CNOOC Limited reported record first-half 2026 results, with profit attributable to shareholders rising 23.4% year on year to RMB85.818 billion and revenue increasing 16.9% to RMB242.66 billion. Oil and gas sales revenue rose 20% to RMB206.1 billion, supported by an average realized crude oil price of US$85.49 per barrel amid elevated prices linked to the Iran conflict backdrop. Net production reached approximately 399 million barrels of oil equivalent, or 398.7 million BOE in the detailed figure, up 3.7% year on year, with domestic and overseas output both setting records. The board declared a record interim dividend of HK$0.94 per share, up nearly 29% from HK$0.73, with a 45.2% payout ratio. CNOOC maintained its 2026 production target of 780 million to 800 million BOE and capital expenditure budget of RMB112 billion to RMB122 billion. The company made four domestic discoveries, appraised 16 hydrocarbon-bearing structures, acquired three exploration blocks in Brazil and Indonesia, and started five new projects. Analysts say continued production growth and disciplined cost control could support full-year earnings if geopolitical tensions and international oil prices remain elevated.