okgooglevideopoker| CNOOC H shares rose more than 5% to a record high, A shares rose more than 4%, and Q1 net profit increased 23.7% year-on-year, exceeding expectations

Hong Kong stocks China National Offshore Oil rose more than 5% to 20okgooglevideopoker.1 Hong Kong dollars, share price hit a record high, rising 53% during the yearokgooglevideopoker; A-share CNOOC rose more than 4% to 30.04 yuan. The company announced last night that revenue in Q1 in 2024 was 111.47 billion yuan, a year-on-year increase of 14.1%; net profit attributable to shareholders of the parent company was 39.72 billion yuan, a year-on-year increase of 23.7%, exceeding market expectations. CICC said it was mainly due to production growth and realized crude oil prices exceeding expectations.

The average price of crude oil achieved by the company in 1Q24 was US$78.75/barrel (the discount to Brent crude oil was US$3, which was less than US$8 in 1Q23). CICC said that considering that the company's output is expected to exceed the guidance limit and cost control is better than expected, it raised its 2024/25 profit forecast by 8/8% to 1501/1601 billion yuan respectively; raised its A-share target price by 7% to 32 yuan, maintaining an outperform industry rating; raised its H-share target price by 9% to HK$24 to maintain an outperform industry rating.