CNOOC 0883

[winston]

not vested

CNOOC Ltd (883 HK) - Scaling back overseas production

CNOOC Ltd is the largest producer of offshore crude oil and natural gas in China and one of the largest pure play oil and gas exploration and production companies in the world.

Its earnings fluctuate with oil & gas prices, though the company has been focusing on cost control and organic growth in recent years.

The group’s good cost control is one of CNOOC’s key competitive strengths to create shareholders’ value.

However, potential asset injections from the parent has introduced uncertainty with regards to its pure play status. HOLD.

Source: OCBC

[winston]

not vested

Brokers' Latest Views, TPs on CNOOC (00883.HK) Post Results (Table)
Brokers│Investment Ratings│TPs (HK$)

UBS│Buy│11
Morgan Stanley│Overweight│9.74->10.6
BofA Securities│Buy│10.5
Daiwa│Outperform│9.7->10
Citigroup│Neutral│9.3->10

------------

Brokers│Views

UBS│Interim results beat; market may revise up FY20E earnings
Morgan Stanley│Cost control surprising; restated Overweight
BofA Securities│Cost edges bolster outlook
Daiwa│2H20 results may improve with CNOOC likely to see further rebound in profit in 2H20E
Citigroup│Results Beat with all-in cost falling to record low since 2011

Source: AAStocks Financial News

[winston]

not vested

CNOOC Ltd (883 HK) - Steadily executing

CNOOC Ltd is the largest producer of offshore crude oil and natural gas in China and one of the largest pure play oil and gas exploration and production companies in the world.

Its earnings fluctuate with oil & gas prices, though the company has been focusing on cost control and organic growth in recent years.

The group’s good cost control is one of CNOOC’s key competitive strengths to create shareholders’ value.

However, potential asset injections from the parent has introduced uncertainty with regards to its pure play status. HOLD.

Source: OCBC

[winston]

not vested

Chinese state oil giant CNOOC slumps as new US sanctions seen crippling its international operations, analyst warns

CNOOC slumped 14 per cent for its worst one-day slump since March 9 after Reuters reported about new US sanctions on Chinese firms

Potential sanctions may deny CNOOC access to US dollar funding or dealing with global oil majors, Sanford C. Bernstein’s Beveridge says

by Martin Choi and Eric Ng

CNOOC’s overseas operations made up a third of its total production in the first half of this year, including from projects in the Gulf of Mexico and Guyana where major discoveries have been made in a venture with ExxonMobil.

Source: SCMP

https://www.scmp.com/business/markets/a ... tions-seen

[winston]

CNOOC in $1.9b shares buyback

The parent company of CNOOC (0883) has spent nearly HK$1.9 billion to repurchase shares of the listed company.

China National Offshore Oil Corp has acquired a total of 253.88 million ordinary shares of CNOOC in the market, amounting to around 0.57 percent of the total shares of the group, according to the company's announcement yesterday.

Following the acquisition, the parent company's stake in CNOOC has now increased from 64.44 percent to 65.01 percent.

The company gained 2.18 percent to HK$7.50 before the news came out yesterday.

The repurchase came after the Trump administration plans to add CNOOC's parent company to a blacklist of alleged Chinese military companies, escalating tensions with Beijing before President-elect Joe Biden takes office, according to sources familiar with the matter and a document seen by Reuters.

Source: The Standard

https://www.thestandard.com.hk/section- ... es-buyback

[winston]

not vested

CNOOC(883)

Analysis：

China National Offshore Oil Corporation Limited is the largest offshore crude oil and natural gas producer in China and one of the world`s largest independent oil and gas exploration and production groups.

Its main business is the exploration, development, production and sales of crude oil and natural gas.

At present, the Group takes the Bohai Sea, the western South China Sea, the eastern South China Sea and the East China Sea in the Chinese waters as its core areas, and its assets are distributed throughout Asia, Africa, North America, South America, Oceania and Europe.

Recently, MSCI announced that CNOOC will be removed from MSCI ACWI and China All Shares Indexes. At the same time, FTSE Russell announced that CNOOC will be removed from FTSE Global Index and FTSE China 50 Index.

The adjustment of the two indexes will be implemented after the close of January 26, The new index will take effect from the opening on January 27.

We believe that the decline is due to the impact of funds rather than fundamentals, and investors can take advantage of the decline to absorb appropriately.

Strategy：
Buy-in Price: $7.50, Target Price: $8.20, Cut Loss Price: $6.70

Source: Phillips

[winston]

not vested

New York exchange moves to delist CNOOC’s American depositary shares as Trump-era executive order kicks in

The NYSE said that trading in CNOOC Limited, the unit of China’s biggest producer of offshore oil and natural gas, would be suspended on March 9

The delisting would proceed as the NYSE determined that the shares were “no longer suitable” for listing because of the November 2020 order signed by former US President Donald Trump

Source: SCMP

https://www.scmp.com/business/banking-f ... depositary

[winston]

not vested

CNOOC Ltd (883 HK) - Riding on higher oil prices

CNOOC Ltd is the largest producer of offshore crude oil and natural gas in China and one of the largest pure play oil and gas exploration and production companies in the world.

Its earnings fluctuate with oil & gas prices, though the company has been focusing on cost control and organic growth in recent years.

The group’s good cost control is one of CNOOC’s key competitive strengths to create shareholders’ value.

However, potential asset injections from the parent has introduced uncertainty with regards to its pure play status, and risks relating to Trump’s Executive Order is an added concern. BUY.

Source: OCBC

[winston]

not vested

Brokers' Latest Ratings, TPs, Views on CNOOC (00883.HK) Post Results (Table)

Brokers│Ratings│TPs (HK$)
Credit Suisse│Outperform│13->13.2
Morgan Stanley│Overweight│12.22
UBS│Buy│12.1
JPMorgan│Overweight│11
Citigroup│Buy│9.7->11
Daiwa│Outperform│10.8

Brokers│Views
Credit Suisse│2020 result in-line; fundamentals solidified by low cost structure
Morgan Stanley│sales higher, cost lower; 2020 rev beats
UBS│investors may react positively to results on strong RRR
JPMorgan│restates O&G output CAGR to 7% into 2025E
Citigroup│lifts 2021/22 rev forecast by 51%/ 9% on expected oil price uptick
Daiwa│2020 NP slips 59% YoY, slightly beats

Source: AAStocks Financial News

[winston]

not vested

March 25, 2021

<Blue Chip Results>CNOOC FY20 NP Fades 59.1% to RMB24.956B; Above Median Consensus; Final DPS HK25 Cents

CNOOC (00883.HK) released the 2020 Annual Results Announcement.

The revenue fell 33.4% yearly to RMB155.372 billion.

The net profit sank 59.1% yearly to RMB24.956 billion, a little above the median consensus.

EPS was RMB0.56.

A final dividend of HK25 cents was declared, against HK45 cents over a year ago.

Source: AAStocks Financial News