CNOOC: Production up 6.7% year-over-year, but net profit down 12.6% on lower oil prices

                                Close      Prior     Change   % Change 
                                -----      -----     ------   -------- 
 Aluminum Corp China             8.31       8.31       unch       unch 
 Bank of China                   4.37       4.33      +0.04      +0.92 
 Bank of Communications          6.83       6.75      +0.08      +1.19 
 Bank of East Asia              13.08      13.07      +0.01      +0.08 
 BOC Hong Kong (Holdings)       36.84      36.56      +0.28      +0.77 
 Cafe de Coral Holdings          6.51       6.52      -0.01      -0.15 
 Cathay Pacific Airways         10.84      10.84       unch       unch 
 China Coal Energy              11.04      11.10      -0.06      -0.54 
 China Construction Bank         7.82       7.75      +0.07      +0.90 
 China Life Insurance           24.94      23.52      +1.42      +6.04 
 China Merchants Port           15.09      14.97      +0.12      +0.80 
 China Mobile                   85.20      86.40      -1.20      -1.39 
 China Overseas Land & Inv      14.05      14.05       unch       unch 
 China Petro & Chem              4.12       4.10      +0.02      +0.49 
 China Rscs Beer Holdings       26.84      26.68      +0.16      +0.60 
 China Resources Land           29.94      29.64      +0.30      +1.01 
 China Resources Power          18.33      18.02      +0.31      +1.72 
 China Shenhua Energy           41.12      41.22      -0.10      -0.24 
 China Unicom (Hong Kong)        9.26       9.12      +0.14      +1.54 
 CITIC                          11.60      11.43      +0.17      +1.49 
 CK Hutchison Holdings          51.55      51.20      +0.35      +0.68 
 CLP Holdings                   66.20      66.35      -0.15      -0.23 
 CNOOC                          19.32      19.04      +0.28      +1.47 
 COSCO SHIPPING Ports            5.72       5.65      +0.07      +1.24 
 Esprit Holdings                 1.30       1.31      -0.01      -0.76 
 FIH Mobile                     18.78      18.25      +0.53      +2.90 
 Hang Lung Properties            8.90       8.97      -0.07      -0.78 
 Hang Seng Bank                152.40     152.40       unch       unch 
 Henderson Land Devt            27.54      27.60      -0.06      -0.22 
 Hong Kong & China Gas           7.25       7.29      -0.04      -0.55 
 HK Exchanges & Clearing       429.20     425.00      +4.20      +0.99 
 Hong Kong Tech Venture          1.43       1.43       unch       unch 
 HSBC Holdings                 102.40     102.10      +0.30      +0.29 
 i-CABLE Communications          0.11       0.13      -0.02     -17.32 
 Indl & Cmcl Bk of China         5.95       5.91      +0.04      +0.68 
 Manulife Financial            245.80     246.40      -0.60      -0.24 
 Mongolia Energy                 0.73       0.72      +0.01      +1.39 
 MTR                            27.32      27.24      +0.08      +0.29 
 New World Development           7.65       7.46      +0.19      +2.55 
 PetroChina                      7.80       7.69      +0.11      +1.43 
 Ping An Ins of China           55.90      54.30      +1.60      +2.95 
 Power Assets Holdings          50.55      50.40      +0.15      +0.30 
 Sino Land                      10.22      10.23      -0.01      -0.10 
 SINOPEC Shanghai Pet            1.36       1.36       unch       unch 
 Sun Hung Kai Properties        93.70      94.65      -0.95      -1.00 
 Swire Pacific A                65.50      65.65      -0.15      -0.23 
 Tencent Holdings              630.50     627.50      +3.00      +0.48 
 Tsingtao Brewery               54.00      54.50      -0.50      -0.92 
 VTech Holdings                 60.70      60.45      +0.25      +0.41 
 Wharf (Holdings)               20.90      21.06      -0.16      -0.76 
 
Prices in HK$ 
Source: FactSet 

Cnooc's shares could rise given its breakthroughs in oil and gas exploration and discoveries, Citi's Desmond Law and Oscar Yee say in a note. The Chinese energy company made five new offshore discoveries in China and appraised several large- and medium-sized oil and gas bearing structures in 1H. It looks poised to meet its 2025 target reserve replacement ratio of not less than 130%, they say. Cnooc also advanced its deep water exploration campaign in Guyana and signed its first oil contract for exploration in a new Kazakhstan block, which enlarges its overseas exploration portfolio. Citi maintains its buy rating and HK$24.00 target. Cnooc's Hong Kong-listed shares gain 4.1% to HK$19.41. (megan.cheah@wsj.com)

Net production rose 6.1% year-over-year to 384.6 million boe, with natural gas up 12.0%. Net profit attributable to equity shareholders was RMB69.5 billion, down 12.8% year-over-year, while all-in cost per boe remained stable. 2025 targets focus on production growth, innovation, and green development.

Original document: CNOOC Limited Class A [600938] Slides Release — Aug. 27 2025

Net profit fell 13% year-over-year to RMB69.5 billion on a 7% revenue decline, but production hit record highs with a 12% increase in natural gas output. Interim dividend set at HK$0.73 per share, and major project milestones and green initiatives advanced.

Original document: CNOOC Limited Class A [600938] Interim report — Aug. 27 2025

By Chris Wack

ExxonMobil said its Guyana operation started production at Yellowtail, the fourth oil development in Guyana's offshore Stabroek block.

Yellowtail's One Guyana floating production storage and offloading, or FFPO, vessel joins the Destiny, Unity, and Prosperity FPSOs, bringing total installed capacity in Guyana to above 900,000 barrels of oil a day.

The One Guyana is the largest FPSO on the Stabroek block to date, with an initial annual average production of 250,000 bopd and a storage capacity of two million barrels. Oil produced from the FPSO will be marketed as Golden Arrowhead crude.

By 2030, ExxonMobil Guyana expects to have total production capacity of 1.7 million oil equivalent barrels per day from eight developments.

ExxonMobil Guyana operates the Stabroek block and holds a 45% interest, with Chevron's Hess Guyana Exploration Ltd. holding 30%, and CNOOC Petroleum Guyana Limited holding 25%.

Write to Chris Wack at chris.wack@wsj.com

When Chevron finally clinched its $53 billion takeover of Hess, it wasn’t just another blockbuster deal in the oil industry.

It came at the end of a high-stakes arbitration clash with ExxonMobil, one that unfolded mostly behind closed doors and raised more questions than it answered.

At the center of the fight was Guyana’s Stabroek Block, a stretch of ocean floor that’s quickly become one of the most talked-about oil discoveries in years.

Chevron may have crossed the finish line, but with the arbitration process kept largely under wraps, it’s hard to know what really happened behind the scenes.

The outcome is public, sure but the backroom deals, strategic gambits, and corporate drama? That part’s still in the dark.

Chevron vs ExxonMobil dispute

The real battleground in this showdown was Hess’s 30% stake in Guyana’s Stabroek Block, one of the biggest offshore oil discoveries in the world.

Exxon, which operates the field and owns 45%, along with China’s CNOOC (which holds the remaining 25%), argued that their joint operating agreement gave them the right of first refusal.

In plain terms: they believed they should get first dibs on Hess’s stake before Chevron could make a move.

If Exxon had won that argument, it could’ve derailed Chevron’s plans entirely, cutting it out of one of the most prized assets in the global energy game.

But Chevron and Hess pushed back hard, saying the agreement didn’t apply in this case because they weren’t selling off an asset, they were merging companies.

According to their legal team, the clause was designed to block asset sales, not full-blown corporate takeovers.

In the end, the arbitration panel at the International Chamber of Commerce sided with them, clearing the way for Chevron to seal the deal.

What happened behind closed doors?

For all its significance, the Chevron-Hess arbitration played out largely in the shadows.

That kind of secrecy is typical for international business disputes but in this case, with billions on the line and major implications for the energy market, it’s drawn some scrutiny.

The International Chamber of Commerce’s ruling cleared Chevron to move forward, but the panel’s full legal reasoning hasn’t been made public.

Aside from a few vague statements and media headlines, no one really knows what swayed the decision.

The joint operating agreement at the center of the case still hasn’t been released, fueling speculation: did the arbitrators interpret Exxon and CNOOC’s rights narrowly, or did they find a legal loophole?

And behind the scenes, there’s a whole layer of the story that may never come to light, any private talks, side arrangements, or handshake understandings among Chevron, Hess, and Exxon remain entirely opaque.

What’s also missing are the internal calculations: how far was Chevron willing to go to keep the deal alive?

Was Exxon angling for leverage or genuinely trying to block the merger? None of that has surfaced.

And while the outcome could shape how joint operating agreements are written going forward, especially around pre-emption rights, it’s still unclear how, exactly, the industry will respond.