Ge Long Hui A P P·2025-11-14 06:40Core Viewpoint - The report from Dongxing Securities indicates that the decline in oil prices has impacted China National Offshore Oil Corporation (CNOOC) revenues, but the company continues to show resilience with a growth trend in oil and gas production, as the revenue decline is less than the drop in oil prices [1] Group 1: Financial Performance - CNOOC's revenue has decreased significantly, primarily due to falling oil prices [1] - The year-on-year revenue decline is smaller than the decrease in oil prices, highlighting the company's resilience [1] Group 2: Exploration and Production - In the first three quarters of 2025, CNOOC has focused on finding large and medium-sized oil and gas fields, increasing exploration efforts with positive results [1] - The company achieved five new discoveries and successfully evaluated 22 oil and gas structures in the first three quarters of 2025 [1] - In the third quarter, four oil and gas structures were successfully evaluated, including the successful evaluation of Kenli 10-6, which is expected to become a medium-sized oil field, and Lingshui 17-2, which has shown significant integrated rolling reserve increase [1] Group 3: Future Outlook - The company is expected to maintain a high space for reserves and strong cost control capabilities, with a continued growth trend in oil and gas production [1] - A "strong buy" rating has been given based on the company's potential and performance [1]