Declared Dividend • Apr 30
Dividend of HK$0.55 announced Shareholders will receive a dividend of HK$0.55. Ex-date: 11th June 2026 Payment date: 10th July 2026 Dividend yield will be 4.4%, which is lower than the industry average of 9.0%. Sustainability & Growth Dividend is covered by both earnings (44% earnings payout ratio) and cash flows (57% cash payout ratio). The dividend has increased by an average of 9.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to remain steady over the next 3 years, which should provide adequate earnings cover for the dividend. Reported Earnings • Apr 29
First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2026 results: EPS: CN¥0.82 (up from CN¥0.77 in 1Q 2025). Revenue: CN¥116.1b (up 8.6% from 1Q 2025). Net income: CN¥39.1b (up 7.1% from 1Q 2025). Profit margin: 34% (in line with 1Q 2025). Revenue exceeded analyst estimates by 3.7%. Earnings per share (EPS) missed analyst estimates by 2.4%. Revenue is forecast to stay flat during the next 3 years compared to a 1.7% growth forecast for the Oil and Gas industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 34% per year, which means it is well ahead of earnings. Ankündigung • Apr 29
CNOOC Limited, Annual General Meeting, Jun 03, 2026 CNOOC Limited, Annual General Meeting, Jun 03, 2026. Major Estimate Revision • Apr 07
Consensus revenue estimates increase by 15% The consensus outlook for revenues in fiscal year 2026 has improved. 2026 revenue forecast increased from CN¥417.8b to CN¥482.1b. EPS estimate increased from CN¥2.77 to CN¥3.43 per share. Net income forecast to grow 28% next year vs 41% growth forecast for Oil and Gas industry in Hong Kong. Consensus price target up from HK$27.80 to HK$31.36. Share price fell 3.5% to HK$27.02 over the past week. Major Estimate Revision • Apr 02
Consensus revenue estimates increase by 17% The consensus outlook for revenues in fiscal year 2026 has improved. 2026 revenue forecast increased from CN¥413.1b to CN¥482.1b. EPS estimate increased from CN¥2.77 to CN¥3.43 per share. Net income forecast to grow 35% next year vs 41% growth forecast for Oil and Gas industry in Hong Kong. Consensus price target up from HK$27.08 to HK$31.41. Share price fell 7.5% to HK$27.02 over the past week. Ankündigung • Mar 30
CNOOC Limited to Report Q1, 2026 Results on Apr 29, 2026 CNOOC Limited announced that they will report Q1, 2026 results on Apr 29, 2026 Ankündigung • Mar 27
CNOOC Limited Recommends Final Dividend for the Year Ended 31 December 2025 Board of Directors of CNOOC Limited recommended a dividend payout ratio of 45% for the year ended 31 December 2025. The annual dividend is HKD 1.28 per share (tax inclusive), including a final dividend of HKD 0.55 per share (tax inclusive). Reported Earnings • Mar 27
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: CN¥2.57 (down from CN¥2.90 in FY 2024). Revenue: CN¥398.2b (down 5.3% from FY 2024). Net income: CN¥122.1b (down 12% from FY 2024). Profit margin: 31% (down from 33% in FY 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) also missed analyst estimates by 6.1%. Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Oil and Gas industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 36% per year, which means it is well ahead of earnings. New Risk • Mar 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Ankündigung • Jan 03
CNOOC Limited Announces Buzios6 Project Commences Production CNOOC Limited announced that Buzios6 Project has commenced production safely. Buzios oilfield is located in the Santos Basin, southeast offshore of Brazil. It is the large deep-water pre-salt oilfield in the world. Buzios6 is the seventh project commissioned of the oilfield. It will be developed with an FPSO and subsea production system. 13 development wells are planned to be commissioned, including 6 oil producers and 7 injectors. With Buzios6 on-stream, the installed production capacity of the Buzios oilfield will reach 1.15 million barrels per day. The FPSO used in the Buzios6 project has a designed production capacity of 180,000 barrels of crude oil per day and 7.2 million cubic meters of natural gas per day, along with a storage capacity of 2 million barrels. To enhance environmental performance, it is equipped with closed flare to reduce greenhouse gas emissions, and heat recovery devices to reduce energy consumption. Ankündigung • Dec 26
CNOOC Limited to Report Fiscal Year 2025 Results on Mar 27, 2026 CNOOC Limited announced that they will report fiscal year 2025 results on Mar 27, 2026 Ankündigung • Dec 24
CNOOC Limited Announces a Hundred-Million-Ton Oilfield Discovery of Qinhuangdao 29-6 in Bohai Sea CNOOC Limited announced that the Company has made a major oilfield discovery of Qinhuangdao 29-6 in the shallow Neogene formations of the Bohai Sea, which adds over a hundred million tons of oil equivalent in-place. Qinhuangdao 29 -6 Oilfield is located in central Bohai Sea. The main oil-bearing play is Neogene Minghuazhen Formation, characterized by shallow burial depth. The oil property is medium-heavy crude. The discovery well was drilled and completed at a depth of 1,688 meters, which encountered a total of 66.7 meters oil pay zones and was tested to produce approximately 2,560 barrels of crude oil per day. Through continued exploration, the proved in-place volume of Qinhuangdao29-6 Oilfield has exceeded 100 million tons of oil equivalent. Qinhuangdao 30-6 Oilfield is the second one-hundred-million-ton-class lithological oilfield discovered in the mature exploration area of the Shijiutuo Uplift, further highlighting the value of fine exploration and consolidating the resource base for increasing reserves and production for the Company. Ankündigung • Dec 22
CNOOC Limited Brings On-stream Xijiang Oilfields 24 Block Development Project CNOOC Limited announced that Xijiang Oilfields 24 Block Development Project has commenced production. The project is located in the shallow water of the Pearl River Mouth Basin. The development of the project mainly leverages the adjacent existing facilities of the Huixi Oilfields, with addition of a new unmanned wellhead platform. 10 development wells are planned to be commissioned. The project is expected to achieve a plateau production of approximately 18,000 barrels of oil equivalent per day in 2026. The oil property is light crude. The new Xijiang 24-7 platform is China's first unmanned offshore platform for high-temperature fluid cooling and export. The temperature control system reduces the impact of high temperatures on subsea pipelines, thereby ensuring stable and continuous production. CNOOC Limited holds 100% interest in this project and is the operator. Ankündigung • Dec 03
CNOOC Limited Brings On-stream Weizhou 11-4 Oilfield Adjustment and Satellite Fields Development Project CNOOC Limited announced that Weizhou 11-4 Oilfield Adjustment and Satellite Fields Development Project has commenced production. The project is located in the Beibu Gulf Basin of the South China Sea, with an average water depth of approximately 43 meters. The project leverages the adjacent existing facilities for development. The main production facilities include a newly-built unmanned wellhead platform and a central processing platform, which are connected to an existing platform through a trestle bridge. 35 development wells are planned to be commissioned, including 28 production wells and 7 water injection wells. The project is expected to achieve a plateau production of approximately 16,900 barrels of oil equivalent per day in 2026. The oil property is light crude. The project has adopted a coordinated development plan of "three offshore processing centers + one onshore terminal", serving as a gathering and transportation hub to release the resource capacity and ensure stable energy supply in the region. Reported Earnings • Oct 31
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: CN¥0.68 (down from CN¥0.77 in 3Q 2024). Revenue: CN¥104.9b (up 5.7% from 3Q 2024). Net income: CN¥32.4b (down 12% from 3Q 2024). Profit margin: 31% (down from 37% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 10%. Earnings per share (EPS) also missed analyst estimates by 4.2%. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 1.2% growth forecast for the Oil and Gas industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Ankündigung • Sep 30
CNOOC Limited to Report Q3, 2025 Results on Oct 31, 2025 CNOOC Limited announced that they will report Q3, 2025 results on Oct 31, 2025 Ankündigung • Sep 04
CNOOC Limited Brings On-stream Wenchang 16-2 Oilfield Development Project CNOOC Limited announced that Wenchang 16-2 Oilfield Development Project has commenced production. The project is located in the western Pearl River Mouth Basin, with an average water depth of approximately 150 meters. The development of the project mainly leverages the adjacent existing facilities of the Wenchang Oilfields, with addition of a new jacket platform integrating functions such as oil and gas production, offshore drilling and completion operations as well as personnel accommodation. A total of 15 development wells are planned to be commissioned. The project is expected to achieve a plateau production of approximately 11,200 barrels of oil equivalent per day in 2027. The oil property is light crude. CNOOC Limited holds 100% interest in this project and is the operator. Declared Dividend • Aug 29
First half dividend of HK$0.73 announced Shareholders will receive a dividend of HK$0.73. Ex-date: 11th September 2025 Payment date: 17th October 2025 Dividend yield will be 7.1%, which is lower than the industry average of 9.0%. Sustainability & Growth Dividend is covered by both earnings (23% earnings payout ratio) and cash flows (62% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 4.6% over the next 3 years. However, it would need to fall by 74% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Aug 28
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: CN¥0.69 (down from CN¥0.84 in 2Q 2024). Revenue: CN¥100.8b (down 13% from 2Q 2024). Net income: CN¥33.0b (down 18% from 2Q 2024). Profit margin: 33% (down from 35% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 7.7%. Earnings per share (EPS) also surpassed analyst estimates by 7.8%. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Oil and Gas industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Ankündigung • Aug 27
CNOOC Limited Announces Interim Dividend The Board of Directors of CNOOC Limited has resolved to declare an interim dividend of HKD 0.73 per share (tax inclusive). Ankündigung • Aug 08
CNOOC Limited Announces Yellowtail Project Commences Production CNOOC Limited announced that Yellowtail Project has commenced production safely ahead of schedule. The Yellowtail Project is located in the Stabroek Block offshore Guyana, with water depth of 1,600-2,000 meters. The main production facilities include 1 floating production, storage and offloading (FPSO) and 1 subsea production system, with 26 production wells and 25 injection wells planned to be commissioned. This FPSO is the largest FPSO on the Stabroek Block with a storage capacity of 2 million barrels. The Liza Phase 1, Liza Phase 2 and Payara Project in Guyana's Stabroek Block have commenced production, with the block currently producing approximately 650,000 barrels of crude oil per day. The Yellowtail Project has a production capacity of 250,000 barrels per day, which will increase the installed production capacity of Stabroek Block to 900,000 barrels of crude Oil per day. Ankündigung • Jul 29
CNOOC Limited Brings On-Stream Dongfang 1-1 Gas Field 13-3 Block Development Project CNOOC Limited announced that Dongfang 1-1 Gas Field 13-3 Block Development Project has commenced production. The project is the first high-temperature, high-pressure, low-permeability natural gas project offshore China. It is located in the Yinggehai Basin, with an average water depth of approximately 67 meters. The main production facility is a new unmanned wellhead platform and it utilizes the existing processing facilities of the Dongfang gas fields for development. A total of 6 development wells are planned to be commissioned. The project is expected to achieve a peak production of approximately 35 million cubic feet of natural gas per day in 2026. The existing facilities are used to connect the Dongfang 1-1 gas field and Dongfang 13-2 gas field. CNOOC Limited has thereby successfully established an integrated offshore gas production network in the Yinggehai Basin. It will facilitate the stable and reliable supply of natural gas in the region, providing strong support for the economic and social development of Guangdong, Hong Kong, and Hainan. CNOOC Limited holds 100% interest in this project and is the operator. Ankündigung • Jul 16
CNOOC Limited Achieves Major Exploration Breakthrough in the Deep Plays of the South China Sea CNOOC Limited announced that it has achieved a major breakthrough in the exploration of metamorphic buried hills in the deep plays in the South China Sea for the first time. The Weizhou 10-5 South Oil and GasField is located in the Beibu Gulf of the South China Sea, with an average water depth of 37 meters. Exploration well WZ10-5S-2d encountered an oil and gas pay zone of 211 meters, with a total drilled depth of 3,362 meters. The test results indicate that the well produces 165,000 cubic feet of natural gas and 400 barrels of crude oil per day. It marks a major exploration breakthrough in the metamorphic sandstone and slate buried hills offshore China. Ankündigung • Jul 08
CNOOC Limited Appoints Zhang Chuanjiang as Chairman of the Board, A Non-Executive Director, Chairman of the Nomination Committee and Chairman of the Strategy and Sustainability Committee, Effective 8 July 2025 CNOOC Limited announced that Mr. Zhang Chuanjiang has been appointed as Chairman of the Board, a Non-executive Director, Chairman of the Nomination Committee and Chairman of the Strategy and Sustainability Committee of the Company. Born in 1968, Mr. Zhang is a professor-level senior engineer with a Master's degree in engineering. Mr. Zhang previously served as the Deputy General Manager and General Manager of Ordos Coal-to-Liquids Branch of China Shenhua Coal to Liquid and Chemical Co. Ltd., the Chairman of China Shenhua Coal to Liquid and Chemical Co. Ltd., and the Director of the Chemical Industry Operation and Management Center of China Energy Investment Corporation Co. Ltd. (CHN Energy). He served as the Chairman of CHN Energy Ningxia Coal Industry Co. Ltd. from March 2020 to July 2020. He served as a Vice President of China Datang Corporation Ltd. from July 2020 to April 2024. He served as the Director and President of China Datang Corporation Ltd. from April 2024 to June 2025. He has been serving as Chairman of China National Offshore Oil Corporation, Chairman and President of Overseas Oil & Gas Corporation Ltd., and Chairman of CNOOC (BVI) Limited from June 2025. Mr. Zhang has been appointed as Chairman of the Board, a Non-executive Director, Chairman of the Nomination Committee and Chairman of the Strategy and Sustainability Committee of the Company with effect from 8 July 2025. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to HK$21.87, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 8x in the Oil and Gas industry in Hong Kong. Total returns to shareholders of 193% over the past three years. Ankündigung • Jun 30
CNOOC Limited to Report First Half, 2025 Results on Aug 28, 2025 CNOOC Limited announced that they will report first half, 2025 results on Aug 28, 2025 Ankündigung • Jun 09
CNOOC Limited Brings On-stream Weizhou 5-3 Oilfield Development Project CNOOC Limited announced that Weizhou 5-3 Oilfield Development Project has commenced production. The project is located in the Beibu Gulf Basin of the South China Sea, with an average water depth of approximately 35 meters. The main production facility includes 1 self-installing wellhead platform, which leverages the adjacent existing facilities for development. 10 development wells are planned to be commissioned, including 7 production wells, 2 water injection wells and 1 gas injection well. The project is expected to achieve a plateau production of approximately 10,000 barrels of oil equivalent per day in 2026. The oil property is medium crude. CNOOC Limited holds 51% interest in the project, and Smart Oil Investment Ltd. holds the remaining 49%. Ankündigung • Jun 05
CNOOC Limited Elects Chan Chak Ming as an Independent Non-Executive Director, as Member of Each of the Audit Committee and the Remuneration Committee CNOOC Limited announced that at its AGM held on 5 June 2025, the Board announced that Mr. Chan Chak Ming ("Mr. Chan") was elected as an Independent Non-executive Director of the Company at the Annual General Meeting. The Board also appoints Mr. Chan as a member of each of the Audit Committee and the Remuneration Committee of the Company with effect from the conclusion of the Annual General Meeting. Born in 1967, Mr. Chan holds a Master of Law LL.M. from the London School of Economics and Political Science, a Master of Business Administration MBA from the University of Oxford, and a Master of Public Administration MPA from Harvard University. He is qualified to practice as a solicitor in Hong Kong and England and Wales, and is a Guangdong-Hong Kong-Macao Greater Bay Area GBA Lawyer. Mr. Chan has held several public positions, including president of The Law Society of Hong Kong, a member of the 13th session of the Jinan Municipal Committee of the Chinese People's Political Consultative Conference, and a member of the Board of Review (Inland Revenue Ordinance) in Hong Kong. Currently, he works as a consultant for law firms in Hong Kong, London, and the Greater Bay Area, China. Additionally, he serves on various public agencies, including as an Executive Committee member of the China Law Society, a member of the Law Reform Commission of Hong Kong, chairman of the Legal Committee of the Independent Police Complaints Council of Hong Kong, and a member of the Hong Kong Government Trade and Industry Advisory Board. Upcoming Dividend • Jun 05
Upcoming dividend of HK$0.66 per share Eligible shareholders must have bought the stock before 12 June 2025. Payment date: 11 July 2025. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 7.7%. Within top quartile of Hong Kong dividend payers (7.7%). In line with average of industry peers (7.6%). Ankündigung • May 28
CNOOC Limited Announces Mero4 Project Commences Production CNOOC Limited announced that Mero4 Project has commenced production safely at May 24 Brazil time. Mero field is located in the Santos Basin pre-salt southeastern offshore Brazil, about 180 kilometers away from Rio de Janeiro, in a water depth of between 1,800 and 2,100 meters. Mero4 Project will be developed by the traditional deep-water Pre-salt development mode, FPSO+Subsea. 12 development wells are planned to be commissioned, including 5 oil producers, 6 water or gas alternate injectors, 1 convertible well. In order to maximize production, the wells are equipped with intelligent well completion technology, which enables the remotely switching between production and injection wells via platform. Declared Dividend • May 14
Dividend of HK$0.66 announced Shareholders will receive a dividend of HK$0.66. Ex-date: 12th June 2025 Payment date: 11th July 2025 Dividend yield will be 7.9%, which is lower than the industry average of 9.0%. Sustainability & Growth Dividend is covered by both earnings (46% earnings payout ratio) and cash flows (63% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 6.8% over the next 3 years. However, it would need to fall by 48% to increase the payout ratio to a potentially unsustainable range. Ankündigung • May 12
CNOOC Limited, Annual General Meeting, Jun 05, 2025 CNOOC Limited, Annual General Meeting, Jun 05, 2025. Reported Earnings • May 01
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: CN¥0.77 (down from CN¥0.84 in 1Q 2024). Revenue: CN¥106.9b (down 4.1% from 1Q 2024). Net income: CN¥36.6b (down 7.9% from 1Q 2024). Profit margin: 34% (down from 36% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 5.4%. Earnings per share (EPS) also surpassed analyst estimates by 1.3%. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Oil and Gas industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Ankündigung • Apr 14
CNOOC Limited Brings On-stream Wenchang 9-7 Oilfield Development Project CNOOC Limited announced that Wenchang 9-7 Oilfield Development Project has commenced production. The project is located in the western Pearl River Mouth Basin, with an average water depth of approximately 120 meters. The main production facility is a new drilling and production platform, which leverages the adjacent facilities for development. 25 development wells are planned to be commissioned, including 18 production wells and 7 gas injection wells. The project is expected to achieve a plateau production of approximately 12,000 barrels of oil equivalent per day in 2027. The oil property is light crude. Adhering to the concept of efficient utilization of resources and sustainable development, CNOOC Limited has steadily promoted green development of offshore oil and gas resources. Wenchang 9-7 oilfield Development Project is the first offshore low permeability oilfield that utilizes miscible gas flooding. The technology solves the problem of low permeability reservoirs development and significantly enhances oil recovery. Meanwhile, the Company pursues efficient recovery and utilization of associated gas and builds a comprehensive gas network in Wenchang Oilfields. The pipelines are interconnected, while flare gas and waste heat is recovered. Leveraging the gas network, Wenchang 9-7Oilfield has realized "zero flaring". In addition, Wenchang 9- 7 Oilfield is equipped with the world's first 5MW offshore high-temperature flue gas ORC power generation unit, which is expected to generate up to 40 million kilowatt-hours of electricity and thus reduce carbon dioxide emissions by approximately 33,000 tons per year. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to HK$15.62, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 7x in the Oil and Gas industry in Hong Kong. Total returns to shareholders of 98% over the past three years. Ankündigung • Mar 31
Cnooc Limited Announces Hundred-Million-Ton Oilfield Discovery of Huizhou 19-6 CNOOC Limited announced that the Company has made a major oilfield discovery of Huizhou 19-6 in the deep and ultra-deep plays of the South China Sea, which adds over a hundred million tons of oil equivalent in-place. Huizhou 19-6 oilfield is located in the eastern South China Sea, with an average water depth of approximately 100 meters. The main oil-bearing plays are Paleogene Enping Formation and Wenchang Formation, and the oil property is light crude. The discovery well HZ19-6-3 was drilled and completed at a depth of 5,415 meters, which encountered a total of 127 meters oil and gas pay zones. The well was tested to produce 413 barrels of crude oil and 2.41 million cubic feet of natural gas per day. Through continued exploration, the proved in-place volume of Huizhou 19- 6 oilfield has exceeded a hundred million tons of oilivalent. Ankündigung • Mar 28
CNOOC Limited to Report Q1, 2025 Results on Apr 30, 2025 CNOOC Limited announced that they will report Q1, 2025 results on Apr 30, 2025 Reported Earnings • Mar 28
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: CN¥2.90 (up from CN¥2.60 in FY 2023). Revenue: CN¥420.5b (flat on FY 2023). Net income: CN¥137.9b (up 11% from FY 2023). Profit margin: 33% (up from 30% in FY 2023). Revenue missed analyst estimates by 6.0%. Earnings per share (EPS) also missed analyst estimates by 4.4%. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Oil and Gas industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Ankündigung • Mar 28
CNOOC Limited Proposes Final Ordinary Dividend for Year Ended 31 December 2024 CNOOC Limited proposed final ordinary dividend of HKD 0.66 per share for the year ended 31 December 2024. Dividend nature: Ordinary. Book close period, Record date and Payment date To be announced. Ankündigung • Mar 17
CNOOC Limited Brings On-stream Two New Projects CNOOC Limited announced that Caofeidian 6-4 Oilfield Comprehensive Adjustment Project and Wenchang 19-1 Oilfield Phase II Project have commenced production. Caofeidian 6- 4 Oilfield Comprehensive Adjustment Project is located in the western part of the Bohai Sea, with an average water depth of approximately 20 meters. The main production facility is a new production wellhead platform, which leverages the adjacent existing facilities for development. 25 development wells are planned to be put into production, including 22 production wells and 3 water injection wells. The project is expected to achieve a peak production of approximately 11,000 barrels of oil equivalent per day in 2026. The oil property is light crude. Wenchang 19-1 oilfield Phase II Project is located in the western parts of the Pearl River Mouth Basin, with an average water depthof approximately 125 meters. The main production facility are a new drilling and production platform, which also leverages the adjacent existing facilities For development. 13 development wells are planned to be putting into production. The project is expected to achieved a peak production of approximately 12,000 barrels of oil equivalent Per day in 2027. The oil property is medium crude. CNOOC Limited is committed to building intelligent offshore oil and gas fields and developing oil and gas resources in a green and low-carbon manner, so that it could provide the society with clean, reliable, and stable energy supplies. The design concept of intelligent oil and gas fields were used in the two new projects. Some of the procedures, such as crude oil production, equipment maintenance, and safety management, were upgraded with intelligent technologies, to enhance the efficiency of hydrocarbon development. The associated gas of Caofeidian 6- four Oilfield Comprehensive Adjustment Project are reinjected back into the reservoir with gas injection compressors, which will reduce carbon dioxide emissions by approximately 13,000 tons per year. Meanwhile, Wenchang 19-1Oilfield Phase II Project utilizes a megawatt-level high-temperature flue gas ORC power generation unit, which is expected to generate up to 24 million kilowatt-hours of electricity and thus reduces carbon dioxide emissions by approximately 23,000 tons per year. CNOOC Limited holds 100% interest in both Caofeidian 6-3 Oilfield Comprehensive Adjustment Project, and is the operator. Ankündigung • Feb 21
CNOOC Limited Brings On-stream Luda 5-2 North Oilfield Phase II Development Project CNOOC Limited announced that Luda 5-2 North Oilfield Phase II Development Project has commenced production. The project is located in the central part of the Bohai Sea, with an average water depth of approximately 30 meters. The main production facilities include 1 new auxiliary production platform and 1 production wellhead platform. A total of 29 development wells are planned to be commissioned, including 28 production wells and 1 water source well. The project is expected to achieve a peak production of approximately 6,700 barrels of oil equivalent per day in 2026. The oil property is heavy crude. Luda 5-2 North oilfield is the first oilfield to produce from super heavy oil reservoirs through thermal recovery in China. Its Phase I Project had already commenced production in 2022. CNOOC Limited made major technological breakthroughs in this project and significantly enhanced the development efficiency of offshore super heavy oil. The Phase II Project will further tap the resources of the oilfield. Through optimized Jet Pump Injection-Production Technology, the project realized efficient and economic development of heavy crude, which could further enhance the Company's energy supply capacity. Ankündigung • Dec 27
CNOOC Limited to Report Fiscal Year 2024 Results on Mar 28, 2025 CNOOC Limited announced that they will report fiscal year 2024 results on Mar 28, 2025 Board Change • Nov 28
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Non-Executive Director Edwina Li was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Ankündigung • Nov 27
CNOOC Limited Announces Board and Committee Changes The Board of CNOOC Limited announced that with effect from November 27, 2024, Mr. Zhou Xinhuai (‘Mr. Zhou’) ceased to serve as the President of the Company due to work commitments. Mr. Zhou remains as the Vice Chairman, an Executive Director and the Chief Executive Officer of the Company; Mr. Yan Hongtao (‘Mr. Yan’) was appointed as an Executive Director, the President and a member of the Strategy and Sustainability Committee of the Company, and ceased to serve as the Vice President of the Company. Born in 1970, Mr. Yan is a senior engineer. Mr. Yan graduated from China University of Petroleum (Beijing) majoring in Oil and Gas Storage and Transportation Engineering and received a Master's degree in Engineering. Mr. Yan served as the Deputy General Manager of the Company's Development and Production Department, Deputy Director of the CNOOC Eastern South China Sea Petroleum Administrative Bureau, Deputy General Manager of the CNOOC (China) Limited Shenzhen Branch, and concurrently served as Deputy General Manager of CNOOC Deepwater Development Limited. From April 2020 to December 2021, Mr. Yan served as the General Manager of the Company's Development and Production Department, Deputy Safety Director and General Manager of the Company's Development and Production Department. Mr. Yan served as General Manager of CNOOC (China) Limited Tianjin Branch from December 2021 to August 2024. Mr. Yan served as a Vice President of the Company from April 2022 to November 2024, and the Deputy General Manager of China National Offshore Oil Corporation (the ‘CNOOC Group’) from August 2024. Mr. Yan will hold office until the 2024 annual general meeting of the Company. The Board announced that Ms. Wen Dongfen (‘Ms. Wen’) ceased to serve as a Non- executive Director and a member of the Audit Committee of the Company due to retirement. The Board announced that Mr. Wang Dehua (‘Mr. Wang’) was appointed as a Non-Executive Director and a member of the Remuneration Committee of the Company. Born in 1966, Mr. Wang is a senior accountant. Mr. Wang graduated from Renmin University of China majoring in Financial Accounting and received a Bachelor's degree in Economics. Mr. Wang previously served as Chief Financial Officer of China Petroleum & Chemical Corporation, Director of Finance Department of China Petrochemical Corporation, and Chairman of the Board of Directors of Shengjun International Investment Limited, Vice Chairman of Sinopec Finance Co. Ltd., etc. Mr. Wang served as the Chief Accountant of China Oil & Gas Pipeline Network Corporation from November 2019 to August 2024. Mr. Wang served as a Director of CNOOC Group from August 2024. The Board announced that Ms. Mu Xiuping (‘Ms. Mu’) was appointed as a Non-Executive Director and a member of the Audit Committee of the Company. Born in 1974, Ms. Mu is a professor-level senior accountant. Ms. Mu received a Master's degree in Business Administration from Tsinghua University. Ms. Mu previously served as the Vice President of Bank of Kunlun Co. Ltd. From October 2018 to May 2022, Ms. Mu served as the Chief Accountant of China Petroleum Engineering Corp. Ltd., and a member of the Coordination Committee of Support and Services Business Group of China National Petroleum Corporation. From May 2022 to October 2024, Ms. Mu served as the General Manager of the Finance Department of PetroChina Company Limited and concurrently served as the Vice Chairwoman of CNPC Exploration and Development Company Limited, Chief Financial Officer of CNPC Taihu Lake Investment (Beijing) Company Limited, etc. during the period. Ms. Mu served as the Chief Accountant of CNOOC Group from October 2024. The Board announced that Mr. Cao Xinjian (‘Mr. Cao’) ceased to serve as an Executive Vice President and the Safety Director of the Company due to work commitments, Mr. Sun Dalu (‘Mr. Sun’) was appointed as an Executive Vice President of the Company, and Mr. Yan Hongtao was appointed as the Safety Director of the Company. Born in 1968, Mr. Sun is a senior economist. Mr. Sun graduated from the University of International Business and Economics majoring in Business Administration and received a Master's degree in Business Administration. Mr. Sun successively served as General Manager of China Offshore Oil (Singapore) International Pte Ltd, General Manager of the Sales Department and General Manager of the Crude Oil and Natural Gas Sales Department of the Company, General Manager of CNOOC Petrochemical Import & Export Co. Ltd., General Manager of the Sales Branch of CNOOC Group, Deputy General Manager of CNOOC Oil & Petrochemicals Co. Ltd., General Manager of the Strategy & Planning Department of CNOOC Group and the Company. From March 2020 to February 2022, Mr. Sun concurrently served as Chairman of CNOOC Oil & Petrochemicals Co. Ltd., Chairman of CNOOC and Shell Petrochemicals Company Limited and Chairman of CNOOC Petrochemical Investment Co. Ltd. Mr. Sun served as Assistant to the General Manager of CNOOC Group from September 2017. Reported Earnings • Oct 29
Third quarter 2024 earnings released: EPS: CN¥0.77 (vs CN¥0.71 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.77 (up from CN¥0.71 in 3Q 2023). Revenue: CN¥99.3b (down 14% from 3Q 2023). Net income: CN¥36.9b (up 9.0% from 3Q 2023). Profit margin: 37% (up from 30% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Oil and Gas industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$21.55, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 7x in the Oil and Gas industry in Hong Kong. Total returns to shareholders of 242% over the past three years. Ankündigung • Sep 30
CNOOC Limited to Report Q3, 2024 Results on Oct 24, 2024 CNOOC Limited announced that they will report Q3, 2024 results on Oct 24, 2024 Ankündigung • Sep 27
CNOOC Limited Brings On-stream Shenhai-1 Phase II Natural Gas Development Project CNOOC Limited announced that Shenhai-1 Phase II Natural Gas Development Project has commenced production. The project is located in the Qiongdongnan Basin, northern South China Sea, with an average water depth of approximately 900 meters. The main production facilities include a new fixed production platform and 3 centralized subsea wellheads, with 12 development wells planned to be commissioned. It is expected to reach peak production of 162 million cubic feet of natural gas and 3,931 barrels of condensate per day in 2025. Declared Dividend • Aug 30
First half dividend of HK$0.74 announced Shareholders will receive a dividend of HK$0.74. Ex-date: 12th September 2024 Payment date: 18th October 2024 Dividend yield will be 6.5%, which is lower than the industry average of 9.0%. Sustainability & Growth Dividend is covered by both earnings (43% earnings payout ratio) and cash flows (53% cash payout ratio). The dividend has increased by an average of 9.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 6.6% over the next 3 years. However, it would need to fall by 52% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Aug 29
Second quarter 2024 earnings released: EPS: CN¥0.84 (vs CN¥0.66 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.84 (up from CN¥0.66 in 2Q 2023). Revenue: CN¥115.3b (up 22% from 2Q 2023). Net income: CN¥40.0b (up 26% from 2Q 2023). Profit margin: 35% (up from 34% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to decline by 1.1% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Hong Kong are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Jul 17
Now 20% undervalued Over the last 90 days, the stock has risen 15% to HK$21.15. The fair value is estimated to be HK$26.46, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has grown by 31%. For the next 3 years, revenue is forecast to grow by 0.6% per annum. Earnings are forecast to decline by 1.3% per annum over the same time period. Ankündigung • Jul 15
CNOOC Limited Made Major Exploration Breakthrough in Bohai Bay CNOOC Limited announced that it has achieved a major exploration breakthrough in Mesozoic buried hills offshore Bohai Bay. Longkou 7-1 oilfield is located in eastern Bohai Bay, with an average water depth of about 26 meters. The discovery well LK7-1-1 was drilled and completed at a depth of approximately 4,400 meters, which encountered a total of 76 meters oil and gas pay zones. The well was tested to produce about 210 cubic meters of crude oil and nearly one million cubic meters of natural gas, a new record for gas tested productivity in Bohai Bay. Ankündigung • Jul 11
CNOOC LimitedAnnounces First Ultra-Deep Well in Bohai Bay Outperforms Target CNOOC Limited announced that the Bozhong 19-6 Condensate Gas Field D1 Well, the first ultra-deep well in Bohai Bay, achieved high yield. Bozhong 19-6 Condensate Gas Field is located in central Bohai Bay, with an average water depth of about 20 meters. It contains proven oil and gas in place of more than 200 billion cubic meters of natural gas and more than 200 million cubic meters of oil. It is the first gas field of such a size in the deep buried hill play offshore China. The Company adopts an "overall planning, phased implementation and pilot first" strategy to develop this field. In 2020, 2023 and 2024, the Company has gradually brought on-stream Bozhong 19-6 Condensate Gas Field Pilot Area Development Project, Phase I Development Project and 13-2 Block 5 Well Site Development Project. The gas field is currently producing approximately 37,500 barrels of oil equivalent per day. The Bozhong 19-6 Condensate Gas Field D1 Well was drilled to a depth of 6,088 meters. It is the first ultra-deep well of the Company in Bohai Bay, which is producing approximately 6,300 barrels of oil equivalent per day. Ankündigung • Jul 01
Cnooc Limited Brings On-Stream the First Green Design Oilfield in Offshore China CNOOC Limited announced that the first green design oilfield in offshore China - Wushi 23-5 Oilfields Development Project has commenced production. The project is located in the Beibu Gulf of the South China Sea, with an average water depth of approximately 28 meters. The main production facilities include 2 new wellhead platforms, and the renovated Wushi terminal. 43 development wells are planned to be brought on-stream, including 28 oil wells and 15 water-injection wells. The project is expected to achieve a peak production of approximately 18,100 barrels of oil equivalent per day in 2026, and the oil property is light crude. In developing the first full-scale green design oilfield in offshore China, the Company pursued efficient and low-carbon development throughout the whole process of design, construction and production. It is the first oilfield in the South China Sea supplied with power from shore. The project will realize full-process recovery and utilization of the associated gas through integrated natural gas treatment. The commissioning of the project will further promote the green and low-carbon development of CNOOC Limited. Ankündigung • Jun 29
CNOOC Limited to Report First Half, 2024 Results on Aug 29, 2024 CNOOC Limited announced that they will report first half, 2024 results on Aug 29, 2024 Ankündigung • Jun 27
CNOOC Limited Announces Enping 21-4 Oilfield Development Project Commences Production CNOOC Limited announced that Enping 21-4 Oilfield Development Project has commenced production. The project is located in eastern South China Sea, with an average water depth of approximately 89 meters. It will be developed by leveraging the existing production facilities and is expected to achieve a peak production of approximately 5,300 barrels of oil equivalent per day in 2025. The oil property is light crude. The Company endeavors to improve project efficiency through technological and managerial innovation. Enping 21-4 oilfield was developed with 2 extra extended reach wells drilled from the existing production platform. The well depth exceeds 9,500 meters. The successful application of the development mode has set an example for similar projects of the Company. CNOOC Limited holds 100% interest in this project and acts as the operator. Buy Or Sell Opportunity • Jun 17
Now 20% undervalued Over the last 90 days, the stock has risen 19% to HK$21.10. The fair value is estimated to be HK$26.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has grown by 31%. For the next 3 years, revenue is forecast to grow by 0.4% per annum. Earnings are forecast to decline by 1.7% per annum over the same time period. Ankündigung • Jun 08
CNOOC Limited Announces Major Discovery in Western South China Sea CNOOC Limited announced that it has achieved a major exploration breakthrough in ultra-shallow gas play in ultra-deep water South China Sea. Lingshui 36-1 gas field is located in western South China Sea, with an average water depth of approximately 1,500 meters. The main gas-bearing play is the Ledong Formation of Quaternary, with an average burial depth of 210 meters. The field has been tested to produce over 10 million cubic meters per day of open flow natural gas. Upcoming Dividend • Jun 06
Upcoming dividend of HK$0.66 per share Eligible shareholders must have bought the stock before 13 June 2024. Payment date: 12 July 2024. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 5.9%. Lower than top quartile of Hong Kong dividend payers (7.7%). In line with average of industry peers (6.4%). Buy Or Sell Opportunity • May 30
Now 21% undervalued Over the last 90 days, the stock has risen 27% to HK$20.45. The fair value is estimated to be HK$25.98, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has grown by 31%. For the next 3 years, revenue is forecast to grow by 0.1% per annum. Earnings are forecast to decline by 1.7% per annum over the same time period. 
