Cnooc Ltd. first-quarter net income rises amid Middle East war-driven oil prices

7 articles · Updated · Bloomberg · Apr 28

Cnooc Ltd. reported net income of 39.14 billion yuan ($5.7 billion) for Q1 2026, up from 36.6 billion yuan a year earlier.
The profit increase is attributed to higher global crude prices resulting from the ongoing war in the Middle East, which has disrupted oil supply and driven up prices.
As China’s leading offshore driller, Cnooc’s performance reflects broader industry trends, with geopolitical tensions continuing to impact global energy markets and company earnings.

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