Citigroup: CNOOC (00883.HK) first quarter performance meets expectations, rated "buy"

According to the Wise Finance APP, Citibank released a research report stating that China National Offshore Oil Corporation (00883.HK) performed in line with expectations in the first quarter, with a net profit of 39.2 billion RMB, a year-on-year increase of 7%, mainly benefiting from a 4.5% increase in oil prices. Total production during the period increased by 8.6% year-on-year to 205 million barrels of oil equivalent; of which, production in China and overseas increased by 7% and 12.2% respectively, in line with management's production guidance of 780-800 million barrels of oil equivalent for the full year (about 25.6% to 26.3% completed in the first quarter). The company maintains its annual production target, with management taking planned maintenance and seasonal typhoon risks into account. The bank pointed out that management reiterated its strategy of prioritizing high-value exploration, steadily increasing production, and controlling costs. Given the impressive increase in production capacity and strong growth prospects of CNOOC, the bank maintains a "buy" rating with a target price of 33 Hong Kong dollars.