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Oilfield-services subsidiary of CNOOC, providing drilling, engineering and technical services to offshore oil and gas operations.
Oilfield-services subsidiary of CNOOC, providing drilling, engineering and technical services to offshore oil and gas operations.
Is paid by CNOOC's offshore oil and gas operators for drilling, well and production services, so revenue follows the spending plans of CNOOC and its affiliates and the number of wells and platforms they work on. CNOOC Group controls it.
In one line: China's Halliburton, focused offshore.
Moat: narrow (customer qualification, installed base). Preferred oilfield-services provider to parent CNOOC's offshore fields.
Headquarters: Tianjin, China · Founded: 1999 · Employees: 14,436
Size CNOOC Energy Technology & Services (600968.SS) is a China Energy company (Integrated Oil) with a market value of $6.25B, the 399th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥4.10 on 6 Nov 2026.
Performance Over six months the shares fell 7.5%, against -5.9% for the median peer and -16.4% for the China market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue fell 0.9% over the last twelve months (peer median +12.2%); the operating margin is 8.5% (peer median 34.0%).
Valuation It trades at 9.7× forward earnings against a peer median of 8.8× (10th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about -14% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -23 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 12.6 points above its cost of capital (5.0% WACC).
Next results Next results expected around 20 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥52.3B | CN¥50.2B | CN¥52.4B | CN¥49.2B | CN¥47.7B |
| Revenue growth | — | -4% | +7% | +3% | — |
| Gross profit | CN¥10.2B | CN¥7.87B | CN¥7.43B | CN¥6.40B | CN¥5.71B |
| EBITDA | n/a | CN¥7.26B | CN¥7.22B | CN¥5.67B | CN¥4.63B |
| Net income | CN¥4.01B | CN¥3.88B | CN¥3.66B | CN¥3.08B | CN¥2.42B |
| Free cash flow | CN¥2.57B | CN¥3.36B | CN¥3.58B | CN¥5.79B | CN¥1.54B |
| Capital expenditure | CN¥2.44B | CN¥2.10B | CN¥2.21B | CN¥2.22B | CN¥2.27B |
| Total debt | CN¥4.29B | CN¥4.08B | CN¥3.94B | CN¥3.60B | CN¥2.59B |
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 Energy Technology & Services 600968.SS | $6.25B | -7% | -1% | 9% | 9.7× | -14.2% |
| Halliburton HAL | $26.3B | -20% | +2% | 13% | 11.7× | -0.3% |
| China Oilfield Services 2883.HK | $7.31B | -18% | +7% | 12% | 6.7× | -10.3% |
| Schlumberger SLB | $73.7B | -6% | +5% | 14% | 17.2× | 7.3% |
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 | 600968.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.7% | -7.1% | highest of 21 |
| 6-month return | -7.5% | -5.9% | 10th lowest of 21 |
| Distance from 52-week high | -29.3% | -23.0% | 4th lowest of 21 |
| Revenue growth (TTM) | -0.9% | +12.2% | 7th lowest of 21 |
| Operating margin | 8.5% | 34.0% | lowest of 21 |
| Forward P/E | 9.7× | 8.8× | 10th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | -14.2% | -7.7% | 4th least demanding of 19 |
| Growth delivered (Del g) | +8.7% | +19.5% | 3rd lowest of 19 |
| Hurdle (Req g minus delivered) | -22.9 pp | -27.5 pp | 5th most demanding of 19 |
| ROIC minus cost of capital | +12.6 pp | +6.8 pp | 6th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| CNOOC Energy Technology & Services 600968.SS | China | $6.25B | -7% | -1% | 9% | 9.7× | -14.2% | +8.7% |
| Matador Resources MTDR | United States | $6.24B | -9% | +13% | 39% | 5.0× | n/a | n/a |
| Hess Midstream LP HESM | United States | $6.18B | -22% | -1% | 63% | 10.3× | -16.3% | +8.2% |
| Guanghui Energy 600256.SS | China | $6.47B | 0% | -5% | 18% | 10.1× | -11.4% | +14.9% |
| National Fuel Gas NFG | United States | $6.98B | -8% | +13% | 37% | 10.2× | -6.2% | +9.1% |
| Strathcona Resources SCR.TO | Canada | $5.56B | -14% | -9% | 26% | 6.5× | -2.7% | +95.6% |
| Ithaca Energy ITH.L | United Kingdom | $5.52B | -9% | +28% | 41% | 12.1× | -7.0% | +1.4% |
| SM Energy SM | United States | $7.12B | +2% | +100% | 38% | 3.5× | -13.6% | +22.9% |
| Chord Energy CHRD | United States | $7.47B | 0% | +19% | 19% | 6.3× | -13.4% | +38.6% |
| Oil India OIL.NS | India | $7.60B | -2% | +20% | 29% | 7.7× | -1.1% | +13.7% |
| Crescent Energy CRGY | United States | $4.74B | -10% | +34% | 30% | 4.1× | -9.4% | +36.5% |
| California Resources CRC | United States | $4.15B | -20% | +12% | 24% | 10.9× | -8.3% | +16.2% |
| Shandong Xinchao Energy 600777.SS | China | $3.97B | -33% | -15% | 13% | n/a | -10.0% | +13.1% |
| Athabasca Oil ATH.TO | Canada | $3.92B | +1% | +3% | 31% | 13.7× | -5.3% | +23.4% |
| Tamarack Valley Energy TVE.TO | Canada | $3.83B | -7% | +11% | 48% | 10.7× | -5.6% | +46.8% |
| Peyto Exploration & Development PEY.TO | Canada | $3.54B | -5% | +26% | 40% | 12.6× | -2.1% | +22.8% |
| Paramount Resources POU.TO | Canada | $3.26B | +6% | -28% | 10% | 12.4× | n/a | n/a |
| Baytex Energy BTE.TO | Canada | $2.95B | -11% | -8% | 15% | 7.5× | 4.7% | +12.8% |
| Var Energi VAR.OL | Norway | $13.3B | +7% | +48% | 55% | 6.9× | -19.6% | +26.6% |
| Whitecap Resources WCP.TO | Canada | $14.4B | +6% | +73% | 38% | 8.8× | -7.1% | +44.8% |
| APA APA | United States | $15.6B | +26% | -12% | 41% | 7.5× | -20.0% | +15.0% |