Core Viewpoint - CNOOC Services, established in 2001 and listed in 2007, is one of the largest integrated oilfield service providers globally, covering all stages of oil and gas exploration, development, and production, with a rare full industry chain service capability [1] Financial Performance - In Q3 2025, CNOOC Services achieved a revenue of 34.854 billion yuan, ranking 2nd in the industry, surpassing the industry average of 16.033 billion yuan and the median of 1.866 billion yuan; the top competitor, Sinopec Oilfield Services, reported a revenue of 55.163 billion yuan [2] - The net profit for the same period was 3.391 billion yuan, ranking 1st in the industry, exceeding the industry average of 0.933 billion yuan and the median of 0.252 billion yuan; the second-ranked competitor, CNOOC Development, reported a net profit of 2.925 billion yuan [2] Financial Ratios - As of Q3 2025, the debt-to-asset ratio for CNOOC Services was 44.26%, lower than the previous year's 46.83% and below the industry average of 60.32%, indicating strong solvency [3] - The gross profit margin for the same period was 18.20%, up from 17.24% year-on-year and above the industry average of 17.03%, reflecting strong profitability [3] Shareholder Information - As of June 30, 2014, the number of A-share shareholders increased by 0.49% to 98,600, with an average holding of 30,000 circulating A-shares, up by 1.23% [5] - As of September 30, 2025, the top ten circulating shareholders included China Securities Finance Corporation with 138 million shares, unchanged, and other notable shareholders with varying changes in holdings [5] Business Highlights - The drilling segment remains robust, with increased operational volume and utilization rates expected to continue rising [6] - The oilfield technical services segment has shown consistent growth, becoming a core business that is likely to drive stable development [6] - The shipping segment has seen significant improvement, while the geophysical exploration business is undergoing adjustments, with future performance expected to improve [6] - CNOOC's capital expenditure remains high, which may lead to more development opportunities due to increased global oil and gas production [6]

Core Viewpoint - The stock of Sinopec Oilfield Service Corporation has experienced fluctuations, with a recent decline of 2.16% and a total market capitalization of 42.843 billion yuan, reflecting mixed investor sentiment and market activity [1]. Financial Performance - For the period from January to September 2025, Sinopec Oilfield Service achieved a revenue of 55.163 billion yuan, representing a year-on-year growth of 0.51%. However, the net profit attributable to shareholders decreased by 1.05% to 669 million yuan [2]. - The company has cumulatively distributed 2.084 billion yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Stock Market Activity - As of October 30, the stock price of Sinopec Oilfield Service was 2.26 yuan per share, with a trading volume of 336 million yuan and a turnover rate of 1.08% [1]. - The stock has seen a year-to-date increase of 10.78%, but has declined by 8.13% over the last five trading days [1]. - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent occurrence on October 22 [1]. Shareholder Information - As of September 30, 2025, the number of shareholders for Sinopec Oilfield Service was 107,500, a slight decrease of 0.05% from the previous period [2]. - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 95.692 million shares, an increase of 43.255 million shares from the previous period [3].

Core Viewpoint - Renji Co., Ltd. has experienced a significant stock price increase of 121.88% year-to-date, with recent trading activity showing a slight decline of 2.08% on October 30, 2023, indicating potential volatility in the stock market [1][2]. Company Overview - Renji Co., Ltd. is a high-tech enterprise established on September 27, 2006, and listed on November 3, 2011, located in Shenzhen, Guangdong Province. The company specializes in oilfield technology services, including research and development, design, and provision of services, as well as the production of oilfield chemical agents [2]. - The main business segments include: - New energy power engineering (34.69%) - Oil and gas field technology services (31.93%) - Drilling engineering services (18.06%) - New materials and petrochemical products sales (14.76%) - Others (0.55%) [2]. Financial Performance - As of June 30, 2023, Renji Co., Ltd. reported a decrease in operating revenue to 50.41 million yuan, a year-on-year decline of 44.38%. The net profit attributable to the parent company was -11.84 million yuan, reflecting a year-on-year increase of 32.65% [2]. - The company has cumulatively distributed 70.15 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Stock Market Activity - On October 30, 2023, Renji Co., Ltd.'s stock price was 9.43 yuan per share, with a trading volume of 1.29 billion yuan and a turnover rate of 3.17%. The total market capitalization stood at 4.018 billion yuan [1]. - The stock has appeared on the "Dragon and Tiger List" six times this year, with the most recent appearance on July 9, 2023, showing a net buy of -16.33 million yuan [1].

Core Viewpoint - Bank of America Securities reports that CNOOC Services (02883) achieved a net profit of 3.21 billion RMB in the first three quarters, representing a year-on-year increase of 31% [1] Financial Performance - The net profit for the third quarter was 1.246 billion RMB, showing a year-on-year increase of 46% and a quarter-on-quarter increase of 16%, outperforming expectations [1] - Third-quarter revenue reached 11.5 billion RMB, reflecting a year-on-year increase of 4% but a quarter-on-quarter decrease of 8%, aligning with expectations [1] - The slowdown in revenue growth is attributed to a deceleration in the expansion of oil well services [1] Service Contribution - The contribution from drilling services has rapidly increased, primarily benefiting from high day rates from North Sea contracts and improved utilization rates of drilling platforms [1] Target Price Adjustment - Bank of America Securities raised the target price for CNOOC Services (601808) from 8 HKD to 8.2 HKD, maintaining a neutral rating [1]

Core Viewpoint - Bank of America Securities reports that CNOOC Services (02883) achieved a net profit of 3.21 billion RMB in the first three quarters, representing a year-on-year increase of 31% [1] Financial Performance - The net profit for the third quarter was 1.246 billion RMB, showing a year-on-year increase of 46% and a quarter-on-quarter increase of 16%, outperforming expectations [1] - Revenue for the third quarter was 11.5 billion RMB, reflecting a year-on-year increase of 4% but a quarter-on-quarter decrease of 8%, aligning with expectations [1] Service Contributions - The slowdown in revenue growth is attributed to a deceleration in the expansion of oil well services [1] - The contribution from drilling services has rapidly increased, primarily benefiting from high day rates from North Sea contracts and improved utilization rates of drilling platforms [1] Analyst Rating - Bank of America Securities raised the target price for CNOOC Services from 8 HKD to 8.2 HKD, maintaining a neutral rating [1]

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。 ...