GreenergyDaily

Apr. 28, 2026

Cnooc Ltd., China’s top offshore oil producer, posted higher first-quarter profit as rising global crude prices, fueled by Middle East conflict, boosted earnings.

Net income rose 7.1% to 39.14 billion yuan in the first quarter, the company said in an exchange filing on Tuesday. Revenue reached 116.1 billion yuan, up 8.6% from a year earlier.

Global benchmark Brent oil jumped to as high as almost $120 a barrel in March, and averaged around $78 over the quarter, higher than the same period last year.

Cnooc's output rose by 8.6% to 205.1 million barrels of oil equivalent during the quarter.

Cnooc said its capital expenditures were 33 billion yuan for the quarter, up 19% from the same period last year, as it accelerated its capacity construction.