第一财经网·2025-10-30 11:24Core Viewpoint - China National Offshore Oil Corporation (CNOOC) is experiencing stable cash flow from its natural gas business despite a decline in overall revenue and profit due to falling international oil prices [1][2]. Financial Performance - For the first three quarters, CNOOC reported a revenue decline of 4.1% year-on-year to 312.5 billion yuan and a net profit drop of 12.6% to 101.97 billion yuan [1]. - In Q3, revenue increased by 5.7% year-on-year to 104.89 billion yuan, while net profit decreased by 12.2% to 32.44 billion yuan [1]. - The average price of Brent crude oil fell by 14.6% to $69.91 per barrel, impacting CNOOC's oil liquid average selling price, which dropped by 13.6% to $68.92 per barrel [1]. Production and Cost Management - CNOOC's oil and gas net production increased by 6.7% year-on-year to 578.3 million barrels of oil equivalent, aided by contributions from domestic and international projects [2]. - The company successfully managed its costs, with the cost per barrel decreasing by 2.8% to $27.35 [2]. - Natural gas production reached 777.5 billion cubic feet, a nearly 12% increase, significantly outpacing the overall production growth [2]. Natural Gas Business - The average selling price of natural gas rose by 1% to $7.86 per thousand cubic feet, leading to a 15.2% increase in natural gas sales revenue to 41.53 billion yuan [2]. - CNOOC emphasizes the importance of its natural gas business due to its longer stable production periods, higher recovery rates, and lower operational costs compared to oil projects [2]. Market Outlook - The outlook for oil prices remains uncertain due to various factors, including international monetary policies and production policies from major oil-producing countries [3]. - CNOOC plans to maintain a focus on high-quality development and cost competitiveness to navigate through industry cycles [3]. - Several major international oil companies have initiated layoffs in response to the ongoing decline in oil prices, indicating broader industry challenges [3].