CNOOC Limited is an investment holding company engaged in the exploration, development, production, and sale of crude oil and natural gas worldwide. It produces offshore crude oil and natural gas primarily in the Bohai Sea, the Western South China Sea, the Eastern South China Sea, and the East China Sea in China. The company also holds interests in oil and gas assets across Asia, Africa, North America, South America, Oceania, and Europe, and is involved in the sales and trading of petroleum and natural gas, oil sands exploration, development, and production, and the exploration, development, and production of unconventional natural gas resources in onshore China, as well as shale oil and gas activities. Incorporated in 1999 and based in Hong Kong, CNOOC Limited operates as a subsidiary of CNOOC (BVI) LTD.
Record H1 profit, higher dividend, and Iraqi crude sales lift CNOOC
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Record first-half profit and production CNOOC's first-half net profit rose 23.4% to a record 85.8 billion yuan, with revenue up 16.9% and oil and gas output up 3.7%. Strong earnings and cash flow support the shares because they show the company is making more money from selling more energy.
The record profit is the core fundamental driver of the period and directly supports the stock price.
Highest-ever interim dividend and payout CNOOC declared an interim dividend of HK$0.94 per share, the highest since listing, and later set the A-share cash payout at RMB 0.81324 per share. A bigger dividend returns cash to shareholders and often attracts income-focused investors, supporting the stock price.
The dividend is a concrete shareholder-return event that affects valuation and investor demand for the stock.
CNOOC sells Iraqi crude to Chinese refiners Chinese refiners bought at least 8 million barrels of Iraqi crude to replace lost Saudi and ADNOC supply, with CNOOC among the sellers. This adds near-term sales volume and revenue for CNOOC's trading business, helping its earnings and stock price.
This is a new revenue-generating activity for CNOOC that supports its earnings outlook.
Energy stocks outperform amid China slowdown China's second-quarter GDP grew just 4.3%, the slowest in over a year, but energy stocks like CNOOC rose as investors favored defensive, dividend-paying sectors. CNOOC jumped 4.72% that day, showing it can attract money even when the broader economy is weak.
It explains why CNOOC's stock moved up despite weak economic news, highlighting its defensive appeal.
CNOOC Releases A-Share Interim Dividend Distribution Implementation Announcement, Cash Dividend of RMB 0.81324 Per Share
CNOOC released its 2026 A-share interim dividend distribution implementation announcement on October 9, with a cash dividend of RMB 0.81324 per share, including tax. The record date is October 15, 2026, and the ex-dividend and ex-rights date is October 16, 2026. CNOOC is a constituent stock of the Dividend Quality Index and the Dividend Low Volatility Index. The Dividend Quality Index selects 50 listed company securities with continuous cash dividends, relatively high dividend payout ratios, and strong profitability as index constituents. The ChinaAMC Dividend Quality ETF is the only ETF tracking this index. The Dividend Low Volatility Index selects 50 securities with good liquidity, continuous dividends, moderate dividend payout ratios, positive growth in dividends per share, and high dividend yields with low volatility as index constituents, weighted by dividend yield.
Petrobras P-80 Platform Departs Singapore for Buzios Field
Petrobras' P-80 platform, also known as Búzios 9, has left the Tuas Boulevard Yard shipyard in Singapore and is heading toward the Búzios field in Brazil's pre-salt Santos Basin, the first of six giant units being developed by the company and expected to begin production in 2027. The P-80 is designed to produce up to 225,000 barrels of oil and process 12 million cubic meters of natural gas per day, placing it among the largest units of its kind in the global industry. Petrobras' director of engineering, technology and innovation, Renata Baruzzi, said the platform combines high production capacity with advanced technologies and digital solutions intended to enhance operational and energy efficiency. The P-82, next in the series and also scheduled to start production in 2027, is in the final stages of construction, and Petrobras is using a series-based construction approach across the six platforms to reduce costs and improve shipyard productivity. The P-80 process modules were manufactured in Brazil at the Seatrium BrasFELS shipyard in Angra dos Reis, while P-82 modules are being produced at the Seatrium Aracruz shipyard in Espírito Santo, with construction also taking place in China, Singapore and Indonesia. Petrobras operates Búzios in partnership with CNOOC, CNPC and Pré-Sal Petróleo SA (PPSA), and the field set monthly and daily natural gas export records in August, exceeding 10 million cubic meters per day on a monthly basis and reaching 14.1 million cubic meters per day on a daily basis.
Energy Transition & Power Demand › Natural Gas Value Chain ▲Supply
PBR · Supply · Positive Petrobras' P-80 platform departs Singapore for Búzios, adding 225,000 bpd of production capacity as first of six units due in 2027.
Seatrium Limited · Supply · Positive Seatrium built the P-80 at its Tuas Boulevard Yard and is constructing P-82 modules at its BrasFELS and Aracruz shipyards, benefiting from Petrobras' series-based platform construction.
600938.CG · Supply · Positive CNOOC is a partner in the Búzios field, where the P-80 platform is advancing toward first production in 2027, adding future output.
China National Petroleum Corporation · Supply · Positive CNPC is a partner in the Búzios field, which gains future production capacity from the departing P-80 platform.
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's 2026 interim net profit reaches 85.818 billion yuan, up 23.42% year on year
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 first-half net profit rises 23% to 85.8 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.
China snaps up 8 million barrels of Iraqi oil as Hormuz exports surge
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 partners commit $1 billion to Nigeria's Usan Infill Project
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 Releases Implementation Announcement for 2025 A-Share Final Dividend Distribution
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.
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