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China’s CNOOC rakes in record first-half profit on high oil prices amid Iran war
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Yulu AoPublished: 7:08pm, 26 Aug 2026Updated: 7:08pm, 26 Aug 2026
China National Offshore Oil Corporation (CNOOC), the nation’s largest offshore oil and gas producer, saw its net profit jump 23.4 per cent to a record high in the first half of the year, as higher oil prices and increased production boosted earnings amid the Iran war.
The company’s net profit rose to 85.8 billion yuan (US$12.7 billion) in the six months ended June, up from 69.5 billion yuan a year earlier, according to an exchange filing on Wednesday. Revenue increased 16.9 per cent to 242.7 billion yuan, also a record high for any interim period, the filing showed.
CNOOC’s oil and gas sales rose 20 per cent to 206.1 billion yuan during the period, while net production increased by a more modest 3.7 per cent to a record 398.7 million barrels of oil equivalent.
Both domestic and overseas production reached record highs, according to the company.
“In the second half of the year, we will stay focused on our annual production and operation targets, spare no effort to increase reserves and production, intensify research on core technologies, steadily grow our new energy business, further tap the potential for quality and efficiency enhancement, and strictly uphold the bottom line of safety and environmental protection,” said Zhang Chuanjiang, the company’s chairman, in the interim report.
The firm declared an interim dividend of HK$0.94 per share, up 28.8 per cent from a year earlier and the highest since its listing. Its shares had fallen 0.8 per cent to close at HK$24.92 in Hong Kong ahead of the earnings release.The strong interim results came amid a turbulent period for global energy markets, as escalating conflict in the Middle East and disruptions to shipping through the Strait of Hormuz sent oil prices sharply higher.AdvertisementSelect VoiceSelect Speed00:0000:001.00x