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CNOOC

DB:NC2A
Snowflake Description

Undervalued with excellent balance sheet and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
NC2A
DB
HK$338B
Market Cap
  1. Home
  2. DE
  3. Energy
Company description

CNOOC Limited, an investment holding company, explores for, develops, produces, and sells crude oil and natural gas. The last earnings update was 5 days ago. More info.


Add to Portfolio Compare Print
  • CNOOC has significant price volatility in the past 3 months.
NC2A Share Price and Events
7 Day Returns
10.8%
DB:NC2A
18.1%
DE Oil and Gas
7.3%
DE Market
1 Year Returns
-47.5%
DB:NC2A
21.9%
DE Oil and Gas
-17.7%
DE Market
NC2A Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
CNOOC (NC2A) 10.8% -30.4% -39.6% -47.5% -21.4% -34%
DE Oil and Gas 18.1% -15.9% -28.7% 21.9% -25.6% 137.4%
DE Market 7.3% -17.9% -25.8% -17.7% -25.6% -29%
1 Year Return vs Industry and Market
  • NC2A underperformed the Oil and Gas industry which returned 21.9% over the past year.
  • NC2A underperformed the Market in Germany which returned -17.7% over the past year.
Price Volatility
NC2A
Industry
5yr Volatility vs Market

Value

 Is CNOOC undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of CNOOC to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for CNOOC.

DB:NC2A Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 15 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.2%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:NC2A
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 6.1%
Oil and Gas Unlevered Beta Simply Wall St/ S&P Global 0.81
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.808 (1 + (1- 25%) (50.81%))
1.078
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.08
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.078 * 6.07%)
6.15%

Discounted Cash Flow Calculation for DB:NC2A using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for CNOOC is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:NC2A DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CNY, Millions) Source Present Value
Discounted (@ 6.15%)
2020 -5,457.41 Analyst x5 -5,141.15
2021 7,252.00 Analyst x6 6,435.82
2022 47,893.71 Analyst x4 40,040.34
2023 62,381.00 Analyst x2 49,129.78
2024 63,643.00 Analyst x2 47,218.94
2025 64,387.65 Est @ 1.17% 45,002.98
2026 64,839.67 Est @ 0.7% 42,692.60
2027 65,082.44 Est @ 0.37% 40,369.08
2028 65,176.87 Est @ 0.15% 38,084.79
2029 65,166.81 Est @ -0.02% 35,872.17
Present value of next 10 years cash flows CN¥339,705.00
DB:NC2A DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= CN¥65,166.81 × (1 + -0.39%) ÷ (6.15% – -0.39%)
CN¥992,293.20
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CN¥992,293.20 ÷ (1 + 6.15%)10
CN¥546,224.57
DB:NC2A Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CN¥339,705.00 + CN¥546,224.57
CN¥885,929.57
Equity Value per Share
(CNY)
= Total value / Shares Outstanding
= CN¥885,929.57 / 44,647.46
CN¥19.84
DB:NC2A Discount to Share Price
Calculation Result
Exchange Rate CNY/HKD
(Reporting currency to currency of SEHK:883)
1.092
Value per Share
(HKD)
= Value per Share in CNY x Exchange Rate (CNY/HKD)
= CN¥19.84 x 1.092
HK$21.67
Non-primary Listing Adjustment Factor 1 share in DB:NC2A represents 11.49293x of SEHK:883
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
11.49293x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (HKD) x Listing Adjustment Factor
= HK$ 21.67 x 11.49293
€249.10
Value per share (EUR) From above. €249.10
Current discount Discount to share price of €87.00
= -1 x (€87.00 - €249.10) / €249.10
65.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price CNOOC is available for.
Intrinsic value
>50%
Share price is €87 vs Future cash flow value of €249.1
Current Discount Checks
For CNOOC to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • CNOOC's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • CNOOC's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for CNOOC's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are CNOOC's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:NC2A PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in CNY CN¥1.37
SEHK:883 Share Price ** SEHK (2020-03-30) in HKD HK$7.57
SEHK:883 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.915 CN¥6.93
Europe Oil and Gas Industry PE Ratio Median Figure of 105 Publicly-Listed Oil and Gas Companies 5.67x
Germany Market PE Ratio Median Figure of 400 Publicly-Listed Companies 16.36x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of CNOOC.

DB:NC2A PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:883 Share Price ÷ EPS (both in CNY)

= 6.93 ÷ 1.37

5.07x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • CNOOC is good value based on earnings compared to the Europe Oil and Gas industry average.
  • CNOOC is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does CNOOC's expected growth come at a high price?
Raw Data
DB:NC2A PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 5.07x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 15 Analysts
1%per year
Europe Oil and Gas Industry PEG Ratio Median Figure of 65 Publicly-Listed Oil and Gas Companies 0.17x
Germany Market PEG Ratio Median Figure of 254 Publicly-Listed Companies 1.2x

*Line of best fit is calculated by linear regression .

DB:NC2A PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 5.07x ÷ 1%

4.93x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • CNOOC is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on CNOOC's assets?
Raw Data
DB:NC2A PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in CNY CN¥10.04
SEHK:883 Share Price * SEHK (2020-03-30) in HKD HK$7.57
SEHK:883 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.915 CN¥6.93
Germany Oil and Gas Industry PB Ratio Median Figure of 6 Publicly-Listed Oil and Gas Companies 0.94x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.43x
DB:NC2A PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:883 Share Price ÷ Book Value per Share (both in CNY)

= 6.93 ÷ 10.04

0.69x

* Primary Listing of CNOOC.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • CNOOC is good value based on assets compared to the DE Oil and Gas industry average.
X
Value checks
We assess CNOOC's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Oil and Gas industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Oil and Gas industry average (and greater than 0)? (1 check)
  5. CNOOC has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is CNOOC expected to perform in the next 1 to 3 years based on estimates from 15 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is CNOOC expected to grow at an attractive rate?
  • CNOOC's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • CNOOC's earnings growth is positive but not above the Germany market average.
  • CNOOC's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:NC2A Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:NC2A Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 15 Analysts 1%
DB:NC2A Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 15 Analysts 2.7%
Europe Oil and Gas Industry Earnings Growth Rate Market Cap Weighted Average 13%
Europe Oil and Gas Industry Revenue Growth Rate Market Cap Weighted Average 2.1%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.3%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:NC2A Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 15 Analyst Estimates (S&P Global) See Below
All numbers in CNY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:NC2A Future Estimates Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31 306,200 162,767 80,523 1
2023-12-31 288,999 155,483 76,486 1
2022-12-31 238,394 118,677 52,378 6
2021-12-31 196,871 99,803 36,705 15
2020-12-31 157,347 75,264 17,341 14
2020-03-30
DB:NC2A Past Financials Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income *
2019-12-31 233,199 61,045
2019-09-30 231,430 59,255
2019-06-30 229,661 123,468 57,464
2019-03-31 228,046 123,676 55,076
2018-12-31 226,430 123,883 52,688
2018-09-30 213,057 114,088 43,296
2018-06-30 199,683 104,293 33,904
2018-03-31 193,040 99,514 29,291
2017-12-31 186,396 94,734 24,677
2017-09-30 178,987 91,959 24,650
2017-06-30 171,578 89,184 24,622
2017-03-31 158,813 81,024 12,630

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • CNOOC's earnings are expected to grow by 1% yearly, however this is not considered high growth (20% yearly).
  • CNOOC's revenue is expected to grow by 2.7% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:NC2A Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 15 Analyst Estimates (S&P Global) See Below

All data from CNOOC Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:NC2A Future Estimates Data
Date (Data in CNY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31 1.80 1.80 1.80 1.00
2023-12-31 1.71 1.71 1.71 1.00
2022-12-31 1.13 1.58 0.46 7.00
2021-12-31 0.72 1.75 0.15 16.00
2020-12-31 0.35 0.84 0.01 14.00
2020-03-30
DB:NC2A Past Financials Data
Date (Data in CNY Millions) EPS *
2019-12-31 1.37
2019-09-30 1.33
2019-06-30 1.29
2019-03-31 1.23
2018-12-31 1.18
2018-09-30 0.97
2018-06-30 0.76
2018-03-31 0.66
2017-12-31 0.55
2017-09-30 0.55
2017-06-30 0.55
2017-03-31 0.28

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • CNOOC is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess CNOOC's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
CNOOC has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has CNOOC performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare CNOOC's growth in the last year to its industry (Oil and Gas).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • CNOOC's year on year earnings growth rate has been positive over the past 5 years.
  • CNOOC's 1-year earnings growth is less than its 5-year average (15.9% vs 16.4%)
  • CNOOC's earnings growth has exceeded the Europe Oil and Gas industry average in the past year (15.9% vs -4.1%).
Earnings and Revenue History
CNOOC's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from CNOOC Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:NC2A Past Revenue, Cash Flow and Net Income Data
Date (Data in CNY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 233,199.00 61,045.00 20,404.00
2019-09-30 231,430.00 59,254.50 19,451.00
2019-06-30 229,661.00 57,464.00 18,498.00
2019-03-31 228,045.50 55,076.00 16,438.50
2018-12-31 226,430.00 52,688.00 14,379.00
2018-09-30 213,056.50 43,296.00 13,933.50
2018-06-30 199,683.00 33,904.00 13,488.00
2018-03-31 193,039.50 29,290.50 13,721.00
2017-12-31 186,396.00 24,677.00 13,954.00
2017-09-30 178,987.00 24,649.50 14,026.00
2017-06-30 171,578.00 24,622.00 14,098.00
2017-03-31 158,813.00 12,629.50 14,283.00
2016-12-31 146,048.00 637.00 14,468.00
2016-09-30 147,443.00 -792.50 14,872.00
2016-06-30 148,838.00 -2,222.00 14,354.00
2016-03-31 160,216.50 9,012.00 14,751.00
2015-12-31 171,595.00 20,246.00 15,609.00
2015-09-30 197,763.00 30,792.50 16,041.50
2015-06-30 223,931.00 41,339.00 16,997.00
2015-03-31 248,536.50 50,769.00 17,567.50
2014-12-31 273,142.00 60,199.00 18,107.00
2014-09-30 279,881.00 57,935.00 21,349.50
2014-06-30 285,258.00 55,671.00 25,509.00
2014-03-31 285,371.50 56,066.00 25,244.00
2013-12-31 286,166.00 56,461.00 24,505.00
2013-09-30 276,740.50 61,333.00 19,602.50
2013-06-30 267,996.00 66,205.00 14,226.00
2013-03-31 257,616.50 64,948.00 13,323.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • CNOOC has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • CNOOC used its assets more efficiently than the Europe Oil and Gas industry average last year based on Return on Assets.
  • CNOOC has become profitable over the past 3 years. This is considered to be a significant improvement in its use of capital (Return on Capital Employed).
X
Past performance checks
We assess CNOOC's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Oil and Gas industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
CNOOC has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is CNOOC's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up CNOOC's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • CNOOC is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • CNOOC's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of CNOOC's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from CNOOC Company Filings, last reported 2 months ago.

DB:NC2A Past Debt and Equity Data
Date (Data in CNY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 448,226.00 148,742.00 165,047.00
2019-09-30 448,226.00 148,742.00 165,047.00
2019-06-30 430,866.00 140,052.00 183,491.00
2019-03-31 430,866.00 140,052.00 183,491.00
2018-12-31 417,365.00 139,521.00 153,475.00
2018-09-30 417,365.00 139,521.00 153,475.00
2018-06-30 395,993.00 134,273.00 140,918.00
2018-03-31 395,993.00 134,273.00 140,918.00
2017-12-31 379,975.00 132,250.00 102,310.00
2017-09-30 379,975.00 132,250.00 102,310.00
2017-06-30 384,848.00 146,148.00 108,995.00
2017-03-31 384,848.00 146,148.00 108,995.00
2016-12-31 382,371.00 150,476.00 83,469.00
2016-09-30 382,371.00 150,476.00 83,469.00
2016-06-30 370,974.00 158,987.00 99,255.00
2016-03-31 370,974.00 158,987.00 99,255.00
2015-12-31 386,041.00 164,645.00 101,697.00
2015-09-30 386,041.00 164,645.00 101,697.00
2015-06-30 382,971.00 148,448.00 108,438.00
2015-03-31 382,971.00 148,448.00 108,438.00
2014-12-31 379,610.00 136,563.00 91,783.00
2014-09-30 379,610.00 136,563.00 91,783.00
2014-06-30 366,495.00 133,838.00 106,291.00
2014-03-31 366,495.00 133,838.00 106,291.00
2013-12-31 341,620.00 131,852.00 91,639.00
2013-09-30 341,620.00 131,852.00 91,639.00
2013-06-30 329,616.00 130,109.00 100,935.00
2013-03-31 329,616.00 130,109.00 100,935.00
  • CNOOC's level of debt (33.2%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (36% vs 33.2% today).
  • Debt is well covered by operating cash flow (83%, greater than 20% of total debt).
  • CNOOC earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess CNOOC's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. CNOOC has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is CNOOC's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
10.27%
Current annual income from CNOOC dividends. Estimated to be 5.87% next year.
If you bought €2,000 of CNOOC shares you are expected to receive €205 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • CNOOC's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.7%).
  • CNOOC's dividend is above the markets top 25% of dividend payers in Germany (4.97%).
Upcoming dividend payment

Purchase CNOOC before the 'Ex-dividend' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:NC2A Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 15 Analyst Estimates (S&P Global) See Below
Europe Oil and Gas Industry Average Dividend Yield Market Cap Weighted Average of 68 Stocks 9.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 323 Stocks 3.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 1%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:NC2A Future Dividends Estimate Data
Date (Data in CN¥) Dividend per Share (annual) Avg. No. Analysts
2024-12-31 1.00 1.00
2023-12-31 0.95 1.00
2022-12-31 0.51 6.00
2021-12-31 0.39 16.00
2020-12-31 0.30 14.00
2020-03-30
DB:NC2A Past Annualized Dividends Data
Date (Data in CN¥) Dividend per share (annual) Avg. Yield (%)
2020-03-25 0.712 10.207
2019-08-29 0.645 6.365
2019-03-21 0.682 6.105
2018-08-23 0.462 4.055
2018-03-29 0.399 3.891
2017-04-24 0.309 3.654
2017-04-21 0.309 3.855
2017-03-23 0.310 3.767
2016-08-24 0.206 2.473
2016-04-21 0.415 5.156
2016-04-05 0.417 5.366
2016-03-24 0.416 5.595
2015-08-26 0.465 6.863
2015-04-08 0.456 5.164
2015-03-27 0.456 5.166
2014-08-28 0.449 4.948
2014-04-09 0.452 4.180
2014-03-28 0.456 4.725
2013-08-20 0.444 4.015
2013-04-08 0.370 3.397
2013-03-22 0.376 3.169
2012-04-12 0.448 3.608
2012-03-28 0.453 3.543
2011-08-24 0.405 3.354
2011-03-23 0.410 2.802
2011-01-13 0.362 2.413
2010-08-19 0.356 2.598
2010-03-31 0.348 3.065
2009-08-26 0.351 3.386
2009-04-09 0.352 4.057
2009-03-31 0.352 4.932

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of CNOOC's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.4x coverage).
X
Income/ dividend checks
We assess CNOOC's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can CNOOC afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. CNOOC has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of CNOOC's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Keqiang Xu
COMPENSATION CN¥841,000
AGE 48
TENURE AS CEO 0.3 years
CEO Bio

Mr. Keqiang Xu has been Executive President of China National Offshore Oil Corporation (CNOOC) since March 2017. Mr. Xu has been Executive Director of CNOOC Limited since April 18, 2017 and serves as its Chief Executive Officer since November 19, 2019. Mr. Xu joined China National Petroleum Corporation in August 1996 and served different positions. From April 2003 to April 2005, he served as Deputy General Manager of Sinopetro Investment Company Ltd. From April 2005 to September 2008, he served as Deputy General Manager of CNPC International (Kazakhstan) Ltd. and concurrently General Manager of CNPC Ai-Dan Munai Joint Stock Company. From September 2008 to March 2014, he served as Deputy General Manager of CNPC International (Kazakhstan) Ltd. and concurrently General Manager of Joint Stock Company CNPC International Aktobe Petroleum. From March 2014 to March 2017, he served as General Manager of PetroChina Tuha Oilfield Company and Director of Tuha Petroleum Exploration & Development Headquarters. In March 2017, Mr. Xu was appointed as a Vice President of CNOOC Limited. From April 2017 to June 2018 Mr. Xu was appointed as the Chairman of Nexen Energy ULC. He was appointed as the Chairman of CNOOC International Limited and as a Director of CNOOC China Limited with effect from May 2017. Mr. Xu was appointed as the General Manager of CNOOC China Limited with effect from 21 May 2018. He served as President at China National Offshore Oil Corporation since April 18, 2017 until March 20, 2020. Mr. Xu is a professor-level senior engineer. He graduated from Northwest University with a Bachelor of Science degree in Oil and Gas Geology. He received a master's degree in Coalfield Oil and Gas Geology from Northwest University in 1996.

CEO Compensation
  • Keqiang's compensation has increased by more than 20% in the past year whilst earnings grew less than 20%.
  • Keqiang's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the CNOOC management team in years:

2.8
Average Tenure
52
Average Age
  • The tenure for the CNOOC management team is about average.
Management Team

Keqiang Xu

TITLE
CEO & Executive Director
COMPENSATION
CN¥841K
AGE
48
TENURE
0.3 yrs

Guangjie Hu

TITLE
President & Executive Director
AGE
46

Weizhi Xie

TITLE
Chief Financial Officer
AGE
55
TENURE
2.6 yrs

Xiaonan Wu

TITLE
General Counsel
AGE
52
TENURE
1.6 yrs

Jing Liu

TITLE
Manager of Media & Public Relations

Yuhong Xie

TITLE
Former Executive VP & Chief Safety Officer
AGE
58
TENURE
3.8 yrs

Xinjian Cao

TITLE
Executive Vice President
AGE
53
TENURE
3 yrs

May Tsue

TITLE
Joint Company Secretary
AGE
46
TENURE
11.3 yrs
Board of Directors Tenure

Average tenure and age of the CNOOC board of directors in years:

8.8
Average Tenure
64
Average Age
  • The tenure for the CNOOC board of directors is about average.
Board of Directors

Dongjin Wang

TITLE
Chairman of the Board
AGE
57
TENURE
0.3 yrs

Keqiang Xu

TITLE
CEO & Executive Director
COMPENSATION
CN¥841K
AGE
48
TENURE
2.9 yrs

Guangjie Hu

TITLE
President & Executive Director
AGE
46

Sung Hong Chiu

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥946K
AGE
72
TENURE
20.5 yrs

Aloysius Tse

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥946K
AGE
71
TENURE
14.8 yrs

Lawrence Lau

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥802K
AGE
75
TENURE
14.6 yrs

Zhi Zhong Qiu

TITLE
Independent Non-Executive Director
AGE
64
TENURE
0.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess CNOOC's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. CNOOC has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

CNOOC Limited, an investment holding company, explores for, develops, produces, and sells crude oil and natural gas. The company operates through Exploration and Production, and Trading Business segments. It produces offshore crude oil and natural gas primarily in Bohai, Western South China Sea, Eastern South China Sea, and East China Sea in offshore China. The company also holds interests in various oil and gas assets in Asia, Africa, North America, South America, Oceania, and Europe. As of December 31, 2018, it had net proved reserves of approximately 4.96 billion barrels-of-oil equivalent. In addition, the company is involved in the issuance of bonds. The company was incorporated in 1999 and is based in Central, Hong Kong. CNOOC Limited is a subsidiary of China National Offshore Oil Corporation.

Details
Name: CNOOC Limited
NC2A
Exchange: DB
Founded: 1999
HK$39,507,946,511
44,647,455,984
Website: http://www.cnoocltd.com
Address: CNOOC Limited
Bank of China Tower,
65th Floor,
Central,
Hong Kong
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 883 Ordinary Shares The Stock Exchange of Hong Kong Ltd. HK HKD 21. Oct 1999
OTCPK CEOH.F Ordinary Shares Pink Sheets LLC US USD 21. Oct 1999
DB NC2B Ordinary Shares Deutsche Boerse AG DE EUR 21. Oct 1999
SWX CNC Ordinary Shares SIX Swiss Exchange CH CHF 21. Oct 1999
SHSC 883 Ordinary Shares Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 21. Oct 1999
SZSC 883 Ordinary Shares The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 21. Oct 1999
NYSE CEO ADS EACH REP 100 ORD HKD0.02 New York Stock Exchange US USD 27. Feb 2001
DB NC2A ADS EACH REP 100 ORD HKD0.02 Deutsche Boerse AG DE EUR 27. Feb 2001
LSE 0A2C ADS EACH REP 100 ORD HKD0.02 London Stock Exchange GB USD 27. Feb 2001
TSX CNU ADS EACH REP 100 ORD HKD0.02 The Toronto Stock Exchange CA CAD 27. Feb 2001
BMV CEO N ADS EACH REP 100 ORD HKD0.02 Bolsa Mexicana de Valores MX MXN 27. Feb 2001
Number of employees
Current staff
Staff numbers
18,425
CNOOC employees.
Industry
Oil and Gas Exploration and Production
Energy
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/30 22:58
End of day share price update: 2020/03/30 00:00
Last estimates confirmation: 2020/03/30
Last earnings filing: 2020/03/25
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.