Insight
Strategy update: CNOOC 2020 strategy preview
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
CNOOC Ltd’s latest strategy update highlights its commitment to a traditional upstream business model, in contrast to industry trends du jour. The company is eschewing capital discipline and the focus on shareholder returns in favour of higher production targets and more spending. But there was no discussion on the energy transition at the 2020 strategy update. This felt like a missed opportunity, particularly for a company with an internal new energies business unit.
Table of contents
- Overview
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Key messages
- Investment returns to pre-crash levels
- High-risk exploration and IOR are critical to long-term success
- Upgraded production outlook
- No dividend update but yield remains competitive
Tables and charts
This report includes the following images and tables:
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CNOOC Ltd: upstream capex guidance vs realised spend
What's included
This report contains:
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