CNOOC Logs Record First-Half Profit Amid Iran Price Spike

CNOOC, one of China's largest oil and gas producers, released its first-half results for the period ending June 30. The company reported a record net profit of CNY 85.8 billion ($12.8 billion), up 23.4% year-over-year.

The increase in profits can be attributed to elevated crude oil prices amid the Iran conflict backdrop and increased oil and gas output. Revenue totaled RMB 242.66 billion ($36.1 billion), up 16.9% year-over-year.

CNOOC's board declared an interim dividend of HK$0.94 per share, a nearly 30% increase from last year's HK$0.73 (approximately $0.0931). This represents a payout ratio of 45.2%. The company maintained its solid cost competitiveness advantage with lifting costs at $29.7 per barrel.

CNOOC continued to set new records in production, with net oil and gas production reaching 399 million barrels of oil equivalent in the first half. Domestic production within China totaled 275.2 million barrels of oil equivalent, up 3.3% year-over-year, while crude oil and liquid fuel production reached 310.3 million barrels, up 4.8%. Natural gas production was 517.3 billion cubic feet, up slightly by 0.2%.