中国海油20241118

Key Points Company and Industry Overview - Company: China National Offshore Oil Corporation (CNOOC) - Industry: Oil and Gas Exploration and Production Financial Performance - Revenue: Increased by 6.3% to 42.4 billion yuan in the first three quarters of 2024 - Net Profit: Increased by 19.5% to 116.66 billion yuan in the first three quarters of 2024 - Oil and Gas Production: Increased by 8.5% to 54.2 million barrels in the first three quarters of 2024 - Cost Control: Oil and gas production cost maintained between 27 to 29 USD per barrel, demonstrating significant cost control advantages Production Performance - Domestic Production: Increased by 6.8% year-on-year, mainly due to contributions from Boda 19-6 and Enping 20-4 oil fields - International Production: Increased by 12.2% year-on-year, mainly due to the commissioning of the Guyana Payara project Cash Flow and Capital Expenditure - Operating Cash Flow: Increased by 14.9% to 182.77 billion yuan in the first three quarters of 2024 - Capital Expenditure: Increased by 6.6% to 95.34 billion yuan in the first three quarters of 2024 - Cash and Cash Equivalents: Decreased by 0.74 billion yuan to 133.37 billion yuan in the first three quarters of 2024 Future Outlook and Risks - Revenue Forecast: Expected to reach 434.99 billion yuan, 461.22 billion yuan, and 487.6 billion yuan in 2024, 2025, and 2026 respectively - Net Profit Forecast: Expected to reach 145.94 billion yuan, 155.0439 billion yuan, and 167.0929 billion yuan in 2024, 2025, and 2026 respectively - Dividend Yield: Expected to be 4.34% and 6.5% in 2024 and 2025 respectively - Risks: International political and economic risks, oil and gas price volatility, exchange rate risks, and forward-looking oil and gas price judgment risks