---
title: "Cnooc Q1 Profit Rises To 39.14 Billion Yuan As Oil Prices Climb"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/284438897.md"
description: "Cnooc Ltd. reported a Q1 net income of 39.14 billion yuan ($5.7 billion), up from 36.6 billion yuan a year earlier, driven by rising crude prices amid Middle East tensions. Brent crude averaged $78 per barrel, supporting upstream profitability. Production increased by 8.6% to 205.1 million barrels of oil equivalent, aligning with the company's strategy to maintain high output through 2030. Capital expenditures rose 19% to 33 billion yuan, focusing on sustaining production growth. Geopolitical tensions have heightened inflation risks, but China's economy shows strong demand for energy."
datetime: "2026-04-28T19:39:53.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/284438897.md)
  - [en](https://longbridge.com/en/news/284438897.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/284438897.md)
---

# Cnooc Q1 Profit Rises To 39.14 Billion Yuan As Oil Prices Climb

Cnooc Ltd. (CEO) reported a stronger first quarter, as rising crude prices tied to the Middle East conflict appeared to support earnings momentum. Net income increased to 39.14 billion yuan ($5.7 billion) in the first three months through March, up from 36.6 billion yuan a year earlier, reflecting how shifts in global oil markets could be feeding directly into upstream profitability. Brent crude climbed to nearly $120 a barrel in March and averaged around $78 over the quarter, higher than the same period last year, as expectations moved away from oversupply toward a tighter oil balance in 2026.

At the same time, the company continued to execute on its production strategy, with output rising 8.6% to 205.1 million barrels of oil equivalent, broadly in line with its plan to maintain elevated production levels through 2030. This trajectory positions Cnooc as a central contributor to China's domestic oil supply growth, aligning with broader efforts to strengthen energy security. Given its relatively limited downstream refining and marketing exposure, the company remains more sensitive to oil price fluctuations than its state-owned peers, which could amplify the impact of commodity movements on earnings.

On the investment side, capital expenditures reached 33 billion yuan for the quarter, up 19% year over year, as the company accelerated capacity construction. Management has previously indicated that spending could remain broadly stable at levels similar to last year, with a focus on sustaining production growth. The company also noted that geopolitical tensions in the Middle East have exacerbated inflation risks, even as China's economy has started the year on a strong and steady footing, a backdrop that could support energy demand going forward.

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