Citi: CNOOC 1Q Results In Line; Rating Buy
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Citi Research reported that CNOOC'sQ1 results met expectations, with a net profit of RMB39.2 billion, a 7% YoY increase, driven by a 4.5% rise in oil prices. Total production rose 8.6% YoY to 205 million barrels of oil equivalent. CNOOC maintained its full-year production target of 780-800 million barrels, with 25.6%-26.3% completed in Q1. Citi reiterated a Buy rating with a target price of HKD33, citing strong growth prospects and effective cost control.
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