CNOOC’s 1Q Production Statistics Largely in Line; Raising FVE Slightly to HKD 12.00
No-moat CNOOC's first-quarter production figures were broadly in line with our estimates although its natural gas selling price was higher than expected. We increase our 2018-19 earnings forecast by 1%-6%, after factoring in higher oil and natural gas selling prices. As a result, we raise our fair value estimate to HKD 12.00 per share (USD 154 per ADR) from HKD 11.70 (USD 151). However, we think shares are fairly valued at this level with recent strength in oil prices largely priced-in.CNOOC’s ...
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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