EL7.AI
StocksMediumUpdated•Originally published 26 August 2026•Updated 26 August 2026•
1 min read

China's CNOOC Posts Record H1 Profit on Higher Oil Prices and Output

Key Facts

1China's CNOOC Ltd reported a record net profit for the first half of 2026.
2Higher oil prices driven by the Iran war and increased production levels boosted the company's earnings.

Amid escalating geopolitical tensions reshaping global energy markets, China's CNOOC Ltd reported a record net profit for the first half of 2026. According to reports, net profit attributable to shareholders jumped 23.4% to 85.8 billion yuan (approximately $12.9 billion), driven by the impacts of the Iran war on global oil prices. Additionally, oil and gas sales revenue climbed 20% to 206.1 billion yuan as the company successfully scaled up its production levels.

These results reflect the company's ability to capitalize on current market conditions, as high crude prices coincided with expanded offshore output. Per market data, the stock 0883.HK closed at 24.92 HKD (close August 26, 2026), having reached an intraday high of 25.14 HKD. These record earnings come at a time of broad volatility in crude markets due to persistent supply concerns and regional instability.

Looking ahead, investors are monitoring the sustainability of current production levels as regional conflicts persist. Based on instrument prices from August 26, 2026, the level of 24.36 HKD represents a near-term technical support based on the day's low. Markets also remain attentive to upcoming global petroleum inventory data and the impact of Chinese monetary policy on energy demand.