Guangzhou (JLC), March 27, 2026--CNOOC's net profit slumped by 11.5% year on year in 2025 amid falling oil prices, according to the company's annual report released on March 26.
In accordance with Chinese Accounting Standards, the company's net profit attributable to equity shareholders came in at CNY122.08 billion in the year, down from CNY137.94 billion in the year before, data from the report shows.
Meanwhile, the company's revenue dropped 5.3% to CNY398.22 billion.
The company's net oil and gas production totaled 777.3 million barrels of oil equivalent (boe) in 2025, setting a new high and rising by 7.0% from 2024.
Specifically, the output of crude oil increased by 5.8% year on year to 599.70 million barrels, while that of natural gas surged by 11.6% to 1.04 trillion cubic feet.
At the same time, CNOOC's all-in cost settled at $27.90/boe, down from $28.52/boe in the previous year.
The company's capital expenditures amounted to approximately CNY120.5 billion in 2025.
For 2026, CNOOC set an annual production target of 780-800 million boe and a capital expenditure budget of CNY112-122 billion, the company also stated in the report.
