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CNOOC (CEO) Kicks Off Penglai 25-6 Oilfield Area 3 Output
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CNOOC Limited (CEO - Free Report) recently announced that the Penglai 25-6 oilfield area 3 has started production in offshore China. The project came online ahead of schedule. The oilfield is located in the south central Bohai Sea region.
The average water depth wherein the oilfield is located is 27 meters. The existing processing facilities of Penglai oilfields will likely deliver massive synergies to the company. Moreover, the Penglai 25-6 oilfield area 3 project incorporates a new wellhead platform. The project will likely have 20 wells for water injection purposes and 38 wells for production.
CNOOC estimates the project to reach peak production capacity of 11,511 barrels of oil per day in the year 2023. While the Hong Kong-based upstream company holds a 51% operating stake in the project, subsidiaries of upstream energy major ConocoPhillips (COP - Free Report) have the remaining 49% interest.
The company was expected to start up eight offshore China projects this year, among which six were supposed to be located in the Bohai region and two in the Eastern South China Sea. Notably, it kicked off the Liuhua 16-2 oilfield/ 20-2 oilfield joint development project in offshore China in September. Markedly, the company’s Buzzard oil field Phase II project located in the United Kingdom has been postponed to next year. It will likely have peak production capacity of 37,000 barrels of oil equivalent per day (Boe/d). CNOOC has a 43.21% stake in the project.
For third-quarter 2020, the company’s total net production was recorded at 131.2 million Boe, reflecting a 5.1% rise from the year-ago period. Domestic production for the said period was 88.6 million Boe, depicting an increase of 10.4% from the prior-year quarter.
Price Performance
The stock has lost 17.5% in the past three months.
Covanta Holding’s bottom line for 2021 is expected to rise 95.3% year over year.
Murphy USA’s sales for 2021 are expected to rise 12.8% year over year.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research SherazMian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
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CNOOC (CEO) Kicks Off Penglai 25-6 Oilfield Area 3 Output
CNOOC Limited (CEO - Free Report) recently announced that the Penglai 25-6 oilfield area 3 has started production in offshore China. The project came online ahead of schedule. The oilfield is located in the south central Bohai Sea region.
The average water depth wherein the oilfield is located is 27 meters. The existing processing facilities of Penglai oilfields will likely deliver massive synergies to the company. Moreover, the Penglai 25-6 oilfield area 3 project incorporates a new wellhead platform. The project will likely have 20 wells for water injection purposes and 38 wells for production.
CNOOC estimates the project to reach peak production capacity of 11,511 barrels of oil per day in the year 2023. While the Hong Kong-based upstream company holds a 51% operating stake in the project, subsidiaries of upstream energy major ConocoPhillips (COP - Free Report) have the remaining 49% interest.
The company was expected to start up eight offshore China projects this year, among which six were supposed to be located in the Bohai region and two in the Eastern South China Sea. Notably, it kicked off the Liuhua 16-2 oilfield/ 20-2 oilfield joint development project in offshore China in September. Markedly, the company’s Buzzard oil field Phase II project located in the United Kingdom has been postponed to next year. It will likely have peak production capacity of 37,000 barrels of oil equivalent per day (Boe/d). CNOOC has a 43.21% stake in the project.
For third-quarter 2020, the company’s total net production was recorded at 131.2 million Boe, reflecting a 5.1% rise from the year-ago period. Domestic production for the said period was 88.6 million Boe, depicting an increase of 10.4% from the prior-year quarter.
Price Performance
The stock has lost 17.5% in the past three months.
CNOOC Limited Price
CNOOC Limited price | CNOOC Limited Quote
Zacks Rank and Stocks to Consider
Currently, the stock carries a Zacks Rank #3 (Hold). Some better-ranked players in the energy space include Covanta Holding Corporation and Murphy USA Inc. (MUSA - Free Report) , each holding a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Covanta Holding’s bottom line for 2021 is expected to rise 95.3% year over year.
Murphy USA’s sales for 2021 are expected to rise 12.8% year over year.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research SherazMian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>