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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  CNOOC Limited    883   HK0883013259

CNOOC LIMITED

(883)
  Report
End-of-day quote. End-of-day quote Hong Kong Stock Exchange - 04/07
8.94 HKD   +0.56%
04/07Exxon could delay third Guyana project as government review drags on
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04/07Oil majors cut 2020 spending by 22% after prices slump
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04/01Oil majors slash 2020 spending by 20% after prices slump
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News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector newsAnalyst Recommendations

Oil majors slash 2020 spending 18% after prices slump

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03/25/2020 | 07:27am EDT
FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County

The world's biggest oil and gas companies are slashing spending this year following a collapse in oil prices driven by a slump in demand because of coronavirus and a price war between the top exporters Saudi Arabia and Russia.

Cuts already announced by five major oil companies including Saudi Aramco and Royal Dutch Shell come to a combined $19 billion (16 billion pounds), or a drop of 18% from their initial spending plans of $106 billion.

Norway's Equinor said on Wednesday it would cut capital expenditure, or capex, by some $2 billion while Chevron said on Tuesday it would slash its capex this year by $4 billion.

Others such as U.S. giant Exxon Mobil Corp and Britain's BP have said they will cut capital expenditure but haven't given specific figures as yet.

(GRAPHIC: Big Oil's 2020 capex cuts -

)

Oil prices have slumped 60% since January to below $30 a barrel. Brent crude was or 1.7% at $26.70 per barrel on Wednesday as faltering fuel demand outweighed a massive pending U.S. economic stimulus package. [O/R]

Investors also say that if the current crisis is prolonged, the spending cuts announced by major oil companies may not be enough to let them maintain dividends without adding to their already elevated levels of debt.

The combined debt of Chevron, Total, BP, Exxon Mobil and Royal Dutch Shell stood at $231 billion at the end of in 2019, just shy of the $235 billion hit in 2016 when oil prices also tumbled below $30 a barrel.

(GRAPHIC: Big Oil's rising debt -

)

(Reporting by Ron Bousso; Editing by David Clarke)

Stocks mentioned in the article
ChangeLast1st jan.
BP PLC -2.84% 331.3 Delayed Quote.-27.69%
CNOOC LIMITED -0.81% 8.56 End-of-day quote.-1.61%
ENI SPA -1.36% 9.274 Delayed Quote.-31.91%
EQUINOR ASA -1.76% 133.8 Delayed Quote.-22.39%
SAUDI ARABIAN OIL COMPANY 3.43% 31.65 End-of-day quote.2.26%
TOTAL S.A. -3.56% 33.04 Real-time Quote.-30.36%
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Financials (CNY)
Sales 2019 227 B
EBIT 2019 82 703 M
Net income 2019 59 126 M
Debt 2019 111 B
Yield 2019 7,56%
P/E ratio 2019 6,15x
P/E ratio 2020 25,1x
EV / Sales2019 2,09x
EV / Sales2020 3,20x
Capitalization 363 B
Chart CNOOC LIMITED
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Technical analysis trends CNOOC LIMITED
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TrendsNeutralBearishBearish
Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 8,74  CNY
Last Close Price 8,12  CNY
Spread / Highest target 65,4%
Spread / Average Target 7,62%
Spread / Lowest Target -23,3%
EPS Revisions
Managers
NameTitle
Ke Qiang Xu Chief Executive Officer & Executive Director
Guang Jie Hu President & Executive Director
Dong Jin Wang Non-Executive Chairman
Wei Zhi Xie Chief Financial Officer
Sung Hong Chiu Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
CNOOC LIMITED-1.61%51 490
CONOCOPHILLIPS-48.84%33 167
EOG RESOURCES, INC.-50.66%20 907
CANADIAN NATURAL RESOURCES LIMITED-55.29%16 037
PIONEER NATURAL RESOURCES COMPANY-50.25%11 625
OIL AND NATURAL GAS CORPORATION LIMITED1.23%11 411