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Friday, March 24, 2017 12:53:28 PM
Cnooc's (CEO +0.7%) more-detailed disclosure about its reserve base, released during yesterday's earnings presentation, is a positive sign for the company's long-term outlook even after reporting weak 2016 results, analysts say.
“This new information will alleviate investors’ concerns on Cnooc’s relatively low reserve life, which we see as a material long-term positive catalyst,” says Morgan Stanley's Andy Meng, adding that he also likes the “generous" dividend payout and impressive cost control.
The company previously took a conservative approach to reserves booking under SEC guidelines, but yesterday it provided the first look under Society of Petroleum Engineers standards, which shows reserves may be at least twice as large, Bernstein's Neil Beveridge says.
Recent CEO News
- CNOOC Limited Achieves Strong Growth in both Net Production and Net Profit in Q1 2024 • PR Newswire (US) • 04/25/2024 09:02:00 AM
- CNOOC Limited Released the 2023 Environmental, Social and Governance Report • PR Newswire (US) • 04/02/2024 08:58:00 AM
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- CNOOC Oil Field Discovery in South China Sea, Grifols Surges 18% After KPMG Approval, and Latest News • IH Market News • 03/08/2024 11:19:59 AM
- CNOOC Limited Announces Suizhong 36-1/Luda 5-2 Oilfield Secondary Adjustment and Development Project Commences Production • PR Newswire (US) • 02/05/2024 08:35:00 AM
- CNOOC Limited Announces Its 2024 Business Strategy and Development Plan • PR Newswire (US) • 01/25/2024 08:41:00 AM
- CNOOC Limited Announces Lufeng Oilfields Phase II Development Project Commences Production • PR Newswire (US) • 01/03/2024 12:00:00 AM
- CNOOC Limited Announces Mero2 Project Commences Production • PR Newswire (US) • 01/02/2024 12:06:00 AM
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- CNOOC Limited Announces Bozhong 19-6 Condensate Gas Field Phase I Development Project Commences Production • PR Newswire (US) • 11/14/2023 04:34:00 AM
- CNOOC Limited Announces Penglai 19-3 Oilfield Area 5/10 Development Project Commences Production • PR Newswire (US) • 10/27/2023 04:01:00 AM
- CNOOC Limited Announces Enping 18-6 Oilfield Development Project Commences Production • PR Newswire (US) • 10/26/2023 12:00:00 AM
- CNOOC Limited Announces the Operating Results for Q3 2023 • PR Newswire (US) • 10/24/2023 08:50:00 AM
- CNOOC Limited Discovers Deep Coalbed Methane Field with Proved Gas In-place of over 100 Billion Cubic Meters • PR Newswire (US) • 10/23/2023 12:00:00 AM
- CNOOC Limited Announces the Train 3 of Tangguh LNG Project Commences Production • PR Newswire (US) • 10/20/2023 12:00:00 AM
- CNOOC Limited Announces Bozhong 28-2 South Oilfield Second Adjustment Project Commences Production • PR Newswire (US) • 09/25/2023 04:12:00 AM
- CNOOC Limited Announces Lufeng 12-3 Oilfield Development Project Commences Production • PR Newswire (US) • 09/25/2023 12:00:00 AM
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