Group 1 - The Shanghai Composite Index fell by 0.01% on December 25, with the coal, banking, and oil & petrochemical sectors showing gains of 1.13%, 1.08%, and 0.28% respectively [1] - The oil & petrochemical sector had a net outflow of 165 million yuan, with 48 stocks in the sector, of which 10 rose and 37 fell [2] - The top net inflow stock in the oil & petrochemical sector was China National Petroleum, with a net inflow of 76.81 million yuan, followed by Tongyuan Petroleum and Renzhi Co., with inflows of 21.95 million yuan and 14.67 million yuan respectively [2] Group 2 - The electronic sector experienced the largest net outflow of funds, totaling 7.314 billion yuan, followed by the computer sector with a net outflow of 5.331 billion yuan [2] - Overall, the main funds in the two markets had a net outflow of 44.414 billion yuan, with only the automotive sector showing a net inflow of 271 million yuan [2]

Group 1 - China National Offshore Oil Corporation (CNOOC) announced the successful implementation of the first ultra-deep well exceeding 6000 meters in the Bozhong 29-6 oilfield [1] - The Bozhong 29-6 oilfield development project commenced production in 2023, with a peak daily output expected to reach approximately 17,100 barrels of oil equivalent by 2025, producing heavy crude oil [1] - The project is located in the southeastern Bohai Sea, with an average water depth of about 22 meters, and plans to develop a total of 59 wells, including 35 production wells, 22 water injection wells, and 2 water source wells [1] Group 2 - The Bozhong 29-6 oilfield is the first complex river delta heavy oil field in the southern Bohai Sea to adopt horizontal well network development, facing challenges due to thin oil layers and rapid lateral changes [2] - To achieve economically efficient development, CNOOC has applied real-time monitoring technology for large displacement wells, optimizing directional trajectory design, and ensuring precise trajectory control to enhance oil layer encounter rates [2] - New technologies for fine reservoir protection during completion of large displacement wells have been implemented to maximize oil well output and significantly reduce oilfield development investment costs [2]

Investment Rating - The report maintains an "Outperform" rating for the company [1][3][17] Core Views - The company's long-term growth certainty is significant due to the successful commissioning of new domestic and international projects [3] - OPEC+ is expected to extend voluntary production cuts, potentially stabilizing oil prices [6][12] Project Summaries Brazil Mero 3 Project - Commissioned on October 31, 2024, adding 17,400 barrels of oil equivalent per day (boe/d) in equity production [3][4] - Located in the Santos Basin pre-salt area, 180 km from Rio de Janeiro, with water depths of 1,800-2,100 meters [4] - Utilizes FPSO + subsea production system, increasing Mero field's total crude oil production capacity to 590,000 barrels per day [4] - The company holds a 9.65% interest in the Mero field PSC [4] Canada Long Lake Northwest Project - Commissioned on November 6, 2024, expected to reach peak production of 8,200 boe/d in 2025 [3][4] - Located in Alberta, Canada, using SAGD production method with 8 well pairs [4] - The company holds 100% interest and is the operator [4] Huizhou 26-6 Oilfield Development Project - Commissioned on December 2, 2024, expected to reach peak production of 20,600 boe/d in 2027 [3][5] - Located in the Pearl River Mouth Basin with average water depth of 110 meters [5] - Features 19 development wells (2 oil wells, 17 gas wells) producing light crude oil and natural gas [5] - The company holds 100% interest and is the operator [5] Jinzhou 23-2 Oilfield Project - Commissioned on December 3, 2024, expected to reach peak production of 17,000 boe/d in 2027 [3][5] - Located in the northern Liaodong Bay of Bohai Sea with average water depth of 13 meters [5] - China's first offshore multi-layer heavy oil thermal recovery development project [5] - The company holds 100% interest and is the operator [5] Financial Projections - 2024-2026 net profit attributable to parent company forecast maintained at 149.8/156.4/163.3 billion yuan [6][17] - 2024-2026 EPS projected at 3.15/3.29/3.43 yuan [6][17] - A-share PE ratios for 2024-2026 estimated at 8.3x/8.0x/7.7x [6][17] - H-share PE ratios for 2024-2026 estimated at 5.5x/5.2x/4.9x [6][17] Industry Outlook - IEA raised 2024 oil demand growth forecast from 860,000 b/d to 920,000 b/d [6][12] - EIA raised 2024 oil demand growth forecast from 910,000 b/d to 990,000 b/d [6][12] - OPEC+ total production cuts reached 5.86 million b/d as of November 2024 [6][12] - Supply remains tight due to limited US shale oil production growth and strategic petroleum reserve replenishment [6][12] Valuation Comparison - CNOOC (600938 SH) trades at 8.3x/8.0x/7.7x 2024-2026E PE [18] - PetroChina (601857 SH) trades at 8.4x/7.9x 2024-2025E PE [18] - CNOOC (0883 HK) trades at 5.5x/5.2x 2024-2025E PE [18] - PetroChina (0857 HK) trades at 5.7x/5.4x 2024-2025E PE [18]

证券代码：600938 证券简称：中国海油 公告编号：2024-027 中国海洋石油有限公司 关于董事、高级管理人员变更及调整董事会 下属委员会组成的公告 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。 中国海洋石油有限公司（"本公司"）董事会于 2024 年 11 月 27 日以书面决议形 式审议通过有关董事、高级管理人员变更及调整董事会下属委员会组成的议案，表决 结果为 6 票同意，0 票反对，0 票弃权，非执行董事温冬芬女士到龄退休，未参与表决。 本公司提名委员会、薪酬委员会已分别依职权审议通过提名、薪酬相关事项并同意提 交董事会审议。董事会宣布，以下董事、高级管理人员变更及调整董事会下属委员会 组成，自 2024 年 11 月 27 日生效。本公司已于 2024 年 11 月 27 日与新任董事订立服务 协议。 一、委任执行董事及总裁变更 周心怀先生（"周先生"）因工作需要，不再兼任本公司总裁。周先生仍担任本 公司副董事长、执行董事及首席执行官。阎洪涛先生（"阎先生"）获委任为本公司 执行董事、总裁及战略与可持续发展委 ...

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( ...

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 - 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]