Weak oil-price environment stifles cash flow and reserves growth.
We marginally raise no-moat CNOOC's fair value estimate to HKD 9.40 per share (USD 120 per ADR) from HKD 9.30 per share (USD 119 per ADR), following the release of its largely in-line third-quarter operating statistics. We increase our 2017-18 Brent oil price assumptions by 1%-2% to USD 53.75 and USD 48, respectively, and cut our 2017 capital expenditure assumption by 20%. However, the net impact is offset by our weaker U.S. dollar exchange rates assumption. Our medium-term oil price forecasts a...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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