Group 1 - China National Offshore Oil Corporation (CNOOC) has seen continuous net buying from southbound funds for five consecutive days, with a total net buying amount of 1.668 billion HKD and a cumulative stock price increase of 3.17% [1][2] - On January 2, CNOOC was among the actively traded stocks, with a transaction amount of 1.598 billion HKD through the Hong Kong Stock Connect, and a net buying amount of 566 million HKD [2] - During the same period, the total transaction amount for actively traded stocks through the Hong Kong Stock Connect reached 31.607 billion HKD, with a net buying amount of 1.945 billion HKD [2]

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]

Group 1 - China National Offshore Oil Corporation (CNOOC) is currently under investigation for serious violations of discipline and law involving its former drilling office director, Dong Xingliang [1] - The investigation is being conducted by the CNOOC's disciplinary inspection team and the Jiangsu Provincial Commission for Discipline Inspection and Supervision [1]

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( ...

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]