CNOOC Limited (referred to as "CNOOC") recently announced that it will carry out hedging business in 2025 to avoid the price fluctuation risks of commodities such as crude oil and natural gas. The company is mainly engaged in the exploration, development, production, and sales of crude oil and natural gas, as well as the trading of related products. CNOOC stated that hedging transactions are only limited to its subsidiaries responsible for oil sand production and crude oil trading, strictly following hedging principles and not for speculative purposes. The company has established a comprehensive management system and internal control system to ensure that transactions match the risk exposure. Sponsor institution CITIC Securities has verified the hedging business and believes that the company's practices comply with relevant laws and regulations, with necessary risk control measures taken. On October 28, 2024, the board of directors of CNOOC approved the 2025 hedging business plan, which does not require submission for shareholder approval.

CNOOC Limited (referred to as "CNOOC") recently announced that it will carry out hedging business in 2025 to avoid the price fluctuation risks of commodities such as crude oil and natural gas. The company is mainly engaged in the exploration, development, production, and sales of crude oil and natural gas, as well as the trading of related products. CNOOC stated that hedging transactions are only limited to its subsidiaries responsible for oil sand production and crude oil trading, strictly following hedging principles and not for speculative purposes. The company has established a comprehensive management system and internal control system to ensure that transactions match the risk exposure. Sponsor institution CITIC Securities has verified the hedging business and believes that the company's practices comply with relevant laws and regulations, with necessary risk control measures taken. On October 28, 2024, the board of directors of CNOOC approved the 2025 hedging business plan, which does not require submission for shareholder approval.