The Zhitong Finance App learned that CNOOC Oilfield Services (02883) fell more than 4% in early trading. As of press release, it decreased by 3.88% to HK$7.67, with a turnover of HK$91.8016 million.

According to the news, CNOOC Services' revenue for the first nine months was 35.73 billion yuan, up 2.5% year on year; net profit was 3.23 billion yuan, up 0.7% year on year, compared with market expectations of a 17% year-on-year increase in profit in 2026. Damo said that it is expected that the market will lower its profit forecast in the next few months, maintain the “same as the market” rating and target price of HK$8 for H shares, and maintain the “reduced holdings” rating for A-shares.

Damo pointed out that CNOOC's third-quarter earnings per share were generally in line with the bank's expectations, but fell short of market expectations, reinforcing the bank's view that even if energy prices were high, there was still limited room for profit growth. The reason was that the usage rate of drilling rigs was limited and operating leverage was limited. CNOOC's downsizing capital expenditure cycle is still a major concern, and may drag down more complex drilling activities and demand for high-value oil wells.

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