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2026-11-02 13:26:12 Citi published a research report stating that CNOOC (00883.HK)'s net profit for the third quarter was RMB33.3 billion, down 29% QoQ and up 3% YoY. The QoQ decline compared with an 8% QoQ drop in realized oil prices to USD88.03 per barrel, with performance missing expectations mainly due to a one-off impairment of RMB7.2 billion related to certain overseas assets, driven by changes in the operating environment and revised production/sales arrangements that lowered expected future cash flows. The broker said management did not disclose details of the specific assets or regions involved. The company will reassess asset values at year-end and will only make further provisions in the fourth quarter if impairment indicators emerge. China continues to rely heavily on oil and gas imports, while the country's new 10-year action plan provides a favorable policy backdrop for the company to accelerate domestic exploration, reserve expansion and production growth. Third-quarter output reached 195 million barrels of oil equivalent, up 0.6% YoY. Output for the first nine months totaled 594 million barrels of oil equivalent, up 2.7% YoY, representing about 74% to 76% of the full-year target of 780 million to 800 million barrels of oil equivalent, in line with management guidance. The broker maintained its Buy rating on CNOOC's H shares and a TP of HKD33.(da/ad)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |