Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark index within the next six months [9]. Core Insights - The company is projected to achieve net profits of 143.9 billion, 155 billion, and 163.6 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 16%, 8%, and 5% [14][27]. - The company has a strong reserve replacement rate of 180% and a net production of 678 million barrels of oil equivalent in 2023, indicating robust growth potential [17][57]. - The company is focused on maintaining high capital expenditures, with a target of 125 to 135 billion yuan for 2024, aiming for a production target of 700 to 720 million barrels of oil equivalent [27][36]. Financial Summary - The company's total operating revenue for 2023 is projected at 416.6 billion yuan, with a slight decline of 1.33% year-on-year, followed by growth rates of 10%, 7%, and 6% for the years 2024, 2025, and 2026, respectively [13][28]. - The gross profit margin is expected to be 49.88% in 2023, decreasing to 45.57% by 2026 [13]. - The earnings per share (EPS) are forecasted to be 2.60 yuan for 2023, increasing to 3.44 yuan by 2026 [14][28]. Operational Highlights - The company has successfully reduced its barrel of oil cost by 11% from 2017 to 2023, with the cost expected to further decline to 27.59 USD per barrel in Q1 2024 [40][65]. - The company is actively pursuing technological innovations to enhance production efficiency and reduce costs, which is expected to strengthen its competitive position in the market [25][71]. - The company has a diversified portfolio, with significant operations in both oil and gas exploration and production, benefiting from the current upward trend in oil prices [42][67].

证券代码：600938 证券简称：中国海油 公告编号：2024-015 中国海洋石油有限公司 2023 年 A 股末期股息分派实施公告 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。 重要内容提示： 每股分配比例 A 股每股现金红利 0.60036 元（含税）。 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/7/11 | － | 2024/7/12 | 2024/7/12 | 差异化分红送转：否 一、 通过分配方案的股东大会届次和日期 中国海洋石油有限公司（以下简称"公司"或"本公司"）本次末期股息分配 方案已经本公司于 2024 年 6 月 7 日的 2023 年度股东周年大会审议通过。 3. 分配方案： 公司拟向全体股东派发末期股息每股 0.66 港元（含税）。股息以港元计值和宣 派，其中 A 股股息将以人民币支付，折算汇率以股东周年大会宣派股息之日前一 周的中国人民银行公布的港元对人 ...

Investment Rating - The investment rating for China National Offshore Oil Corporation (CNOOC) is "Outperform the Market" [9][12][19] Core Insights - The report highlights the commencement of production for the Enping 21-4 oilfield and the Wushi 23-5 oilfield group, with significant expected peak production rates of 5,300 barrels of oil equivalent per day by 2025 and 18,100 barrels of oil equivalent per day by 2026, respectively [10][11][12][31] - The Enping 21-4 oilfield is noted as China's first ultra-deep large displacement well project, achieving a maximum well depth of over 9,500 meters and a horizontal displacement of 8,689 meters, setting new records for offshore drilling in China [4][30][27] - The Wushi 23-5 oilfield is recognized as China's first fully green-designed oilfield, featuring a comprehensive integration of facilities aimed at zero emissions and pollution, effectively utilizing associated gas [6][11] Financial Projections - The forecasted net profit for CNOOC from 2024 to 2026 is projected at 149.8 billion, 156.4 billion, and 163.3 billion yuan, respectively, with corresponding earnings per share (EPS) of 3.15, 3.29, and 3.43 yuan [12][19] - The report indicates that the price-to-earnings (P/E) ratios for A-shares are expected to be 11.2, 10.7, and 10.2 for the years 2024 to 2026, while the H-shares are projected at 7.0, 6.7, and 6.4 [12][19] Oil Price Outlook - The report notes a significant rebound in international oil prices, with Brent crude oil reaching $86.94 per barrel, an increase of 8.0% from the previous month, driven by OPEC+ production cuts and anticipated demand during the peak season [28][34] - It is expected that Brent crude oil prices will maintain a range of $80 to $90 per barrel throughout the year, with a potential upward trend [28][34]

Summary of Conference Call Notes Company Overview - The company discussed is China National Offshore Oil Corporation (CNOOC), a leading player in oil exploration and production [1] Core Points and Arguments - CNOOC is recommended as a strong investment due to its leadership position in the oil exploration and production sector [1] - The company is expected to maintain a balanced supply and demand situation for crude oil under carbon neutrality constraints [1] - With oil prices remaining high, CNOOC is actively engaging in capital expenditures, which is anticipated to support future production growth [1] - The long-term growth of the company is assured through its ongoing investments and production strategies [1] Additional Important Content - The discussion highlights the importance of CNOOC's proactive approach in capital spending to ensure sustainable growth in a fluctuating market [1]

Investment Rating - The report maintains a "Buy" rating for the company, highlighting its strong profitability and high dividend value in the context of stable oil prices [1][11]. Core Views - The company is deeply engaged in the green low-carbon development of oil and gas, enhancing the integration of oil and gas with new energy, and increasing capital expenditure on exploration and development, leading to rapid growth in oil and gas production [1][20]. - The company emphasizes shareholder returns, maintaining a dividend payout ratio of no less than 40% from 2022 to 2024, with an expected dividend yield of 3.9% for A shares and 6.4% for H shares in 2024 [9]. Financial Summary - The projected net profit for the company from 2024 to 2026 is estimated at 1457 billion, 1582 billion, and 1639 billion CNY respectively, with corresponding EPS of 3.06, 3.33, and 3.45 CNY per share [1][2]. - The company's revenue is expected to grow from 4222 billion CNY in 2022 to 4762 billion CNY in 2026, with a revenue growth rate of 71.56% in 2022 and a projected 2.92% in 2026 [2][6]. - The return on equity (ROE) is projected to be 19.23% in 2024, 18.57% in 2025, and 17.31% in 2026, indicating a strong profitability trend [2][6]. Operational Highlights - The company has made significant advancements in low-carbon transformation, focusing on the integration of oil and gas exploration with new energy initiatives, including the establishment of the world's largest shore power application base for offshore oil fields [20][23]. - The first fully green-designed oil field in China, the Wushi 23-5 oil field group, has commenced production, showcasing the company's commitment to sustainable development [23].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [6][11]. Core Insights - The company has successfully launched its first green design oilfield, the Wushi 23-5 oilfield group, in the South China Sea, which is expected to enhance its low-carbon development strategy [1][22]. - The company emphasizes high shareholder returns, with a commitment to a dividend payout ratio of no less than 40% from 2022 to 2024, and an absolute dividend value of at least 0.70 HKD per share [2]. - The company’s earnings forecasts for 2024-2026 are projected to be 1457 billion, 1582 billion, and 1639 billion CNY respectively, with corresponding EPS of 3.06, 3.33, and 3.45 CNY per share [11]. Summary by Sections Company Overview - The company is focused on integrating oil and gas exploration with renewable energy development, particularly in key areas such as Bohai Bay and the Beibu Gulf [16]. Financial Performance - As of July 1, the company's A and H shares have a PB-MRQ of 2.29 and 1.38 respectively, compared to comparable companies like ExxonMobil and Occidental Petroleum [2]. - The company reported a net profit of 1417 billion CNY in 2022, with a significant increase in revenue and profit margins expected in the coming years [9][11]. Market Position - The company’s stock price is currently at 34.04 CNY, with a projected dividend yield of 3.9% for A shares and 6.4% for H shares based on the 2024 dividend forecast [2][3]. - The report highlights the company's competitive edge in terms of ROE, which is higher than that of comparable companies, suggesting room for valuation improvement [2].

Summary of Conference Call Company/Industry Involved - The conference call is related to the securities industry, specifically focusing on the insights provided by Zheshang Securities Research Institute [1] Core Points and Arguments - The content of the call is directed towards institutional investors and invited third-party guests, emphasizing that the opinions expressed are personal and do not constitute specific investment advice [1] Other Important but Possibly Overlooked Content - The call serves as a reminder that all information shared is for informational purposes only and should not be interpreted as a judgment on specific securities or market performance at any given time [1]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][5]. Core Views - The seventh development project in the Guyana Stabroek block, the Hammerhead project, is expected to be launched, with an environmental authorization application submitted to the Guyanese government [3]. - The Hammerhead project has a maximum design capacity of 180,000 barrels per day and is anticipated to commence production by 2029 [3][7]. - The Stabroek block has an estimated recoverable resource of approximately 11 billion barrels of oil equivalent, with three existing projects contributing a total production capacity of 580,000 barrels per day [4][26]. - The average production from the Stabroek block for the first four months of 2024 is projected to be 616,000 barrels per day, exceeding the government's forecast by 9% [4][8]. Financial Forecast and Valuation - The company’s projected net profit for 2024-2026 is estimated at 149.8 billion, 156.4 billion, and 163.3 billion yuan, respectively, with corresponding EPS of 3.15, 3.29, and 3.43 yuan [5][31]. - The A-share PE ratios for 2024, 2025, and 2026 are projected to be 10.2, 9.7, and 9.3 times, while the H-share PE ratios are expected to be 6.7, 6.4, and 6.1 times [5][31].

Investment Rating - The report assigns a "Buy" rating to the company, with a previous rating of "Not Rated" [43]. Core Views - The company is positioned as a leading marine oil and gas exploration and production enterprise in China, with a strong resource endowment and a notable low-cost advantage, indicating stable and positive performance [45]. - The oil and gas extraction industry is expected to maintain a high level of prosperity, supported by ongoing demand growth from emerging economies and a stable international oil price outlook [45]. - The company is increasing its capital expenditure to enhance production capacity, with projected net production reaching 700-720 million barrels of oil equivalent in 2024 [45]. Summary by Sections Company Overview - The company primarily engages in the exploration, development, production, and sales of oil and gas, with significant operations in China's offshore regions [42]. - As of the end of 2023, the company's domestic offshore reserves and production accounted for approximately 60% and 69% of its total reserves and production, respectively [42]. Industry Outlook - The report highlights that the international oil price is expected to remain at a mid-to-high level in 2024, with the oil and gas extraction industry continuing to thrive [45]. - Factors such as OPEC+ production policies and geopolitical tensions are reshaping global oil trade dynamics, which may impact supply stability [45]. Financial Performance - The company achieved a net production of approximately 180.1 million barrels of oil equivalent in Q1 2024, reflecting a year-on-year increase of 9.9% [45]. - The average realized price for oil was $78.75 per barrel, up 6.2% year-on-year, contributing to a revenue of 111.468 billion RMB, a 14.1% increase from the previous year [45]. Cost Management - The company's main cost per barrel of oil decreased to $28.83 in 2023, down 5.1% year-on-year, and further reduced to $27.59 in Q1 2024 [45]. - The report emphasizes the importance of controlling depreciation, depletion, and amortization (DD&A) costs and operational expenses to maintain competitive pricing [45]. Transition to Low-Carbon Energy - The company is actively pursuing low-carbon development, with natural gas production increasing and expected to account for 30% of its output by 2025 [45]. - The integration of offshore wind power projects with oil and gas operations is highlighted as a key strategy for sustainable growth [45].

Investment Rating - The report maintains a "Buy" rating for the company [5][14]. Core Views - The company has significant domestic reserves, with 43% of its confirmed reserves located in the South China Sea, contributing to production and reserve growth [1]. - The company plans to increase capital expenditure in 2024, with a budget of 1250-1350 billion yuan, aimed at enhancing exploration and production capabilities [3]. - Recent breakthroughs in deepwater exploration, including the successful testing of the Ling Shui 36-1 gas field, are expected to further boost the company's production capacity [13]. Summary by Sections Company Overview - The company holds confirmed reserves of 1754.5 million barrels of oil equivalent in the South China Sea, accounting for 26% of its total confirmed reserves and 43% of domestic reserves [1]. - In Q1 2024, the net production from the South China Sea fields reached 56.9 million barrels of oil equivalent, representing 32% of the company's total net production [1]. Capital Expenditure and Projects - The capital expenditure for 2024 is projected to increase compared to 2023, with several key projects expected to commence production within the year, including the Bozhong 19-2 oil field and the Deep Sea No. 1 Phase II natural gas project [3]. - The company is focused on enhancing its exploration and development spending to support new production and reserve growth [3]. Financial Performance - The company forecasts net profits of 1457 billion yuan, 1582 billion yuan, and 1639 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 3.06, 3.33, and 3.45 yuan per share [14][15]. - The report highlights a strong return on equity (ROE) of 23.7% for 2022, with a projected decline to 15.9% by 2026 [15].