CNOOC(600938) 光大证券·2024-11-07 14:22Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The production of the Long Lake Northwest project in Canada has commenced, enhancing the company's overseas resource development capabilities [1] - The project is expected to reach a peak production of 8,200 barrels per day, contributing to the company's overall production growth [1] - The company has seen a significant increase in overseas oil and gas production, with a year-on-year growth of 12.2% in the first three quarters of 2024 [1] Summary by Sections Project Development - The Long Lake Northwest project is located in Alberta, Canada, and includes new surface well pads and pipelines, utilizing Steam-Assisted Gravity Drainage (SAGD) technology [1] - The company has made advancements in oil sands extraction technology and pipeline construction, which have facilitated rapid production increases [1] Production and Financial Performance - The company's overseas oil and gas production reached 172.9 million barrels of oil equivalent in the first three quarters of 2024, accounting for 32% of total production [1] - The company aims for production targets of 700-720 million barrels of oil equivalent in 2024 and 780-800 million barrels in 2025, with annual production growth rates of 4.7% and 11.3% respectively [1] Cost Management - The company's main cost per barrel of oil equivalent was $28.14, showing a slight decrease of 0.8% year-on-year [1] - The company has maintained a competitive cost structure, with operational costs and depreciation per barrel being effectively managed [1] Earnings Forecast and Valuation - The company is expected to achieve net profits of 145.7 billion, 158.2 billion, and 163.9 billion yuan for the years 2024-2026, with corresponding EPS of 3.07, 3.33, and 3.45 yuan per share [1] - The company is well-positioned to navigate through oil price cycles due to its robust overseas resource development strategy [1]