CNOOC Q3 Net Profit Falls 12% Despite Higher Revenue, Production Growth

CNOOC, China's leading offshore oil and gas producer, reported a 12.2% decline in third-quarter net profit to approximately $4.55 billion despite increased production and revenue, driven largely by falling global oil prices. The company's oil and gas output rose by 6.7% in the first nine months of 2025, with domestic production up 8.6% and overseas production increasing 2.6%, boosted by new projects in Guyana and Brazil. While overall revenue increased by 5.7% to 104.9 billion yuan, revenue from oil and natural gas sales fell due to lower prices, reflecting broader industry challenges including those faced by peers like Sinopec. Capital spending decreased by nearly 10% as older projects wound down, though CNOOC continued to develop new fields and made significant discoveries, signaling resilience amid market volatility. In contrast, Chevron's third-quarter profit fell from $4.49 billion to $3.54 billion, impacted by lower crude prices and costs related to its acquisition of Hess, highlighting a global trend of profit pressure in the oil sector due to price fluctuations and economic concerns. Both companies illustrate the difficulties traditional energy firms face balancing production growth with volatile commodity prices in a shifting global energy landscape.