CNOOC's 2025 net profits drop 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 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% over the previous year?to 7,77 billion boe.
In a press statement, the company announced that it had made a discovery at Longkou 25, and also successfully assessed?Qinhuangdao 29, highlighting a strong lithologic exploration prospect in Bohai.
The company appraised also the Lukanani, and Ranger fields of Guyana's Stabroek Block. The company also acquired four exploration projects in Iraq, Kazakhstan and Indonesia.
In 2025, revenue from crude oil sales was 279.8 billion yuan, down 9.1% on the previous year, and realized prices were down 13.4% at $66.47 a barrel.
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 in 2025, from 136.5 billion Yuan in the year 2024.
Capital expenditures in 2025 for exploration and production fell 10.9% compared to a year ago?to a total of 120.97 billion Yuan.
The company's oil and gas capital expenditures are expected to range between 112 billion yuan to 122 billion, with an annual production of 780 to 800 million boe.
The company's exploration strategy will be to stabilise the?oil market and focus on gas.
The company said it would also place greater emphasis on the gas to stabilise exploration efforts in Bohai. It will accelerate exploration in South China Sea, expand in East China Sea and explore in Yellow Sea. It will also strengthen overseas exploration, promote unconventional exploration, and increase exploration in Yellow Sea. The current exchange rate is $1 = 6.9028 Chinese Yuan Renminbi. (Reporting and editing by Thomas Derpinghaus; Aizhu chen, Sam Li)
(source: Reuters)
