CNOOC Crushes Records with 23.4% Profit Surge to $12.7B

China's largest offshore oil and gas producer, CNOOC, reported a record 85.8 billion yuan net profit for the first half of this year, a surge of 23.4% from the same period last year.

The company's revenue reached an interim high of 242.7 billion yuan, up 16.9% from the previous year. CNOOC's oil and gas sales climbed 20% to 206.1 billion yuan, while net production rose 3.7% to a record 398.7 million barrels of oil equivalent.

The strong results were driven by higher oil prices and increased output amid the Iran war and disruptions to shipping through the Strait of Hormuz, which sent global energy prices sharply higher.