Core Viewpoint - The financial performance of China's three major oil companies, known as "Three Barrels of Oil," has declined in the first half of 2023, with revenue and net profit showing year-on-year decreases due to falling international oil prices and other macroeconomic factors [1][3]. Financial Performance - China National Offshore Oil Corporation (CNOOC) reported a revenue of 207.61 billion yuan, down 8% year-on-year, and a net profit of 69.53 billion yuan, down 13% [1]. - China Petroleum & Chemical Corporation (Sinopec) achieved a revenue of 1.41 trillion yuan, down 10.6%, and a net profit of 21.48 billion yuan, down 39.8%, marking the largest decline among the three companies [1][3]. - China National Petroleum Corporation (PetroChina) reported a revenue of 1.45 trillion yuan, down 6.7%, and a net profit of 84.01 billion yuan, down 5.4% [1]. Oil Price Impact - The average Brent crude oil price was $71.87 per barrel, down 14.5% year-on-year, while the average price for West Texas Intermediate (WTI) was $67.60 per barrel, down 14.4% [1][3]. Production and Sales - CNOOC's oil price realization was $69.15 per barrel, down 13.9%, with oil liquid sales revenue of 143.99 billion yuan, down 10.7%, accounting for 83.8% of total oil and gas sales revenue [3]. - CNOOC's natural gas production increased by 12% to 516.2 billion cubic feet (approximately 14.62 billion cubic meters), with sales revenue up 16.3% to 27.75 billion yuan, but natural gas only accounted for 16.2% of total oil and gas sales revenue [3]. - PetroChina's oil and gas equivalent production reached 942 million barrels, up 2%, while Sinopec's production was 262.81 million barrels, also up 2% [7][8]. Cash Flow and Debt - CNOOC's operating net cash flow was 109.18 billion yuan, down 8%, while PetroChina's cash flow grew by 4% to 227.06 billion yuan, and Sinopec's increased by 44.4% to 61 billion yuan [5]. - CNOOC's debt-to-asset ratio was 29.5%, while PetroChina's was 38.5%, and Sinopec faced higher pressure with a debt-to-asset ratio of 54.1% [4]. Dividend and Capital Expenditure - Despite the decline in performance, all three companies continued to distribute dividends, with PetroChina paying 0.22 yuan per share, CNOOC 0.73 HKD per share, and Sinopec 0.088 yuan per share [11]. - CNOOC's capital expenditure was 57.6 billion yuan, down 8.8%, while PetroChina's was 64.23 billion yuan, with an expected total of 262.2 billion yuan for the year [11]. Transition to Green Energy - CNOOC expanded its green electricity usage, consuming over 500 million kilowatt-hours, and implemented various environmental initiatives [12]. - PetroChina's renewable energy projects included a 1.3 million kilowatt solar project and wind energy initiatives, while Sinopec focused on developing a network for alternative fuels [12].

Group 1 - The oil and gas extraction sector increased by 1.06% on August 28, with *ST Xinchao leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] - The main capital inflow in the oil and gas extraction sector was 78.73 million yuan, while retail investors experienced a net outflow of 7.17 million yuan [1] Group 2 - Among individual stocks, *ST Xinchao had a closing price of 4.22 yuan, with a rise of 1.69% and a trading volume of 290,100 shares [1] - China National Offshore Oil Corporation (CNOOC) saw a net inflow of 98.24 million yuan from main capital, but experienced a net outflow of 63.87 million yuan from retail investors [2] - The stock of Intercontinental Oil and Gas had a closing price of 2.34 yuan, with a decline of 0.85% and a trading volume of 1,955,500 shares [1]

Core Viewpoint - Citi maintains a "Outperform" rating for China National Offshore Oil Corporation (CNOOC) despite fluctuations in oil prices, reflecting confidence in the company's ability to deliver high dividends through cycles [1] Price Target Adjustments - The H-share target price for CNOOC has been lowered from HKD 23.1 to HKD 22.4, while the A-share target price has been adjusted from CNY 32.4 to CNY 31.4, incorporating a 50% A-H premium [1] Financial Performance and Dividend Policy - CNOOC's mid-2025 performance indicates that most operational metrics align with annual targets, showcasing resilience amid macroeconomic uncertainties [1] - The company plans to increase its dividend payout ratio by 5 percentage points year-on-year, signaling management's commitment to enhancing shareholder returns through free cash flow [1]

里昂发布研报称，维持中国海洋石油(00883)"跑赢大市"评级，但基于对2025及2026财年布伦特原油价 格预测维持75美元/桶及70美元/桶(长期锚定价70美元/桶)的预测不变，将H股目标价从23.1港元下调至 22.4港元;中国海油（600938）(600938.SH)A股目标价由32.4元人民币下调至31.4元人民币，在H股目标 价基础上叠加50%的A-H溢价得出。 里昂指尽管面临油价波动，中海油展现穿越周期高股息兑现能力，在全球油气舞台上继续以世界级的执 行力稳步前行。其2025年中期业绩显示，多数营运指标均符合全年目标，在市场当前宏观不确定性的背 景下实属不易。另一亮点是中海油将派息比率同比提升5个百分点，使每股派息维持同比持平，释出管 理层愿意运用自由现金流提升股东回报的信号。 ...

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company achieved record oil and gas production in H1 2025, demonstrating resilience in profitability during periods of oil price volatility [5][11]. - Despite a decline in revenue and net profit year-on-year, the company has shown strong cash flow performance and maintained a prudent financial policy [5][11]. Summary by Sections Financial Performance - In H1 2025, the company reported total revenue of 207.6 billion yuan, a decrease of 8.4% year-on-year, and a net profit attributable to shareholders of 69.5 billion yuan, down 12.8% year-on-year [4]. - The Q2 2025 results showed a total revenue of 100.8 billion yuan, down 12.6% year-on-year, and a net profit of 33.0 billion yuan, down 17.6% year-on-year [4]. Production and Operational Highlights - The company achieved a net production of 385 million barrels of oil equivalent in H1 2025, marking a 6.1% increase year-on-year, setting a historical high for the same period [6]. - Natural gas production increased by 12.0% year-on-year, with significant contributions from new gas field projects [6]. Cost Management - The average cost per barrel of oil equivalent decreased by 0.81 USD to 26.94 USD, reflecting effective cost control measures [8]. - The company continues to strengthen its cost competitiveness, with a focus on maintaining a cost-leading strategy during periods of oil price fluctuations [8]. Dividend Policy - The company has a strong commitment to shareholder returns, with a mid-year dividend payout ratio of 45.9%, reflecting its intent to share development results with shareholders [9]. Capital Expenditure and Growth Strategy - The company plans to maintain high capital expenditures, with a budget of 125 to 135 billion yuan for 2025, to support stable production growth [10]. - The production target for 2025 is set at 760 to 780 million barrels of oil equivalent, with a focus on high-quality development and effective production growth [10]. Profitability Forecast - The report forecasts net profits for 2025, 2026, and 2027 to be 135.4 billion, 139.8 billion, and 144.3 billion yuan respectively, with expected EPS of 2.85, 2.94, and 3.04 yuan per share [11].

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company, with current prices at 8.63 CNY and 7.39 HKD respectively [1]. Core Views - The company demonstrates resilience in its performance despite fluctuations in oil prices, attributed to its integrated industry chain advantages [7][17]. - The company plans to enhance its natural gas business and overall operational efficiency through strategic acquisitions and capital investments [16][18]. Summary by Sections Financial Performance - In the first half of 2025, the company reported total revenue of 1,450.1 billion CNY, a year-on-year decrease of 6.7%, and a net profit attributable to shareholders of 84 billion CNY, down 5.4% [5]. - The company achieved an operating cash flow of 227.1 billion CNY, reflecting a year-on-year increase of 4.0% [7]. Business Segments - The upstream segment generated an operating profit of 85.7 billion CNY, down 6.5% year-on-year, primarily due to falling oil prices [8]. - The natural gas sales segment saw an operating profit of 18.6 billion CNY, up 10.8% year-on-year, benefiting from increased sales volume [10]. - The refining and chemical segment reported an operating profit of 11.1 billion CNY, down 18.9% year-on-year, impacted by reduced margins and inventory losses [11]. Strategic Initiatives - The company is set to acquire three gas storage companies to enhance its natural gas supply chain, which is expected to add 10.97 billion cubic meters of working gas capacity [16]. - The company plans to maintain high capital expenditures, with a budget of 210 billion CNY for upstream investments in 2025, aiming for a 1.6% increase in oil and gas equivalent production [17]. Dividend Policy - The company plans to distribute a cash dividend of 0.22 CNY per share, maintaining a dividend payout ratio of 47.9%, reflecting its commitment to shareholder returns [14]. Profit Forecast and Valuation - The report forecasts net profits of 166.1 billion CNY, 171.2 billion CNY, and 175.7 billion CNY for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.91 CNY, 0.94 CNY, and 0.96 CNY [18][20].

大项目提前投产，全年产量较为乐观。1H25 公司油气净产量达384.6 百万桶油当量，同比+6.1%，原油 产量同比+4%，天然气产量同比大幅上升12%，其中南海西部天然气产量同比+35%至171bcf。2Q25 油 气产量环比增长4%，同比增长7%，主要得益于：1）"深海一号"二期投产加速南海西部凝析油和天然 气的增产；2）渤中26-6 和渤中19-2 项目的投产。我们判断如2H25 产量维持增长趋势，全年产量或达 到指引上限的780 万桶。 海外高质量区块投产。据公司官网，公司在圭亚那参与的Yellowtail 项目已于25 年8 月投产，Stabroek 区块总产能将提升25 万桶/日至90 万桶/天，我们认为2H25 开始公司在圭亚那权益产量有望升至20 万 桶/天左右。据Rystad Energy，Stabroek 区块盈亏平衡点仅为不到30 美元/桶，为全球较低水平，我们判 断圭亚那项目的上产或保证公司的低成本高回报。 1H25 业绩略超市场预期 公司公布1H25 业绩：收入2076 亿元，同比-8%；归母净利润695.3 亿元，对应每股盈利1.5 元，同 比-13%，2Q25 营业收入1008 ...

长江商报消息 ●长江商报记者 沈右荣 400.16亿元！中国石油（601857.SH，00857.HK）大手笔收购。 8月26日晚，中国石油发布公告，公司下属全资子公司太湖公司拟与相关合资方分别以现金出资，新设三家由太湖 公司控股的合资公司，合资公司拟合计出资400.16亿元收购三家储气库公司。 对于此次收购，中国石油称，完善产业布局，实现天然气产业链整体效益最大化。 公告显示，三家储气库公司均属于盈利资产，并表之后，将为中国石油贡献一定的利润。 8月26日晚，中国石油还同步披露了2025年上半年的业绩报告。上半年，公司实现营业收入1.45万亿元，同比下降 6.74%；归母净利润约为840亿元，同比下降5.42%。公司解释，受原油、成品油价格下降及油气产品销量变化综 合影响，营业收入出现下降。 2025年中期，中国石油拟派发现金红利约403亿元，占当期归母净利润的47.94%。 中国石油前十大股东中，2025年二季度，"国家队"中央汇金、证金公司持股没有变化，陆股通也没有减持。 油价下跌净利阶段性下降 受国际原油价格波动影响，中国石油的经营业绩阶段性承压，但符合预期。 半年报显示，2025年上半年，中国石油实 ...

本报8月27日讯(大众新闻记者 顾松 通讯员 孙万芹) 目前，胜利油田正加快天然气业务布局优化，推进 实施"天然气增产增效"和"天然气管网贯通"工程，计划利用三年时间解决天然气产用不平衡矛盾。 围绕天然气增产增效，胜利油田制订了9个零散气资源优化方案，河口、陈庄等区域零散气资源优化的6 个方案有序推进，预计全年可优化零散气资源7000余万立方米。 围绕天然气管网贯通，胜利油田规划以南北和东西两个方向为主，沿南北方向，更新孤东广天然气管 道，改造沿线处理站场，连通小清河以南油区，实现油区南北全贯通、管道沿线零隐患；沿东西方向， 向西连通滨南区域，完善供气通道，实现滨南稠油注汽用气区域全覆盖，提升自产气保供能力；向东论 证连通油田管网与永21储气库，促进储气库高效利用。 今年1月，油田下发区域资源优化实施意见；4月，成立轻烃与天然气管理领导小组及工作专班，推动开 展天然气优化工作。"总体目标是，通过持续优化挖潜，解决天然气产用不平衡矛盾，实现天然气'零外 购'，达到天然气生产经营效益最大化，有力支撑油田效益开发，促进油田高质量发展步伐更加稳健有 力。"胡金涛说。 据了解，随着页岩油勘探开发不断深入，油田天然气总产 ...

Core Insights - The "Big Three" oil companies in China reported a decline in profits due to falling crude oil prices, with China National Offshore Oil Corporation (CNOOC) experiencing a revenue drop of 8% and a net profit decrease of 13% [1] - CNOOC's net production of oil and gas increased by 6.1% year-on-year, reaching 384.6 million barrels of oil equivalent, aided by a significant rise in natural gas production [1][2] Financial Performance - CNOOC's revenue for the first half of the year was 207.6 billion yuan, while net profit was 69.5 billion yuan [1] - China National Petroleum Corporation (CNPC) reported a revenue of 1.45 trillion yuan, down 6.7%, and a net profit of 84 billion yuan, down 5.4% [1] - China Petroleum & Chemical Corporation (Sinopec) had a revenue of approximately 1.41 trillion yuan, a decrease of 10.6%, with net profit plummeting by 39.8% to 21.5 billion yuan [1] Exploration and Production - CNOOC made five new oil and gas discoveries and successfully evaluated 18 oil and gas structures during the reporting period [2] - The company achieved significant breakthroughs in exploration, including the first metamorphic rock exploration in the South China Sea [2] - CNOOC's domestic oil and gas production reached 266.5 million barrels of oil equivalent, a 7.6% increase, while overseas production was 118.1 million barrels of oil equivalent, up 2.8% [2] Production Composition - The company's oil and gas production comprised 77.0% and 23.0%, respectively, with oil liquid production increasing by 4.5% and natural gas production rising by 12.0% [3] Technological Advancements - CNOOC is focusing on technological innovation and digital transformation, achieving breakthroughs in geophysical exploration and complex reservoir management [3] - The company has implemented AI and satellite technology for precise oil spill tracing and efficient emergency response to typhoons, recovering over 600,000 tons of oil equivalent in production losses [3]