What were CNOOC Ltd's first-quarter net profit, revenue, and production figures, and how did they change year-on-year?

CNOOC Ltd's first-quarter net profit was 39.14 billion yuan ($5.73 billion), up 7.1% year-on-year from 36.56 billion yuan; revenue rose 8.6% to 116.08 billion yuan; and total net production reached 205.1 million barrels of oil equivalent (boe), an 8.6% increase from the prior year, with domestic production at 140 million boe (+7%) and overseas production at 65.1 million boe (+12.3%).

How did geopolitical factors—particularly the Iran conflict—affect CNOOC's operations and market outlook in Q1 2024?

The Iran war contributed to higher global oil prices, supporting CNOOC's first-quarter profit growth, but according to Fitch Ratings, the conflict is unlikely to affect CNOOC's production due to its limited Middle East exposure—overseas assets account for about 35% of its oil and gas assets and 31% of sales volume, with Canada as the largest contributor and minimal presence in the Middle East.

CNOOC's first-quarter profit climbs on higher oil prices, output growth

Apr 28, 2026

CNOOC reported a 7.1% rise in first-quarter net profit to 39.14 billion yuan, driven by higher oil prices and an 8.6% increase in production volume across domestic and overseas operations.

reuters

2026-02-17

Kao chemical profits fall amid feedstock price swings, weak sector demand

2026-02-19

Kumho Sees Strong Butadiene Prices, Improved Profit in Q1 Despite Weak Q4 Results

2026-04-28

Cnooc Posts Stronger Profit as Iran War Boosts Oil Prices

2026-04-28

CNOOC's first-quarter profit climbs on higher oil prices, output growth

2026-04-28

Boliden Relies on Stable Electricity Prices as Iran War Drives Up Oil