Earnings release
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- 1 - Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. ʮ̡ (Incorporate d in Hong Kong with limited liability under the Companie s Ordinance) StockC odes: 00883 (HKD counter) and 80883 (RMB counter) CNOOC Limited ANNOUNCEMENT Third Quarterly Report of 2026 This announcement is made by CNOOC Limited pursuant to the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and Rules 13.09 and 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. The financial data of the Company for the third quarter of 2026 are unaudited and have been prepared in accordance with Chinese Accounting Standards for Business Enterprises (“CAS”). IMPORTANT NOTICE The board of directors (the “Board”), the directors, and senior management of CNOOC Limited (the “Company”) warrant that there are no material omissions from, or misrepresentation or misleading statements contained in the quarterly report, and jointly and severally assume full responsibility for the truthfulness, accuracy and completeness of the information contained in this quarterly report. Mr. Huang Yongzhang, Vice Chairman, Chief Executive Officer and President, Ms. Mu Xiuping, Senior Vice President, Chief Financial Officer and Ms. Ren Min, General Manager of Financial Department of the Company, hereby warrant that the financial information contained in this quarterly report is true, accurate and complete. Whether the third quarterly financial statements were audited □ Yes ✓ No
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- 2 - I. KEY FINANCIAL DATA 1.1 Key Financial Data Prepared under CAS (I) Key Financial Data and Financial Indicators RMB Million Items The reporting period Increase/decrease as compared with the corresponding period of last year (%) From the beginning of the year to the end of the reporting period Increase/decrease for the beginning of the year to the end of the reporting period over the corresponding period of last year (%) Revenue 112,914 7.6 355,574 13.8 Profit before income tax 46,521 4.6 160,034 15.0 Net profit attributable to equity shareholders of the Company 33,300 2.7 119,118 16.8 Net profit after deducting non-recurring profit/ loss items attributable to equity shareholders of the Company 33,192 5.2 118,925 17.8 Net cash flows from operating activities / / 199,586 16.2 Basic earnings per share (RMB Yuan/share) 0.70 2.7 2.51 16.8 Diluted earnings per share (RMB Yuan/share) 0.70 2.7 2.51 16.8 Weighted average return on net assets (%) 3.91 Decreased by 0.20 percentage point 14.12 Increased by 1.11 percentage points At the end of the reporting period At the end of last year Increase/decrease at the end of the reporting period compared with the end of last year (%) Total assets 1,211,146 1,098,559 10.2 Equity attributable to equity shareholders of the Company 847,344 802,750 5.6 Note: “The reporting period” refers to the three-month period from the beginning of the quarter to the end of the quarter, the same applies to the below.
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- 3 - (II) Non-recurring Profit/Loss Items ✓ Applicable □ Not applicable RMB Million Non-recurring profit/loss items Amount for the reporting period Amount for the beginning of the year to the end of the reporting period Net effect of assets disposal (1) (7) Gains on fair value changes 112 267 Gain from disposal of financial assets 5 19 Reversal of allowance for impairment of receivables tested individually 6 17 Donation expenses (27) (108) Others 25 39 Less: Effect of income tax 12 34 Effect of non-controlling interests – – Total 108 193 Reasons for the recognition of items with significant amount not yet listed in “Explanatory Announcement No. 1 on Disclosure of Information by Companies with Publicly Issued Securities – Non-recurring Profit or Loss” as non-recurring profit or loss and the classification of non-recurring profit or loss items listed in “Explanatory Announcement No. 1 on Disclosure of Information by Companies with Publicly Issued Securities – Non-recurring Profit or Loss” as recurring profit or loss items. □ Applicable ✓ Not applicable (III) Changes in Key Accounting Data and Financial Indicators and Reasons for Such Changes □ Applicable ✓ Not applicable 1.2 Differences between Domestic and Overseas Accounting Standards There is no difference between the key accounting data and financial indicators prepared under the IFRS Accounting Standards/HKFRS Accounting Standards and the data in 1.1(Ⅰ) Key Financial Data and Financial Indicators prepared under CAS.
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- 4 - 1.3 Income, Capital Expenditures and Realised Prices RMB Million The third quarter (July to September) First three quarters (January to September) (Unaudited) 2026 2025 Increase/decrease as compared with the corresponding period of last year (%) 2026 2025 Increase/decrease as compared with the corresponding period of last year (%) 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 Including: 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) Capital Expenditures 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) Total 27,906 28,434 (1.9) 89,899 86,034 4.5 Average Realised Price Crude and liquids (US$/barrel) 88.03 66.62 32.1 86.32 68.29 26.4 Natural gas (US$/mcf) 8.41 7.80 7.8 8.13 7.86 3.4
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- 5 - II. INFORMATION OF SHAREHOLDERS (I) Total Number of Ordinary Shareholders and Number of Preferred Shareholders with Restored Voting Rights and Shareholdings of the Top Ten Shareholders Share Total number of ordinary shareholders at the end of the reporting period 206,974 Total number of preferred shareholders with restored voting rights at the end of the reporting period (if any) N/A Shareholdings of the top ten shareholders (excluding lending shares through short selling and refinancing) Name of shareholders Nature of shareholder Number of shares held Percentage of shareholdings (%) Number of shares with selling restrictions Pledged, marked or frozen shares Condition of shares Number of shares CNOOC (BVI) Limited State-owned legal person 28,772,727,268 60.54 – None – HKSCC Nominees Limited 1 Other 15,297,538,958 32.19 – Unknown – Holder A of Hong Kong shares 2 Unknown 280,340,000 0.59 – Unknown – China National Petroleum Corporation State-owned legal person 185,185,185 0.39 – None – Guoxin Investment Co., Ltd. State-owned legal person 153,136,247 0.32 – None – Sinopec International Energy Investment Co., Ltd. State-owned legal person 146,710,900 0.31 – None – Guoxin Development Investment Management Company Limited State-owned legal person 112,963,249 0.24 – None – China National Aviation Fuel Group Limited State-owned legal person 81,985,292 0.17 – None – China Energy Capital Holdings Co., Ltd. State-owned legal person 73,148,148 0.15 – None – Guofeng Xinghua (Beijing) Private Equity Fund Management Co., Ltd. – Guofeng Xinghua Honghuzhiyuan Phase II Private Securities Investment Fund Other 48,081,942 0.10 – None –
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- 6 - Shareholdings of the top ten shareholders with non-restricted conditions of sale (excluding lending shares through short selling and refinancing) Name of shareholders Number of circulating shares without restricted conditions of sale held Class and number of shares Class of shares Number CNOOC (BVI) Limited 28,772,727,268 Overseas listed foreign shares 28,772,727,268 HKSCC Nominees Limited 1 15,297,538,958 Overseas listed foreign shares 15,297,538,958 Holder A of Hong Kong shares 2 280,340,000 Overseas listed foreign shares 280,340,000 China National Petroleum Corporation 185,185,185 RMB ordinary shares 185,185,185 Guoxin Investment Co., Ltd. 153,136,247 RMB ordinary shares 153,136,247 Sinopec International Energy Investment Co., Ltd. 146,710,900 RMB ordinary shares 146,710,900 Guoxin Development Investment Management Company Limited 112,963,249 RMB ordinary shares 112,963,249 China National Aviation Fuel Group Limited 81,985,292 RMB ordinary shares 81,985,292 China Energy Capital Holdings Co., Ltd. 73,148,148 RMB ordinary shares 73,148,148 Guofeng Xinghua (Beijing) Private Equity Fund Management Co., Ltd. – Guofeng Xinghua Honghuzhiyuan Phase II Private Securities Investment Fund 48,081,942 RMB ordinary shares 48,081,942 Description of the connected relationship or action in concert between the above shareholders Among the top ten shareholders and top ten shareholders with non-restricted conditions of sale, CNOOC (BVI) Limited is the controlling shareholder of the Company. Both Guoxin Development Investment Management Company Limited and Guoxin Investment Co., Ltd. are controlled by China Reform Holdings Corporation Ltd. Both Sinopec International Energy Investment Co., Ltd. and China National Aviation Fuel Group Limited are controlled by China Petrochemical Corporation. Save as aforesaid, the Company is not aware of any connected relationship or acting-in-concert relationship among the other top ten shareholders and top ten shareholders with non-restricted conditions for sale. Explanation of the top ten shareholders and the top ten shareholders not subject to trading moratorium engaging in the margin trading and short selling and refinancing business (if any) N/A. Note: 1. HKSCC Nominees Limited is a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited. It holds Hong Kong shares of the Company on behalf of other corporate or individual shareholders as the nominee. 2. The Personal Data (Privacy) Ordinance of Hong Kong, China stipulates that, for the purpose of collecting personal data, the data subject shall be informed as to whether such data collection is mandatory. The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) do not require the disclosure of information of individual shareholders with a shareholding of less than 5%. Based on the aforementioned provisions of the Personal Data (Privacy) Ordinance, the Company did not disclose the information of the holder of Hong Kong shares with a shareholding of less than 5%, and only disclosed the number and shareholding of shares held. 3. As of the end of the reporting period, the 206,974 holders of ordinary shares comprise 205,326 holders of A shares and 1,648 holders of Hong Kong shares.
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- 7 - (II) Shareholders with a Shareholding of More Than 5%, the Top Ten Shareholders and the Top Ten Shareholders with Non-Restricted Tradable Shares Participating in the Lending of Shares for Short Selling and Refinancing Business □ Applicable ✓ Not applicable (III) Changes in the Top Ten Shareholders and the Top Ten Shareholders with Non-Restricted Tradable Shares from the Previous Period due to the Lending/Return for Short Selling and Refinancing □ Applicable ✓ Not applicable III. BUSINESS REVIEW Other important information on the Company’s operation during the reporting period that needs to be brought to the attention of investors ✓ Applicable □ Not applicable In the first three quarters of 2026, the global economy was impacted by both geopolitical shocks and emerging industry drivers, with overall growth moderately slowing and inflation trending upward. International oil prices rose rapidly and then fluctuated within a wide range at high levels, with the average price of Brent crude oil futures at US$88.86 per barrel, representing an increase of 27.1% year-on-year (“YoY”). The Company achieved steady growth in net oil and gas production, continued to strengthen the cost control, and reached a new record high in profitability. In the first three quarters of 2026, the Company’s net oil and gas production reached 593.7 million BOE, with a growth of 2.7% YoY. Net production in China reached 408.5 million BOE, with an increase of 1.9% YoY, mainly benefiting from the production contribution of oil and gas fields such as Kenli 10-2; overseas net production was 185.1 million BOE, with an increase of 4.3% YoY, mainly benefiting from the production contributions of projects in Guyana and Brazil. In the third quarter, the Company’s net oil and gas production reached 194.9 million BOE, with an increase of 0.6% YoY. In the first three quarters of 2026, the Company made five new discoveries and successfully appraised 23 oil and gas bearing structures. In China, the successful appraisal of Bozhong 8-3 South and Huizhou 21-8 further expanded the reserve base, with the two fields having the potential to become large and medium-sized oil and gas fields; the successful appraisal of Caofeidian 22-3 demonstrated promising exploration prospects in the Paleogene lithologic play of the Chengbei lower uplift. Overseas, the Company orderly advanced seismic acquisition across its newly acquired exploration blocks in Iraq and Kazakhstan. In the third quarter, the Company made one new discovery and successfully appraised seven oil and gas bearing structures.
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- 8 - In terms of development and production, 9 new projects commenced production in the first three quarters of 2026. In the third quarter, 4 new projects including Bozhong 26-6 Oilfield Development Project (Phase Π) and Panyu 10-4 Oilfield Development Project have been put into production, and other new projects progressed smoothly. The oil and gas sales revenue of the Company reached approximately RMB305.35 billion for the first three quarters of 2026, representing an increase of 19.5% YoY, mainly due to higher oil prices. Net profit attributable to equity shareholders of the Company amounted to RMB119.12 billion, representing an increase of 16.8% YoY. In the first three quarters, the Company’s average realised oil price increased by 26.4% YoY to US$86.32 per barrel, and the average realised gas price was US$8.13 per thousand cubic feet, representing an increase of 3.4% YoY. All-in cost in the first three quarters was US$30.57 per BOE, continuing to maintain cost competitiveness. In the first three quarters of 2026, the Company’s capital expenditures amounted to approximately RMB89.9 billion, increasing by 4.5% YoY as a result of increased workloads of adjustment wells. During the reporting period, the Company remained stable and controllable in safety, and environmental protection. Net Production Summary of the Third Quarter and the First Three Quarters (Unaudited) 2026 2025 The third quarter (July to September) First three quarters (January to September) The third quarter (July to September) First three quarters (January to September) 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 IV. QUARTERLY FINANCIAL STATEMENTS (I) Type of Audit Opinion □ Applicable ✓ Not applicable
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- 9 - (II) Financial Statements Quarterly financial statements prepared in accordance with CAS Consolidated Balance Sheet 30 September 2026 Prepared by: CNOOC Limited RMB million Unaudited Item 30 September 2026 31 December 2025 Current assets: Cash at bank and on hand 329,505 214,695 Financial assets held for trading 6,826 25,998 Derivative financial instruments 459 – Notes receivable 60 10 Trade receivables 47,575 32,415 Financing receivable 468 546 Prepayments 7,728 4,771 Other receivables 6,673 5,945 Including: Dividends receivable 382 294 Inventories 6,816 6,090 Other current assets 4,728 4,913 Total current assets 410,838 295,383 Non-current assets: Debt investments 9,145 9,305 Long-term equity investments 38,565 45,819 Other equity instruments investments 5 23 Fixed assets 8,526 6,552 Construction in progress 168,756 150,913 Oil and gas properties 501,055 508,905 Right-of-use assets 10,236 9,730 Intangible assets 3,233 3,683 Goodwill 14,322 14,946 Long-term prepaid expenses 517 584 Deferred tax assets 21,656 23,579 Other non-current assets 24,292 29,137 Total non-current assets 800,308 803,176 Total assets 1,211,146 1,098,559
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- 10 - Item 30 September 2026 31 December 2025 Current liabilities: Derivative financial instruments 292 20 Trade payables 69,183 59,631 Contract liabilities 1,499 804 Employee benefits payable 4,766 2,322 Taxes payable 29,382 16,819 Other payables 47,478 8,303 Including: Dividends payable 38,558 – Non-current liabilities due within one year 4,014 3,354 Total current liabilities 156,614 91,253 Non-current liabilities: Long-term borrowings 4,308 5,102 Bond payable 50,839 53,730 Lease liabilities 7,543 7,614 Long-term payable 2,922 3,133 Provisions 120,975 116,039 Deferred tax liabilities 15,165 13,589 Other non-current liabilities 2,935 2,915 Total non-current liabilities 204,687 202,122 Total liabilities 361,301 293,375 Shareholders’ equity: Share capital 75,180 75,180 Capital reserve 2,858 2,851 Other comprehensive income (10,324) 2,834 Special reserve 28 16 Surplus reserves 70,000 70,000 Retained earnings 709,602 651,869 Equity attributable to equity shareholders of the Company 847,344 802,750 Non-controlling interests 2,501 2,434 Total shareholders’ equity 849,845 805,184 Total liabilities and shareholders’ equity 1,211,146 1,098,559 Chief Executive Officer: Huang Yongzhang Chief Financial Officer: Mu Xiuping General Manager of Financial Department: Ren Min
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- 11 - Consolidated Income Statement January to September 2026 Prepared by: CNOOC Limited RMB million Unaudited Item First three quarters in 2026 (January to September) First three quarters in 2025 (January to September) I. Total revenue 355,574 312,503 Including: Revenue 355,574 312,503 II. Total costs of sales 190,501 172,593 Including: Costs of sales 163,959 149,256 Taxes and surcharges 19,320 13,581 Selling expenses 383 2,777 General and administrative expenses 5,472 5,400 Research and development expenses 1,059 1,112 Finance expenses 308 467 Including: Interest expenses 1,603 1,953 Interest income 3,487 3,667 Add: Other income 166 253 Investment income (“-” for losses) 1,935 (1,196) Including: In come from investment in associates and joint ventures 1,667 (763) Gains on fair value change (“-” for losses) 267 515 Credit impairment losses (“-” for losses) (11) (9) Asset impairment losses (“-” for losses) (7,243) (65) Gains on disposal of assets (“-” for losses) (7) 7 III. Operating profit (“-” for losses) 160,180 139,415 Add: Non-operating income 250 120 Less: Non-operating expenses 396 406 IV. Profit before income tax (“-” for total losses) 160,034 139,129 Less: Income tax expenses 40,826 37,068
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- 12 - Item First three quarters in 2026 (January to September) First three quarters in 2025 (January to September) V. Net profit (“-” for net losses) 119,208 102,061 (I) Classification by the continuity of operation 1. Net profit from continuous operations (“-” for net losses) 119,208 102,061 2. Net profit from discontinued operations (“-” for net losses) – – (II) Classification by ownership 1. Net profit attributable to equity shareholders of the Company (“-” for net losses) 119,118 101,971 2. Non-controlling interests (“-” for net losses) 90 90 VI. Other comprehensive income, net of tax (13,153) (3,694) (I) Other comprehensive income attributable to equity shareholders of the Company, net of tax (13,153) (3,694) 1. Items that may not be reclassified to profit or loss 12 83 (1) Change on remeasurement of defined benefit plan 12 83 (2) Other comprehensive income under equity method that may not be transferred to profit or loss – – (3) Change in fair value of other equity instruments investments – – (4) Change in fair value of enterprise’s own credit risk – – 2. Items that will be reclassified to profit or loss (13,165) (3,777) (1) Other comprehensive income under equity method that may be transferred to profit or loss 48 60 (2) Change in fair value of other debt investment – – (3) Amount included in other comprehensive income upon reclassification of financial assets – – (4) Credit impairment provision for other debt investment – – (5) Cash flow hedge reserve (25) (41) (6) Exchange differences on translation of foreign operations (13,188) (3,796) (7) Others – – (II) Other comprehensive income attributable to non-controlling interests, net of tax – –
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- 13 - Item First three quarters in 2026 (January to September) First three quarters in 2025 (January to September) VII. Total comprehensive income 106,055 98,367 (I) Total comprehensive income attributable to equity shareholders of the Company 105,965 98,277 (II) Total comprehensive income attributable to non-controlling interests 90 90 VIII. Earnings per share: (I) Basic earnings per share (RMB Yuan/share) 2.51 2.14 (II) Diluted earnings per share (RMB Yuan/share) 2.51 2.14 Chief Executive Officer: Huang Yongzhang Chief Financial Officer: Mu Xiuping General Manager of Financial Department: Ren Min
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- 14 - Consolidated Statement of Cash Flows January to September 2026 Prepared by: CNOOC Limited RMB million Unaudited Item First three quarters in 2026 (January to September) First three quarters in 2025 (January to September) I. Cash flows from operating activities: Cash received from the sales of goods or rendering of services 368,631 328,544 Refund of tax 1,753 1,100 Cash received from other operating activities 874 75 Subtotal of cash inflow from operating activities 371,258 329,719 Cash paid for goods and services (76,879) (79,551) Cash paid to and on behalf of employees (8,050) (7,870) Taxes paid (86,399) (70,372) Cash paid for other operating activities (344) (177) Subtotal of cash outflow from operating activities (171,672) (157,970) Net cash flow from operating activities 199,586 171,749 II. Cash flows from investing activities: Cash received from disposal of investments 158,481 99,420 Cash received from investment income 5,584 3,553 Net cash received from disposal of subsidiaries and other operating units – 7,592 Net cash recovered from disposal of fixed, intangible and other long-term assets 50 6 Subtotal of cash inflow from investing activities 164,115 110,571 Cash paid for acquisition of fixed assets, intangible assets and other long-term assets (81,699) (77,793) Cash paid for acquisition of investments (166,946) (134,153) Subtotal of cash outflow from investing activities (248,645) (211,946) Net cash flow from investing activities (84,530) (101,375)
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- 15 - Item First three quarters in 2026 (January to September) First three quarters in 2025 (January to September) III. Cash flows from financing activities: Cash received as capital contributions 93 104 Including: Ca sh received from non-controlling interests’ capital contribution to subsidiaries 93 104 Cash received from borrowings 91 51 Subtotal of cash inflow from financing activities 184 155 Cash paid for debt repayment (3,396) (22,254) Cash paid for distribution of dividends or profits and payment of interest (24,836) (31,038) Subtotal of cash outflow from financing activities (28,232) (53,292) Net cash flow from financing activities (28,048) (53,137) IV. Effect of foreign exchange rate changes, net (890) (256) V. Net increase in cash and cash equivalents 86,118 16,981 Add: Cash and cash equivalents at beginning of the period 78,679 81,284 VI. Cash and cash equivalents at the end of the period 164,797 98,265 Chief Executive Officer: Huang Yongzhang Chief Financial Officer: Mu Xiuping General Manager of Financial Department: Ren Min
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- 16 - (III) Opening Balance Adjustments of Financial Statements from the First Adoption of New Accounting Standards or Interpretations of Accounting Standards in 2026 □ Applicable ✓ Not applicable By Order of the Board of Directors CNOOC Limited Xu Yugao Joint Company Secretary Hong Kong, 30 October 2026 As at the date of this announcement, the Board comprises: Non-executive Directors Zhang Chuanjiang (Chairman) Huo Jian Executive Director Huang Yongzhang (Vice Chairman) Independent Non-executive Directors Qiu Zhi Zhong Lin Boqiang Li Shuk Yin Edwina