Industrial Securities(SH:601377) 智通财经网·2025-09-10 03:48Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has effectively increased reserves and production while managing barrel oil costs to cope with international oil price fluctuations. The company is projected to achieve net profits of 132 billion, 135.2 billion, and 140.6 billion yuan for the years 2025-2027, reflecting year-on-year changes of -4.3%, +2.4%, and +4.0% respectively, maintaining a "Buy" rating [1]. Group 1: Financial Performance - In the first half of 2025, the company reported operating revenue of 207.6 billion yuan, a year-on-year decrease of 8.4%, primarily due to a 7.2% decline in oil and gas sales revenue to 171.7 billion yuan. The net profit attributable to shareholders was 69.5 billion yuan, down 13% year-on-year. The company plans to distribute an interim dividend of 0.73 HKD per share (tax included), which is roughly unchanged year-on-year, with a payout ratio of 45.5% [1]. Group 2: Production and Output - In the first half of 2025, the company's net oil and gas production increased by 6.1% year-on-year to 38.46 million barrels of oil equivalent. The oil liquid production was 29.61 million barrels, up 4.5%, while natural gas production reached 516.2 billion cubic feet, a 12% increase, mainly due to contributions from the Deepwater No. 1 Phase II gas project. The company maintains its full-year production guidance of 760-780 million barrels of oil equivalent, with a reserve replacement rate of no less than 130% [2]. Group 3: Pricing and Costs - In the first half of 2025, the average realized oil price decreased by 13.9% year-on-year to 69.2 USD per barrel, while the average realized gas price increased by 1.4% to 7.9 USD per thousand cubic feet. The main cost per barrel of oil decreased by 2.9% (0.81 USD) to 26.94 USD per barrel, with reductions in various costs including operating expenses, depreciation, and other taxes [3]. Group 4: Capital Expenditure - The company's capital expenditure in the first half of 2025 was 57.6 billion yuan, down 8.7% year-on-year. The breakdown includes exploration, development, production capitalization, and other capital expenditures of 9.1 billion, 36.3 billion, 11.6 billion, and 0.6 billion yuan respectively, with year-on-year changes of -1.1%, -9.7%, -7.2%, and -50%. The full-year capital expenditure guidance remains at 125-135 billion yuan [4].