1004.Hk
CNOOC Limited (1004.HK) is a major Chinese energy company engaged in the exploration, development, production, and marketing of oil and gas resources.
Business. CNOOC Limited (1004.HK) is a major Chinese energy company engaged in the exploration, development, production, and marketing of oil and gas resources.
At a glance
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- Macro
- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
- Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
- Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
- Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
- Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
- Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
Pre-earnings brief
Signals & dispatch
Composite-score breakdown
Synthesis
CNOOC Limited (1004.HK) is a major Chinese energy company engaged in the exploration, development, production, and marketing of oil and gas resources.
CNOOC's capital structure is highly leveraged, with total liabilities of HKD 17.57 billion and total equity of -HKD 12.51 billion, resulting in a negative debt-to-equity ratio of -0.55. The company's liquidity position is weak, as indicated by a current ratio of 0.11, suggesting significant short-term financial pressure. The enterprise value to EBITDA ratio of 18.53 and enterprise value to revenue of 10.48 suggest a relatively high valuation compared to earnings and revenue, which may reflect market expectations of future performance.
Profitability metrics show mixed results. The company reported a gross profit of HKD 38.27 billion, but net income was negative at HKD -17.09 billion, indicating significant non-operating losses or expenses. Return on equity (ROE) is high at 13.66%, but this is misleading due to the negative equity base, and return on assets (ROA) is negative at -33.77%, reflecting poor asset utilization and profitability.
CNOOC's revenue is primarily concentrated in its domestic operations in China, with limited geographic diversification. The company's exposure to the Chinese market makes it vulnerable to regulatory and economic shifts in the region. The company operates through several business segments, including upstream exploration and production, midstream refining, and downstream marketing, but the financial data does not provide a breakdown of segment performance.
The company's growth trajectory is uncertain. Revenue for the latest period was HKD 77.45 billion, but the outlook for the current and next fiscal years is not provided in the available data. The negative net income and high debt levels suggest that the company may face challenges in sustaining growth without significant operational improvements or external financing.
Risk factors include liquidity constraints and the potential for further equity dilution. The company's liquidity risk is rated as medium, and while the dilution risk is currently low, the negative equity position and high debt levels could necessitate future equity issuances, which would dilute existing shareholders. The risk assessment also notes that net cash is negative after subtracting total debt, indicating a precarious financial position.
Recent events and filings have not been provided in the available data, so no specific recent developments can be cited. However, the company's financial performance and risk profile suggest that investors should closely monitor its liquidity and debt management strategies.
- CNOOC has a highly leveraged capital structure with a negative equity position and a debt-to-equity ratio of -0.55.
- The company's profitability is mixed, with a high ROE that is misleading due to negative equity and a negative ROA of -33.77%.
- Revenue is concentrated in China, exposing the company to regional economic and regulatory risks.
- Liquidity is weak, with a current ratio of 0.11, and the company faces significant short-term financial pressure.
- The company's growth trajectory is uncertain, with no clear outlook provided for the current or next fiscal years.
- The risk of equity dilution is low at present, but the company's financial position could necessitate future equity issuances.
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Risk factors
- Net cash is negative after subtracting total debt.
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- Ev To Revenueenterprise_value / revenue
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- 1004.HK Market data — financials · 2026-05-26
Ownership & reference
Leadership
- Xiaxuan ChenExecutive Chairman of the Board