CNOOC 2025 net profit drops 11.5% despite record production

CNOOC, China's oil and gas giant, announced on Thursday that its net profit for 2025 fell by 11.5% compared to the previous year due to lower crude oil prices. This was despite record oil and natural gas production.

According to a filing at the Hong Kong Stock Exchange, China's largest offshore oil producer has reported a net profit for 2025 of 122.08 billion yuan (17.69 billion dollars).

CNOOC achieved its target range for oil and gas production by increasing it 7%, to a new record of 777.3 million barrels equivalent of oil (boe).

The company's proven reserves for 2025 increased 6.9% from the previous year to 7.77 billion Boe.

In a press statement, the company said that it had made a?discovery? at Longkou 25, and also successfully assessed Qinhuangdao 29, demonstrating the strong lithologic exploration potential of Bohai.

The company has also appraised Lukanani and Ranger in Guyana's Stabroek Block. It also acquired four exploration projects in Iraq and Kazakhstan.

In 2025, revenue from crude oil sales will total 279.8 billion Yuan, down 9.1% on the previous year, and prices are expected to fall 13.4%, from $66.47 per barrel, to $279.8 billion.

Natural gas revenue increased 16.9% compared to a year ago, reaching 55.9 billion Yuan. Realized prices also rose 3%.

Operating expenses per boe for the company were $7.46 by 2025, a 2% decrease from $7.61 one year earlier.

Capital expenditures dropped to 122 billion Yuan by 2025, from 136.5 billion Yuan in the year 2024.

The capital expenditures in exploration and production for 2025 dropped 10.9% compared to a year ago, reaching 120.97?billion yuan.

The company estimates that its annual oil and gas production will be between?780m to?800m boe by 2026.

A company executive stated that the company could increase its crude 'oil production from 61 million to 65-70 millions metric tons per year in 2030. The domestic natural gas output will likely exceed 40 billion cubic meters (bcm), annually, by 2030.

The company's exploration strategy will be to stabilise the oil market and increase gas.

The company stated that it would increase its exploration efforts in the South China Sea and expand in the East China Sea. It will also explore the Yellow Sea.

(source: Reuters)