China's CNOOC on Thursday said its 2025 net profit fell 11.5 per cent from a year earlier on lower crude oil prices, despite record-high oil and gas production.
China's largest offshore oil producer reported a 2025 net profit of CNY122.08 billion ($17.69 billion), according to a filing with the Hong Kong Stock Exchange.
CNOOC's oil and gas output rose seven per cent to a record of 777.3 million barrels of oil equivalent (boe), meeting the company's targeted range.
The company's 2025 proven reserves rose 6.9 per cent from a year earlier to 7.77 billion boe.
The company made a new discovery at Longkou 25-1 and successfully appraised Qinhuangdao 29-6, highlighting strong shallow lithologic exploration potential in Bohai, the company said in a press release.
Overseas, the company also appraised the Lukanani and Ranger fields in Guyana's Stabroek block. It also acquired four new exploration projects in Iraq, Kazakhstan, and Indonesia.
Revenue from crude oil sales totalled CNY279.8 billion in 2025, down 9.1 per cent from a year earlier, with realised prices down 13.4 per cent to $66.47 per barrel.
Natural gas revenue rose 16.9 per cent from a year earlier to CNY55.9 billion, while realised prices rose three per cent.
The company's operating expenses per boe were $7.46 in 2025, down two per cent from $7.61 a year earlier.
Capital expenditures fell to CNY122 billion in 2025 from about CNY136.5 billion in 2024.
Capital expenditures for exploration and production in 2025 fell 10.9 per cent from a year earlier to CNY120.97 billion.
For 2026, the company expects its oil and gas capital expenditures to be CNY112 billion to CNY122 billion, while annual production is expected to be 780 million to 800 million boe.
In terms of exploration, the company will stabilise oil and maintain a focus on increasing gas.
The company also said that it would place greater emphasis on gas to stabilise the exploration effort in Bohai, accelerate exploration in the South China Sea, expand exploration in the East China Sea, explore in the Yellow Sea, strengthen overseas exploration and promote unconventional exploration.
(Reporting by Sam Li and Aizhu Chen; Editing by Thomas Derpinghaus)
