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(Bloomberg) — Cnooc Ltd., China’s biggest offshore driller of crude oil, saw profits fall in the first quarter after a drop in global prices.
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The energy giant reported a 7.9% decline in net income to 36.56 billion yuan ($5.03 billion) after revenue fell 4.1% to 106.85 billion yuan, according to a statement on Tuesday.
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Cnooc has led Beijing’s efforts to boost oil and gas output and bolster energy security, and its focus on extraction helped deliver near-record annual profits last year. But that dependence on prices was a burden in the first quarter. The average price of Brent dropped about 8% compared to the first three months of 2024, due to escalating trade tensions and slower consumption growth, which is expected to persist through 2026.
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The firm’s production rose 4.8% to 188.8 million barrels of oil equivalent over the quarter, in line with its scaled-back targets for the year. The company is shifting its international mix, selling assets in the US Gulf, while strengthening its position in South America and Indonesia.
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Alongside its Chinese peers, Cnooc is also expanding in petrochemicals, to help offset the impact of the energy transition on fuel demand as well secure the country’s supply of high-end materials.
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Cnooc’s earnings follow a 25% slump in profits reported by Sinopec on Monday due weaker fuel demand and continued losses at its chemicals unit. PetroChina Co., the country’s biggest oil and gas firm, reports later Tuesday.
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