Declared Dividend • May 03
Dividend of HK$0.55 announced Shareholders will receive a dividend of HK$0.55. Ex-date: 11th June 2026 Payment date: 10th July 2026 Dividend yield will be 4.8%, which is lower than the industry average of 9.0%. Sustainability & Growth Dividend is covered by both earnings (44% earnings payout ratio) and cash flows (57% cash payout ratio). The dividend has increased by an average of 9.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to remain steady over the next 3 years, which should provide adequate earnings cover for the dividend. Announcement • Apr 29
CNOOC Limited, Annual General Meeting, Jun 03, 2026 CNOOC Limited, Annual General Meeting, Jun 03, 2026. Announcement • Mar 30
CNOOC Limited to Report Q1, 2026 Results on Apr 29, 2026 CNOOC Limited announced that they will report Q1, 2026 results on Apr 29, 2026 Announcement • Mar 27
CNOOC Limited Recommends Final Dividend for the Year Ended 31 December 2025 Board of Directors of CNOOC Limited recommended a dividend payout ratio of 45% for the year ended 31 December 2025. The annual dividend is HKD 1.28 per share (tax inclusive), including a final dividend of HKD 0.55 per share (tax inclusive). Reported Earnings • Mar 27
Full year 2025 earnings released: EPS: CN¥2.57 (vs CN¥2.90 in FY 2024) Full year 2025 results: EPS: CN¥2.57 (down from CN¥2.90 in FY 2024). Revenue: CN¥398.2b (down 5.3% from FY 2024). Net income: CN¥122.1b (down 12% from FY 2024). Profit margin: 31% (down from 33% in FY 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Oil and Gas industry in Hong Kong. Price Target Changed • Mar 04
Price target increased by 36% to CN¥27.70 Up from CN¥20.40, the current price target is an average from 14 analysts. New target price is 16% above last closing price of CN¥23.98. Stock is up 47% over the past year. The company is forecast to post earnings per share of CN¥2.74 for next year compared to CN¥2.90 last year. New Risk • Mar 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Jan 03
CNOOC Limited Announces Buzios6 Project Commences Production CNOOC Limited announced that Buzios6 Project has commenced production safely. Buzios oilfield is located in the Santos Basin, southeast offshore of Brazil. It is the large deep-water pre-salt oilfield in the world. Buzios6 is the seventh project commissioned of the oilfield. It will be developed with an FPSO and subsea production system. 13 development wells are planned to be commissioned, including 6 oil producers and 7 injectors. With Buzios6 on-stream, the installed production capacity of the Buzios oilfield will reach 1.15 million barrels per day. The FPSO used in the Buzios6 project has a designed production capacity of 180,000 barrels of crude oil per day and 7.2 million cubic meters of natural gas per day, along with a storage capacity of 2 million barrels. To enhance environmental performance, it is equipped with closed flare to reduce greenhouse gas emissions, and heat recovery devices to reduce energy consumption. Announcement • Dec 26
CNOOC Limited to Report Fiscal Year 2025 Results on Mar 27, 2026 CNOOC Limited announced that they will report fiscal year 2025 results on Mar 27, 2026 Announcement • Dec 24
CNOOC Limited Announces a Hundred-Million-Ton Oilfield Discovery of Qinhuangdao 29-6 in Bohai Sea CNOOC Limited announced that the Company has made a major oilfield discovery of Qinhuangdao 29-6 in the shallow Neogene formations of the Bohai Sea, which adds over a hundred million tons of oil equivalent in-place. Qinhuangdao 29 -6 Oilfield is located in central Bohai Sea. The main oil-bearing play is Neogene Minghuazhen Formation, characterized by shallow burial depth. The oil property is medium-heavy crude. The discovery well was drilled and completed at a depth of 1,688 meters, which encountered a total of 66.7 meters oil pay zones and was tested to produce approximately 2,560 barrels of crude oil per day. Through continued exploration, the proved in-place volume of Qinhuangdao29-6 Oilfield has exceeded 100 million tons of oil equivalent. Qinhuangdao 30-6 Oilfield is the second one-hundred-million-ton-class lithological oilfield discovered in the mature exploration area of the Shijiutuo Uplift, further highlighting the value of fine exploration and consolidating the resource base for increasing reserves and production for the Company. Announcement • Dec 22
CNOOC Limited Brings On-stream Xijiang Oilfields 24 Block Development Project CNOOC Limited announced that Xijiang Oilfields 24 Block Development Project has commenced production. The project is located in the shallow water of the Pearl River Mouth Basin. The development of the project mainly leverages the adjacent existing facilities of the Huixi Oilfields, with addition of a new unmanned wellhead platform. 10 development wells are planned to be commissioned. The project is expected to achieve a plateau production of approximately 18,000 barrels of oil equivalent per day in 2026. The oil property is light crude. The new Xijiang 24-7 platform is China's first unmanned offshore platform for high-temperature fluid cooling and export. The temperature control system reduces the impact of high temperatures on subsea pipelines, thereby ensuring stable and continuous production. CNOOC Limited holds 100% interest in this project and is the operator. Announcement • Dec 03
CNOOC Limited Brings On-stream Weizhou 11-4 Oilfield Adjustment and Satellite Fields Development Project CNOOC Limited announced that Weizhou 11-4 Oilfield Adjustment and Satellite Fields Development Project has commenced production. The project is located in the Beibu Gulf Basin of the South China Sea, with an average water depth of approximately 43 meters. The project leverages the adjacent existing facilities for development. The main production facilities include a newly-built unmanned wellhead platform and a central processing platform, which are connected to an existing platform through a trestle bridge. 35 development wells are planned to be commissioned, including 28 production wells and 7 water injection wells. The project is expected to achieve a plateau production of approximately 16,900 barrels of oil equivalent per day in 2026. The oil property is light crude. The project has adopted a coordinated development plan of "three offshore processing centers + one onshore terminal", serving as a gathering and transportation hub to release the resource capacity and ensure stable energy supply in the region. Reported Earnings • Oct 31
Third quarter 2025 earnings released: EPS: CN¥0.68 (vs CN¥0.77 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.68 (down from CN¥0.77 in 3Q 2024). Revenue: CN¥104.9b (up 5.7% from 3Q 2024). Net income: CN¥32.4b (down 12% from 3Q 2024). Profit margin: 31% (down from 37% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 1.2% growth forecast for the Oil and Gas industry in Hong Kong. Announcement • Sep 30
CNOOC Limited to Report Q3, 2025 Results on Oct 31, 2025 CNOOC Limited announced that they will report Q3, 2025 results on Oct 31, 2025 Announcement • Sep 04
CNOOC Limited Brings On-stream Wenchang 16-2 Oilfield Development Project CNOOC Limited announced that Wenchang 16-2 Oilfield Development Project has commenced production. The project is located in the western Pearl River Mouth Basin, with an average water depth of approximately 150 meters. The development of the project mainly leverages the adjacent existing facilities of the Wenchang Oilfields, with addition of a new jacket platform integrating functions such as oil and gas production, offshore drilling and completion operations as well as personnel accommodation. A total of 15 development wells are planned to be commissioned. The project is expected to achieve a plateau production of approximately 11,200 barrels of oil equivalent per day in 2027. The oil property is light crude. CNOOC Limited holds 100% interest in this project and is the operator. Declared Dividend • Aug 29
First half dividend of HK$0.73 announced Shareholders will receive a dividend of HK$0.73. Ex-date: 11th September 2025 Payment date: 17th October 2025 Dividend yield will be 7.5%, which is lower than the industry average of 9.0%. Sustainability & Growth Dividend is covered by both earnings (23% earnings payout ratio) and cash flows (62% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 4.6% over the next 3 years. However, it would need to fall by 74% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Aug 28
Second quarter 2025 earnings released: EPS: CN¥0.69 (vs CN¥0.84 in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.69 (down from CN¥0.84 in 2Q 2024). Revenue: CN¥100.8b (down 13% from 2Q 2024). Net income: CN¥33.0b (down 18% from 2Q 2024). Profit margin: 33% (down from 35% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Oil and Gas industry in Hong Kong. Announcement • Aug 27
CNOOC Limited Announces Interim Dividend The Board of Directors of CNOOC Limited has resolved to declare an interim dividend of HKD 0.73 per share (tax inclusive). Announcement • Aug 08
CNOOC Limited Announces Yellowtail Project Commences Production CNOOC Limited announced that Yellowtail Project has commenced production safely ahead of schedule. The Yellowtail Project is located in the Stabroek Block offshore Guyana, with water depth of 1,600-2,000 meters. The main production facilities include 1 floating production, storage and offloading (FPSO) and 1 subsea production system, with 26 production wells and 25 injection wells planned to be commissioned. This FPSO is the largest FPSO on the Stabroek Block with a storage capacity of 2 million barrels. The Liza Phase 1, Liza Phase 2 and Payara Project in Guyana's Stabroek Block have commenced production, with the block currently producing approximately 650,000 barrels of crude oil per day. The Yellowtail Project has a production capacity of 250,000 barrels per day, which will increase the installed production capacity of Stabroek Block to 900,000 barrels of crude Oil per day. Announcement • Jul 29
CNOOC Limited Brings On-Stream Dongfang 1-1 Gas Field 13-3 Block Development Project CNOOC Limited announced that Dongfang 1-1 Gas Field 13-3 Block Development Project has commenced production. The project is the first high-temperature, high-pressure, low-permeability natural gas project offshore China. It is located in the Yinggehai Basin, with an average water depth of approximately 67 meters. The main production facility is a new unmanned wellhead platform and it utilizes the existing processing facilities of the Dongfang gas fields for development. A total of 6 development wells are planned to be commissioned. The project is expected to achieve a peak production of approximately 35 million cubic feet of natural gas per day in 2026. The existing facilities are used to connect the Dongfang 1-1 gas field and Dongfang 13-2 gas field. CNOOC Limited has thereby successfully established an integrated offshore gas production network in the Yinggehai Basin. It will facilitate the stable and reliable supply of natural gas in the region, providing strong support for the economic and social development of Guangdong, Hong Kong, and Hainan. CNOOC Limited holds 100% interest in this project and is the operator. Board Change • Jul 23
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 7 new directors. 2 experienced directors. No highly experienced directors. 4 independent directors (5 non-independent directors). Independent Non-Executive Director Zhi Zhong Qiu is the most experienced director on the board, commencing their role in 2019. Independent Non-executive Director Chak Chan was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Jul 16
CNOOC Limited Achieves Major Exploration Breakthrough in the Deep Plays of the South China Sea CNOOC Limited announced that it has achieved a major breakthrough in the exploration of metamorphic buried hills in the deep plays in the South China Sea for the first time. The Weizhou 10-5 South Oil and GasField is located in the Beibu Gulf of the South China Sea, with an average water depth of 37 meters. Exploration well WZ10-5S-2d encountered an oil and gas pay zone of 211 meters, with a total drilled depth of 3,362 meters. The test results indicate that the well produces 165,000 cubic feet of natural gas and 400 barrels of crude oil per day. It marks a major exploration breakthrough in the metamorphic sandstone and slate buried hills offshore China. 
