Slides
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2026 Mid-Year Review CNOOC Limited August 27, 2026
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2 Board of Directors and Management at Today's Conference Huang Yongzhang Vice Chairman, Executive Director, CEO, President Yan Hongtao Senior Vice President Mu Xiuping Senior Vice President, CFO Xu Yugao General Counsel, Chief Compliance Officer, Joint Company Secretary, Secretary to the Board
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3 01 Operating Results 02 Financial Results 03 Remarks 04 Q&A Session
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4 0 30 60 90 120 Brent Oil Price Macro Environment § In the first half of 2026, international oil prices were increasingly volatile, with the average Brent crude oil price reaching US$87.6 per barrel (US$/barrel) 2026 2025 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
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5 Overview § Production and operations maintained steady growth with improved quality, and multiple indicators hit record highs Exploration Net production Development HSE 398.7 million boe, up 3.7% YoY 4 new discoveries were made and 16 oil and gas structures were successfully appraised 5 new projects commenced production Sound HSE performance Financial Results RMB85.8 billion, up 23.4% YoY US$29.7/boe HK$0.94 per share (tax inclusive) Operations Net profit attributable to equity shareholders All-in cost Interim dividend RMB206.1 billion, up 20.0% YoY Oil & gas sales
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6 Multiple Breakthroughs in Domestic Exploration § Continued to step up the efforts in exploration, further strengthening the foundation for oil and gas resources § 4 new discoveries were made and 16 oil and gas structures were successfully appraised Luda 16-1 Qinhuangdao 30-3 Kenli 10-6 Wenchang 19-3 Enping 11-1 § Luda 16-1：Revealed exploration prospect of the Paleogene lithologic plays in the Liaozhong Sag § Qinhuangdao 30-3：Revealed exploration prospect of natural gas in the Liaoxi Uplift § Enping 11-1：Achieved remarkable results through integrated exploration, expected to commence production rapidly by utilizing existing facilities Successful appraisals New discoveries § Kenli 10-6：Revealed broad exploration prospect for the field of carbonate rocks in the Laizhouwan Sag § Wenchang 19-3：Achieved a major exploration breakthrough in the volcanic buried-hill play of the Pearl River Mouth Basin
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7 Steady Progress in Overseas Exploration § Concentrated on strategic area acquisition and advanced research and evaluation of overseas exploration projects steadily Bintuni Block and Drawa Block in Indonesia Ametista Block in Brazil § Located in the pre-salt layer of the Santos Basin, Brazil, with an area of 1,555 square kilometers § CNOOC Limited's interest: 70% (Operator) § Total area of approximately 13,245 square kilometers § CNOOC Limited's interest: approximately 22.2% Ametista Block in Brazil Bintuni Block and Drawa Block in Indonesia
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8 § Net production continued its growth to 398.7 million boe Another Record High in Production 266.5 275.2 118.1 123.6 384.6 398.7 1H 2025 1H 2026 China Overseas+3.7% +3.3% +4.6% (million boe)
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9 Potential Tapping and Efficiency Enhancement in Producing Oilfields Further tap the potential of producing oil and gas fields § Prioritized fine reservoir characterization to consolidate the foundation for steady production of producing oilfields § Strengthened refined reservoir management to improve the development performance of producing oilfields § Sustained refined water injection and production stabilization with controlled water cut, effectively mitigating natural decline and achieving a steady rise in recovery rate § Drove innovation in well stimulation operations to unlock incremental production
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10 On-schedule Commencement of Production for New Projects § Steadily advanced capacity construction and 5 new projects commenced production in the first half of 2026 Penglai 19-3 Oilfield 1/2/3/8/9 Block Secondary Adjustment Project § Located in northern Bohai § Upheld the integrated development strategy to drive major oilfield Penglai 19-3 to continuously unlock further production Weizhou 10-3 Oilfield West Block Development Project § Located in the sea area southwest of Weizhou Island, Beibu Gulf of the South China Sea § Achieved cost-effective development of complex fault-block oilfields and established a new replicable development model Huizhou 25-8 Oilfield Comprehensive Adjustment Project § Located in Pearl River Mouth Basin, South China Sea § Actively applied digital and intelligent technologies to increase production efficiency
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11 Overseas Projects: Information disclosed by Operators Buzios8 Project in Brazil § Located in the Santos Basin off the southeast coast of Brazil § Commenced production three months ahead of schedule § Boosting production growth of the Buzios oilfield: - A total of 12 projects are planned, among which 8 projects have commenced production - One of the key sources for the Company's future overseas production growth On-schedule Commencement of Production for New Projects
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12 Accelerated Capacity Construction with Improved Efficiency Bohai § Bozhong 19-6 Gas Field Phase II Development Project has completed main structure construction § Bozhong 26-6 Oilfield Development Project (Phase II) has completed mechanical construction South China Sea § Kaiping 11-4 Oilfield 18-1 Block Development Project has commenced construction Guyana § Uaru Project, the fifth phase of the Stabroek Block, is scheduled to commence production in the fourth quarter Overseas Projects: Information disclosed by Operators
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13 Quality Improvement by Technology and Digital Intelligence conventional drilling Ultra-deep extended-reach well Intensified Efforts in Basic Research § Focused on key areas including deep water and deep plays to consolidate theoretical support for efficient oil and gas discovery Solidly Advanced Application of Key Technologies for Reserves and Production Growth § Completed the first batch of operations with domestically built large-scale fracturing vessels, delivering cost-effective solutions for the development of offshore low- permeability oilfields § Further promoted Excellent Drilling and Completion, hitting a new record high in daily drilling efficiency § Drove continuous breakthroughs in offshore extended-reach well technologies and substantially improved development performance Steadily Implemented Digital and Intelligent Transformation § Fully deployed the "Haineng-Zhiqing" digital platform to empower quality improvement, cost reduction and efficiency gains § Selected as a high-value scenario released at the 2026 World AI Conference § Further increased the unmanned rate of offshore platforms
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14 Accelerated Green and Low-Carbon Transition Cleaner Oil and Gas Production § Continuously expanded green power use through onshore power projects and other initiatives § Continuous scale-up recovery and utilization of associated gas Development for New Industries of Carbon-Negative § The first self-developed tension-leg floating wind power demonstration project of China, "Haiyou Anlan", was connected to the grid for power generation in August, pioneering a new technical route for offshore wind power § Steadily advanced the construction of Phase I of the deep-sea wind power demonstration project CZ7, and multiple new energy projects in Guangdong, Jiangsu and other regions entered the design phase Integrated Development of New Energy § Advanced offshore CCUS development. CCUS project at Enping 15-1 was fully commissioned, and the CCUS demonstration project of Dongfang 1- 1 Gas Field commenced construction
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15 Scope Total Hours Worked (million labor hours) Total Recordable Occupational Injury Incidents Rate Lost Time Injury Rate Employees 23.4 0.04 0.04 Employees and direct contractors 104.8 0.02 0.01 Occupational Safety and Health Administration Record for the First Half of 2026 Maintained an Overall Stable HSE Performance § Solidly advanced the Three-Year Special Campaign to Address Root Causes of Work Safety Risks, continuously enforced work safety accountabilities and lifted intrinsic safety standards § Comprehensively strengthened environmental risk prevention and control, further deepened pollution abatement efforts and enhanced quality and efficiency of ecological and environmental protection § Optimized the occupational health supervision and management framework for offshore oil construction projects to boost efficiency in eliminating occupational hazards at source
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16 03 Remarks 04 Q&A Session 02 Financial Results 01 Operating Results
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17 1H 2026 1H 2025 Change% Net production (mm boe) 398.7 384.6 3.7% - Crude and liquids (mm bbls) 310.3 296.1 4.8% - Natural gas (bcf) 517.3 516.2 0.2% Realized oil price (US$/bbl) 85.49 69.15 23.6% Realized gas price (US$/mcf) 8.00 7.90 1.3% Oil & gas sales (RMB billion) 206.1 171.7 20.0% Net profit attributable to equity shareholders (RMB billion) 85.8 69.5 23.4% Basic EPS (RMB) 1.81 1.46 23.4% Key Operating Indicators
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18 69.5 85.8 27.4 6.9 15.4 2.6 Change Analysis of Net Profit Attributable to Equity Shareholders 1H 2025 Net Profit Attributable to Equity Shareholders Realized Price Oil and Gas Sales Operating Expenses and Others Income Tax 1H 2026 Net Profit Attributable to Equity Shareholders (RMB billion) 120 80 40 0 Increase Decrease
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19 § Net operating cash inflow was RMB141.6 billion, with free cash flow of RMB88.3 billion Movement of Cash and Cash Equivalents Net operating cash inflow Free cash flow 109.2 141.6 1H 2025 1H 2026 57.0 88.3 1H 2025 1H 2026 (RMB billion) (RMB billion)
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20 803.2 805.2 80.7 69.8 214.7 223.6 808.7 858.6 79.4 68.1 314.4 275.8 Movements of Financial Position § Total assets reached RMB1,202.5 billion, increased RMB103.9 billion from the beginning of the year § Strong profitability has driven an increase in total assets and maintained healthy financial performance § Asset-liability ratio reached 28.6% and gearing ratio decreased to 7.3% at the end of the period § Equity reached RMB858.6 billion, increased RMB53.4 billion from the beginning of the year § Net profit attributable to equity shareholders of RMB85.8 billion § Final dividend for 2025 declared RMB22.7 billion § Other comprehensive income Cash, cash equivalents and time deposits with maturity over three months Other current assets Non-current assets Other Liabilities Debt Equity Dec 31, 2025 Jun 30, 2026(RMB billion) Interest Bearing Debt
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21 9.1 9.6 36.3 39.1 11.6 12.80.6 0.457.6 62.0 1H 2025 1H 2026 Exploration Development Production Capitalization Others § Capital expenditures were executed according to plan with strong delivery to support reserves and production growth Capital Expenditure (RMB billion)
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22 § Continued to enhance quality and efficiency, with all-in cost remaining competitive All-in Cost OpexAll-in cost (US$/boe) (US$/boe) 26.94 29.70 1H 2025 1H 2026 6.76 7.23 1H 2025 1H 2026
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23 *Exchange rate quoted HK$1= RMB0.86855 as at June 30, 2026 0.12 0.2 0.3 0.33 0.20 0.30 0.70 0.59 0.74 0.73 0.94 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 -7.7 16.3 25.5 30.3 10.4 33.3 71.9 63.7 79.7 69.5 85.8 Net profit attributable to equity shareholders（RMB billion） Interim dividend: HK$ per share (tax inclusive) § HK$0.94 per share (tax inclusive), up 28.8% YoY § Payout ratio of 45.2%* § Declared dividend of approximately RMB38.8 billion* 2026 interim dividend Record-High Shareholder Return n Actively share development results
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24 2026 Operation Targets 780-800 Million boe Production Target Capex Budget 112-122 RMB billion
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Disclaimer This presentation includes forward-looking information, including statements regarding the likely future developments in the business of the Company and its subsidiaries, such as expected future events, business prospects or financial results. The words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company as of this date in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company currently believes are appropriate under the circumstances. However, whether actual results and developments will meet the current expectations and predictions of the Company is uncertain. Actual results, performance and financial condition may differ materially from the Company's expectations, as a result of uncertain factors including but not limited to those associated with macro-political and economic factors, fluctuations in crude oil and natural gas prices, the highly competitive nature of the oil and natural gas industry, climate change and environment policies, the Company's price forecast, mergers, acquisitions and divestments activities, "health, safety, security and environment"(HSSE) and insurance policies and changes in anti-corruption, anti-fraud, anti-money laundering and corporate governance laws and regulations. Consequently, all of the forward-looking statements made in this presentation are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realised or, even if substantially realised, that they will have the expected effect on the Company, its business or operations.
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26 02 Financial Results 04 Q&A Session 03 Remarks 01 Operating Results
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Vice Chairman, Executive Director, CEO, President Mr. Huang Yongzhang
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28 02 Financial Results 01 Operating Results 04 Q&A Session 03 Remarks
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Session
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