|Bid||1.0225 x N/A|
|Ask||1.0420 x N/A|
|Day's Range||1.0005 - 1.0335|
|52 Week Range||0.7460 - 1.7050|
|Beta (5Y Monthly)||1.15|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||0.08 (7.39%)|
|Ex-Dividend Date||Jun 04, 2020|
|1y Target Est||N/A|
(Bloomberg) -- China’s biggest oil and gas producer will adjust its spending plan this year, adding to signals that the government’s push to boost domestic production can’t withstand the collapse in crude prices.PetroChina Co. will “dynamically optimize and adjust” its capital expenditures for 2020, the company said Thursday as it reported earnings, adding that the board had earlier approved spending of about 295 billion yuan ($42 billion), slightly less than last year. That follows a vow Wednesday by Cnooc Ltd., the country’s top offshore producer, to cut capex this year.The spending revisions come as Chinese oil majors have been under pressure from President Xi Jinping’s government to boost domestic output amid the country’s rising dependence on imports in recent years. Neither PetroChina nor Cnooc provided new spending estimates.“Considering the impact of Covid-19 and changes in international oil prices, the group will follow the principle of positive free cash flow, dynamically optimize and adjust the capital expenditures for 2020,” PetroChina said in its statement. The company’s capital spending last year rose 16% to 297 billion yuan, the highest level since 2013.PetroChina will try to balance efforts to address low oil prices with the need to secure energy supply in China, Vice President Li Luguang said on an earnings call. It will plan 2020 crude oil and natural gas production volumes based on this, Li added.Cnooc officials said Wednesday that they would cut capital expenditures from a previous forecast of 85 billion to 95 billion yuan. It spent 79.6 billion yuan in 2019, an increase of 27%.Sinopec Corp., China’s other state-owned oil and gas giant, is set to report earnings Sunday.Cnooc management sees room to lower costs further and will focus efforts on overseas projects, which have higher costs than domestic operations. The company said it plans to reduce some less-efficient overseas output while bolstering domestic production.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
BEIJING/SINGAPORE, March 25 (Reuters) - China's national offshore energy producer CNOOC Ltd reported a 15.9% rise in 2019 profit on Wednesday, its best performance in five years thanks to higher oil and gas output and persistent cost control. CNOOC, one of the industry's lowest-cost explorers and producers, had planned to lift capital spending this year to its highest level since 2014 but the plan might be clouded by the coronavirus outbreak and plunging oil prices. "As the coronavirus outbreak increases uncertainties in global economy and oil prices fall sharply ... the company will implement more stringent cost controls and more prudent investment decisions," said the company statement.
Coronavirus is probably the 1 concern in investors' minds right now. It should be. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW. We predicted that a US recession is imminent and US stocks will go down by at least 20% in the next 3-6 […]
S&P Global said on Thursday that China National Offshore Oil Corp's (CNOOC) recent declaration of force majeure on some liquefied natural gas (LNG) imports will not affect its ratings or that of Australian LNG exporters. CNOOC, China's biggest LNG importer, has invoked force majeure to suspend contracts with at least three suppliers, two sources told Reuters on Feb. 6.
A report by a nonprofit watchdog group critical of Exxon Mobil Corp's oil contract with Guyana has rekindled a debate over whether the deal is too generous to the company, just a month before a crucial presidential election. In a report http://www.globalwitness.org/exxonguyana published Monday, London-based anti-corruption group Global Witness said the U.S. oil major's 40-year deal to produce crude in the offshore Stabroek block would deprive the government of up to $55 billion in revenue over the life of the contract, compared with deals in other countries. The discovery of more than 8 billion barrels of oil and gas offshore Guyana by an Exxon-led consortium, which includes Hess Corp and China's CNOOC, will transform the economy of the poor South American country.
Exxon Mobil's oil contract with Guyana would be exempt from a review of the South American nation's deals if the opposition wins the March 2 election, the party's top candidate said. While his People's Progressive Party (PPP) has criticized President David Granger's 2016 deal with Exxon as too generous, Irfaan Ali called the company - whose 1 million barrel cargo of Guyana's first-ever crude production set sail on Monday - a "pioneer" in an interview over the weekend. The PPP's platform pledged to "immediately engage the oil and gas companies in better contract administration/re-negotiation." Other companies exploring off Guyana's coast include Britain's Tullow Oil, Spain's Repsol SA and France's Total.
Exxon Mobil Corp. and partners Hess Corp. and CNOOC Limited reported over the weekend that the Liza field in the Stabroek Block offshore Guyana has achieved first oil.
Concerns over rising interest rates and expected further rate increases have hit several stocks hard during the fourth quarter of 2018. Trends reversed 180 degrees in 2019 amid Powell's pivot and optimistic expectations towards a trade deal with China. Hedge funds and institutional investors tracked by Insider Monkey usually invest a disproportionate amount of their […]
Like everyone else, elite investors make mistakes. Some of their top consensus picks, such as Amazon, Facebook and Alibaba, have not done well in Q4 due to various reasons. Nevertheless, the data show elite investors' consensus picks have done well on average over the long-term. The top 20 stocks among hedge funds beat the S&P […]
Brazil's Senate passed the main text of a bill late on Tuesday defining the distribution of proceeds from a blockbuster auction of oil prospecting rights, a key milestone for the enormous offshore region known as TOR - the 'transfer-of-rights' area. The bidders who win exploration and production rights in the massive Nov. 6 auction will be obliged to pay the government a combined signing bonus of some 106.5 billion reais ($25.8 billion), making it the largest oil bidding round in history, according to Brazilian authorities. The fields are unique as Brazilian state-run oil firm Petroleo Brasileiro SA, better known as Petrobras, has already done significant exploration work in the area.
Oil and gas explorer FAR Ltd said on Tuesday it bought an additional 10% interest in two offshore blocks off Gambia, giving the company a 50% working interest and operatorship of the project. The Gambian government has issued new licences to the joint venture between the company's unit FAR Gambia and PC Gambia, a unit of Malaysian state-run oil and gas major Petroliam Nasional Bhd, FAR said in a statement. In August, FAR, which holds a stake in licences for oil drilling off the coast of West Africa's Guinea-Bissau, said a unit of China National Offshore Oil Corp would take a majority stake in those projects.
Bangladesh has shortlisted 17 companies for its spot tender process as it plans to buy around 1 million tonnes of liquefied natural gas (LNG) next year to capitalise on lower prices for the super-chilled fuel, two company officials said. Petrobangla, in charge of LNG imports into the South Asian country, plans to sign sales and purchase agreements with the shortlisted companies after it receives cabinet approval, the officials with direct knowledge of the matter said. “We are moving ahead with plans to import LNG through the spot market by shortlisting 17 companies out of a total of 43,” one of the Petrobangla officials said.
SANYA, China/SINGAPORE, Sept 24 (Reuters) - China's national offshore producer CNOOC Ltd expects its major deepwater gas field Lingshui 17-2 in the South China Sea to start its first gas production at the end of 2021, a company executive said on Tuesday. Chinese state-run energy producers are raising spending on domestic oil and gas drilling to multi-year highs this year, with a focus on cleaner-burning natural gas in a response to Beijing's call to boost energy supply security.
SHANGHAI/SINGAPORE, April 25 (Reuters) - CNOOC Ltd's first-quarter capital spending jumped by 45.8 percent to 14.08 billion yuan ($2.09 billion), as China's national offshore producer ramped up its efforts in exploration and production. The jump in capital expenditure in the first quarter came after CNOOC said in December 2018 that it planned on record spending for oil and gas exploration over the next few years. Net oil and gas sales, however, fell 1 percent in the first quarter from a year earlier to 42 billion yuan, reflecting weaker crude oil prices compared with the same period last year.