Core Insights - China National Offshore Oil Corporation (CNOOC) reported a revenue of RMB 255.48 billion and a net profit of RMB 101.97 billion for the first three quarters of the year [1] Production Performance - CNOOC's net oil and gas production reached 578.3 million barrels of oil equivalent, a year-on-year increase of 6.7%, with natural gas production rising by 11.6% [1] - Domestic net production was 400.8 million barrels of oil equivalent, up 8.6% year-on-year, driven by contributions from the Deep Sea No. 1 Phase II and Bohai Zhong 19-2 oil and gas fields [1] - Overseas net production was 177.4 million barrels of oil equivalent, an increase of 2.6% year-on-year, primarily due to contributions from the Mero 3 project in Brazil [1] - In Q3, CNOOC's net production was 193.7 million barrels of oil equivalent, reflecting a year-on-year growth of 7.9% [1] Exploration and Development - CNOOC made five new discoveries and successfully evaluated 22 oil and gas structures in the first three quarters [1] - In Q3, the successful evaluation of the Kenli 10-6 field is expected to expand reserves significantly, potentially becoming a medium-sized oil field [1] - CNOOC launched 14 new projects in the first three quarters, including the Kenli 10-2 oil field group development project and the Guyana Yellowtail project [1] Cost Management - Brent crude oil prices fell by 14.6% year-on-year, allowing CNOOC to maintain a cost advantage with a main cost of USD 27.35 per barrel, down 2.8% year-on-year [2] - Capital expenditures were approximately RMB 86 billion, mainly due to a reduction in the workload of ongoing projects [2] Future Outlook - CNOOC's President Yan Hongtao stated that the company will continue to advance engineering construction and aims to complete its annual production and operational targets in Q4 [2]

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。 （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）） 續訂二零二六年至二零二八年的持續關連交易 續訂二零二六年至二零二八年的持續關連交易 茲提述有關本集團與中國海油集團公司及╱或其聯繫人之間持續關連交易的二零二二年通 函。獨立股東已於二零二二年股東特別大會上批准本集團與中國海油集團公司及╱或其聯 繫人之間的非豁免持續關連交易及二零二三年至二零二五年相關年度上限。 本公司預期於二零二五年十二月三十一日之後繼續進行持續關連交易，因此將根據上市規則 及上交所相關規則就未來三年（即二零二六年一月一日至二零二八年十二月三十一日）的持 續關連交易遵守上市規則第 14A 章的規定及上交所相關規則，包括於本公告披露其信息及就 非豁免持續關連交易（包括相關建議上限）尋求獨立股東的批准。 獨立股東的批准 由於中國海油集團公司為本公司的實際控制人，其於本公告日期直接及 ...

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。 由於新框架協議項下的存款服務及以本集團資產作為抵押的貸款服務（「抵押貸款服 務」）的適用百分比率（定義見上市規則）分別低於 5%但高於 0.1%，故新框架協議 項下的存款服務及抵押貸款服務須分別遵守上市規則第 14A 章的申報、年度審核及公 告之規定，但獲豁免遵守獨立股東批准之規定。如抵押貸款服務的貸款額度或抵押資 產額度出現任何變化，本公司將重新計算百分比率並根據百分比率重新遵守上市規則 第 14A 章之規定（如適用）。 除存款服務及抵押貸款服務外，新框架協議項下所有其他持續關連交易將獲豁免遵守 上市規則下關於申報、年度審核、公告及獨立股東批准之規定。但由於根據上交所相 關規則，新框架協議項下的所有持續關連交易均需進行披露，本公司在本公告中包括 了新框架協議項下的所有持續關連交易的有關詳情。 1 訂立新框架協議 （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 80 ...

天然气业务正给中国海油带来较稳定的现金流。 10月30日晚间，中国海油（00883.HK/600938.SH）披露财报，公司前三季度营业收入同比下滑4.1%至 3125.03亿元，归母净利润同比下降12.6%至1019.71亿元；第三季度营业收入同比增长5.7%至1048.95亿 元，归母净利润同比下降12.2%至324.38亿元。 国际石油市场供应过剩前景给国际油价及产业链公司带来不小影响。据中国海油统计，今年前三季度国 际油价震荡下行，英国布伦特（Brent）原油期货均价同比下跌14.6%至69.91美元/桶。受此影响，公司 前三季度石油液体平均售价同比下跌13.6%至68.92美元/桶，拖累同期油气销售收入同比下降5.9%至 2554.8亿元。 "但是公司前三季度净利润降幅低于同期油价跌势，这主要是因为公司持续通过增储上产、降本增效， 抵御油价下跌的不利影响。"中国海油高管在同日召开的业绩说明会上介绍称，得益于国内深海一号二 期和渤中19-2等油气田以及海外巴西Mero3等项目的产量贡献，中国海油前三季度油气净产量同比上升 6.7%，达578.3百万桶油当量；同期公司桶油成本管控良好，同比下降2.8%至 ...

Financial Performance - The company reported a revenue of 312.503 billion yuan for the first three quarters of 2025, a year-on-year decrease of 4.1% [2][5] - The net profit attributable to shareholders was 101.971 billion yuan, down 12.6% year-on-year [2][5] - In Q3 alone, revenue increased by 5.7% year-on-year to 104.895 billion yuan, but net profit fell by 12.2% to 32.438 billion yuan [2][5] - The decline in profit is primarily attributed to a significant drop in international oil prices, with the average Brent crude oil futures price at 69.91 USD per barrel, down 14.6% year-on-year [5] - Operating cash flow remained strong at 171.749 billion yuan, despite a 6.0% year-on-year decline [5] Production and Business Highlights - The company's oil and gas net production increased by 6.7% year-on-year to 578.3 million barrels of oil equivalent [2][6] - Domestic production grew by 8.6% to 400.8 million barrels of oil equivalent, driven by new projects [6] - Natural gas production saw an 11.6% increase, with sales revenue rising by 15.2% year-on-year, providing a buffer against declining oil prices [6] Cost Control and Capital Expenditure - The average cost per barrel of oil decreased to 27.35 USD, down 2.8% year-on-year, indicating strong cost competitiveness [7] - Capital expenditure was 86.034 billion yuan, a reduction of 9.8% year-on-year, reflecting adjustments in project work [7] Strategic Developments - The company made five new discoveries and assessed 22 oil and gas structures in the first three quarters, enhancing its resource base [8] - A total of 14 new projects were launched, with significant contributions from key projects like "Deep Sea No. 1 Phase II" and "Bohai Zhong 19-2" [8] Asset and Liability Structure - Total assets reached 1.13 trillion yuan, a 6.6% increase from the beginning of the year, with cash reserves rising to 242.029 billion yuan [3][9] - The company has a low short-term debt pressure, with a debt-to-asset ratio of approximately 30% [9] Future Outlook - The company's performance is highly sensitive to international oil price fluctuations, with potential profit recovery linked to oil price increases [10][11] - The expansion of the natural gas business and progress in overseas projects are expected to be key growth drivers [11][12] - Ongoing adjustments in capital expenditure and cost control will be critical for future performance [12][13]

Core Insights - The establishment of the Central Enterprise Strategic Emerging Industry Development Special Fund (referred to as "Central Enterprise Emerging Fund") aims to enhance investment in strategic emerging industries, with a total fundraising of 51 billion yuan [3][4] - The fund has a total duration of 15 years, including a 5-year investment period and an 8-year management exit period, with a possible 2-year extension [3][4] - The fund's primary investment focus includes artificial intelligence, high-end equipment, quantum technology, and future industries such as future energy, future information, and future manufacturing [3] Fund Structure and Contributions - The fund has 15 contributors, with China Reform Holdings Corporation Limited (China Reform) being the largest shareholder, contributing 15 billion yuan and holding a 29.4% stake [3] - Other contributors include state-owned enterprises such as China Mobile (6 billion yuan), Sinopec (5 billion yuan), and China National Offshore Oil Corporation (3 billion yuan), among others [3] - The total scale of various central enterprise venture capital funds established this year is approaching 100 billion yuan, focusing on technology attributes and emerging fields [4] Policy and Investment Strategy - The fund is part of a broader initiative to support the development of strategic emerging industries as mandated by the central government [4] - The investment strategy emphasizes early-stage, small-scale, long-term investments in hard technology, creating a new model of integration between industry and finance [4][6] - Recent policy measures aim to address concerns regarding state-owned capital's risk tolerance and investment willingness, establishing a lifecycle assessment mechanism for venture capital funds [7][8] Market Impact and Collaboration - State-owned capital is expected to stimulate market-oriented funds' investment enthusiasm, particularly in larger financing projects where state capital can lead the investment [8] - Central enterprises possess rich application scenarios for collaboration, as evidenced by recent procurement orders in the robotics sector [8]

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) reported strong financial performance for the first three quarters of 2025, achieving revenue of 312.5 billion yuan and a net profit of 101.97 billion yuan, despite a challenging international oil price environment [2][3] Group 1: Financial Performance - CNOOC's oil and gas net production reached 57.83 million barrels of oil equivalent, a year-on-year increase of 6.7%, with natural gas business growing by 11.6% [3] - The company achieved oil and gas sales revenue of 255.48 billion yuan, with net profit of 101.97 billion yuan, outperforming the decline in Brent oil prices, which fell by 14.56% [3][4] - The average cost per barrel was maintained at 27.35 USD, reflecting the company's competitive advantage in cost management [4] Group 2: Growth and Development Strategy - CNOOC made five new discoveries and successfully evaluated 22 oil and gas structures in the exploration sector during the first three quarters [5] - The company launched 14 new projects, including significant oil and gas field developments, ensuring a stable production capacity both domestically and internationally [6] - CNOOC is actively transitioning towards green and low-carbon energy, developing offshore wind power and advancing CCUS technology [6] Group 3: Investment Potential - CNOOC's long-term growth logic has gained recognition from the capital market, with multiple brokerages optimistic about its operational resilience and growth potential [7] - The company has set ambitious production targets for 2025-2027, aiming for net production between 76-83 million barrels of oil equivalent, indicating a robust growth trajectory [7] - CNOOC's competitive advantages include strong cash flow generation, a stable dividend policy, and a favorable valuation outlook due to state-owned enterprise reforms [8]

HONG KONG, Oct. 30, 2025 /PRNewswire/ -- CNOOC Limited (the "Company" or "CNOOC Limited", SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) today announced its operating results for the third quarter of 2025./PRNewswire/ -- CNOOC Limited (the "Company" or "CNOOC Limited", SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) today announced its operating results for the third quarter of 2025. In the first three quarters of 2025, CNOOC Limited continued to increase its reserves and p ...

格隆汇10月30日丨中国海洋石油(00883.HK)发布公告，2025年前三季度，公司实现油气销售收入约人民 币2,554.8亿元，同比下降5.9% ，主要原因是实现油价下降。归属于母公司股东的净利润达人民币 1,019.7亿元，同比下降12.6%。前三季度，公司的平均实现油价为68.29美元╱桶，同比下降13.6%；平 均实现气价为7.86美元╱千立方英尺，同比上升1.0%。桶油主要成本管控良好，前三季度桶油主要成本 为27.35美元，同比下降2.8%。2025年前三季度，公司资本支出约人民币860亿元，同比减少9.8% ，主 要原因是在建项目工作量同比有所降低。本报告期内，公司健康安全环保表现平稳。 2025年前三季度，公司油气净产量达578.3百万桶油当量，同比上升6.7% ，其中天然气涨幅达11.6%。 中国净产量达400.8百万桶油当量，同比上升8.6% ，主要得益于深海一号二期和渤中19-2等油气田的产 量贡献；海外净产量177.4百万桶油当量，同比上升2.6% ，主要得益于巴西Mero3等项目带来的产量贡 献。第三季度，公司油气净产量达193.7百万桶油当量，同比上升7.9%。 ...

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) reported a decline in oil and gas sales revenue and net profit for the first three quarters of 2025, primarily due to falling oil prices [1] Financial Performance - Oil and gas sales revenue for the first three quarters reached approximately RMB 255.48 billion, a year-on-year decrease of 5.9% [1] - Net profit attributable to shareholders was RMB 101.97 billion, down 12.6% year-on-year [1] - The average realized oil price was $68.29 per barrel, a decrease of 13.6% year-on-year [1] - The average realized gas price was $7.86 per thousand cubic feet, an increase of 1.0% year-on-year [1] - Major cost control for barrel of oil was effective, with the main cost at $27.35 per barrel, down 2.8% year-on-year [1] Exploration and Development - The company made 5 new discoveries and successfully evaluated 22 oil and gas structures in the first three quarters [1] - In the third quarter, 4 oil and gas structures were successfully evaluated, including the successful evaluation of Kenli 10-6, which is expected to become a medium-sized oil field, and Lingshui 17-2, which showed significant integrated rolling reserve increase [1] - A total of 14 new projects were put into production in the first three quarters, with 4 new projects launched in the third quarter, including Kenli 10-2 oil field group development project (Phase I), Dongfang 1-1 gas field 13-3 area development project, Wenchang 16-2 oil field development project, and Guyana Yellowtail project [1]