CNOOC sees Q1 profit fall 7.9% on weaker oil prices

CNOOC Limited saw its first-quarter net profit drop 7.9 percent to 36.56 billion yuan, weighed by weaker oil prices, while revenue during the period reached 106.85 billion yuan, down 4.1 percent year-on-year, according to the company's filing with the Hong Kong Stock Exchange on Tuesday.

The listed arm of the state oil giant China National Offshore Oil Company (CNOOC) said its total net production during the period was 188.8 million barrels of oil equivalent (BOE), up 4.8 percent on the year.

Domestic net output grew 6.2 percent benefiting from major oilfields such as Bozhong 19-6 in the Bohai Bay, while output from the company's international operations rose 1.9, lifted by growing output at Brazil's Mero-2 and others.

CNOOC in January set its 2025 net production target at a record between 760 million and 780 million BOE, or 5.6 percent to 8.3 percent above 2024's levels.

The company will deepen lean management, strengthen performance resilience and strive to meet the annual production and operation targets, said Yan Hongtao, president of the company.