Asia300

CNOOC Ltd.

Hong Kong

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Nov 17, 2017
Prev close: 10.6
Nov 17, 2017
Market cap:
Market cap(USD):
473,263.06M
60,597.45M
Shares: 44,647.45M

Currency in HKD

Company profile

Market(Ticker): HKG(883)
Sector:
Industry:
Energy Minerals
Oil & Gas Production
Full time employees: 19,718

Business summary

CNOOC Ltd. is an investment holding company, engages in the exploration, development, production, and sale of crude oil, natural gas, and other petroleum products. It operates through the following segments: Exploration and Production, Trading Business, and Corporate. Its core operations areas is comprised of Bohai, Western South China Sea, Eastern South China Sea, East China Sea, Asia, Africa, North America, South America, Oceania, and Europe. The company was founded on August 20, 1999 and is headquartered in Hong Kong.

Company background

CNOOC Ltd. is a core subsidiary of China National Offshore Oil Corp., or CNOOC, a major Chinese state-owned oil company under the direct control of the State Council of the People's Republic of China.

CNOOC Ltd.'s main business is exploring and developing offshore crude oil and natural gas fields. In line with government policy, the company has been engaged in offshore development in such areas as the East China Sea and the South China Sea. In recent years, CNOOC Ltd. has expanded through buyouts of foreign companies. The company's activities are closely watched at home and abroad.

The parent company was founded in 1982 to co-develop offshore oil fields with major players abroad, due to a lack of the necessary technology in China at the time. Since then, CNOOC has accumulated significant technical know-how through such partnerships. CNOOC is China's third-largest oil company after state-run players China Petrochemical Corp., or Sinopec Group, and China National Petroleum Corporation, or CNPC.

In 2005, CNOOC Ltd. made a move to acquire U.S. oil major Unocal, but the Chinese company withdrew its bid due to a backlash in the U.S. Congress. But the CNOOC group did not lose its appetite for overseas acquisitions. China Oilfield Services, a unit under CNOOC, bought Norwegian rival Awilco Offshore for $2.5 billion in 2008. CNOOC Ltd. acquired Canadian energy giant Nexen for $15.1 billion in 2013, putting the group among the ranks of the global oil industry heavyweights.

In line with Beijing's reform drive targeting state-owned enterprises, the CNOOC group is stepping up efforts to improve profitability by, for example, diversifying. In 2009, CNOOC launched retail gasoline sales. Also, the company has begun a project to construct charging stations for electric vehicles, aiming to strengthen its presence in the business-to-consumer market to improve profitability.

In the news

Financial highlights

Dec 2016

  • Local currency
  • US Dollar
Revenue 171,161.62M
Gross profit 31,825.38M
Operating income 14,580.69M
Income before tax -6,074.60M
Net income 744.28M
EBITDA 96,939.01M
Diluted EPS 0.01
Dividends per share 0.35
Total assets 711,423.33M
Total liabilities 284,834.40M
Total equity 426,588.92M
Operating cash flow 82,863.07M

Currency in HKD

Revenue 22,049.92M
Gross profit 4,099.91M
Operating income 1,878.36M
Income before tax -782.56M
Net income 95.88M
EBITDA 12,488.18M
Diluted EPS 0.00
Dividends per share 0.04
Total assets 91,759.26M
Total liabilities 36,737.89M
Total equity 55,021.36M
Operating cash flow 10,674.85M

Currency in USD

Valuation measures

Dec 2016

PER 829.05
ROA 0.09%
ROE 0.16%
Operating margin 8.51%
Profit margin 0.43%

Key executive

  • Chief Executive Officer & Director: Guang Yu Yuan
  • President & Executive Director: Ke Qiang Xu
  • Chief Financial Officer: Wei Zhi Xie
  • Executive VP, General Counsel & Compliance Officer: Wei Chen
  • Executive VP & GM-Exploration Department: Yu Hong Xie

Share holders

  • China State-Owned Assets Supervision & Admn Commission(64.4%)
  • The Vanguard Group, Inc.(1.1%)
  • BlackRock Fund Advisors(0.9%)
  • JF Asset Management Ltd.(0.5%)
  • Norges Bank Investment Management(0.4%)
  • Causeway Capital Management LLC(0.4%)
  • State Street Global Advisors Asia Ltd.(0.4%)
  • FIL Investment Management (Hong Kong) Ltd.(0.3%)
  • The Caisse de depot et placement du Quebec(0.3%)
  • Walter Scott & Partners Ltd.(0.3%)

Address

  • Website: http://www.cnoocltd.com
  • Address: 65th Floor, Bank of China Tower, 1 Garden Road, Hong Kong, Hong Kong
  • Phone: +852.2213.2500

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