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%....
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