CNOOC's 1Q Operating Statistics Broadly In Line
No-moat CNOOC’s 2018 net profit was up 114% year over year to CNY 52.7 billion, underpinned by a 28% jump in realized oil price and the firm’s cost-cutting efforts. Stripping out impairment provision of CNY 5.4 billion related to certain exploration and evaluation assets in North America, the results were above our expectation. We increase our fair value estimate to HKD 14.50 per share (USD 186 per ADR) from HKD 13.70 (USD 176) after taking into account the latest results and stronger production...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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