Cnooc Revenue Rises on Elevated Oil and Fuel Drilling Output

(Bloomberg) — Cnooc Ltd. posted larger annual earnings, as development in vitality output offset weaker costs.

China’s largest offshore oil and fuel driller mentioned internet earnings rose to 137.9 billion yuan ($19 billion) in 2024, from 123.9 billion yuan the earlier 12 months, in accordance with a submitting on Thursday. That missed expectations of 144.6 billion yuan and was shy of the document revenue of 141.7 billion yuan set in 2022.

Output rose to 726.8 million barrels of oil equal, from 678 million barrels a 12 months earlier. The state-owned firm has led Beijing’s efforts to boost vitality safety and its operations have now delivered a sixth consecutive 12 months of document manufacturing.

Cnooc’s concentrate on extraction leaves its earnings closely depending on international oil costs, which on common had been about 3% much less in 2024 than the earlier 12 months. However it additionally means the corporate is comparatively unaffected by the headwinds to demand confronted by its downstream friends. Earlier this week, China’s greatest refiner, Sinopec, reported a tumble in earnings because the electric-vehicle growth weighs on consumption of diesel and gasoline.

PetroChina Co. — the nation’s largest oil and fuel firm, whose operations straddle drilling, refining and retail — stories earnings on Sunday.

China’s vitality giants are more and more trying to pure fuel to drive development, though home costs have stumbled just lately due a slowing financial system and plethora of provide choices, from home fields and fuel piped overland from Russia and central Asia, to pricier seaborne imports of liquefied pure fuel.

One other focus is investing in petrochemicals to offset weak spot in transport fuels. In that vein, Cnooc is bolstering downstream operations, with a $2.7 billion growth of its Daxie refinery that’s anticipated to begin up in June.

(Provides particulars in sixth and seventh paragraphs.)

©2025 Bloomberg L.P.