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

Cnooc Ltd.'s net income for the first half of 2024 was 85.8 billion yuan ($12.8 billion), up from 69.5 billion yuan in the first half of 2023.

Why did Cnooc's profits rise in the first half of 2024, and what role did geopolitical events play?

Cnooc's first-half profits rose due to a surge in global energy prices, driven by heightened geopolitical tensions — specifically, the US and Israel's military campaign against Iran beginning in February 2024, which pushed Brent crude to a four-year high above $126 a barrel in late April and kept prices volatile through June.

Cnooc’s 1H Profit Rises After Iran War Boosted Oil Prices

Aug 26, 2026

Cnooc reported 1H net income of 85.8 billion yuan, driven by Brent crude averaging $87 per barrel amid Middle East tensions. The company raised its interim dividend and maintained production guidance despite a 10% cost increase.

bloomberg

2026-01-15

Former CNOOC GM Li Yong's Case Disclosed: Attempted to Burn Bribes to Escape Punishment

2026-05-26

China's CNOOC starts full production at Bohai's Kenli oilfield

2026-08-26

Cnooc’s 1H Profit Rises After Iran War Boosted Oil Prices

2026-08-26

China's CNOOC Makes Record Interim Profit on Higher Oil Prices, Output

2026-08-27

Chinese state oil giant CNOOC sees potential for US-China energy cooperation

Cnooc’s 1H Profit Rises After Iran War Boosted Oil Prices

FAQ