第一财经·2025-10-30 12:35Core Viewpoint - China National Offshore Oil Corporation (CNOOC) reported a decline in revenue and net profit for the first three quarters of the year, primarily due to falling international oil prices, but managed to mitigate some impacts through production increases and cost control measures [3][4]. Financial Performance - CNOOC's revenue for the first three quarters decreased by 4.1% year-on-year to 312.5 billion yuan, while net profit fell by 12.6% to 101.97 billion yuan [3]. - In Q3, revenue increased by 5.7% year-on-year to 104.89 billion yuan, but net profit decreased by 12.2% to 32.44 billion yuan [3]. - The average selling price of oil liquids dropped by 13.6% to $68.92 per barrel, contributing to a 5.9% decline in oil and gas sales revenue to 255.48 billion yuan [3]. Production and Cost Management - CNOOC's oil and gas net production rose by 6.7% year-on-year to 578.3 million barrels of oil equivalent, supported by contributions from domestic and overseas projects [4]. - The company successfully reduced its barrel of oil cost by 2.8% to $27.35 [4]. - Natural gas production reached 777.5 billion cubic feet, a nearly 12% increase, with sales revenue growing by 15.2% to 41.53 billion yuan due to a 1% rise in average selling price to $7.86 per thousand cubic feet [4]. Strategic Outlook - CNOOC's management highlighted the importance of natural gas as a key development direction, emphasizing its longer stable production period and lower operational costs compared to oil projects [4]. - The company plans to maintain a focus on high-quality development and effective production growth while ensuring cost competitiveness amid uncertain international oil price conditions [5]. - The ongoing decline in international oil prices has led to layoffs in several major international oil companies, indicating broader industry challenges [5].