We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
CNOOC's Yang Hua Assumes Twin Roles of Chairman & CEO
Read MoreHide Full Article
China's primary offshore oil company China National Offshore Oil Corp. (CEO - Free Report) , or CNOOC, recently announced that its Chairman Yang Hua has assumed the role of CEO also. Yang Hua as CEO replaced Li Fanrong who has resigned from his position as CEO, President and Executive Director. Yuan Guangyu has been appointed as the new President and Executive Director. The aforementioned changes took effect from Jun 15, 2016.
The changes came at an opportune time because the oil space is currently at the crossroads with opinion divided between oil stability and slide. However, instead of resting upon its past laurels, CNOOC is focused on growth through significant capital injection for upstream activities.
The company believes that it will be able to maintain a 6–10% compound annual production growth rate over the next five years backed by various organic and inorganic measures. During the first quarter of 2016, CNOOC’s capital expenditure totaled 9.69 billion yuan, down 39.2% from the year-earlier period. This was primarily due to a cut in capital budget by the company to combat low oil prices.
However during the first quarter, CNOOC made three new discoveries. It also successfully drilled four appraisal wells, including Caofeidian 12-6 oil and gas structure, in offshore China. Internationally, the company drilled three appraisal wells.
CNOOC (BVI), a wholly owned subsidiary of state-owned Overseas Oil & Gas Corporation, Ltd., owns a 64.41% stake in CNOOC. The government of China will, therefore, have substantial influence over the decisions of the company. Moreover, the government may exercise its upper hand in prioritizing its interests above those of its shareholders.
Zacks Rank & Stocks to Consider
Currently, CNOOC carries a Zacks Rank #3 (Hold). Some better-ranked players from the energy sector are CVR Refining, LP , Braskem S.A. (BAK - Free Report) and North Atlantic Drilling Limited . Each of these stocks sports a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free report >>
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
CNOOC's Yang Hua Assumes Twin Roles of Chairman & CEO
China's primary offshore oil company China National Offshore Oil Corp. (CEO - Free Report) , or CNOOC, recently announced that its Chairman Yang Hua has assumed the role of CEO also. Yang Hua as CEO replaced Li Fanrong who has resigned from his position as CEO, President and Executive Director. Yuan Guangyu has been appointed as the new President and Executive Director. The aforementioned changes took effect from Jun 15, 2016.
The changes came at an opportune time because the oil space is currently at the crossroads with opinion divided between oil stability and slide. However, instead of resting upon its past laurels, CNOOC is focused on growth through significant capital injection for upstream activities.
The company believes that it will be able to maintain a 6–10% compound annual production growth rate over the next five years backed by various organic and inorganic measures. During the first quarter of 2016, CNOOC’s capital expenditure totaled 9.69 billion yuan, down 39.2% from the year-earlier period. This was primarily due to a cut in capital budget by the company to combat low oil prices.
However during the first quarter, CNOOC made three new discoveries. It also successfully drilled four appraisal wells, including Caofeidian 12-6 oil and gas structure, in offshore China. Internationally, the company drilled three appraisal wells.
CNOOC LTD ADR Price
CNOOC LTD ADR Price | CNOOC LTD ADR Quote
CNOOC (BVI), a wholly owned subsidiary of state-owned Overseas Oil & Gas Corporation, Ltd., owns a 64.41% stake in CNOOC. The government of China will, therefore, have substantial influence over the decisions of the company. Moreover, the government may exercise its upper hand in prioritizing its interests above those of its shareholders.
Zacks Rank & Stocks to Consider
Currently, CNOOC carries a Zacks Rank #3 (Hold). Some better-ranked players from the energy sector are CVR Refining, LP , Braskem S.A. (BAK - Free Report) and North Atlantic Drilling Limited . Each of these stocks sports a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free report >>