智通财经网·2025-08-28 06:57Core Viewpoint - Citi maintains a "Outperform" rating for China National Offshore Oil Corporation (CNOOC) despite fluctuations in oil prices, reflecting confidence in the company's ability to deliver high dividends through cycles [1] Price Target Adjustments - The H-share target price for CNOOC has been lowered from HKD 23.1 to HKD 22.4, while the A-share target price has been adjusted from CNY 32.4 to CNY 31.4, incorporating a 50% A-H premium [1] Financial Performance and Dividend Policy - CNOOC's mid-2025 performance indicates that most operational metrics align with annual targets, showcasing resilience amid macroeconomic uncertainties [1] - The company plans to increase its dividend payout ratio by 5 percentage points year-on-year, signaling management's commitment to enhancing shareholder returns through free cash flow [1]