CNOOC(600938)2024-10-31 08:01Investment Rating - The report maintains a "Buy" rating for the company [1][2][3] Core Views - The company has shown steady growth in oil and gas production, with a year-on-year increase in net profit of 19.5% for the first three quarters of 2024 [2] - The average selling price of oil liquids increased by 2.9% year-on-year, contributing to a 13.9% increase in oil and gas sales revenue [2] - The company has a strong cash flow position, with net cash inflow from operating activities increasing by 14.9% year-on-year [2] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved operating revenue of 3260.24 billion RMB, a year-on-year increase of 6.3%, and a net profit attributable to the parent company of 1166.59 billion RMB, up 19.5% year-on-year [2][4] - In Q3 2024, the company reported operating revenue of 992.54 billion RMB, a decrease of 13.5% year-on-year, and a net profit of 369.28 billion RMB, an increase of 9.0% year-on-year [5] Production and Cost Analysis - The company's net production reached 542.1 million barrels of oil equivalent in the first three quarters of 2024, an increase of 8.5% year-on-year, with a primary cost of 28.14 USD per barrel equivalent, remaining stable year-on-year [2][3] - The production from domestic and overseas sources accounted for 68% and 32% of total output, respectively, with domestic production increasing by 6.8% and overseas production by 12.2% [2] Sales and Revenue Breakdown - The product structure for the first three quarters of 2024 showed that oil liquids and natural gas accounted for 78% and 22% of total output, respectively [2] - The sales revenue from oil liquids was 2353.82 billion RMB, up 14.6% year-on-year, while natural gas sales revenue was 360.50 billion RMB, up 9.4% year-on-year [2] Cash Flow and Capital Expenditure - The company reported a net cash inflow from operating activities of 1827.68 billion RMB, a year-on-year increase of 14.9% [2] - Capital expenditures for the first three quarters of 2024 totaled 953.4 billion RMB, a 6.6% increase from the previous year [2]