company's main cost per barrel of oil was $28.41, and its cost competitive advantage has been continuously consolidated.

China National Offshore Oil Corporation's management said the company will continue to focus on increasing reserves and production and reducing costs and improving efficiency in the future. It will continue to consolidate its cost advantage and moat to deal with the uncertainty of external oil price fluctuations with the certainty of its own development.

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