证券代码：600938 证券简称：中国海油 公告编号：2026-004 中国海洋石油有限公司 2026 年第一次董事会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 中国海洋石油有限公司（以下简称"公司"）于 2026 年 3 月 20 日以书面决 议方式召开 2026 年第一次董事会会议。本次董事会的会议通知及议案已于 2026 年 3 月 18 日发送给公司全体董事。本次会议应出席董事 7 人，实际出席董事 7 人。其中，执行董事阎洪涛先生和穆秀平女士因提出辞任未参与表决。会议于 2026 年 3 月 20 日形成有效决议。会议的召集、召开、表决程序符合有关法律法 规及《中国海洋石油有限公司组织章程细则》的相关规定，合法、有效。 2026 年 3 月 20 日 二、董事会审议情况 （一）审议通过《关于董事、高级管理人员变更及调整董事会下属委员会组 成的议案》 具体内容详见公司于上海证券交易所网站（www.sse.com.cn）披露的《中国 海洋石油有限公司关于董事、高级管理人员变更及调整董 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而産生或因依賴該等內 容而引致的任何損失承擔任何責任。 （根據公司條例在香港註冊成立的有限責任公司） 股票代號：00883（港幣櫃台）及80883（人民幣櫃台） 海外監管公告 關於召開 2025 年度業績說明會的公告 本公告乃中國海洋石油有限公司（「本公司」）根據香港聯合交易所有限公司證券上市 規則第 13.10B 條而作出。 茲提述本公司在上海證券交易所網站刊登的《中國海洋石油有限公司關於召開 2025 年度 業績說明會的公告》，僅供參考。 承董事會命 中國海洋石油有限公司 徐玉高 聯席公司秘書 证券代码：600938 证券简称：中国海油 公告编号：2026-006 中国海洋石油有限公司 香港，二零二六年三月二十日 於本公告刊發日期， 董事會由以下成員組成： 張傳江 非執行董事 (董事長) 王德華 黃永章 (副董事長) 執行董事 獨立非執行董事 邱致中 林伯強 李淑賢 1 关于召开 2025 年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而産生或因依賴該等內 容而引致的任何損失承擔任何責任。 （根據公司條例在香港註冊成立的有限責任公司） 股票代號：00883（港幣櫃台）及80883（人民幣櫃台） 海外監管公告 2026 年第一次董事會決議公告 本公告乃中國海洋石油有限公司（「本公司」）根據香港聯合交易所有限公司證券上市 規則第 13.10B 條而作出。 茲提述本公司在上海證券交易所網站刊登的《中國海洋石油有限公司2026年第一次董事 會決議公告》，僅供參考。 承董事會命 中國海洋石油有限公司 徐玉高 聯席公司秘書 香港，二零二六年三月二十日 於本公告刊發日期， 董事會由以下成員組成： 張傳江 非執行董事 (董事長) 王德華 1 证券代码：600938 证券简称：中国海油 公告编号：2026-004 中国海洋石油有限公司 2026 年第一次董事会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分 內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 CNOOC Limited （中國海洋石油有限公司） （根據公司條例在香港註冊成立的有限責任公司） 股票代號：00883（港幣櫃台）及 80883（人民幣櫃台） 公告 董事名單與其角色和職能 中國海洋石油有限公司董事會（「董事會」）成員及其各自於董事會及董事會下屬委 員會的角色及職能載列如下，自二零二六年三月二十日起生效： | 董事會下屬 委員會 | 審核委員會 | 提名委員會 | 薪酬委員會 | 戰略與可持續 發展委員會 | | --- | --- | --- | --- | --- | | 董事 | | | | | | 執行董事 | | | | | | 黃永章（副董事長、 | - | - | - | M | | 首席執行官及總裁） | | | | | | 非執行董事 | | | | | | 張傳江（董事長） | - | C | - | C | | 王德華 | M | - | M | - | | 獨立 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內 容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 委任副董事長、首席執行官及變更執行董事、總裁、董事會下屬委員會組成 董事會謹此宣佈，閻洪濤先生（「閻先生」）因工作調整，辭任執行董事、總裁、戰 略與可持續發展委員會成員及安全總監；穆秀平女士（「穆女士」）因工作調整，辭 任執行董事。 閻先生和穆女士已確認彼等與董事會並無任何意見分歧，亦無任何與彼等董事職務變動 有關的事項須提請本公司股東、香港聯合交易所有限公司（「香港聯交所」）或上海證 券交易所（「上交所」）注意。 黃永章先生（「黃先生」）獲委任為副董事長、執行董事、首席執行官、總裁及戰略與 可持續發展委員會成員。 （根據公司條例在香港註冊成立的有限責任公司） 股票代號：00883（港幣櫃台）及80883（人民幣櫃台） 董事、高級管理人員變更及調整董事會下屬委員會組成 中國海洋石油有限公司（「本公司」）董事會（「董事會」）謹此宣佈，為優化本公 司治理結構，適應本公司決策流程及經營管理需要，以下董事、高級管 ...

Investment Rating - The report maintains a positive outlook on the oil and petrochemical industry, indicating a "Buy" recommendation for selected companies within the sector [3]. Core Insights - The report highlights that escalating tensions in the Middle East have driven up oil prices, with both EIA and IEA significantly lowering their global oil supply forecasts for the year [6][7]. - EIA projects the average crude oil price for 2026 to be $79 per barrel, an increase of $21 from the previous month, while the average for 2027 is projected at $64 per barrel, up by $11 [6][7]. - Demand forecasts show IEA has reduced its 2026 oil demand growth estimate to 640,000 barrels per day, down by 210,000 barrels per day from last month, while EIA has slightly increased its forecast to 1.23 million barrels per day for 2026 [11][12]. Summary by Sections Upstream Sector - Oil prices have risen, with Brent crude futures closing at $103.14 per barrel, a week-on-week increase of 11.27%, and WTI futures at $98.71 per barrel, up 8.59% [24]. - The report notes a significant increase in drilling activity, with the number of active rigs in the U.S. rising to 553, a slight increase from the previous week but a decrease of 39 year-on-year [37]. Refining Sector - The report indicates that refining margins have improved, with the Singapore refining margin rising to $54.03 per barrel, an increase of $17.35 from the previous week [6]. - The report anticipates that refining profitability will gradually improve as economic recovery progresses [6]. Polyester Sector - PTA prices have increased, with the average price in East China reaching 6,475 RMB per ton, up 19.01% week-on-week [6]. - The report suggests that the polyester industry is expected to see gradual improvement as supply and demand dynamics tighten [21]. Investment Recommendations - The report recommends focusing on high-quality companies in the polyester sector such as Tongkun Co. and Wan Kai New Materials, as well as large refining companies like Hengli Petrochemical and Rongsheng Petrochemical [21]. - It also highlights the potential for offshore oil service companies like CNOOC Services and Haiyou Engineering to benefit from sustained high capital expenditures in exploration and development [21].

Investment Rating - The report maintains a positive outlook on the oil and petrochemical industry, recommending specific companies for investment opportunities [3][22]. Core Insights - The report highlights the impact of escalating tensions in the Middle East, which have led to increased oil prices and significant downward revisions in global oil supply forecasts by EIA and IEA [6][7]. - EIA projects the average crude oil price for 2026 to be $79 per barrel, up by $21 from the previous month, while the average for 2027 is projected at $64 per barrel, an increase of $11 [6][7]. - Demand forecasts show IEA has significantly reduced its 2026 oil demand growth estimate to 640,000 barrels per day, while EIA has slightly increased its forecast to 1.23 million barrels per day [11][12]. Summary by Sections Upstream Sector - Brent crude oil futures closed at $103.14 per barrel, reflecting an increase of 11.27% week-on-week, while WTI futures rose by 8.59% to $98.71 per barrel [27]. - The report notes a rise in drilling rig counts, with the U.S. rig count increasing to 553, up by 2 from the previous week, although down by 39 year-on-year [43][46]. Refining Sector - The report indicates an improvement in refining margins, with the Singapore refining margin rising to $54.03 per barrel, an increase of $17.35 from the previous week [6]. - The report suggests that refining profitability is expected to improve as economic recovery progresses, despite current margins being at lower levels [6]. Polyester Sector - PTA prices have risen, with the average price in East China reaching 6,475 yuan per ton, up by 19.01% week-on-week [6]. - The report anticipates a gradual improvement in the polyester industry as new capacity additions taper off in the coming years [6]. Investment Recommendations - The report recommends high-quality companies in the polyester sector such as Tongkun Co. and Wan Kai New Materials, as well as major refining companies like Hengli Petrochemical and Rongsheng Petrochemical [22]. - It also highlights the potential for offshore oil service companies like CNOOC Services and Haiyou Engineering to benefit from sustained high capital expenditures in offshore exploration [22].

Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Core Viewpoints of the Report - The geopolitical tensions persist, and concerns about inflation have led to a decline in US Treasuries. The yields of 10 - year and 2 - year US Treasuries have risen significantly, with the 2 - year yield rising more, reflecting concerns about limited Fed rate - cut space due to rising inflation expectations. The situation's uncertainty remains high, and the duration of the Holmuiz Strait's navigation restrictions is crucial [1][2]. - Affected by the sharp rise in US Treasury yields, Chinese - funded US dollar bonds have declined for two consecutive weeks, with the Bloomberg Barclays Chinese - funded US dollar bond total return index falling 0.5% last week [1][3]. - In the on - shore market, the yields of 3 - year and 10 - year government bonds have risen. Factors such as improved inflation expectations, good industrial production and export performance, improved fixed investment data, and reduced expectations of future monetary policy easing have jointly promoted the rise in government bond yields. However, overall, monetary policy will remain supportive, and there is no basis for a continuous rise in interest - rate bond yields [1][4]. Summary According to Relevant Catalogs Off - shore Market - There were 3 new issuances of Chinese - funded US dollar bonds exceeding $100 million last week, totaling $1.45 billion, mainly financial bonds; about 17.5 billion RMB of off - shore RMB bonds were newly issued, also mainly financial bonds [2]. - The yields of 10 - year and 2 - year US Treasuries rose 14 and 16 basis points respectively to 4.28% and 3.72% last week, mainly due to market concerns about potential inflation problems caused by the continuous high oil price [1][2]. - Key - term US Treasuries have fully reversed all their gains this year. The yields of 10 - year and 2 - year US Treasuries have risen 11 and 24 basis points respectively compared to the end of 2025 [1][2]. - Affected by the sharp rise in US Treasury yields, Chinese - funded US dollar bonds have declined for two consecutive weeks. The Bloomberg Barclays Chinese - funded US dollar bond total return index fell 0.5% last week, and the spread narrowed by 2 basis points. Among them, the high - rating index fell 0.5%, and the spread narrowed by 3 basis points; the high - yield index fell 0.4%, and the spread widened by 3 basis points [1][3]. On - shore Market - The People's Bank of China net - withdrew 10.11 billion RMB of short - term liquidity through reverse repurchase operations last week, and inter - bank funding rates rebounded. The weighted average interest rates of 7 - day deposit - type institutional pledged repurchase and 7 - day inter - bank pledged repurchase rose 5 and 1 basis points respectively to 1.46% and 1.50% [4]. - The yields of 3 - year and 10 - year government bonds rose 1 and 3 basis points respectively to 1.37% and 1.81% last week [4]. - February's inflation data showed improved price pressure, and the continuous geopolitical tensions pushed up oil prices, improving market expectations of subsequent inflation. The macro data from January to February showed good industrial production and export performance, improved fixed investment data, and although retail data was still weak, it was better than market expectations. Coupled with the guidance of the People's Bank of China, market expectations of future monetary policy easing have weakened, jointly promoting the rise in government bond yields. However, overall, monetary policy will remain supportive, and there is no basis for a continuous rise in interest - rate bond yields [4]. Recent Newly Issued Chinese - funded US Dollar Bonds - Beijing Construction Engineering (Hong Kong) Co., Ltd. issued bonds with a coupon rate of 4.10%, an issue amount of $300 million, and a maturity date of March 19, 2029 [5]. Appendix: List of Chinese - funded US Dollar Bonds - The appendix provides a detailed list of various Chinese - funded US dollar bonds, including information such as the issuer, guarantor, coupon rate, issue amount, maturity date, and ratings from Moody's, S&P, and Fitch [17][19][21].

Report Information - Report Title: Crude Oil Weekly: Escalation of Middle East Conflict, Continued Rise in International Oil Prices [1] - Report Date: March 15, 2026 [1] - Analysts: Chen Shuxian, Zhou Shaowen [1] Industry Investment Rating - Not provided in the given content Core Viewpoints - This week, Brent/WTI crude oil futures had weekly average prices of $96.5/$92.0 per barrel, up $12.7/$13.5 per barrel from last week [2]. - The report recommends companies such as CNOOC, PetroChina, Sinopec, COSL, Offshore Oil Engineering, and CNOOC Energy Technology & Services; it also suggests paying attention to Sinopec Oilfield Service, CNPC Engineering, and Sinopec Mechanical & Electrical Equipment [3]. Summary by Directory 1. Crude Oil Weekly Data Briefing - Data sources include Bloomberg, WIND, EIA, TSA, Baker Hughes, and Dongwu Securities Research Institute [8][9] 2. This Week's Performance of the Petroleum and Petrochemical Sector 2.1 Performance of the Petroleum and Petrochemical Sector - Information on the performance of the petroleum and petrochemical sector and its sub - industries, including their price - to - earnings ratios and price - to - book ratios, is presented. The data sources are WIND and Dongwu Securities Research Institute [11][18] 2.2 Performance of Listed Companies in the Sector - The report provides data on the stock prices, market capitalizations, and price changes of upstream companies in the sector over different time periods (weekly, monthly, quarterly, annually, and year - to - date in 2026). It also includes a valuation table for listed companies, showing data such as net profit, PE, and PB from 2024 to 2027 [22][23] 3. Crude Oil Sector Data Tracking 3.1 Crude Oil Price - Analyzes the prices and price differences of various types of crude oil, including Brent, WTI, Russian Urals, and ESPO crude oil, as well as their relationships with the US dollar index and LME copper prices [29][31][37] 3.2 Crude Oil Inventory - Examines the inventory levels of US crude oil, including total inventory, commercial inventory, strategic inventory, and Cushing inventory, and their relationships with oil prices [40][42][44] 3.3 Crude Oil Supply - Focuses on US crude oil production, the number of active oil rigs, and the number of active fracturing fleets, and their relationships with oil prices [57][58][60] 3.4 Crude Oil Demand - Analyzes US refinery crude oil processing volume, refinery operating rate, and the operating rates of Shandong and Chinese state - owned refineries [65][67][71] 3.5 Crude Oil Import and Export - Discusses US crude oil import, export, and net import volumes, as well as the import, export, and net import volumes of crude oil and petroleum products [76][78] 4. Refined Oil Sector Data Tracking 4.1 Refined Oil Price - Analyzes the relationship between international oil prices and domestic and international refined oil prices, including gasoline, diesel, and aviation kerosene, and their price differences [83][86][90] 4.2 Refined Oil Inventory - Examines the inventory levels of US and Singapore refined oil products, including gasoline, diesel, and aviation kerosene [119][124][127] 4.3 Refined Oil Supply - Focuses on US refined oil production, including gasoline, diesel, and aviation kerosene [134][136] 4.4 Refined Oil Demand - Analyzes US refined oil consumption, including gasoline, diesel, and aviation kerosene, and its relationship with the number of airport security checks [140][141][143] 4.5 Refined Oil Import and Export - Discusses US refined oil import and export volumes, including gasoline, diesel, and aviation kerosene, and their net export volumes [149][154][155] 5. Oilfield Services Sector Data Tracking - Analyzes the average daily fees of self - elevating and semi - submersible drilling platforms in the industry [166][168]

Investment Rating - The report maintains a "Positive" investment rating for the oil refining industry [1]. Core Insights - The report highlights significant fluctuations in international oil prices due to escalating geopolitical tensions in the Middle East, particularly affecting the Strait of Hormuz, with Brent and WTI prices reaching $103.14 and $98.71 per barrel respectively as of March 13, 2026 [9][10]. - Short-term price volatility for certain petrochemical products is expected to increase due to the Iranian conflict, while medium-term price levels may rise, although long-term price increases are anticipated to be limited due to potential recovery of oil import channels and existing overcapacity [10]. - The importance of land-connected pipelines between the Red Sea and the Persian Gulf is expected to increase, prompting related countries to consider enhancing pipeline capacities in response to ongoing geopolitical uncertainties [10]. Summary by Sections Oil Price Review - As of March 13, 2026, Brent crude futures settled at $103.14 per barrel, up $10.45 (11.27%) from the previous week, while WTI crude futures rose to $98.71 per barrel, an increase of $7.81 (8.59%) [2][28]. - The report notes that the Urals crude price remained stable at $65.49 per barrel, while ESPO crude saw a significant increase of $19.50 (27.57%) to $90.22 per barrel [28]. Offshore Drilling Services - The global number of offshore self-elevating drilling platforms was reported at 372, a decrease of 4 from the previous week, while the number of floating drilling platforms remained stable at 134 [35]. Oil Supply - As of March 6, 2026, U.S. crude oil production was reported at 13.678 million barrels per day, a decrease of 18,000 barrels from the previous week [45]. - The number of active drilling rigs in the U.S. increased by 1 to 412, while the number of fracturing fleets rose by 2 to 172 [45]. Oil Demand - U.S. refinery crude processing increased to 16.169 million barrels per day, up 328,000 barrels from the previous week, with a refinery utilization rate of 90.80%, an increase of 1.6 percentage points [50]. Oil Inventory - As of March 6, 2026, total U.S. crude oil inventories stood at 858.9 million barrels, an increase of 3.825 million barrels (0.45%) from the previous week [61].