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18 Pages

CNOOC corporate - reported results analysis


CNOOC corporate - reported results analysis

Report summary

Another tough quarter for CNOOC Ltd as investment cuts continued to impact operational performance. Quarterly production was down nearly 8% year-on-year with a 20% fall in Chinese gas production highlighting weak domestic demand conditions. The company maintained its guidance for full-year output decline of 2-5%. Spending is also running within company targets. Capital investment for the year-to-date is down 20% compared to last year, lower than company guidance of a 10% reduction in full-year expenditure. Balancing near-term financial conservatism with the increasing need to address growth will be a key consideration for CNOOC Ltd's management going into 2017. With its strong balance sheet, we believe CNOOC Ltd is well placed to step-up investment and engage in a new phase of business development, capitalising on both its domestic development opportunities and the international M&A market.

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Description

The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.

This has forced companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.

This Upstream Oil and Gas Reported Results Analysis report provides rapid response analysis on company quarterly results and strategy presentations. Use it to gain the upper hand with Wood Mackenzie's opinion on the latest corporate developments.

Widely used by both the energy and financial sectors, our report gives you a unique perspective on key strategic and financial challenges, as well as opportunities facing this oil and gas company.

Wood Mackenzie provides an independent evaluation and expert opinion on the operational performance, strategy and future of the world's top oil and gas companies. Our unique, objective analysis helps you understand, validate, compare and challenge market and corporate views so you can assess strategic opportunities.

  • Q3 2016
    • Investment/Strategy
    • Operational Performance
    • Financial Performance
    • Exploration
  • Q2 2016
    • Overview
    • Strategy/Investment
    • Operational performance
    • Financial performance
    • Exploration
  • Q1 2016
    • Overview
    • Investment / Strategy
    • Operational Performance
    • Financial Performance
    • Exploration
  • Q4 2015
    • Overview
    • Strategy/Investment
    • Operational performance
    • Financial performance
    • Exploration
  • 2016 Strategy Preview
    • Overview
    • Investment
    • Operational Guidance
  • Q3 2015
    • Overview
    • Investment/Strategy
    • Operational Performance
    • Financial Performance
    • Exploration
  • Q2 2015
    • Overview
    • Strategy/Investment
    • Operational performance
    • Financial performance
    • Exploration
  • Q1 2015
    • Overview
    • Investment / Strategy
    • Operational Performance
    • Financial Performance
    • Exploration
  • Q4 2014
    • Overview
    • Strategy/Investment
    • Operational performance
    • Financial performance
    • Exploration
  • 2015 Strategy Preview
    • Overview
    • Investment
    • Operational Guidance
  • Q3 2014
    • Overview
    • Investment/Strategy
    • Operational performance
    • Financial performance
    • Exploration
  • Q2 2014
    • Overview
    • Investment/Strategy
    • Operational performance
    • Financial performance
    • Exploration
  • Q1 2014
    • Overview
    • Investment / Strategy
    • Operational Performance
    • Financial Performance
    • Exploration
  • Q4 2013
    • Overview
    • Strategy/Investment
    • Operational Performance
    • Financial Performance
    • M&A/business development
    • Exploration
  • Q3 2013
    • Overview
    • Investment/Strategy
    • Operational performance
    • Financial performance
    • Exploration
  • Q2 2013
    • Overview
    • Investment/Strategy
    • Operational performance
    • Financial performance
    • Exploration
  • Q1 2013
    • Overview
    • Investment/Strategy
    • Operational performance
    • Financial performance
    • M&A
    • Exploration
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