What was Cnooc's net income for the first quarter of 2024, and how does it compare to the same period last year?

Cnooc Ltd. reported a net income of 39.14 billion yuan ($5.7 billion) for the first quarter ended March 2024, up from 36.6 billion yuan in the same period a year earlier.

How did the Middle East conflict — specifically the war in Iran — affect global oil prices and Cnooc's production and capital spending in Q1 2024?

The war in the Middle East drove Brent oil prices as high as nearly $120 a barrel in March and averaged around $78 for the quarter — higher than the same period last year — shifting market expectations from oversupply to a tighter oil balance for 2026; as a result, Cnooc’s output rose 8.6% to 205.1 million barrels of oil equivalent, and its capital expenditures increased 19% year-on-year to 33 billion yuan to accelerate capacity construction.

Cnooc Posts Stronger Profit as Iran War Boosts Oil Prices

Apr 28, 2026

Cnooc reported a 7% rise in Q1 net income to 39.14 billion yuan driven by higher global crude prices amid Middle East tensions. The offshore driller increased output by 8.6% and raised capital expenditures by 19% to sustain production growth.

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