Slides
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2026 Third Quarter Review CNOOC Limited October 30, 2026
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2 Overview for the First Three Quarters US$30.57/boe RMB305.4 billion, up 19.5% YoY RMB119.1 billion, up 16.8% YoYNet profit attributable to equity shareholders Capex All-in cost Oil & gas sales RMB89.9 billion HSE Net production Sound HSE performance 9 new projects commenced production Exploration Development 593.7 million boe, up 2.7% YoY 5 new discoveries were made and 23 oil and gas structures were successfully appraised Operations Financial Results
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3 Exploration Achievements § Continued to step up the efforts in exploration, further strengthening the foundation for oil and gas reserves § 5 new discoveries were made and 23 oil and gas structures were successfully appraised in the first three quarters § Bozhong 8-3 South, Huizhou 21-8: Continuously expanded the reserve base and are expected to become medium to large-sized oil and gas fields* § Caofeidian 22-3: demonstrated promising exploration prospect of the Paleogene lithologic play in the Chengbei lower uplift Successful appraisals *According to China's "Standard for Calculation of Offshore Oil and Natural Gas Reserves", the recoverable reserves of crude oil in large-sized oil fields are ≥ 25 ～ < 250 million cubic meters, the recoverable reserves of natural gas in large-sized gas fields are ≥25～＜250 billion cubic meters, the recoverable reserves of crude oil in medium-sized oil fields are ≥ 2.5 ～ < 25 million cubic meters, and the recoverable reserves of natural gas in medium-sized gas fields are ≥2.5～＜25 billion cubic meters Bozhong 8-3 South Caofeidian 22-3 Huizhou 21-8 Advanced overseas exploration in an orderly manner Block 7, Iraq Zhylyoi Subsoil Area, Kazakhstan § Acquired 2-dimensional seismic data for block 7 in Iraq and 3-dimensional seismic data for Zhylyoi Subsoil Area in Kazakhstan
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4 New Projects Commissioned n 9 new projects commenced production in the first three quarters, of which 4 commenced production in the third quarter Bozhong 26-6 Oilfield Development Project (Phase II) § Located in the central Bohai § Achieved efficient development by leveraging pre-installed facilities from Phase I, delivering remarkable cost reduction results § Boosted Bohai production and strengthened energy supply capacity for the Beijing-Tianjin-Hebei and Bohai Rim regions Panyu 10-4 Oilfield Development Project § Located in the eastern South China Sea § Realized fully automatic oil production, processing and export through intelligent systems § Effectively improved crude oil recovery factor through large-scale water injection § Adopted a power generation system using waste heat from produced water to substantially cut carbon dioxide emissions
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5 § Net production continued its growth to 593.7 million boe in the first three quarters Net Production 400.8 408.5 177.4 185.1 578.3 593.7 The First Three Quarters of 2025 The First Three Quarters of 2026 China Overseas +2.7% +4.3% +1.9% 2026 2025 The third quarter First three quarters The third quarter First three quarters Crude & Liquids Natural Gas Total Crude & Liquids Natural Gas Total Crude & Liquids Natural Gas Total Crude & Liquids Natural Gas Total (mm bbls) (bcf) (mm BOE) (mm bbls) (bcf) (mm BOE) (mm bbls) (bcf) (mm BOE) (mm bbls) (bcf) (mm BOE) China 103.0 179.4 133.4 309.7 584.5 408.5 100.4 201.0 134.4 300.0 596.3 400.8 Overseas 51.1 58.6 61.5 154.6 170.8 185.1 48.6 60.3 59.3 145.1 181.3 177.4 Total 154.0 237.9 194.9 464.4 755.3 593.7 149.0 261.3 193.7 445.1 777.5 578.3 (million boe)
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6 (Unaudited) RMB million The Third Quarter The First Three Quarters 2026 2025 Change % 2026 2025 Change % Revenue 112,914 104,895 7.6% 355,574 312,503 13.8% Oil and Gas Sales 99,268 83,737 18.5% 305,354 255,482 19.5% Crude and Liquids 86,445 69,953 23.6% 265,358 213,951 24.0% Natural Gas 12,823 13,784 -7.0% 39,996 41,531 -3.7% Net profit attributable to equity shareholders of the Company 33,300 32,438 2.7% 119,118 101,971 16.8% Basic earnings per share (RMB) 0.70 0.68 2.7% 2.51 2.14 16.8% Capital Expenditures 27,906 28,434 -1.9% 89,899 86,034 4.5% Exploration 4,705 5,260 -10.6% 14,333 14,355 -0.2% Development 16,023 16,926 -5.3% 55,117 53,199 3.6% Production Capitalization 6,664 5,874 13.4% 19,503 17,505 11.4% Others 514 374 37.7% 947 976 -3.0% Average Realised Prices Crude and Liquids (US$/bbl) 88.03 66.62 32.1% 86.32 68.29 26.4% Natural Gas (US$/mcf) 8.41 7.80 7.8% 8.13 7.86 3.4% Key Financial Indicators
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7 § Continued to enhance quality and efficiency, maintaining cost competitiveness All-in Cost OpexAll-in cost (US$/boe) (US$/boe) 27.35 30.57 The First Three Quarters of 2025 The First Three Quarters of 2026 7.12 7.60 The First Three Quarters of 2025 The First Three Quarters of 2026
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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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