CNOOC (00883) opened nearly 4% higher after the report. As of press release, it rose 3.79% to HK$19.72, with a turnover of HK$85.55,600.
The Zhitong Finance App learned that CNOOC (00883) surged nearly 4% after the performance. As of press release, it had risen 3.79% to HK$19.72, with a turnover of HK$855.56 million.
According to the news, CNOOC announced its results for the first quarter of 2024. The group achieved operating income of 111,468 billion yuan during the period, an increase of 14.1% over the previous year; net profit to mother was 39.719 billion yuan, an increase of 23.7% over the previous year. CICC said that the first quarter results exceeded market expectations, mainly due to production growth and crude oil prices exceeding expectations.
The bank pointed out that CNOOC's oil and gas production in the first quarter was 180 million barrels of oil equivalent, up 9.9% year on year and 1% month on month; its domestic oil and gas production increased 6.9% year on year to 123 million barrels of oil equivalent, and overseas oil and gas production increased 16.9% year on year to 57 million barrels of oil equivalent. The bank anticipates that the company's annual production may exceed the upper limit of 720 million barrels of oil equivalent in the 2024 guidelines. Furthermore, as crude oil volatility declines in 2024-25 and remains volatile at $75-95, this will enhance the certainty and sustainability of dividends. Investors will gradually pay more attention to the company's ability to generate endogenous cash flow.