Group 1 - The core viewpoint of the report is that Guosen Securities has given China National Offshore Oil Corporation (CNOOC) an "outperform" rating based on strong performance indicators [1] - The company's oil and gas net production has reached a new high, with robust natural gas production and significant cost control achievements [1] - CNOOC's capital expenditure for the year remains stable, with exploration, development, and production progressing in an orderly manner [1] - The company's net profit attributable to shareholders for the third quarter of 2025 is projected to be 32.4 billion yuan, aligning with expectations [1]

Core Viewpoint - TotalEnergies (TTE.US) anticipates a slight increase in third-quarter profit and cash flow despite a decline in oil prices, driven by increased oil and gas production and improved refining margins [1] Group 1: Financial Performance - The company expects a 4% year-over-year increase in oil and gas production, reaching 2.5 million barrels of oil equivalent per day [1] - Performance and cash flow from exploration and production are projected to grow over 4% compared to the second quarter [1] - Downstream business performance and cash flow are expected to improve by $400 million to $600 million year-over-year due to expanded refining margins in Europe [1] Group 2: Market Reaction - Following the positive trading update, TotalEnergies' stock price rose by as much as 2.6% during intraday trading [1] Group 3: Operational Metrics - The cash flow from liquefied natural gas and power businesses is expected to remain stable compared to the previous three months [1] - The company anticipates a reduction in the debt-to-equity ratio by 0.5% to 1% due to a positive contribution from expected operating capital of $1.2 billion to $2 billion [1]