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600938

00883

Bank of China has reaffirmed its Buy rating for CNOOC Limited, setting a price target of HK$32.28, while the stock closed at HK$29.06. The overall analyst consensus for CNOOC is a Strong Buy with an average price target of €3.36, indicating a potential downside of 88.44%. UBS also maintains a Buy rating with a price target of HK$37.80.

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CNOOC

Bank of China Sticks to Their Buy Rating for CNOOC Limited (NC2B)

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CNOOC Limited reported record reserves and production for 2025, with net production reaching 2.13 million BOE per day and a net profit attributable to shareholders of 122.1 billion RMB. The company maintained a dividend payout ratio of 45% and a dividend of 1.28 HKD per share. CNOOC discovered 66 new fields over five years, achieving a 6.9% increase in proven net reserves to 7.77 billion BOE. The company emphasized cost control and technological innovation to enhance production efficiency and reduce carbon emissions, while expanding its international exploration portfolio.

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13:01 ETCNOOC Limited erreicht 2025 neue Rekorde bei Reserven und Produktion - Gewinnresistenz konsolidiert sich weiter

DBS analyst Dennis Lam has reiterated a Buy rating on CNOOC (NC2B), citing its cost leadership, growth visibility, and undemanding valuation. The company boasts low production costs, steady output growth, and a commitment to clean energy investments. CNOOC offers mid-single-digit production growth, a solid dividend yield, and strong leverage to rising oil prices. Lam highlights the stock's attractive earnings multiples and ongoing share buybacks. UBS also supports the Buy rating with a price target of HK$37.80.

- DBS analyst Dennis Lam maintains an optimistic stance on NC2B stock, giving it a buy rating due to CNOOC's cost leadership and growth visibility.  
- The company operates with low production costs while gradually increasing output and investing in clean energy projects.  
- UBS also maintains a buy rating on the stock with a target price of HKD 37.80.

CNOOC: Cost-Leadership, Visible Growth, and Undemanding Valuation Support Buy Rating

Cnooc (600938) forecasts a 2025 net profit of ¥122.1 billion, down 11%, with revenue expected at ¥398.2 billion. The company achieved a record output of 777.3 million barrels and reported a 6.9% increase in proved reserves to 7.77 billion BOE. For 2026, Cnooc plans capital expenditures between ¥112-122 billion and aims for a production target of 780-800 million BOE, alongside exploration plans including six new oil and gas discoveries and appraisal of 28 structures in Guyana.

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Key facts: CNOOC 2025 profit −11%, record output 777.3m barrels; reserves 7.77bn BOE up 6.9%

CNOOC Forecasts Higher Oil Production in 2026 Despite Geopolitical Risks

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CNOOC Forecasts Higher Oil Production in 2026 Despite Geopolitical Risks

Citi released a report stating that CNOOC's net profit last year fell by 11% year-on-year to RMB 122 billion, which was 6% lower than market expectations. The main reasons were a 14% drop in Brent crude oil prices and an investment loss of RMB 943 million. The company declared a final dividend of HKD 0.55 per share, with a total annual dividend of HKD 1.28, lower than HKD 1.40 in 2024. Although the payout ratio remains at 45%, the actual dividend is disappointing. Management expects the payout ratio for 2026 to 2027 to be no less than 45%. Citi maintains a "Buy" rating on CNOOC with a target price of HKD 24

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"Big Banks" Citigroup: CNOOC's net profit and dividend last year were below expectations, maintaining a "Buy" rating

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JP Morgan raised the target price for CNOOC to HKD 33 and increased the earnings per share forecast for 2026 to 2028 by 9% to 11%. Although the expected net profit for the fourth quarter of 2025 is RMB 20 billion, which is lower than market expectations, mainly due to impairment and increased costs of new projects. Due to the impact of the Middle East conflict on global oil and gas supply, JP Morgan maintains an "overweight" rating on CNOOC

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JP Morgan raised the target price for CNOOC to 33 yuan, upgraded profit forecasts, and continued to recommend "overweight."

China National Offshore Oil Corporation (CNOOC) plans to increase oil and gas production this year to 780-800 million barrels of oil equivalent, a 3% rise from 2025. This decision follows an 11.5% drop in net profit to 122.08 billion yuan due to low oil prices. CNOOC's chairman cited geopolitical tensions and rising oil prices as key factors for the production boost. The company aims to solidify its development foundation by increasing reserves and production, with capital expenditure projected between 112-122 billion yuan. CNOOC also plans to raise domestic oil output to 70 million tonnes in five years.

SCMP

China’s CNOOC to boost oil and gas output amid Middle East strife

Cnooc reported a net income of 122.1 billion yuan for 2025, down from 137.9 billion yuan the previous year, as lower crude prices impacted profitability. Despite record production of 777.3 million barrels, Brent prices averaged $68 a barrel, 15% lower than in 2024. The company aims for a production target of 780-800 million barrels in 2026 and plans capital spending of 112-122 billion yuan. Geopolitical tensions and Beijing's fuel price controls add to the uncertainty in the oil market.

GuruFocus

Cnooc Reports 122.1B Yuan Profit as Oil Prices Drop 15%

CNOOC announced that to date, the controlling shareholder CNOOC Group has accumulated 25.0035 million shares in the company, amounting to 403 million yuan, and the amount of increase has not yet reached the lower limit of this increase plan. Due to various factors such as the company's regular report window period, holiday market closures, and changes in the market environment, the progress of the increase plan has been adjusted, and the deadline has been extended by twelve months to April 8, 2027

CNOOC's controlling shareholder extends the shareholding increase plan for one year

CNOOC (883) announced its full-year results for the year ending last year, with a net profit of HKD 122.082 billion, a year-on-year decrease of 11.5%. Operating revenue was HKD 398.22 billion, a year-on-year decrease of 5.3%. The company expects its oil and gas production target for this year to be 780 to 800 million barrels of oil equivalent, with capital expenditure ranging from HKD 112 to 122 billion. CNOOC will drive performance growth through cost reduction and efficiency enhancement strategies, including technological innovation and engineering standardization measures

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CNOOC's profit decreased by 11.5% last year. The rise in international oil prices will bring benefits and will also promote performance growth through cost reduction and efficiency improvement

Cnooc reported a profit drop in 2025, with net income at 122.1 billion yuan, down from 137.9 billion yuan the previous year, due to lower oil prices despite increased production. The company achieved a record output of 777.3 million barrels but revised its future targets amid weaker fuel demand and geopolitical risks. Cnooc plans capital spending of 112 to 122 billion yuan in 2026, while other Chinese oil majors also face profit declines. The outlook remains uncertain due to inflation and economic growth challenges.

Businesstimes News

Cnooc’s profit drops as low oil prices counter output growth

It’s good that the sustainable fuel tax is delayed amid this oil crisis. Hope the war will end by Oct.

Iran rejects United States ceasefire planOil volatility likely near-term. Markets typically price geopolitical risk quickly, then fade unless supply disruption occurs. Energy exposure = tactical hedge, not long-term thesis. Google KV cache compressionNegative sentiment for memory stocks short term, but AI demand still exploding structurally. Likely noise, not disruption to long-run DRAM growth. SpaceX possible IPOExtremely strong retail interest expected. Valuation will be key—great company doesn’t always mean great entry price. Prefer watching listing momentum first

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Trump's going to lose this war. The more he talks means the more he's pretending it's going well.

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Iran rejects US ceasefire plan — triggering increased oil volatility and exacerbating US dollar exchange rate fluctuations. Investment should still focus on hedging.

I believe US and IRAN are talking, it's just question of will they iron out their differences. Both have nothing to gain as the war continues...

The google report on memory stocks is classic Jevons paradox. Market perceives it as less memory needed= less demand. But the efficiency gains may actually expand AI use cases and total compute demand. Total demand might actually increase! Technically, if the recent lows hold, which they are despite the pull back, it can still be counted as the second wave of the fifth wave. So I am expecting a bounce pretty soon and a rally to new highs once smart money has collected enough.

wondering how much is SpaceX ipo price. hope to join into bandwagon

Oil spikes on geopolitics tend to overshoot, and with fuel uncertainty still high, this is a pure volatility tradeAI demand is still compounding history shows innovation expands usage,not kills itSpaceX IPO will likely ride strong FOMO from both retail and institutions, but aggressive valuation and heavy capex mean discipline matters more than hypeVolatility trade,keep tight stop loss

SpaceX IPO definitely exciting. I’ve been following this company since many years ago, and finally Elon decided to take it public. It has shown its effect on all aerospace-related stocks.

SpaceX IPO at $75B+ valuation would be largest in years. But space infrastructure monetization still early stage

It is hard to see a clear end to the US,Israel and Iran tensions right now. Energy prices will stay high for sometimes and the economic impact could be tough.Honestly feeling quite pessimistic. 2026 looks like a challenging year ahead.Happy trading and keep more cash to buy more when there is a correction. Do not chase and buy now.😁

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UB#CNOOCRP2704A Stock Performance Chart

Bank of China Sticks to Their Buy Rating for CNOOC Limited (NC2B)

13:01 ETCNOOC Limited erreicht 2025 neue Rekorde bei Reserven und Produktion - Gewinnresistenz konsolidiert sich weiter

CNOOC: Cost-Leadership, Visible Growth, and Undemanding Valuation Support Buy Rating

Key facts: CNOOC 2025 profit −11%, record output 777.3m barrels; reserves 7.77bn BOE up 6.9%

CNOOC Forecasts Higher Oil Production in 2026 Despite Geopolitical Risks