CNOOC Lowers Output Targets, Extending Reserves Life but Hurting Our Fair Value Estimate
We cut our fair value estimate on CNOOC to HKD 8.20 (USD 105 per ADR) from HKD 9.40 (USD 121), following the firm's reduction in production targets, accompanied by higher capital expenditure. Although we think the higher capital expenditure should eventually lead to increased output, the company is likely keen to build up its reserves life, which has fallen to less than nine years. The strategy is positive for the longer term but will dampen cash flows for the next few years in the absence of a ...
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