Core Viewpoint - Bank of America reports that CNOOC's net profit for the first three quarters is 3.21 billion yuan, a year-on-year increase of 31% [1] Financial Performance - The net profit for the third quarter is 1.246 billion yuan, representing a year-on-year increase of 46% and a quarter-on-quarter increase of 16%, outperforming expectations [1] - Revenue for the third quarter is 11.5 billion yuan, showing a year-on-year increase of 4% but a quarter-on-quarter decrease of 8%, in line with expectations [1] - The slowdown in revenue growth is primarily due to a deceleration in the expansion of oil well services [1] Service Contribution - The contribution from drilling services has rapidly increased, mainly benefiting from high day rates from North Sea contracts and improved utilization rates of drilling platforms [1] Target Price Adjustment - Bank of America raises the target price for CNOOC from 8 HKD to 8.2 HKD, maintaining a "neutral" rating [1]

Financial Data and Key Metrics Changes - ProPetro generated total revenue of $294 million, a decrease of 10% compared to the prior quarter [19] - Net loss totaled $2 million or $0.02 loss per diluted share, an improvement from a net loss of $7 million or $0.07 loss per diluted share in the previous quarter [19] - Adjusted EBITDA was $35 million, representing 12% of revenue, and decreased by 29% compared to the prior quarter [19] - Free cash flow for the completions business was $25 million [19] Business Line Data and Key Metrics Changes - The completions business continues to generate sustainable free cash flow despite a decline in activity and related revenue [20] - Capital expenditures incurred were $98 million, with approximately $79 million supporting ProPWR orders [21] - The company anticipates full-year 2025 capital expenditures to be between $270 million and $290 million, down from previous guidance [22] Market Data and Key Metrics Changes - Approximately 70 full-time frac fleets are currently operating in the Permian, down from 90 to 100 fleets at the beginning of the year, indicating a slowdown in the completions market [4] - Pricing discipline has softened at the lower end of the market, particularly among subscale frac providers [7] Company Strategy and Development Direction - ProPetro is focusing on capital light investments and the ProPWR segment as key growth engines [6][10] - The company secured a long-term contract for 60 megawatts to support a hyperscale data center, marking its entry into the data center power market [11] - ProPetro plans to expand its capacity to 750 megawatts by the end of 2028, with a focus on both oilfield power projects and data center applications [12][15] Management's Comments on Operating Environment and Future Outlook - The management expects the challenging operating environment to persist into at least the first half of next year due to tariffs and OPEC production increases [5] - Despite current market challenges, ProPetro is well-positioned with a strong balance sheet and a focus on operational excellence [17] - The company anticipates maintaining 10 to 11 active fleets in the fourth quarter, with expectations for sequential improvement in the ProPWR segment [16] Other Important Information - ProPetro has executed a letter of intent for a $350 million leasing facility to support its ProPWR growth [13][25] - The company is committed to a disciplined approach to capital deployment, ensuring flexibility to pivot between key priorities [24] Q&A Session Summary Question: Details on the 60 megawatt data center contract - The contract involves reciprocating engines and battery energy storage systems, with potential for future capacity expansion [30][33] Question: Future funding structures and liquidity runway - The company prioritizes organic free cash flow for funding, with additional options available for future capital needs [35][38] Question: Contract duration preferences in the current environment - The company evaluates each deal on a case-by-case basis, balancing long-term contracts with potential for higher margins in shorter terms [44][46] Question: Equipment cost differentials between data centers and oilfield microgrids - There is no significant cost differential; the average cost of equipment is around $1.1 million per megawatt [47][48] Question: Deployment of megawatts across different markets - The company anticipates a balanced distribution between oilfield contracts and data center contracts, with potential shifts based on market opportunities [53][56] Question: Concerns about power being bid away from frac business - The company feels confident about its current positioning and the differentiation in equipment used for different applications [61][62] Question: Differentiation between frac and power generation services - Both service lines focus on customer needs, with a strong emphasis on operational excellence and flexibility [66][68]

Core Viewpoint - CNOOC Services reported a revenue of 11.533 billion yuan for Q3 2025, marking a year-on-year increase of 3.60%, with a net profit attributable to shareholders of 1.246 billion yuan, up 46.10% [2] Financial Performance - For the first three quarters, the company achieved a total revenue of 34.854 billion yuan, reflecting a year-on-year growth of 3.50% [2] - The net profit attributable to shareholders for the same period was 3.209 billion yuan, representing a year-on-year increase of 31.30% [2] - Basic earnings per share for Q3 were 0.26 yuan, while for the first three quarters, it was 0.67 yuan [2]

格隆汇10月29日丨中海油田服务(02883.HK)发布公告，2025年前三季度，实现营业收入348.537亿元(人 民币，下同)，同比增加3.5%；归属于上市公司股东的净利润32.094亿元，同比增加31.3%；归属于上市 公司股东的扣除非经常性损益的净利润31.689亿元，同比增加28.0%；基本每股收益0.67元。 ...

格隆汇10月29日丨中海油田服务(02883.HK)发布公告，2025年前三季度，实现营业收入348.537亿元(人 民币，下同)，同比增加3.5%；归属于上市公司股东的净利润32.094亿元，同比增加31.3%；归属于上市 公司股东的扣除非经常性损益的净利润31.689亿元，同比增加28.0%；基本每股收益0.67元。 ...

Core Insights - The company reported a revenue of 11.53 billion yuan for the third quarter, representing a year-on-year increase of 3.6% [1] - The net profit for the third quarter reached 1.6 billion yuan, showing a significant year-on-year growth of 87% [1] Financial Performance - Third quarter revenue: 11.53 billion yuan, up 3.6% year-on-year [1] - Third quarter net profit: 1.6 billion yuan, up 87% year-on-year [1]

Core Insights - Beiken Energy's stock price increased by 2.01% to 11.66 CNY per share, with a market capitalization of 2.344 billion CNY as of October 29 [1] - The company has seen a year-to-date stock price increase of 37.02%, but a recent decline of 6.12% over the past five trading days [1] Financial Performance - For the period from January to September 2025, Beiken Energy reported a revenue of 747 million CNY, representing a year-on-year growth of 23.38% [2] - The net profit attributable to the parent company was 29.014 million CNY, reflecting a year-on-year increase of 19.21% [2] Shareholder Information - As of September 30, the number of shareholders decreased by 22.24% to 39,300, while the average number of circulating shares per shareholder increased by 28.60% to 4,919 shares [2] Dividend Distribution - Beiken Energy has distributed a total of 104 million CNY in dividends since its A-share listing, with 27.7937 million CNY distributed over the past three years [3]

Investment Rating - The industry investment rating is "Strongly Outperforming the Market" and is maintained [1] Core Views - The report highlights that the recent surge in crude oil prices is influenced by US sanctions on Russian oil companies, leading to a significant increase in oil prices this week [2] - OPEC+ is set to increase oil production by 137,000 barrels per day starting in November, which is considered a moderate increase [2] - The petrochemical sector continues to adjust, with ongoing attention to the progress of phasing out outdated facilities and upgrading processes [2] Summary by Sections Oil Market - Crude oil prices have risen, with US crude oil inventories decreasing and gasoline inventories slightly increasing [6][10] - Brent crude futures closed at $66.63 per barrel, reflecting an 8.8% increase from the previous week [7] - The report notes a decrease in US crude oil and petroleum product inventories, with a reduction of 4,172 thousand barrels [13] Polyester - Prices for polyester filament yarn have decreased, while price spreads have increased [14] - The latest data shows that the inventory days for polyester filament yarn in Jiangsu and Zhejiang have decreased, and the operating rate of weaving machines has increased [19] - Current prices for polyester filament yarn POY, DTY, and FDY are 6,430, 7,700, and 6,650 yuan per ton, respectively, with price spreads increasing by 31, 81, and 101 yuan per ton compared to last week [16] Olefins - The report indicates that the prices of sample polyolefins remain stable, while inventories have declined [21] - Current prices for PE and PP are 7,750 and 8,050 yuan per ton, with a slight decrease of 0.43% for PE and no change for PP [24] - The total petrochemical inventory for polyolefins is reported at 720,000 tons, down by 50,000 tons from the previous week [24]

Core Viewpoint - Zhongman Petroleum's stock price has shown fluctuations, with a recent decline of 2.03% and a year-to-date increase of 4.97%, indicating mixed market sentiment towards the company [1]. Company Overview - Zhongman Petroleum and Natural Gas Group Co., Ltd. is based in Shanghai and was established on June 13, 2003, with its listing date on November 17, 2017. The company specializes in exploration and development, oilfield engineering, and petroleum equipment manufacturing [1]. - The main revenue sources for Zhongman Petroleum are crude oil and its derivatives (54.70%), drilling engineering services (38.43%), and sales and leasing of drilling rigs and accessories (5.97%) [1]. Financial Performance - For the first half of 2025, Zhongman Petroleum reported a revenue of 1.981 billion yuan, reflecting a year-on-year growth of 3.29%. However, the net profit attributable to shareholders decreased by 29.81% to 300 million yuan [2]. - The company has distributed a total of 979 million yuan in dividends since its A-share listing, with 771 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, Zhongman Petroleum had 44,300 shareholders, an increase of 32.16% from the previous period. The average number of circulating shares per shareholder decreased by 24.33% to 10,440 shares [2]. - Among the top ten circulating shareholders, Dazhong New锐产业混合A (090018) is the fifth largest with 6.851 million shares, while Hong Kong Central Clearing Limited is the eighth largest with 4.395 million shares, having decreased its holdings by 787,200 shares [3].

Core Viewpoint - The recent disclosure of the third-quarter reports of A-share listed companies reveals significant movements of institutional investors, particularly the entry of pension funds into various stocks, indicating potential investment opportunities in these companies [1]. Group 1: Pension Fund Holdings - Pension funds have newly entered the top ten circulating shareholder lists of 20 companies in the third quarter [1]. - Ding Tong Technology has the highest number of new pension fund holdings, with 2 institutions [1]. - Other companies with 1 new pension fund holding each include Beifang Copper, Haiyou Engineering, Aibisen, Hubei Yihua, Donghua Testing, Shenghui Integration, Jingzhu Technology, Shenghong Co., Tongfei Co., Haiyou Development, Hanzhong Precision, Zhongtie Assembly, Henghui Security, Zhidemai, Kain Technology, Ketao Biology, Runben Co., Jieya Co., and Rejing Biology [1]. Group 2: Company-Specific Insights - **Ding Tong Technology**: - New pension fund holdings valued at 144 million yuan - Q3 revenue of 372 million yuan, up 48.12% YoY - Net profit of 61.175 million yuan, up 110.67% YoY [4]. - **Beifang Copper**: - New pension fund holdings valued at 162 million yuan - Q3 revenue of 7.162 billion yuan, up 24.14% YoY - Net profit of 202 million yuan, up 133.57% YoY [3]. - **Haiyou Engineering**: - New pension fund holdings valued at 66 million yuan - Q3 revenue of 1.243 billion yuan [2]. - **Aibisen**: - New pension fund holdings valued at 19 million yuan - Q3 revenue of 115.56 million yuan [2]. - **Hubei Yihua**: - New pension fund holdings valued at 102 million yuan - Q3 revenue of 695.46 million yuan [2]. - **Rejing Biology**: - New pension fund holdings valued at 255 million yuan - Q3 revenue of 310 million yuan, down 19.8% YoY - Net loss of 109 million yuan, compared to a loss of 40.64 million yuan in the same period last year [2][4].