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China's dominant offshore oil & gas producer, exploring and producing crude oil and natural gas from Chinese and overseas waters.
China's dominant offshore oil & gas producer, exploring and producing crude oil and natural gas from 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. It added a Shanghai listing in 2022 alongside its Hong Kong one.
In one line: China's Occidental Petroleum, focused offshore.
Moat: wide (regulatory licence, scale). Exclusive state licence for offshore China oil/gas exploration gives a structural domestic monopoly position.
Headquarters: Beijing, China · Founded: 1982 · Employees: 20,810
Size CNOOC (600938.SS) is a China Energy company (Integrated Oil) with a market value of $141B, the 12th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥31.28 on 6 Nov 2026.
Performance Over six months the shares fell 21.8%, against +6.8% for the median peer and -16.4% for the China market (cap-weighted) — lowest of 16 in its peer set.
Growth Revenue grew 6.5% over the last twelve months (peer median +17.6%); the operating margin is 45.6% (peer median 20.9%).
Valuation It trades at 9.0× forward earnings against a peer median of 7.7× (6th most expensive of 16).
Price implies For today's price to make sense, revenue must grow about -22% a year for seven years (Req g). Recent delivered growth is +21%, so the hurdle is -42 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 19.0 points above its cost of capital (5.0% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥423B | CN¥396B | CN¥412B | CN¥407B | CN¥398B |
| Revenue growth | — | -4% | +1% | +2% | — |
| Gross profit | CN¥230B | CN¥209B | CN¥232B | CN¥213B | CN¥229B |
| EBITDA | CN¥280B | CN¥261B | CN¥273B | CN¥249B | CN¥266B |
| Net income | CN¥138B | CN¥122B | CN¥138B | CN¥124B | CN¥142B |
| Free cash flow | CN¥132B | CN¥99.5B | CN¥98.3B | CN¥92.3B | CN¥112B |
| Capital expenditure | CN¥113B | CN¥112B | CN¥123B | CN¥121B | CN¥94.8B |
| Total debt | n/a | CN¥69.8B | CN¥91.9B | CN¥120B | CN¥134B |
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 600938.SS | $141B | -22% | +7% | 46% | 9.0× | -21.8% |
| PetroChina 601857.SS | $336B | +4% | -3% | 9% | 12.1× | -5.1% |
| China Petroleum & Chemical 600028.SS | $99.2B | +8% | -10% | 2% | 15.8× | 9.0% |
| ExxonMobil XOM | $677B | +16% | +21% | 14% | 11.8× | -5.9% |
| ConocoPhillips COP | $164B | +21% | +9% | 22% | 11.5× | -6.2% |
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 | 600938.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.5% | -0.9% | 4th lowest of 16 |
| 6-month return | -21.8% | +6.8% | lowest of 16 |
| Distance from 52-week high | -29.8% | -12.4% | 2nd lowest of 16 |
| Revenue growth (TTM) | +6.5% | +17.6% | 4th lowest of 16 |
| Operating margin | 45.6% | 20.9% | highest of 16 |
| Forward P/E | 9.0× | 7.7× | 6th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | -21.8% | -11.7% | least demanding of 16 |
| Growth delivered (Del g) | +20.6% | +14.3% | 4th highest of 16 |
| Hurdle (Req g minus delivered) | -42.4 pp | -26.4 pp | 2nd least demanding of 16 |
| ROIC minus cost of capital | +19.0 pp | +11.9 pp | 2nd highest of 16 |
| EV / EBITDA | 2.5× | 5.1× | 2nd cheapest of 16 |
| Net debt / EBITDA | -0.9× | 0.5× | least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| CNOOC 600938.SS | China | $141B | -22% | +7% | 46% | 9.0× | -21.8% | +20.6% |
| 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% |
| 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% |
| TotalEnergies TTE.PA | France | $200B | +2% | +11% | 17% | 7.0× | -15.6% | +9.0% |
| 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% |
| Cenovus Energy CVE.TO | Canada | $50.2B | 0% | +12% | 21% | 6.7× | -14.4% | +29.7% |
| Chevron CVX | United States | $415B | +18% | +22% | 15% | 11.4× | -3.0% | +14.3% |
| Devon Energy DVN | United States | $46.4B | -7% | +18% | 24% | 7.6× | 0.9% | +31.5% |
| Repsol REP.MC | Spain | $36.2B | +34% | +24% | 13% | 4.7× | -20.1% | +10.5% |