CNOOC (00883) announced its mid-term results, with a net profit attributable to shareholders of 85.818 billion yuan, a year-on-year increase of 23.42%, achieving the best results in the same period in history.

CNOOC (00883) announced its mid-term performance for 2026, reporting revenues of 242.66 billion yuan (RMB, the same below), a year-on-year increase of 16.88%; net profit attributable to shareholders of 85.818 billion yuan, a year-on-year increase of 23.42%; and basic earnings per share of 1.81 yuan. A mid-term dividend of 0.94 HKD per share is proposed. The announcement stated that the company focuses on its core mission of increasing reserves and production, continuously solidifying its resource base. We adhere to value exploration and the exploration approach for large and medium-sized oil and gas fields, increasing the risk exploration and expansion efforts in new areas, new fields, and new strata, actively expanding the acquisition of high-quality mineral rights. In China, the company achieved four new oil and gas discoveries and successfully assessed 16 oil and gas structures, with onshore unconventional natural gas reserves steadily increasing. Overseas, the company successfully secured three new exploration blocks in Brazil and Indonesia, further broadening its global exploration map. The company enhances the efficiency of oil and gas field development, decisively strengthening, optimizing, and enlarging its foundational operations. We are fully promoting the construction of key projects, deepening the implementation of engineering standardization and intelligent drilling completion applications, effectively shortening the capacity construction cycle, with five new projects successfully coming into production. Through meticulous management, we effectively controlled the natural decline rate, achieving stable production and efficient development in oil-producing fields. In the first half of the year, the company's net oil and gas production reached a new high, with both domestic and overseas production breaking historical records. The company insists on leading industrial innovation through technological innovation, continuously enhancing its core competitiveness. We strengthen the research and application of core technologies for increasing reserves and production, making significant progress in key technologies such as thermal recovery of heavy oil, low-permeability fracturing, and ultra-deep large displacement wells. Digital transformation is steadily being implemented, a scenario map for "Digital Smart CNOOC" has been developed, and the overall deployment of the "Marine Energy - Intelligent Power" digital platform has been realized. High-value scenarios and high-quality datasets have been selected as typical cases for the World Artificial Intelligence Conference, with digitalization and intelligence fully empowering business operation management. The company coordinates green oil and gas production with large-scale layout of new energy, solidly promoting low-carbon transformation. We strengthen energy substitution, continuously expanding the use of green electricity through shore power projects. The first tension leg floating wind power demonstration project in China, "Haiyou Anlan," has been integrated into the power grid and started generating electricity in August, while the construction of the deep-sea wind power demonstration project CZ7 is progressing in an orderly manner. We are steadily promoting the development of the negative carbon industry, with China's first offshore CCUS project fully operational in the South China Sea. The company's operational quality and efficiency have significantly improved, and its value creation capability continues to strengthen. In the first half of the year, the company achieved operating revenue of 242.7 billion yuan, a year-on-year increase of 16.9%, and a net profit attributable to shareholders of 85.8 billion yuan, a year-on-year increase of 23.4%, both achieving the best results in the same period in history. The main cost per barrel of oil is 29.7 USD/barrel of oil equivalent, maintaining a good cost competitive advantage. To actively reward shareholders, the board of directors has decided to declare a mid-term dividend of 0.94 HKD per share (tax included) for 2026, setting a new high since the listing.