Guangzhou (JLC), April 30, 2025--CNOOC's net profit fell by 7.9% year on year in the first quarter (Q1) of 2025 amid lower oil prices, according to the company's quarterly report released on April 29.
Net profit attributable to equity shareholders of the company came in at CNY36.56 billion in the period, down from CNY39.72 billion in the same period last year, data from the report shows.
The company's net oil and gas production totaled 188.8 million barrels of oil equivalent (boe) in Q1, rising by 4.8% year on year.
Specifically, domestic output increased by 6.2% year on year to 130.8 million boe, while overseas output grew by 1.9% to 58.0 million boe.
Meanwhile, CNOOC's all-in cost settled at $27.03/boe in the period, a year-on-year reduction of 2.0%.
The company's capital expenditures decreased by 4.5% to approximately CNY27.71 billion in the first three months.
