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China's largest offshore oil and gas producer, exploring and producing crude and natural gas mainly in Chinese and overseas waters.
China's largest offshore oil and gas producer, exploring and producing crude and natural gas mainly in Chinese and overseas waters.
Earns by selling the crude oil and gas it produces offshore at world-linked prices, with little downstream business of its own, so profit follows the oil price and its low unit costs. State-owned CNOOC Group holds most of the shares. These Hong Kong shares and the Shanghai ones are the same company.
In one line: China's offshore-focused Occidental Petroleum.
Moat: narrow (regulatory licence, scale, installed base). State-granted exclusive rights to China's offshore blocks give a structural domestic advantage.
Headquarters: Beijing, China · Founded: 1982 · Employees: 20,810
Size Cnooc (0883.HK) is a Hong Kong Energy company (Integrated Oil) with a market value of $148B, the 12th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$23.48 on 6 Nov 2026.
Performance Over six months the shares fell 9.2%, against +5.4% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — lowest of 15 in its peer set.
Growth Revenue grew 10.5% over the last twelve months (peer median +17.4%); the operating margin is 45.7% (peer median 22.0%).
Valuation It trades at 5.8× forward earnings against a peer median of 8.0× (3rd cheapest of 15).
Capital Return on invested capital runs 20.2 points above its cost of capital (5.8% WACC).
Credit Cnooc has 2 bonds outstanding ($2.00B), rated A+ by the agencies and trading like AA+ at a weighted spread of 20 bp.
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$474B | HK$430B | HK$447B | HK$450B | HK$463B |
| Revenue growth | — | -4% | -1% | -3% | — |
| Gross profit | HK$258B | HK$227B | HK$252B | HK$235B | HK$267B |
| EBITDA | HK$314B | HK$283B | HK$296B | HK$275B | HK$309B |
| Net income | HK$155B | HK$132B | HK$150B | HK$137B | HK$165B |
| Free cash flow | HK$150B | HK$108B | HK$107B | HK$102B | HK$130B |
| Capital expenditure | HK$127B | HK$121B | HK$134B | HK$134B | HK$110B |
| Total debt | n/a | HK$77.7B | HK$97.8B | HK$132B | HK$151B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Cnooc 0883.HK | $148B | -9% | +11% | 46% | 5.8× | n/a |
| Petrochina 0857.HK | $345B | 0% | +14% | 8% | 8.4× | -4.6% |
| Sinopec 0386.HK | $97.3B | +7% | +7% | 0% | 11.1× | 31.5% |
| ConocoPhillips COP | $164B | +21% | +9% | 22% | 11.5× | -6.2% |
| Woodside Energy WDS.AX | $40.4B | 0% | -10% | 26% | 9.4× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 0883.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.2% | -1.2% | 7th highest of 15 |
| 6-month return | -9.2% | +5.4% | lowest of 15 |
| Distance from 52-week high | -22.5% | -12.6% | 2nd lowest of 15 |
| Revenue growth (TTM) | +10.5% | +17.4% | 4th lowest of 15 |
| Operating margin | 45.7% | 22.0% | highest of 15 |
| Forward P/E | 5.8× | 8.0× | 3rd cheapest of 15 |
| ROIC minus cost of capital | +20.2 pp | +10.8 pp | 2nd highest of 15 |
| EV / EBITDA | 2.8× | 5.3× | 2nd cheapest of 15 |
| Net debt / EBITDA | -0.9× | 0.4× | least indebted of 15 |
| Bond spread | 20 bp | 69 bp | tightest of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Cnooc 0883.HK | Hong Kong | $148B | -9% | +11% | 46% | 5.8× | n/a | n/a |
| Petroleo Brasileiro SA Sponsored ADR PBR | United States | $118B | -9% | +21% | 35% | 3.7× | -19.8% | +11.0% |
| Bp PLC BP..L | United Kingdom | $116B | +2% | +23% | 13% | 5.4× | -16.3% | +11.7% |
| TotalEnergies TTE.PA | France | $200B | +2% | +11% | 17% | 7.0× | -15.6% | +9.0% |
| Equinor EQNR.OL | Norway | $102B | +12% | +2% | 33% | 7.2× | -15.4% | +20.7% |
| Canadian Natural Resources CNQ.TO | Canada | $101B | +12% | +18% | 27% | 10.3× | 2.8% | +18.1% |
| Suncor Energy SU.TO | Canada | $81.0B | +12% | +27% | 24% | 8.6× | -11.7% | +14.7% |
| EOG Resources EOG | United States | $77.2B | +13% | +17% | 35% | 8.3× | -13.5% | +17.9% |
| Shell SHEL.L | United Kingdom | $284B | +18% | +15% | 16% | 7.7× | -10.9% | +8.1% |
| PetroChina 601857.SS | China | $336B | +4% | -3% | 9% | 12.1× | -5.1% | +8.6% |
| Imperial Oil IMO.TO | Canada | $59.5B | +3% | +19% | 14% | 10.5× | -0.2% | +17.1% |
| Occidental Petroleum OXY | United States | $56.4B | +7% | -11% | 23% | 9.1× | -2.5% | +4.7% |
| Chevron CVX | United States | $415B | +18% | +22% | 15% | 11.4× | -3.0% | +14.3% |
| Cenovus Energy CVE.TO | Canada | $50.2B | 0% | +12% | 21% | 6.7× | -14.4% | +29.7% |
| Devon Energy DVN | United States | $46.4B | -7% | +18% | 24% | 7.6× | 0.9% | +31.5% |
Cnooc has 2 bonds outstanding with $2.00B face value. The agencies rate it A+; its bonds trade like AA+. Weighted yield 4.68%, a spread of 20 bp over government bonds.