CNOOC Limited earnings: guidance and results
MyStockButler's October 2026 analysis: CNOOC Limited reported June-quarter revenue of RMB126,581 million and net income of RMB46,674 million, despite production falling to 193.6 million barrels of oil equivalent. CNOOC Limited’s next release should show whether second-half production is keeping pace with the annual target and whether projects are starting production.
What has CNOOC Limited guided for 2026?
For 2026, CNOOC guides to 780–800 million barrels of oil equivalent, or BOE. A BOE converts the energy in oil and gas into one common unit, so “barrels” here measure equivalent energy rather than gas being poured into barrels. CNOOC produced 398.7 million BOE in the first half, leaving 381.3–401.3 million BOE for the second half.
The longer plan targets 810–830 million BOE in 2027 and promises an annual dividend payout ratio of at least 45.0% for 2025–2027, subject to approval. The production and payout figures are measurable commitments; better technology and green development remain broader ambitions.
| the period guided | low | high | the date it was given | |
|---|---|---|---|---|
| Production Target (million BOE) | Year to Dec 2026 | 780 | 800 | 27 Aug 2026 |
| Capex Budget (RMB millions) | Year to Dec 2026 | 112,000 | 122,000 | 27 Aug 2026 |
| Annual dividend payout ratio (%) | 2025–2027 | 45.0% | 26 Mar 2026 | |
| Production Target, next year (million BOE) | Year to Dec 2027 | 810 | 830 | 22 Jan 2025 |
Has CNOOC Limited kept its recent dividend promise?
The clearest commitment is a payout ratio of at least 45% for 2025–2027. A 45% payout means roughly 45 yuan of every 100 yuan of reported profit goes to dividends, not 45% of revenue. CNOOC delivered 45% for 2025 and 45.2% for the first half of 2026; the full-year result remains unsettled.
What are CNOOC Limited’s last eight quarters of revenue and profit?
The June quarter makes the point sharper. Revenue was RMB126,581 million, against RMB100,754 million a year earlier. Net income was RMB46,674 million, compared with RMB32,970 million. Yet production fell from 195.8 million to 193.6 million barrels of oil equivalent. Profit can therefore rise sharply while physical output slips.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 126,581 | 116,079 | 85,717 | 104,895 | 100,754 | 106,854 | 94,482 | 99,254 |
| Net income | 46,674 | 39,144 | 20,111 | 32,438 | 32,970 | 36,563 | 21,277 | 36,928 |
| EPS, diluted | 0.98 | 0.82 | 0.42 | 0.68 | 0.69 | 0.77 | 0.45 | 0.78 |
| Cash from operations | 86,483 | 55,148 | 37,293 | 62,567 | 51,908 | 57,274 | 38,123 | 64,214 |
What should you watch in the next release from CNOOC Limited?
The nearest dated cash event is the interim dividend payment expected around 16 October 2026. The next operating update should show whether second-half production is keeping pace with the annual target, while year-end results will reveal production delivered, capital expenditure paid and operating cash generated.