China's Cnooc 2025 net profit fell 11.5 percent despite record oil and gas production

China's Cnooc (0883) on Thursday said its 2025 net profit fell 11.5 percent from a year earlier on lower crude oil prices, despite record-high oil and gas production.

China's largest offshore oil producer reported a 2025 net profit of 122.08 billion yuan, according to a filing with the Hong Kong Stock Exchange.

CNOOC's oil and gas output rose 7 percent to a record of 777.3 million barrels of oil equivalent (boe), meeting the company's targeted range.

The company's 2025 proven reserves rose 6.9 percent from a year earlier to 7.77 billion boe.

The company made a new discovery at Longkou 25-1 and successfully appraised Qinhuangdao 29-6, highlighting strong shallow lithologic exploration potential in Bohai, the company said in a press release.

Overseas, the company also appraised the Lukanani and Ranger fields in Guyana's Stabroek block. It also acquired four new exploration projects in Iraq, Kazakhstan, and Indonesia.

Revenue from crude oil sales totalled 279.8 billion yuan in 2025, down 9.1 percent from a year earlier, with realised prices down 13.4 percent to US$66.47 per barrel.

Natural gas revenue rose 16.9 percent from a year earlier to 55.9 billion yuan, while realised prices rose 3 percent.

The company's operating expenses per boe were US$7.46 in 2025, down 2 percent from US$7.61 a year earlier.

Capital expenditures fell to 122 billion yuan in 2025 from about 136.5 billion yuan in 2024.

Capital expenditures for exploration ​and production in 2025 fell 10.9 percent from a year earlier to 120.97 billion yuan.

For 2026, the company expects its oil and gas capital expenditures to be 112 billion to 122 billion yuan, while annual production is expected to be 780 million to 800 million boe.

In terms of exploration, the company will stabilise oil and maintain a focus on increasing gas.

The company also said that it would place greater emphasis on gas to stabilise the exploration effort in Bohai, accelerate exploration in the South China Sea, expand exploration in the East China Sea, explore in the Yellow Sea, strengthen overseas exploration and promote unconventional exploration.

Reuters