香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內 容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 M 董事會下屬委員會成員 CNOOC Limited （中國海洋石油有限公司） （根據公司條例在香港註冊成立的有限責任公司） 股票代號：00883（港幣櫃台）及 80883（人民幣櫃台） 公告 董事名單與其角色和職能 中國海洋石油有限公司董事會（「董事會」）成員及其各自於董事會及董事會下屬委 員會的角色及職能載列如下，自二零二四年十一月二十七日起生效： | 董事會下屬 | 審核委員會 | 提名委員會 | 薪酬委員會 | 戰略與可持續 | | --- | --- | --- | --- | --- | | 委員會 | | | | 發展委員會 | | 董事 | | | | | | 執行董事 | | | | | | 周心懷(副董事長及 | - | - | - | M | | 首席執行官) | | | | | | 閻洪濤（總裁） | - | - | - | M | | 非執行董事 | | | | | | 汪東進( ...

Investment Rating - Buy rating with a target price of HKD 23.12, representing a 33.5% upside from the current price [2] Core Views - The company maintained high single-quarter net profit despite a decline in oil prices, driven by production growth and excellent cost control [2] - The company achieved a net profit of RMB 116.659 billion in the first three quarters, a year-on-year increase of 19.5% [2] - The company's oil and gas production reached 542.1 million barrels of oil equivalent in the first three quarters, with a year-on-year increase of 7.0% [2] - The company's cost per barrel of oil decreased to USD 28.14, with operating costs at USD 7.21 per barrel, placing it among the global leaders in cost control [2] - The company's capital expenditure in the first three quarters was approximately RMB 95.34 billion, a year-on-year increase of 6.6%, with high growth potential in future projects [2] Financial Performance - The company's revenue for Q3 2024 was RMB 99.254 billion, a year-on-year decrease of 13.5% but a sequential increase of 6.3% [2] - The company's net profit for Q3 2024 was RMB 36.928 billion, with a total revenue of RMB 326.024 billion for the first three quarters, a year-on-year increase of 6.3% [2] - The company's oil and gas sales contributed significantly to revenue, with domestic fields like Bozhong and Enping showing strong production growth [2] - The company's realized oil sales price increased from USD 76.8 per barrel in the first three quarters of 2023 to USD 79.0 per barrel in the same period of 2024, narrowing the discount to international oil prices [2] Production and Reserves - The company's net production in Q3 2024 was 179.6 million barrels of oil equivalent, a year-on-year increase of 7.0% [2] - Overseas production growth was driven by the successful commissioning of the Payara project in Guyana [2] - The company secured 9 new offshore exploration blocks and discovered 4 new oil and gas structures, with projects expected to come online between 2024 and 2027 [2] Financial Forecasts - The company is expected to achieve revenues of RMB 451.4 billion, RMB 465.5 billion, and RMB 476.0 billion in 2024, 2025, and 2026, respectively [2] - Net profit is forecasted to be RMB 145.2 billion, RMB 148.9 billion, and RMB 153.0 billion for 2024, 2025, and 2026, respectively [2] - The company's EPS is expected to be RMB 3.05, RMB 3.13, and RMB 3.22 for 2024, 2025, and 2026, respectively [2] Valuation Metrics - The company's PE ratio is forecasted to be 5.2x, 5.1x, and 5.0x for 2024, 2025, and 2026, respectively [2] - The company's PB ratio is expected to be 1.2x, 1.1x, and 1.0x for 2024, 2025, and 2026, respectively [2] - The dividend yield is projected to be 8.3%, 8.5%, and 8.8% for 2024, 2025, and 2026, respectively [2]

Key Points Company and Industry Overview - **Company**: China National Offshore Oil Corporation (CNOOC) - **Industry**: Oil and Gas Exploration and Production Financial Performance - **Revenue**: Increased by 6.3% to 42.4 billion yuan in the first three quarters of 2024 - **Net Profit**: Increased by 19.5% to 116.66 billion yuan in the first three quarters of 2024 - **Oil and Gas Production**: Increased by 8.5% to 54.2 million barrels in the first three quarters of 2024 - **Cost Control**: Oil and gas production cost maintained between 27 to 29 USD per barrel, demonstrating significant cost control advantages Production Performance - **Domestic Production**: Increased by 6.8% year-on-year, mainly due to contributions from Boda 19-6 and Enping 20-4 oil fields - **International Production**: Increased by 12.2% year-on-year, mainly due to the commissioning of the Guyana Payara project Cash Flow and Capital Expenditure - **Operating Cash Flow**: Increased by 14.9% to 182.77 billion yuan in the first three quarters of 2024 - **Capital Expenditure**: Increased by 6.6% to 95.34 billion yuan in the first three quarters of 2024 - **Cash and Cash Equivalents**: Decreased by 0.74 billion yuan to 133.37 billion yuan in the first three quarters of 2024 Future Outlook and Risks - **Revenue Forecast**: Expected to reach 434.99 billion yuan, 461.22 billion yuan, and 487.6 billion yuan in 2024, 2025, and 2026 respectively - **Net Profit Forecast**: Expected to reach 145.94 billion yuan, 155.0439 billion yuan, and 167.0929 billion yuan in 2024, 2025, and 2026 respectively - **Dividend Yield**: Expected to be 4.34% and 6.5% in 2024 and 2025 respectively - **Risks**: International political and economic risks, oil and gas price volatility, exchange rate risks, and forward-looking oil and gas price judgment risks

Group 1: Production Growth - The company anticipates continuous growth in both domestic and overseas production in the coming years, with the Bohai Sea being a major source of domestic production increase [2][3] - Multiple significant oil and gas discoveries have been made, with several new projects under construction or about to commence production [2][3] - The application of standardized processes and advanced drilling techniques will enhance project construction speed and efficiency, supporting future production growth [2][3] Group 2: Cost Management - The company does not aim for absolute cost reduction but focuses on effective cost control to maintain a relative competitive advantage [2][3] - The strategy is to achieve a slower increase in costs compared to the industry when costs rise, and a faster decrease when industry costs decline [3] Group 3: Capital Expenditure - To support medium to long-term production growth, the company will need to maintain a high level of capital expenditure in the coming years, with specific data to be disclosed in annual strategic outlooks [3] Group 4: Natural Gas Development - Future natural gas production is expected to increase with the development of unconventional onshore resources and major gas fields like the "Deep Sea No. 1" Phase II project [3] - The company plans to advance the construction of three trillion-cubic-meter gas zones domestically and promote overseas natural gas development [3] Group 5: Environmental Initiatives - The company has established the largest and highest voltage shore power application base for offshore oil fields globally in the Bohai Sea, promoting economic development and green low-carbon initiatives [3] Group 6: Exploration Innovations - Breakthroughs in exploration theory and technology in the Bohai Sea have guided the discovery of seven billion-ton oil and gas fields, unlocking exploration potential in complex deep-water areas [3]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a total operating revenue of 3260.24 billion yuan in Q3 2024, a year-on-year increase of 6.26%, and a net profit attributable to the parent company of 1,166.59 billion yuan, a year-on-year increase of 19.47% [2] - Despite a challenging external environment, the company increased its oil and gas production by 7% year-on-year in Q3 2024, reaching 179.6 million barrels of oil equivalent [3] - The company's cost control measures were effective, with the cost per barrel of oil remaining stable at 28.14 USD, and operating cash flow increased by 14.92% year-on-year to 1827.68 billion yuan [4] - The company made 9 new discoveries and successfully evaluated 23 oil and gas structures in the first three quarters of 2024, indicating strong growth potential [5] Financial Performance - The company's revenue for Q3 2024 was 992.54 billion yuan, a year-on-year decrease of 13.51%, and a net profit attributable to the parent company of 369.28 billion yuan, a year-on-year increase of 8.98% [2] - The company's operating cash flow for the first three quarters of 2024 was 1827.68 billion yuan, a year-on-year increase of 14.92% [4] - The company's net profit for 2024 is expected to be 1459 billion yuan, with a PE ratio of 8.6x, and is projected to grow to 1679 billion yuan by 2026, with a PE ratio of 7.5x [6] Production and Exploration - The company's total oil and gas production in Q3 2024 was 179.6 million barrels of oil equivalent, a year-on-year increase of 7%, driven by contributions from fields such as Bozhong 19-6 and Enping 20-4, as well as the Payara project in Guyana [3] - The company made 2 new discoveries and successfully evaluated 5 oil and gas structures in Q3 2024, further enhancing its resource base [5] Cost Management - The company's cost per barrel of oil was 28.14 USD in the first three quarters of 2024, remaining stable compared to the previous year [4] - The company's total period expense ratio was 3.15%, an increase of only 0.11 percentage points year-on-year, demonstrating effective cost control [4] Future Growth Prospects - The company is expected to achieve a net profit of 1459 billion yuan in 2024, growing to 1679 billion yuan by 2026, with a PE ratio of 7.5x [6] - The company's ROE is projected to be 20.1% in 2024, maintaining a strong level of profitability [6] - The company's EPS is expected to increase from 2.60 yuan in 2023 to 3.53 yuan in 2026, indicating strong earnings growth potential [12]

Investment Rating - Maintains an **OUTPERFORM** rating with a target price of HK$24.19 [1] - The current price is HK$17.30 as of November 11, 2024 [1] Core Views - The company achieved a revenue of RMB 326.024 billion in the first three quarters of 2024, a year-on-year increase of 6.26% [1] - Net profit attributable to shareholders reached RMB 116.659 billion, up 19.47% year-on-year, with diluted EPS of RMB 2.45 [1] - Despite a decline in Brent crude prices, the company maintained strong profitability through cost reduction and increased production [1] - Single-quarter net profit has remained above RMB 30 billion since Q1 2022, driven by growth in oil and gas production and lower production costs [1][6] Financial Performance - Q3 2024 Brent crude average price was $78.71/barrel, down 8.40% year-on-year, but the company still achieved year-on-year net profit growth [1] - Oil and gas equivalent production in Q3 2024 was 179.50 million barrels, up 7.04% year-on-year, with oil liquid production at 139.1 million barrels (up 7.58%) and natural gas production at 235.5 billion cubic feet (up 5.28%) [1] - Forecasted EPS for 2024-2026 are RMB 2.97, 3.00, and 3.08, respectively, with a 2024 BPS of RMB 15.68 [1][7] Valuation and Peer Comparison - The company is valued at a 2024E P/B multiple of 1.4x, with a target price of RMB 21.95/HK$24.19 [1][7] - Compared to peers, the company's valuation is higher than PetroChina (0.64x P/B) and Sinopec (0.57x P/B) but lower than ExxonMobil (2.02x P/B) [2] Key Financial Metrics - Revenue for 2024E is projected at RMB 444.187 billion, up 7% year-on-year, with net profit expected to grow 14% to RMB 141.224 billion [4] - Gross profit margin is forecasted to remain strong at 51.1% in 2024E, with ROE at 18.9% [4] - The company's debt-to-asset ratio is expected to decrease to 31.5% in 2024E, reflecting improved financial health [4]

Investment Rating - The report maintains a "Strong Buy" rating for China National Offshore Oil Corporation (CNOOC) [1][9]. Core Views - CNOOC's oil and gas net production has increased year-on-year, with healthy cash flow and high growth potential expected [2][8]. - The company has signed four new offshore oil exploration contracts in Brazil, expanding its overseas exploration potential [3][6]. - CNOOC's revenue for the first three quarters of 2024 reached approximately 326.02 billion yuan, a year-on-year increase of 6.3%, with a net profit attributable to shareholders of 116.66 billion yuan, up 19.5% year-on-year [2][4]. Summary by Sections Financial Performance - For the first three quarters of 2024, CNOOC achieved total revenue of 326.02 billion yuan, with a net profit of 116.66 billion yuan, reflecting a year-on-year increase of 6.3% and 19.5% respectively [2][4]. - In Q3 2024, the company reported a revenue of 99.25 billion yuan, down 13.5% year-on-year and 13.9% quarter-on-quarter, while net profit was 36.93 billion yuan, up 9.0% year-on-year but down 7.7% quarter-on-quarter [2][4]. Production and Sales - CNOOC's oil and gas sales revenue for the first three quarters of 2024 was approximately 271.43 billion yuan, a year-on-year increase of 13.9%, with net production reaching 542.1 million barrels of oil equivalent, up 8.5% year-on-year [3][4]. - The company’s net production in Q3 2024 was 17.96 million barrels of oil equivalent, an increase of 7.0% year-on-year [3]. Cost Management - The average cost per barrel of oil for the first three quarters of 2024 was 28.14 USD, remaining stable year-on-year, while the average Brent crude oil price was 81.88 USD per barrel, a slight decrease of 0.30% year-on-year [3][4]. - CNOOC's net profit for the first three quarters of 2024 increased significantly due to effective cost management despite fluctuations in international oil prices [3]. Cash Flow and Financial Health - The operating cash flow for the first three quarters of 2024 increased by 14.9% to 182.77 billion yuan, indicating stable and healthy cash flow [4]. - The company maintained a prudent financial policy, with a debt-to-asset ratio of 33.24% as of September 2024, down 3.56 percentage points year-on-year [4]. Future Outlook - CNOOC is expected to continue its strategy of increasing reserves and production, with several new projects successfully launched in 2024, including developments in both domestic and overseas markets [8]. - The company is projected to maintain high dividend payouts, with expected average dividend yields of 4.34% and 6.50% for CNOOC and CNOOC Ltd. respectively from 2024 to 2026 [8][9].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 326.024 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 6.26%. The net profit attributable to shareholders was 116.659 billion yuan, up 19.47% year-on-year. However, Q3 2024 revenue decreased by 13.51% year-on-year and 13.92% quarter-on-quarter, with a net profit of 36.928 billion yuan, an increase of 8.98% year-on-year but a decrease of 7.71% quarter-on-quarter [2] - Oil prices remained high, with the average Brent crude oil futures price for the first three quarters of 2024 at $81.76, $85.03, and $78.71 per barrel. The company's realized oil price was $79.03 per barrel, a year-on-year increase of 2.9%. The net production reached 542.1 million barrels of oil equivalent, an increase of 8.5% year-on-year [2] - The exploration sector saw multiple successes, with the company making 9 new discoveries and successfully evaluating 23 oil and gas structures. New projects such as the Suizhong 36-1 and Luda 5-2 oil fields are expected to support future growth [2] - The company reported a net cash flow from operating activities of 182.768 billion yuan for the first three quarters of 2024, a year-on-year increase of 14.9%, with capital expenditures of 85.107 billion yuan, up 5.24% year-on-year [2] - The company is expected to achieve net profits of 143.098 billion yuan, 153.975 billion yuan, and 162.355 billion yuan for 2024-2026, with corresponding EPS of 3.01, 3.24, and 3.42 yuan, and PE ratios of 9, 8, and 8 respectively [2] Summary by Sections Financial Performance - Revenue for 2023 is projected at 416.609 billion yuan, with a growth rate of -1.3%. For 2024E, revenue is expected to be 460.573 billion yuan, with a growth rate of 10.6% [3] - The net profit for 2023 is estimated at 124.090 billion yuan, with a growth rate of -12.6%. For 2024E, net profit is projected at 143.385 billion yuan, with a growth rate of 15.5% [3] Cash Flow and Capital Expenditure - The net cash flow from operating activities for 2023 is expected to be 209.743 billion yuan, with a steady increase projected for the following years [4] - Capital expenditures for 2023 are estimated at 68.451 billion yuan, with a gradual increase in subsequent years [4] Balance Sheet - Total assets for 2023 are projected at 1,005.598 billion yuan, with a steady increase expected through 2026 [4] - Total liabilities for 2023 are estimated at 337.722 billion yuan, with a slight increase projected for the following years [4]

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has successfully launched the Northwest Long Lake project in Canada, marking a significant milestone in its international operations [1] Group 1: Project Details - The Northwest Long Lake project is located in Alberta, Canada, and includes the construction of a new surface well site and four transportation pipelines [1] - The project utilizes Steam-Assisted Gravity Drainage (SAGD) production technology, deploying eight pairs of production wells [1] - The project is expected to reach a peak production capacity of 8,200 barrels of oil per day by 2025 [1] Group 2: Ownership and Operations - CNOOC's wholly-owned subsidiary holds 100% interest in the Northwest Long Lake project and serves as the operator [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The production of the Long Lake Northwest project in Canada has commenced, enhancing the company's overseas resource development capabilities [1] - The project is expected to reach a peak production of 8,200 barrels per day, contributing to the company's overall production growth [1] - The company has seen a significant increase in overseas oil and gas production, with a year-on-year growth of 12.2% in the first three quarters of 2024 [1] Summary by Sections Project Development - The Long Lake Northwest project is located in Alberta, Canada, and includes new surface well pads and pipelines, utilizing Steam-Assisted Gravity Drainage (SAGD) technology [1] - The company has made advancements in oil sands extraction technology and pipeline construction, which have facilitated rapid production increases [1] Production and Financial Performance - The company's overseas oil and gas production reached 172.9 million barrels of oil equivalent in the first three quarters of 2024, accounting for 32% of total production [1] - The company aims for production targets of 700-720 million barrels of oil equivalent in 2024 and 780-800 million barrels in 2025, with annual production growth rates of 4.7% and 11.3% respectively [1] Cost Management - The company's main cost per barrel of oil equivalent was $28.14, showing a slight decrease of 0.8% year-on-year [1] - The company has maintained a competitive cost structure, with operational costs and depreciation per barrel being effectively managed [1] Earnings Forecast and Valuation - The company is expected to achieve net profits of 145.7 billion, 158.2 billion, and 163.9 billion yuan for the years 2024-2026, with corresponding EPS of 3.07, 3.33, and 3.45 yuan per share [1] - The company is well-positioned to navigate through oil price cycles due to its robust overseas resource development strategy [1]