HK Stock Market Move | CNOOC (00883) rose more than 4% during the day, with third-quarter profits beating market expectations and key projects progressing in an orderly manner.

CNOOC (00883) rose more than 4% during trading hours, as of press time, it rose by 3.89% to HKD 20.52, with a turnover of HKD 1.379 billion. In terms of news, recently, CNOOC released an announcement. In the first three quarters of 2025, the company achieved oil and gas sales revenue of approximately RMB 255.48 billion, a year-on-year decrease of 5.9%, mainly due to the decrease in oil prices. Net profit attributable to the company's shareholders reached RMB 101.97 billion, a year-on-year decrease of 12.6%. CCB International pointed out that CNOOC's net profit in the third quarter was RMB 32.4 billion, a year-on-year decrease of 12%, a quarterly decrease of 2%, still exceeding the bank's expected 6%, mainly due to higher-than-expected trading profits; while the decrease in profit was due to a slight quarterly decline in production and an increase in unit costs. Credit Suisse believes that CNOOC's performance in the third quarter of 2025 shows that despite oil price fluctuations, the company still achieved steady and strong production growth compared to the initial guidance from the previous year. Huatai stated that the company obtained 5 new discoveries in Chinese waters in the first three quarters, successfully evaluated 22 oil and gas structures, and put into operation 14 new projects. Among them, the Kenli 10-2 Oilfield Group (Phase 1), the Dongfang 1-1 Gasfield 13-3 area, the Wenchang 16-2 Oilfield, and the Guyana Yellowtail were successively put into operation in Q3, and other key projects are progressing in an orderly manner. The company completed a capital expenditure of RMB 86 billion in the first three quarters, a decrease of 10% year-on-year, with exploration/development/production capitalization of RMB 14.4 billion, RMB 53.2 billion, and RMB 17.5 billion, respectively, an increase of 4%/14%/-3% year-on-year.