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Delayed Hong Kong Stock Exchange  -  04:08 2022-08-12 am EDT
10.00 HKD   +2.46%
08/07China’s IPO Market Bucks Global Downward Trend With Record $58 Billion in Proceeds
08/01CNOOC Completes Installation of Floatover in Offshore Platform
08/01Explainer-Australia reviews gas export curb trigger as domestic shortfall looms
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China's CNOOC Q1 net income doubles, domestic output jumps

04/28/2022 | 05:43am EDT
Worker walks past the logo of China National Offshore Oil Corporation (CNOOC) at its Nanshan liquefied natural gas (LNG) terminal in Hainan

BEIJING (Reuters) - China's top offshore oil and gas producer CNOOC Ltd saw its net income more than double during the first quarter of 2022 from a year ago, on the back of a surge of global oil prices and increase of domestic oil and gas production.

The listed arm of the state-backed CNOOC Group reported its revenue rose 74% year-on-year to 90.9 billion yuan ($13.76 billion) over the January-March period, with net income up 132% to reach 34.3 billion yuan, according to a company report filed to the Hongkong Stocks Exchange on Thursday.

Realised oil prices at CNOOC in the first quarter surged 65% from a year ago to $97.47 per barrel and gas prices rose 24% to $8.35 per thousand cubic feet.

Global oil benchmark Brent has jumped more than 30% to $105 a barrel since the beginning of the year, stoked by fears over supply disruption in the absence of Russia cargos.

Continued tight fuel supplies are expected to support refiners' profits globally. Refining margins in Singapore, a bellwether for profits at export-oriented refineries in Asia, hit an all-time high of $19.12 a barrel in April as Western sanctions hit Russian supplies while global oil inventories are at multi-year lows.

CNOOC's total net production during the period was 151 million barrels of oil equivalent (boe), up 10% year-on-year, with domestic output gaining 15% and overseas output dipping 3%.

China has set targets to raise domestic crude oil production by 5 million tonnes and natural gas output by at least 23 billion cubic metres in 2022, echoing the exhortation of President Xi Jinping that "China's energy bowl must be firmly held in its own hands".

Reuters reported that CNOOC is preparing to exit its operations in Britain, Canada and the United States, because of concerns in Beijing the assets could become subject to Western sanctions.

The firm started trading on the Shanghai Stock Exchange last week after being forced to delist in the United States on national security grounds.

($1 = 6.6080 Chinese yuan renminbi)

(Reporting by Muyu Xu and Chen Aizhu;Editing by Elaine Hardcastle)

© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / BRITISH POUND (AUD/GBP) 0.00% 0.5865 Delayed Quote.8.59%
CANADIAN DOLLAR / BRITISH POUND (CAD/GBP) 0.01% 0.645374 Delayed Quote.9.85%
CNOOC LIMITED 2.46% 10 Delayed Quote.24.53%
EURO / BRITISH POUND (EUR/GBP) -0.07% 0.84567 Delayed Quote.0.72%
INDIAN RUPEE / BRITISH POUND (INR/GBP) 0.51% 0.010355 Delayed Quote.3.81%
LONDON BRENT OIL -1.47% 97.84 Delayed Quote.27.42%
MSCI SINGAPORE (GDTR) -0.17% 5868.22 Real-time Quote.-6.53%
S&P GSCI CRUDE OIL INDEX -2.21% 501.2604 Real-time Quote.21.61%
S&P GSCI NATURAL GAS INDEX -1.34% 409.4017 Real-time Quote.134.42%
SHANGHAI A INDEX -0.15% 3433.36 Real-time Quote.-9.99%
SHANGHAI STOCK EXCHANGE B SHARES INDEX 0.19% 307.8949 Real-time Quote.7.71%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.11% 6.7307 Delayed Quote.6.00%
US DOLLAR / BRITISH POUND (USD/GBP) 0.53% 0.824402 Delayed Quote.10.95%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 1.32% 61.55 Delayed Quote.-19.11%
WTI -2.31% 91.866 Delayed Quote.24.73%
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Analyst Recommendations on CNOOC LIMITED
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Sales 2022 364 B 54 038 M 54 038 M
Net income 2022 121 B 17 949 M 17 949 M
Net Debt 2022 80 831 M 11 988 M 11 988 M
P/E ratio 2022 3,29x
Yield 2022 12,5%
Capitalization 410 B 60 773 M 60 773 M
EV / Sales 2022 1,35x
EV / Sales 2023 1,36x
Nbr of Employees 18 887
Free-Float 34,8%
Duration : Period :
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Technical analysis trends CNOOC LIMITED
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus BUY
Number of Analysts 21
Last Close Price 8,60 CNY
Average target price 11,92 CNY
Spread / Average Target 38,5%
EPS Revisions
Managers and Directors
Xin Huai Zhou Chief Executive Officer & Executive Director
Qing Long Xia President & Executive Director
Wei Zhi Xie Chief Financial Officer
Dong Jin Wang Chairman
Xiaonan Wu Joint Secretary & Compliance Officer
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