Everbright Securities: CNOOC(00883)25 anos de produção e reservas de petróleo e gás atingem novo recorde. A resiliência do desempenho destaca-se durante o período de queda dos preços do petróleo.

光大证券发布研报称，2025年国际油价震荡下行，布油期货均价为68.19美元/桶，同比-14.6%。
A Everbright Securities released a research report stating that in 2025, international oil prices will fluctuate downwards, with the average price of Brent crude futures at $68.19/barrel, down 14.6% year-on-year.
中国海油(00883)克服国际油价震荡下行压力，在增储上产、严控成本方面持续发力，盈利能力韧性凸显。
China National Offshore Oil Corporation (00883) has overcome the pressure of declining international oil prices, continuously working hard to increase reserves and production and strictly control costs, highlighting its resilient profitability.
公司全年实现油气当量产量777.3百万桶油当量，同比增长7%。
The company achieved an annual oil and gas equivalent production of 777.3 million barrels of oil equivalent, a year-on-year increase of 7%.
其中，原油产量增长5.8%；天然气产量大幅增长11.6%。
Of this, crude oil production increased by 5.8%; natural gas production saw a significant increase of 11.6%.
该行认为，随着地缘冲突推升油价，公司能源保供战略价值凸显。
The bank believes that as geopolitical conflicts drive up oil prices, the company’s energy supply security strategy becomes increasingly valuable.

研报主要内容如下：
The main content of the research report is as follows:

事件：公司发布2025年报。
Event: The company released its 2025 annual report.
2025年，公司实现营业总收入3982亿元，同比-5.3%，实现归母净利润1221亿元，同比-11.5%。
In 2025, the company achieved total operating revenue of 398.2 billion yuan, down 5.3% year-on-year, and net profit attributable to shareholders of 122.1 billion yuan, down 11.5% year-on-year.
2025Q4单季，公司实现营业总收入857亿元，同比-9.3%，环比-18.3%，实现归母净利润201亿元，同比-5.5%，环比-38.0%。
In Q4 2025, the company achieved operating revenue of 85.7 billion yuan, down 9.3% year-on-year and down 18.3% quarter-on-quarter, and net profit attributable to shareholders of 20.1 billion yuan, down 5.5% year-on-year and down 38.0% quarter-on-quarter.

点评：增储上产叠加提质增效，25年业绩韧性凸显
Comment: Increasing reserves and production combined with quality improvement and efficiency enhancement highlight the resilience of the 2025 performance.

2025年国际油价震荡下行，布油期货均价为68.19美元/桶，同比-14.6%。
In 2025, international oil prices will fluctuate downwards, with the average price of Brent crude futures at $68.19/barrel, down 14.6% year-on-year.
公司克服国际油价震荡下行压力，在增储上产、严控成本方面持续发力，盈利能力韧性凸显。
The company has overcome the pressure of declining international oil prices, continuously working hard to increase reserves and production and strictly control costs, highlighting its resilient profitability.
公司现金流表现稳健，全年经营活动现金流为2090亿元，同比-5.4%。
The company’s cash flow performance is stable, with annual operating cash flow of 209 billion yuan, down 5.4% year-on-year.
公司全年加权平均ROE为15.7%，同比-3.8pct。
The company’s annual weighted average ROE is 15.7%, down 3.8 percentage points year-on-year.
公司坚持审慎的财务政策，截至25年12月底的资产负债率为26.7%，较24年末下降2.3pct。
The company adheres to a prudent financial policy, with a debt-to-asset ratio of 26.7% as of the end of December 2025, down 2.3 percentage points from the end of 2024.

坚持增储上产，25年油气产储量再创新高
Continuing to increase reserves and production, the company achieved new highs in oil and gas production and reserves in 2025.

公司坚持价值勘探主线，油气储量再创新高，首次荣获伍德麦肯兹“年度最佳国家石油公司勘探企业”奖。
The company adheres to the main line of value exploration, achieving new highs in oil and gas reserves, and was awarded the “Best National Oil Company Exploration Firm of the Year” by Wood Mackenzie for the first time.
2025年，共获得6个油气新发现，成功评价28个含油气构造。
In 2025, the company made 6 new oil and gas discoveries and successfully evaluated 28 oil and gas-bearing structures.
净证实储量达77.7亿桶油当量，同比增长6.9%。
Net proved reserves reached 7.77 billion barrels of oil equivalent, a year-on-year increase of 6.9%.
在中国境内，获得新发现龙口25-1，成功评价秦皇岛29-6，充分揭示了渤海浅层岩性良好的勘探前景。
Within China, the company made a new discovery at Longkou 25-1 and successfully evaluated Qinhuangdao 29-6, fully revealing the promising exploration prospects of the shallow lithology in the Bohai Sea.
在海外，圭亚那Stabroek区块成功评价Lukanani和Ranger两个油田，不断夯实该区块资源基础。
Overseas, in Guyana’s Stabroek block, the company successfully evaluated the Lukanani and Ranger oil fields, continuously solidifying the resource base of this block.
此外，在伊拉克、哈萨克斯坦和印度尼西亚获取4个勘探新项目，进一步丰富了海外油气资产组合。
Additionally, the company acquired 4 new exploration projects in Iraq, Kazakhstan, and Indonesia, further enriching its overseas oil and gas asset portfolio.

公司油气产量再创新高，在产油田开发效益显著
The company’s oil and gas production reached new highs, with significant development benefits from producing oil fields.

2025年顺利投产多个新项目，在产油田储量动用率和采收率持续提升，全年实现油气当量产量777.3百万桶油当量，同比增长7%。
In 2025, multiple new projects were successfully put into production, with the utilization rate and recovery rate of producing oil fields continuously improving, achieving an annual oil and gas equivalent production of 777.3 million barrels of oil equivalent, a year-on-year increase of 7%.
其中，原油产量增长5.8%；天然气产量大幅增长11.6%，为公司保持盈利韧性提供了有益助力。
Of this, crude oil production increased by 5.8%; natural gas production saw a significant increase of 11.6%, providing beneficial support for the company to maintain its profitability resilience.
公司深化稳油控水，规模化应用智能注采技术，助力中国海上油田自然递减率降至9.5%，维持较好水平。
The company deepened its efforts to stabilize oil production and control water, applying intelligent injection and production technologies on a large scale, helping reduce the natural decline rate of China’s offshore oil fields to 9.5%, maintaining a good level.
在海外，南美洲、北美洲等多个项目产量保持增长，已成为公司产量增长的重要来源。
Overseas, production in several projects in South America, North America, and other regions continued to grow, becoming an important source of the company’s production increase.
实现价格方面，2025年公司平均实现油价66.47美元/桶，同比-13.4%，平均实现天然气价格为7.95美元/千立方英尺，同比+3.0%。
In terms of pricing, the company achieved an average oil price of $66.47/barrel in 2025, down 13.4% year-on-year, and an average natural gas price of $7.95/thousand cubic feet, up 3.0% year-on-year.

成本控制能力优异，25年桶油主要成本同比下降2.2%
The company has excellent cost control capabilities, with the main cost per barrel of oil down 2.2% year-on-year in 2025.

公司进一步夯实成本竞争优势，2025年桶油主要成本27.90美元/桶油当量，同比-2.2%。
The company further solidified its cost competitive advantage, with the main cost per barrel of oil at $27.90/barrel of oil equivalent in 2025, down 2.2% year-on-year.
其中，桶油作业费用为7.46美元/桶油当量，同比-2.0%，公司坚持提质降本增效，桶油作业费得到良好控制。
Of this, the operating cost per barrel of oil was $7.46/barrel of oil equivalent, down 2.0% year-on-year, as the company adheres to improving quality, reducing costs, and increasing efficiency, resulting in good control of operating costs per barrel of oil.
桶油DD&A为14.82美元/桶油当量，同比+0.5%，主要原因是产量结构变化以及汇率变动的综合影响。
The DD&A per barrel of oil was $14.82/barrel of oil equivalent, up 0.5% year-on-year, mainly due to changes in production structure and the combined effects of exchange rate fluctuations.
桶油除所得税外的其他税金同比-15.5%，主要是国际油价下降的影响。
Other taxes excluding income tax per barrel of oil were down 15.5% year-on-year, mainly due to the decline in international oil prices.
公司将持续加强成本管控，坚持成本领先战略，在油价波动期为公司业绩筑牢基石。
The company will continue to strengthen cost control and adhere to a cost leadership strategy, solidifying the foundation for the company’s performance during periods of oil price volatility.

25年派息率45%，坚持高分红价值凸显
In 2025, the company’s dividend payout ratio was 45%, emphasizing the value of high dividends.

2025年公司全年股息为1.28港元/股（含税），派息率为45%。
In 2025, the company’s total dividend was HK$1.28 per share (including tax), with a payout ratio of 45%.
2025-2027年，在获股东大会批准的前提下，公司全年股息支付率将不低于45%,且公司将根据市场环境变化，秉承回报股东的原则，综合考虑公司股东的意愿、战略规划、经营状况等因素，适时对分红政策进行调整。
From 2025 to 2027, subject to approval by the shareholders’ meeting, the company’s annual dividend payout ratio will not be less than 45%, and the company will adjust its dividend policy in due course based on changes in the market environment, adhering to the principle of returning to shareholders while considering the wishes of shareholders, strategic planning, operational status, and other factors.
公司维持高派息率，体现了公司注重股东回报，共享发展成果享发展成果，低利率背景下，内地市场高分红和持续分红公司较为稀缺，公司坚持稳定高分红政策，投资价值凸显。
The company maintains a high dividend payout ratio, reflecting its focus on shareholder returns and sharing the results of development. In a low-interest-rate environment, companies with high and sustainable dividends are relatively rare in the mainland market, and the company adheres to a stable high dividend policy, highlighting its investment value.

26年公司将维持高额资本开支，支持产量稳定增长
In 2026, the company will maintain high capital expenditures to support stable production growth.

2025年公司共完成资本开支1205亿元，同比下降9.1%，其中勘探、开发、生产投资分别同比+1.0%、-14.3%、+4.2%，勘探和生产资本开支基本持平，开发资本开支的变动主要受工作量安排的影响。
In 2025, the company completed capital expenditures of 120.5 billion yuan, down 9.1% year-on-year, with exploration, development, and production investments increasing by 1.0%, decreasing by 14.3%, and increasing by 4.2% year-on-year, respectively; exploration and production capital expenditures remained basically flat, with changes in development capital expenditures mainly influenced by workload arrangements.
公司2026年将专注油气主业，持续追求有效益的产量，资本开支预算为1120-1220亿元， 26年产量目标为780-800百万桶油当量，目标中枢同比增长1.6%。
In 2026, the company will focus on its oil and gas main business, continuously pursuing effective production, with a capital expenditure budget of 112 to 122 billion yuan, and a production target of 780 to 800 million barrels of oil equivalent for 2026, with a target midpoint increasing by 1.6% year-on-year.
公司将专注高质量发展，追求有效益的产量，保持生产规模稳步增长。
The company will focus on high-quality development, pursue effective production, and maintain steady growth in production scale.

地缘冲突推升油价，公司能源保供战略价值凸显
Geopolitical conflicts drive up oil prices, highlighting the value of the company’s energy supply security strategy.

美伊冲突持续，伊朗维持对霍尔木兹海峡的封锁，截断中东能源出口，原油供给端受到大幅度冲击，驱动油价宽幅上涨。
The ongoing conflict between the US and Iran has led Iran to maintain its blockade of the Strait of Hormuz, cutting off energy exports from the Middle East and significantly impacting crude oil supply, driving a wide increase in oil prices.
作为我国能源保供的主力军，公司将继续维持高资本开支，在外部环境不确定性加剧、油价面临大幅波动的背景下，公司将继续加强增储上产，持续加强油气资源勘探，不断加强天然气市场开拓，能源保供战略价值凸显。
As a key player in China’s energy supply security, the company will continue to maintain high capital expenditures. In the context of increasing external environmental uncertainty and significant fluctuations in oil prices, the company will continue to strengthen reserves and production, continuously enhance oil and gas resource exploration, and further strengthen the development of the natural gas market, highlighting the value of its energy supply security strategy.

风险提示：原油和天然气价格大幅波动、项目进度不及预期、成本波动风险。
Risk warning: Significant fluctuations in crude oil and natural gas prices, project progress not meeting expectations, and cost fluctuation risks.

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