What were CNOOC Ltd's record first-half net profit and key drivers behind the increase?

CNOOC Ltd posted a record first-half net profit attributable to shareholders of 85.8 billion yuan ($12.9 billion), up 23.4% year-on-year from 69.5 billion yuan, driven by higher oil prices—particularly due to the Iran war—and rising production. Oil and gas sales revenue jumped 20% to 206.1 billion yuan, with average realised oil price up 23.6% to $85.49 per barrel and net oil and gas production rising 3.7% to a record 398.7 million barrels of oil equivalent (boe).

How did CNOOC's production performance and capital expenditure align with its full-year guidance in the first half of the year?

CNOOC maintained its annual production target of 780 million to 800 million boe and capital expenditure guidance of 112 billion to 122 billion yuan; in the first half, it achieved net oil and gas production of 398.7 million boe and spent 62 billion yuan on capex, representing roughly half of both its annual production midpoint and capex range, indicating consistent execution against guidance.

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