CNOOC Limited

HK$23.48As of Sun 8 Nov 2026, 12:00 UTC

HKEX:0883Energy

Country Hong Kong

PE (Fwd) •••

TSR 10Y CAGR 17.71%

Div yield 6.45%

ROE 17.01%

Oil & Gas Exploration & Production

Beta (5Y) 0.33

PE TTM 6.831

TSR TTM 25.96%

Mkt cap HK$1.156T

ROIC 23.86%

SE Grade™

Value

Quality

Moat

Consensus

Reference

$25

6.42%

60.17%

Hold 3|9|10|11|4

TTM

FYE 31 Dec CNY

FY2016

FY2017

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

FY2026E

Trend

10Y

Peers

438.9

Revenue¥B

381.9

384.8

397.7

410.0

416.8

421.2

424.2

432.9

447.0

453.1

473.3

1.68%

2.13%

23.31

Revenue growth%

27.41

27.45

28.03

25.11

25.33

23.52

22.10

19.78

19.04

20.46

19.92

20.46

24.32

7.48

Gross margin%

31.92

33.67

34.35

31.83

32.99

30.18

29.81

29.44

31.77

28.81

23.42

29.81

31.80

16.96

Operating margin%

15.10

17.18

18.08

17.32

18.87

20.64

18.63

19.87

17.11

16.43

27.36

18.63

17.70

26.43

Net margin%

19.05

19.61

20.61

18.43

17.78

17.09

20.04

19.51

20.22

19.46

12.05

19.51

19.48

33.03

P/E ratio (avg)x

43.29

42.75

50.06

48.82

57.29

62.33

71.45

77.81

75.05

75.13

7.766

75.05

59.81

32.29

EV/EBITx

13.03

13.28

12.78

13.91

14.49

15.64

16.78

16.40

14.79

15.37

31.97

15.64

14.64

25.14

FCF yield (avg)%

12.32

10.74

9.35

8.65

9.69

10.58

10.73

13.22

15.42

18.22

11.30

13.22

10.74

18.23

FCF margin%

25.49

27.83

28.51

31.15

30.33

28.18

26.37

25.36

23.80

25.74

12.66

25.74

27.10

1.763

FCF / Net incomex

2.057

2.164

2.231

2.320

2.322

2.605

2.875

3.315

3.529

4.093

1.639

3.315

2.464

15.79

ROIC%

12.00

11.89

9.53

12.13

13.86

13.38

10.92

13.67

11.58

10.14

4.64

11.58

11.94

26.42

Return on equity%

7.70

5.53

3.46

1.16

0.56

1.07

0.40

1.77

3.22

3.30

7.51

1.77

2.49

7.50

Return on assets%

13.22

11.02

12.99

12.79

12.85

14.88

16.80

17.54

19.53

16.95

27.17

16.95

14.05

2.75

EPS¥

2.05

2.02

2.08

2.06

1.89

1.79

1.95

2.12

2.17

2.37

2.83

4.70%

0.98%

—

25.36

EPS growth%

11.61

10.60

8.35

11.08

12.80

11.11

13.75

12.68

15.59

17.34

10.76

13.75

12.14

4.72

Bookvalue per sh¥

4.79

4.58

4.49

4.23

4.26

4.25

4.19

4.29

3.89

4.00

4.52

(1.26%)

(0.88%)

—

4.58

FCF per share¥

1.18

1.25

1.19

1.11

1.13

1.09

1.17

1.04

1.12

1.04

4.71

(1.71%)

(1.18%)

—

3.22

Dividend per sh¥

5.29

5.59

5.36

5.69

6.27

5.83

6.18

6.96

7.55

7.50

0.93

3.63%

2.66%

—

19.44

Div yield (avg)%

24.26

24.32

22.84

24.04

24.56

23.43

22.17

24.26

26.52

28.74

10.75

24.26

18.17

Payout ratio%

20.48

18.41

16.15

13.56

12.51

13.77

15.47

17.56

16.34

15.43

4.97

15.47

15.81

48.91

Shares (diluted)B

82.74

84.71

92.79

90.94

109.7

130.8

154.6

180.4

201.5

236.7

48.76

16.62%

12.00%

6.76

Buyback yield%

10.17

7.18

5.99

3.52

2.74

3.79

0.91

3.78

1.55

4.52

8.96

3.78

1.481

D/E ratiox

1.197

1.081

0.992

0.896

0.860

0.740

0.792

0.781

0.782

0.810

0.882

0.782

0.835

456.7

Enterprise value¥B

57.42

51.69

53.79

59.14

53.00

55.11

47.59

50.47

44.60

45.28

261.9

(3.10%)

(2.34%)

298.9

LT debt¥B

110.2

115.9

101.8

109.1

96.50

96.68

99.91

99.24

95.53

91.04

475.9

(1.16%)

(1.64%)

Peers (US$147.4B)

Cap (US$)

Kunlun Energy Company…

8.351B

10.36x

Reliance Industries…

190.2B

21.75x

ConocoPhillips

161.1B

14.41x

BP p.l.c.

116.3B

13.03x

Capital

TTM

10Y

Leveragex

0.708

0.111

0.109

EBIT/Intx

5.439

0.816

0.808

Own earn%

25.46

(111.85)

(105.33)

Sh yield%

26.21

28.04

28.06

Owners

Insiders/Inst%

9.49

62.08

Short interest%

5.37

SBC / revenue%

1.64

Record

10Y

Profitable years

10/10

Revenue growth years

10/10

EPS growth years

10/10

Dividend streakyrs

Op margin range%

15–21

$1 testx

—

Incr. ROIC%

CNOOC Limited is an investment holding company that explores, develops, produces and sells crude oil and natural gas worldwide, mainly offshore China in Bohai Sea, Western and Eastern South China Sea and East China Sea, with interests in oil and gas assets across Asia, Africa, the Americas, Oceania and Europe. It trades petroleum and natural gas and is active in oil sands, onshore Chinese unconventional gas and shale oil and gas.

Growth vs revenue

Latest

Trend

10Y CAGR

Rel growth

Revenue

¥453.1B

2.13%

1.00×

Cost of revenue

¥312.6B

2.17%

1.00×

Operating expenses

¥85.71B

2.23%

1.01×