Record Oil and Gas Output Fails to Shield CNOOC from Market Volatility

Lower oil prices offset a record-high oil and gas production to drag down the 2025 profit of Chinese oil and gas giant CNOOC from a year earlier and below analyst estimates. CNOOC Ltd, China’s top offshore crude oil and natural gas producer, on Thursday reported a net profit of $17.7 billion (122.1 billion Chinese yuan) for 2025, down by 11.5% from 2024. The company attributed the decline to “the adverse impact of lower oil prices.” The 2025 net profit turned out lower than the $18.9 billion (130.7 billion yuan) average…