Company Profile：

Where is CNOOC Limited listed and what is its stock code?

● CNOOC Limited is a listed company on the Shanghai Stock Exchange and the Hong Kong Stock Exchange with stock codes of 600938 and 00883, respectively.

What is CNOOC Limited’s core business?

● The Company is the largest producer of offshore crude oil and natural gas in China and one of the largest independent oil and gas exploration and production companies in the world. The Company mainly engages in exploration, development, production and sale of crude oil and natural gas.

What is the relationship between CNOOC Limited and its parent company China National Offshore Oil Corporation?

● China National Offshore Oil Corporation is the Company’s largest shareholder. It currently holds approximately 62.13% of the Company’s shares.

What is CNOOC Limited’s credit rating?

● Standard & Poor’s has issued a credit rating of A+ for CNOOC Limited, while Moody’s has issued a credit rating of A1.

Operation and Finance：

What are the sources of production growth in 2025? What is the production target for 2026?

● In 2025, the Company achieved a net production of 777 million BOE, reaching a record high. Domestic production growth was mainly driven by the "Shenhai-1" gas field Phase II project in the South China Sea and the Bozhong 19-2 Oilfield in Bohai, while overseas production growth was primarily attributable to projects in Guyana and Brazil in South America.
● The Company’s net production target for 2026 is 780-800 million BOE.

What are the major exploration achievements in 2025? What is the future exploration strategy?

● In 2025, the Company made a total of 6 new discoveries and successfully appraised 28 oil and gas bearing structures. In China, the Company discovered Longkou 25-1 with proved in-place volume of over 80 million tons and successfully appraised Qinhuangdao 29-6, with cumulative proved in-place volume exceeding 100 million tons. Overseas, the Company successfully appraised two oil fields, Lukanani and Ranger, in the Stabroek block, Guyana, and acquired four new exploration projects in Iraq, Kazakhstan and Indonesia.
● In the future, we will continue to target the discovery of mid-to-large sized oil and gas fields, increase frontier exploration efforts, so as to lay a solid reserve foundation for the Company’s sustainable development.

Where did the new reserves mainly come from in 2025?

● In 2025, the Company’s net proved reserves reached a new record high of 7.77 billion BOE. The new reserves were mainly attributable to the Bohai oilfields in China and projects in South America.

The Company’s all-in cost was well controlled in 2025. What is the reason? Will the cost increase in the future?

● Thanks to strict cost control measures, the Company’s all-in cost was US$27.90 per BOE in 2025, maintaining its competitive cost structure.
● The Company has established a comprehensive and effective cost management system covering the entire production process. The Company has consistently adhered to a low-cost development strategy. We do not pursue absolute cost reductions. Instead, we aim to effectively control costs and maintain our relative cost competitiveness while maintaining a strong commitment to safety.

What is CNOOC Limited’s Capex budget for 2026 and how will the Capex play out in the future?

● Capex budget for 2026 is RMB112-122 billion, which will strongly support our exploration, development and production workload in 2026 as well as its medium to long-term development.
● The Company has many high-quality producing projects and new projects under construction, to support its medium to long-term production growth. Therefore, its Capex is expected to remain at a high level in the coming years.

What’s the dividend policy of the Company?

● Since its establishment, CNOOC Limited pays close attention to shareholders' return. We actively share the development results with shareholders by paying dividend twice a year.
● Our dividend policy is, from 2025 to 2027, subject to the approval by the general meeting of shareholder, the expected annual payout ratio will be no less than 45%. By adhering to the principle of rewarding shareholders, the Company will adjust its dividend policy in due course in line with the changes in the market environment and after taking into account shareholders' intention, strategic planning, operating conditions and other factors.

Environment, Society and Governance

How is CNOOC Limited advancing its low-carbon development?

CNOOC Limited adheres to the development philosophy of "lucid waters and lush mountains are invaluable assets", actively addressing the challenges of global climate change. The Company has established a comprehensive low-carbon management system.
● At the governance level, CNOOC Limited has set up a leading group, an execution team, and an office for energy conservation and carbon reduction. All our subsidiaries are required to establish corresponding management structures while operating companies must appoint dedicated management personnel. This forms a three-level energy conservation management system consisting of headquarters, branches, and operating companies, ensuring seamless integration of energy conservation efforts with oil and gas development and production activities.
● At the strategy level, the Company has constructed a comprehensive green development system by optimizing industrial structure, advancing green and low-carbon production, developing clean energy, and fostering carbon-negative industries. Carbon emission management has been deeply integrated into project investment decisions and operational processes.
● At the level of impact, risk and opportunity management, CNOOC Limited actively learns from the excellent greenhouse gas risk management practices of international organizations. Based on risk assessment reports and climate change research published by authoritative bodies such as the International Energy Agency (IEA) and the United Nations Environment Programme (UNEP), the Company uses the APS and NZE scenarios to identify and analyze carbon emission risks and opportunities. Targeted measures are then implemented accordingly.
● In terms of metrics and targets, the Company carried out 18 energy conservation and carbon reduction projects in 2025, and achieved green electricity substitution of 1.08 billion kWh. The Company's target of cumulative emission reductions of 1.5 million tonnes over the past five years has been fulfilled, and the Company plans to achieve cumulative carbon reductions of 1.6 million tonnes by 2030. In 2026, the Company plans to carry out 19 energy conservation and carbon reduction projects and achieve green electricity substitution of 1.8 billion kWh.

What progress has CNOOC Limited made in its climate-related information disclosure?

CNOOC Limited places great importance on ESG management and closely follows regulatory policy developments. Following the official release of regulatory documents on climate-related information disclosure, the Company promptly conducted an in-depth study of the requirements and developed a detailed three-year work plan with clearly designated lead departments for each task, ensuring robust implementation of all related initiatives. The Company has disclosed relevant information in a dedicated section in its ESG reports over the past two years.
● In 2025, the Company focused on advancing the quantification of financial impacts and the measurement of Scope 3 greenhouse gas emissions. On the financial impact quantification, the Company has identified typhoons/tropical cyclones as the physical risks with high financial significance, market supply and demand changes of hydrocarbons as the key transition risk, and the development of low-carbon industries including natural gas as the primary opportunity. Other risks and opportunities are not expected to have a material impact on the Company’s operations or financial position. The Company has initiated quantitative calculations of the financial impacts of these risks and opportunities, and the interim results of this work have been disclosed in the 2025 ESG Report.
● On the Scope 3 measurement, the Company has completed trial calculations across all 15 categories for the pilot units, as well as data accounting for key emission categories. Overall progress is on track and in line with expectations, and has been disclosed in the Company's ESG Report. For further details on internal carbon pricing, industry-specific indicators, and other related matters, please refer to the Company's ESG Report.
● The Company has a dedicated team responsible for ESG management and information disclosure, and all related work is currently progressing in an orderly manner. In the future, the Company will strictly comply with regulatory requirements and disclose relevant information to the market in a timely manner.