Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][6] Core Viewpoints - The company has successfully launched the Bohai Zhong 26-6 oilfield development project (Phase I), with a peak production expected to reach 22,300 barrels per day in 2025, and a total lifecycle carbon dioxide storage of approximately 1.5 million tons [3][7] - The Brazil Buzios 7 project has safely commenced production, achieving an oil production capacity of 225,000 barrels per day, with the company holding a 7.34% stake [4][8] - OPEC+ is considering further postponing oil production increases, which may help maintain oil prices in a mid-to-high range [5][9] Summary by Sections Bohai Zhong 26-6 Oilfield Development - The Bohai Zhong 26-6 oilfield is located in the central Bohai Sea and is the largest metamorphic rock potential mountain oilfield globally, with proven oil and gas geological reserves exceeding 200 million cubic meters. The project took only three years from discovery to production due to standardized engineering practices [3][7] - The project includes the construction of a central processing platform and an unmanned wellhead platform, with plans to produce 33 development wells, including 22 production wells and 10 gas injection wells [3][7] Brazil Buzios 7 Project - The Buzios oilfield is situated in the Santos Basin off the southeastern coast of Brazil and is the world's largest deep-water salt oilfield. The oilfield's production is expected to reach 1 million barrels per day by the second half of 2025 [4][8] - The Buzios 7 project employs a floating production storage and offloading (FPSO) system and includes 15 development wells [4][8] OPEC+ Production Decisions - OPEC+ has decided to extend its voluntary production cut of 2.2 million barrels per day for an additional three months until the end of March 2025, with gradual restoration planned thereafter [5][9] - Recent reports indicate that OPEC+ may delay its planned production increase in April, which could support oil prices [5][9] Financial Forecasts - The company forecasts net profits for 2024, 2025, and 2026 to be 149.8 billion, 156.4 billion, and 163.3 billion yuan respectively, with corresponding EPS of 3.15, 3.29, and 3.43 yuan [6][14] - The projected A-share PE ratios for the same years are 8.4, 8.1, and 7.7, while the H-share PE ratios are 5.4, 5.2, and 4.9 [6][14]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Insights - The company has successfully launched the Bohai Zhong 26-6 oilfield development project, which is expected to reach a peak production of 22,300 barrels per day in 2025, with a total lifecycle carbon dioxide storage of approximately 1.5 million tons [3][7] - The Brazil Buzios 7 project has been safely launched, achieving an oil production capacity of 225,000 barrels per day, with the company holding a 7.34% stake [4][8] - OPEC+ is considering further postponing its oil production increase plans, which may help maintain oil prices in a mid-to-high range [5][9] Summary by Sections Bohai Zhong 26-6 Oilfield Development - The Bohai Zhong 26-6 oilfield is located in the central Bohai Sea and is the largest metamorphic rock potential mountain oilfield globally, with proven oil and gas geological reserves exceeding 200 million cubic meters. The project took only three years from discovery to production due to standardized engineering applications [3][7] - The project includes the construction of a central processing platform and an unmanned wellhead platform, with plans to produce 33 development wells, including 22 production wells and 10 gas injection wells [3][7] Brazil Buzios 7 Project - The Buzios oilfield is situated in the Santos Basin off the southeastern coast of Brazil and is the world's largest deep-water sub-salt oilfield. The oilfield's production is expected to reach 1 million barrels per day by the second half of 2025 [4][8] - The Buzios 7 project employs a floating production storage and offloading (FPSO) system and includes 15 development wells [4][8] OPEC+ Production Plans - OPEC+ has decided to extend its voluntary production cut of 2.2 million barrels per day for an additional three months until the end of March 2025, with gradual restoration planned thereafter [5][9] - Recent reports indicate that OPEC+ may delay its planned production increase in April, which could support oil prices [5][9] Financial Forecasts - The company forecasts net profits for 2024, 2025, and 2026 to be 149.8 billion, 156.4 billion, and 163.3 billion yuan respectively, with corresponding EPS of 3.15, 3.29, and 3.43 yuan [6][14] - The projected A-share PE ratios for the same years are 8.4, 8.1, and 7.7, while the H-share PE ratios are 5.4, 5.2, and 4.9 [6][14]

Investment Rating - The investment rating for China National Offshore Oil Corporation (CNOOC) is "Buy" (maintained) [1] Core Views - The company has released its 2025 operational strategy, projecting stable production growth and an increase in dividend payout ratio [1][6] - The expected net production for 2024 is approximately 720 million barrels of oil equivalent, with a target of 760-780 million barrels for 2025 [6] - The company aims for a dividend payout ratio of no less than 45% for the years 2025-2027, reflecting a 5 percentage point increase from the previous target [6] Financial Data and Profit Forecast - Total revenue (in million yuan) is projected to be 482,774 for 2024, 496,913 for 2025, and 514,244 for 2026, with year-on-year growth rates of 15.9%, 2.9%, and 3.5% respectively [2] - Net profit attributable to shareholders (in million yuan) is forecasted at 150,606 for 2024, 155,561 for 2025, and 160,123 for 2026, with growth rates of 21.6%, 3.3%, and 2.9% respectively [2] - Earnings per share (in yuan) are expected to be 3.17 for 2024, 3.27 for 2025, and 3.37 for 2026 [2] - The company maintains a gross margin of approximately 50.5% for 2024, increasing slightly to 51.0% by 2026 [2] Market Data - As of January 23, 2025, the closing price is 27.60 yuan, with a market capitalization of 78,435 million yuan [3] - The dividend yield is reported at 4.63% based on the most recent dividend announcements [3] - The price-to-earnings (PE) ratio is projected to be 9 for 2024, decreasing to 8 for both 2025 and 2026 [2][3] Production and Capital Expenditure - The company plans to maintain high levels of capital expenditure, with an estimated 1,320 billion yuan for 2024 and a budget of 1,250-1,350 billion yuan for 2025 [6] - The capital expenditure will focus on exploration, development, and production, with respective allocations of approximately 16%, 61%, and 20% [6] Shareholder Returns - The company emphasizes shareholder returns, with an increased dividend payout ratio reflecting its commitment to returning value to shareholders [6] - The previous dividend payout ratio was set at no less than 40%, now increased to 45% for the upcoming years [6] Oil Price Outlook - The report anticipates Brent crude oil prices to fluctuate between 60-80 USD in 2025, providing strong support for the company's performance [6] - The company is expected to benefit from rising production levels amidst a tightening oil supply-demand balance [6] Investment Analysis Opinion - The profit forecasts for 2024-2026 are maintained at 150.6 billion, 155.6 billion, and 160.1 billion yuan respectively, corresponding to PE valuations of 9X, 8X, and 8X [6]

Investment Rating - The report maintains a "Buy" rating for China National Offshore Oil Corporation (CNOOC) [1] Core Views - High capital expenditure supports steady production growth and enhances dividend payout, reflecting a commitment to shareholder returns [1][10] - The company aims to achieve a net production target of 760-780 million barrels of oil equivalent in 2025, representing a year-on-year growth of 6.9% [8] - CNOOC plans to maintain a dividend payout ratio of no less than 45% from 2025 to 2027, an increase from the previous 40% [10] Summary by Sections Capital Expenditure and Production - CNOOC's capital expenditure for 2024 is projected at 132 billion yuan, with a budget of 125-135 billion yuan for 2025, focusing on exploration (61%), development (20%), and production (16%) [6] - The company will continue to prioritize the discovery of large and medium-sized oil and gas fields, with a focus on stabilizing production in Bohai and expanding in South China Sea and East China Sea [7] Production Growth and Efficiency - The company expects to complete a net production of approximately 720 million barrels of oil equivalent in 2024, with a target of 760-780 million barrels in 2025, and further growth projected for 2026 and 2027 [8] - Key domestic projects include the development of the Kenli 10-2 oilfield group and the Wenchang 9-7 oilfield, while overseas projects include the Guyana Uaru project [9] Financial Performance and Shareholder Returns - CNOOC's net profit is forecasted to be 145.7 billion yuan in 2024, increasing to 158.2 billion yuan in 2025, and 163.9 billion yuan in 2026, with corresponding EPS of 3.06, 3.33, and 3.45 yuan per share [12] - The company emphasizes a stable high dividend policy, enhancing its investment value in a low-interest-rate environment [10]

Investment Rating - The investment rating for the company is "Outperform the Market" [2][8] Core Viewpoints - The company aims to achieve a net production target of 760-780 million barrels of oil equivalent in 2025, with a capital expenditure budget of RMB 125-135 billion [3][5] - The company maintains a dividend payout ratio of no less than 45% for the years 2025-2027, an increase from the previous 40% policy [7][13] - The company focuses on exploring and developing large and medium-sized oil and gas fields, with significant projects underway both domestically and internationally [6][11] Summary by Sections Production and Capital Expenditure - The company expects to complete a net production of approximately 720 million barrels of oil equivalent in 2024, a year-on-year increase of 6.7% [4] - The capital expenditure for 2025 is budgeted at RMB 125-135 billion, with exploration, development, and production capitalized expected to account for approximately 16%, 61%, and 20% of the total budget respectively [5][10] Exploration and Development - The company is focused on finding large and medium-sized oil and gas fields, ensuring stable oil reserves through reasonable exploration investments [6][11] - Key projects include the development of the Bohai Zhong 26-6 oil field and the Yellowtail project in Guyana, with the Eastern 29-1 gas field project already in production [6][12] Technology and ESG Initiatives - The company emphasizes technological innovation and green development, aiming to integrate smart oil and gas field construction with AI technologies [7][12] - It plans to increase its renewable energy capacity, targeting over 1 billion kWh of green electricity consumption in 2025, a year-on-year increase of approximately 30% [7][12] Shareholder Returns - The company is committed to enhancing shareholder returns, with a dividend payout ratio of no less than 45% for 2025-2027, reflecting a focus on sharing development results with shareholders [7][13] Financial Forecast - The company forecasts net profits of RMB 149.8 billion, 156.4 billion, and 163.3 billion for 2024-2026, with corresponding EPS of 3.15, 3.29, and 3.43 respectively [8][15]

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company is expected to achieve a net production of approximately 720 million barrels of oil equivalent in 2024, reaching the upper limit of its initial target, and is projected to have a compound annual growth rate (CAGR) of 4.4% from 2025 to 2027 [1][2]. - The company plans to increase its dividend payout ratio to no less than 45% for the years 2025 to 2027, which is an increase of 5 percentage points compared to the previous commitment of 40% [3][4]. - The capital expenditure budget for 2025 is projected to be stable at 125 billion to 135 billion yuan, with a focus on exploration, development, and production [3][4]. Summary by Sections Production and Growth - The company anticipates a production target of 760-780 million barrels in 2025, with expected year-on-year growth rates of 6.9%, 2.6%, and 3.8% for the years 2025, 2026, and 2027 respectively [1][2]. - New projects in both domestic and international markets are expected to drive production growth, including the development of several oil fields and gas projects [2]. Financial Projections - The forecasted revenue for 2024 is approximately 430.87 billion yuan, with a slight decline expected in 2025 to 428.98 billion yuan, followed by a recovery to 438.50 billion yuan in 2026 [5][11]. - The net profit attributable to shareholders is projected to be 146.99 billion yuan in 2024, slightly decreasing to 145.77 billion yuan in 2025, and then increasing to 148.81 billion yuan in 2026 [5][11]. Valuation Metrics - The report indicates that the company's price-to-earnings (PE) ratio is expected to remain at 9 times for the years 2025 and 2026, suggesting a stable valuation [4][5]. - The expected earnings per share (EPS) for 2025 is projected to be 3.07 yuan, with a slight increase to 3.13 yuan in 2026 [5][11].

中国海洋石油有限公司（以下简称"公司"）于 2025 年 1 月 22 日以书面决 议方式召开 2025 年第一次董事会。本次董事会的会议通知及议案已于 2025 年 1 月 20 日发送给公司全体董事。本次会议应出席董事 9 人，实际出席董事 9 人。 会议于 2025 年 1 月 22 日形成有效决议。会议的召集、召开、表决程序符合有关 法律法规及《中国海洋石油有限公司组织章程细则》的相关规定，合法、有效。 二、董事会审议情况 证券代码：600938 证券简称：中国海油 公告编号：2025-001 中国海洋石油有限公司 2025 年第一次董事会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 表决结果：6 票赞成，0 票反对，0 票弃权。兼任高级管理人员的执行董事周 心怀先生、阎洪涛先生、穆秀平女士回避表决。 特此公告。 （一）审议通过《关于未来三年派息政策建议方案的议案》 具体内容详见公司于上海证券交易所网站（www.sse.com.cn）披露的《中国 海洋石油有限公司二零二五年经营策略公 ...

Investment Rating - The report maintains a "Buy" rating for both A and H shares of China National Offshore Oil Corporation (CNOOC) [1] Core Views - The company aims to continuously increase reserves and production while maintaining a stable capital expenditure and increasing dividend payout ratios [7] - CNOOC's net production target for 2025 is set at 760-780 million barrels of oil equivalent, reflecting a year-on-year increase of 5.6% to 8.3% [7] - The company plans to maintain a dividend payout ratio of no less than 45% from 2025 to 2027 [7] - The report forecasts net profits for 2024, 2025, and 2026 to be RMB 150 billion, RMB 163.5 billion, and RMB 172.9 billion respectively, with corresponding P/E ratios for A shares of 8.8, 8.0, and 7.6 [7] Financial Projections - Total revenue for 2022 was RMB 422.23 billion, with projections of RMB 416.61 billion for 2023, RMB 445.78 billion for 2024, RMB 477.52 billion for 2025, and RMB 498.76 billion for 2026 [1] - The net profit attributable to shareholders for 2022 was RMB 141.7 billion, with forecasts of RMB 123.84 billion for 2023, RMB 150 billion for 2024, RMB 163.53 billion for 2025, and RMB 172.92 billion for 2026 [1] - The latest diluted EPS is projected to be RMB 2.98 for 2022, RMB 2.61 for 2023, RMB 3.16 for 2024, RMB 3.44 for 2025, and RMB 3.64 for 2026 [1] Capital Expenditure and Projects - CNOOC plans to maintain a capital expenditure budget of RMB 125 billion to RMB 135 billion for 2025, with a focus on exploration, development, and production [7] - Significant new projects are expected to commence in 2025, including developments in Bohai and overseas projects in Guyana and Brazil [7]

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has successfully commenced production at the Dongfang 29-1 gas field development project, enhancing its natural gas supply capabilities in the Hainan Island region [1] Group 1: Project Details - The Dongfang 29-1 gas field is located in the Yinggehai sea area, with an average water depth of approximately 68 meters [1] - The project includes the construction of one unmanned wellhead platform and one subsea pipeline, with plans to develop six production wells [1] - The project is expected to reach a peak production capacity of 38 million cubic feet of natural gas per day by 2025 [1] Group 2: Cost Efficiency and Infrastructure - The unmanned wellhead platform is built using a standardized and integrated model, optimizing equipment layout and significantly reducing project investment costs [1] - The produced oil and gas will be processed through existing production facilities in the Dongfang gas field group via the subsea pipeline [1] Group 3: Strategic Importance - The successful production commencement at Dongfang 29-1 gas field will further enhance the natural gas production capacity of the Dongfang gas field group [1] - This project is part of CNOOC's ongoing efforts to maximize production potential in the Yinggehai basin and reduce development costs for new projects [1] - The project aims to provide clean, reliable, and stable energy supply for Hainan Island [1]

Investment Rating - The report maintains an "Outperform" rating for the company [3][6][13] Core Views - The Suizhong 36-2 oilfield development project is expected to reach a peak production of 9,700 barrels of oil equivalent per day (boe/d) by 2026 [2][18] - The Panyu 11-12/10-1/10-2 oilfields adjustment joint development project is expected to achieve a peak production of 13,600 boe/d by 2025 [9][23] - ExxonMobil plans to develop the eighth project in the Stabroek block, with a target capacity of 1.7 million barrels per day (mb/d) by 2030 [7][10] - OPEC+ has extended its voluntary production cuts, which is expected to maintain oil prices in a medium-to-high range [5][8] Project Details Suizhong 36-2 Oilfield - Located in the Bohai Sea with an average water depth of 27 meters [2][18] - Includes 21 development wells (16 production wells and 5 water injection wells) [2][18] - Produces light crude oil [2][18] - Operated by CNOOC with 100% equity [2][18] Panyu 11-12/10-1/10-2 Oilfields - Located in the eastern South China Sea with an average water depth of 100 meters [9][23] - Includes 15 development wells [9][23] - Produces medium and heavy crude oil [9][23] - Features a smart oilfield system with unmanned platforms and advanced production technologies [9][23] - Operated by CNOOC with 100% equity [9][23] Stabroek Block (ExxonMobil) - The eighth project, Longtail, is expected to have a capacity of 240,000 barrels per day (b/d) by 2030 [7][10] - Current projects (Liza Phase 1, 2, and Payara) are operational, with Yellowtail, Uaru, and Whiptail projects set to start production by 2027 [7][10] - Total capacity of the Stabroek block is expected to exceed 1.3 mb/d by 2027 and 1.7 mb/d by 2030 [7][10] Financial Forecasts - Net profit attributable to shareholders is projected to be 149.8/156.4/163.3 billion yuan for 2024-2026 [3][13] - EPS is forecasted at 3.15/3.29/3.43 yuan for 2024-2026 [3][13] - A-share PE ratios are estimated at 9.2x/8.8x/8.5x for 2024-2026 [3][13] - H-share PE ratios are estimated at 6.6x/6.3x/6.0x for 2024-2026 [3][13] Industry Outlook - OPEC+ extended its voluntary production cuts of 2.2 mb/d until March 2025, with gradual recovery planned from April 2025 to September 2026 [5][8] - Global oil demand forecasts for 2025 have been adjusted by OPEC (down to 1.45 mb/d), IEA (up to 1.10 mb/d), and EIA (up to 1.30 mb/d) [5][8] - Oil prices are expected to remain in a medium-to-high range due to OPEC+ production cuts and high fiscal breakeven costs [5][8] Valuation and Comparisons - CNOOC's A-share valuation shows a PE of 9.2x/8.8x/8.5x and PB of 2.0x for 2024-2026 [12] - Comparable companies include PetroChina (PE: 9.3x/8.7x, PB: 1.1x) and CNOOC H-shares (PE: 6.1x/5.8x, PB: 1.1x) [12]