Zhi Tong Cai Jing·2025-10-31 07:25Core Viewpoint - UBS report indicates that CNOOC's net profit for the first three quarters decreased by 12.6% to 102 billion RMB, with the third quarter net profit of 32.4 billion RMB, reflecting a year-on-year and quarter-on-quarter decline of 12.2% and 1.6% respectively, aligning with the bank's expectations [1] Group 1: Financial Performance - CNOOC's oil and gas production increased by 6.7% year-on-year to 578.3 million barrels of oil equivalent [1] - Natural gas production rose by 11.6% year-on-year [1] - The cost per barrel remained stable at 27.35 USD [1] Group 2: Price Trends - Oil prices for the first three quarters and the third quarter fell by 13.6% and 12.8% year-on-year, with the decline slightly less than that of Brent crude oil prices [1] - Natural gas prices remained stable, with increases of 1% and 0.6% year-on-year for the first three quarters and the third quarter respectively [1] Group 3: Analyst Rating - UBS maintains a "Buy" rating and a target price of 26.5 HKD for CNOOC [1]