CNOOC Ltd’s 3Q Operating Stats in Line but Management Admits to Potential Future Production Lag
Following the release of largely in line third-quarter output statistics, our fair value estimate for CNOOC Ltd is little changed, moving up marginally to HKD 9.40 per share (USD 121 per ADR) from HKD 9.30 (USD 119). The company’s oil & gas output reached 359 million barrels of oil equivalent for the nine months and is on track to meet its original full-year guidance. However, we lower our 2016 capital expenditure assumption by 20% and adjust down our average natural gas selling price by 7%....Cnooc is an investment holding company. Through its subsidiaries, Co. is principally engaged in the exploration, development, production and sale of crude oil, natural gas and other petroleum products in offsore of the People's Republic of China. Co.'s core operation areas are Bohai, Western South China Sea, Eastern South China Sea and East China Sea in offshore China. Co. has oil and gas assets in Asia, Africa, North America, South America, Oceania and Europe. As of Dec 31 2016, net proved reserves for oil, gas, and synthetic oil were 2,015.4 million barrels, 7,486.1 billion cubic feet, and 7,486.1 million barrels, respectively.
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