Chinese state-owned oil and gas company CNOOC reported a 7.9% drop in net profit for the first quarter of 2025, as weaker oil prices outweighed gains from increased production.
The offshore-focused energy giant posted a net profit of $5 billion (36.56 billion yuan), down from the same period in 2024. The decline came as the average realized oil price fell by 7.7% year-over-year to $72.65 per barrel. However, gas prices offered some support, rising by 1.2% during the quarter.
CNOOC’s total production rose by 4.8% to 188.8 million barrels of oil equivalent (boe). Domestic output increased by 6.2%, driven by higher production at the Bozhong 19-6 field, while international production grew by 1.9%, helped by projects like Mero 2 in Brazil.
Earlier this year, CNOOC announced it would keep capital spending steady compared to 2024, even as it lowered its growth targets for oil and gas production. Still, the company expects to set annual output records through 2027, despite the revised projections.
CNOOC’s earnings reflect the broader challenges faced by China’s state-run energy firms in a lower-price environment. On Monday, Sinopec reported a 27.6% drop in first-quarter profit due to falling oil prices and weaker fuel demand. In contrast, PetroChina posted a profit increase, supported by higher domestic gas production and sales.
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