CNOOC 0883

Re: CNOOC 0883

Postby winston » Wed Mar 11, 2020 11:34 am

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Daiwa Upgrades CNOOC (00883.HK) to Hold, Target Trimmed to $9.5

CNOOC (00883.HK)'s price fell 17% on 9 March and rebounded 5% the day after.

Daiwa believed the oil price impact has already been factored in CNOOC's stock price, hence upgrading the company from Underperform to Hold.

The broker also cut CNOOC's target from $9.9 to $9.5.

Source: AAStocks Financial News
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Re: CNOOC 0883

Postby winston » Wed Mar 11, 2020 1:09 pm

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CNOOC (00883.HK) shed 4.1% to $8.68, on parent's possible injection of low-return gas-fired power plant assets.

Source: AAstocks.com
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Re: CNOOC 0883

Postby winston » Thu Mar 26, 2020 7:36 am

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CNOOC plans output spending cuts to survive

Source: SCMP

https://www.scmp.com/business/commoditi ... ts-survive
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Re: CNOOC 0883

Postby winston » Thu Mar 26, 2020 7:38 am

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CNOOC tightens belt as net rises 15pc

by Stella Zhai

Mainland oil and gas giant CNOOC (0883) said it will reduce capital spending and output target this year. amid the sharp drop in global oil prices.

The state-backed company saw its net profit grow 15.9 percent from a year ago to 61.05 million yuan (HK$66.65 million) last year, driven by production growth and cost control, higher than the market estimation.

Revenue from oil and gas sales increased 5.7 percent to 197.2 billion yuan.

Earnings per share were 1.37 yuan and a final dividend of 45 HK cents was declared.

The full-year dividend totaled 78 HK cents.

Capital expenditure expanded by 27.2 percent to 79.6 billion yuan in 2019. Chief executive Xu Keqiang said they previously set a Capex target at between 85 billion yuan and 95 billion yuan and an output target of 525 million barrels of oil equivalent, but have not decided the scale of reduction.

CNOOC produced a record of 506.5 million BOE last year and the all-in cost dropped for a six consecutive year to US$29.78 (HK$232.28) per BOE.

The company's realized oil prices dropped 5.8 percent to US$63.34 per barrel while gas prices slid 2.2 percent to US$6.27 per thousand cubic feet.

It said its reserve life remained above 10 years in 2019, with a reserve replacement ratio of 144 percent.

Chairman Wang Dongjin said CNOOC saw limited impacts on its operations from the epidemic in the first quarter and its February oil and gas production were higher than a year earlier.

The firm also said it is studying a plan to acquire the natural gas terminal assets of its parent company.

Source: The Standard

https://www.thestandard.com.hk/section- ... rises-15pc
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Re: CNOOC 0883

Postby winston » Thu Mar 26, 2020 1:37 pm

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

Brokers│Ratings│TPs (HK$)
JPMorgan│Overweight│11.66
HSBC Global Research│Buy│9.6->9.5
UBS│Buy->Neutral│9.3->8.1
Morgan Stanley│Overweight│7.85
Citigroup│Neutral│9.30->7.8
BOCI│Hold│7.03->7.79
CCBI│Neutral│7.5
Credit Suisse│Underperform│7
Daiwa│Underperform│6.8

Brokers│Views
JPMorgan│Positive on keeping div yield
HSBC Global Research│Earnings, cash flow firmly backed by output growth, low cost
UBS│Near-term oil price visibility low; downside risk bigger
Morgan Stanley│2019 result beat on strong cost control
Citigroup│2020 capex guidance trimmed notably
BOCI│Outlook still murky
CCBI│2019 result slightly beats
Credit Suisse│Company confirms interest in natural gas & power; yet development negative
Daiwa│2019 result far beats; tweaks 2020 capex

Source: AAStocks Financial News
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Re: CNOOC 0883

Postby winston » Fri Mar 27, 2020 11:24 am

What’s New

FY19 earnings grew 16% to Rmb61bn, 4% ahead of market expectations

Slashed FY20/21F earnings forecast by 84%/43% to reflect lower oil price assumptions

Expect oil price volatility to persist with downside risks; concerns on power and gas
asset injection plans by parent

Maintain HOLD; TP cut to HK$8.00

Source: DBS

https://researchwise.dbsvresearch.com/R ... cgeekfhgbh
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Re: CNOOC 0883

Postby winston » Thu Apr 30, 2020 7:41 am

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CNOOC slashes output and spending amid worst downturn in decades

Source: SCMP

https://www.scmp.com/business/companies ... amid-worst
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Re: CNOOC 0883

Postby winston » Thu Apr 30, 2020 8:00 am

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CNOOC first quarter oil and gas sales drop

CNOOC (0883) said first quarter oil and gas sales revenue fell by 5.5 percent year over year to about 39.95 billion yuan (HK$43.77 billion) mainly due to the combined effect of lower realized oil price and increased oil and gas sales volume.

Average realized oil price fell by 19.3 percent over a year earlier to US$49.03 (HK$382.43) per barrel, which was in line with the trend of international oil prices.

The average realized gas price was US$6.38 per thousand cubic feet, representing a drop of 7.3 percent, mainly due to the decline in gas prices in North America.

The group achieved a total net production of 131.5 million barrels of oil equivalent for the three months, representing an increase of 9.5 percent year over year.

Production from China was up by 9.7 percent on-year to 87.1 million BOE, mainly attributable to the commencement of new projects and the acquisition of China United Coalbed Methane Corporation.

Overseas production increased by 9 percent on-year to 44.5 million BOE, mainly due to production contribution from new projects including Egina oilfield in Nigeria and Appomattox oilfield in the US Gulf of Mexico.

Capital expenditure was 16.90 billion yuan, up 20.1 percent on-year as a result of the increased workloads.

The company has reduced its annual net production target for 2020 from 520-530 million BOE to 505-515 million BOE and total capital expenditures for 2020 from 85-95 billion yuan to 75-85 billion yuan.

Xie Weizhi, chief financial officer predicts that Brent crude would fluctuate between US$30 (HK$234) and US$40 a barrel this year.

He said the global shale oil producers would reduce their production as the cost in North America is relatively high.

Source: The Standard

https://www.thestandard.com.hk/breaking ... sales-drop
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Re: CNOOC 0883

Postby winston » Mon May 04, 2020 1:08 pm

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Research Report>BofAS Raises CNOOC (00883.HK) TP to $9.2; Rated Neutral

BofA Securities mentioned in its report that CNOOC (00883.HK) had delivered 1Q20 revenue down by 6% yearly to RMB41.6 billion, but oil & gas output up by 9.5% to 132 million barrels of oil equivalent.

The broker retained Neutral on CNOOC at the target price HKD9.2, raised from HKD8.8, with FY20/ 21/ 22E NPAT revised up to RMB12 billion/ 34 billion/ 50 billion.

Source: AAStocks Financial News
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Re: CNOOC 0883

Postby winston » Tue May 05, 2020 9:13 pm

CICC: CNOOC (00883.HK) Long-term Rosy Prospect Unchanged, Kept Outperform

CICC suggested CNOOC (00883.HK)'s long-term rosy outlook will remain unchanged.

The firm's management spent more time than usual to analyze oil price trends at the conference call, expecting oil prices to bounce back to US$45-50/bbl by the end of 2020.

As markets return to normal conditions, CICC forecast a continuous oil price rally next year.

CNOOC was retained at Outperform, with an unchanged target of $10.3.

Source: AAStocks Financial News
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