CNOOC Limited

600938.SS

Oil & Gas Exploration & Production · Energy

Price

¥33.38

-0.05 (-0.15%)

Market Cap

¥1.15T

Exchange

Shanghai Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Sep 4, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Exceptional

Growth

Mixed

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Strong

Dividends

Good

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Share count rising — dilution

+6.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 44.65B (2021) → 47.53B (2025)

Winston Score History

The full picture

CNOOC Limited is China's largest offshore oil and gas producer. The company explores for, develops, and produces crude oil and natural gas from fields mainly in the South China Sea, East China Sea, and Bohai Sea. It also has overseas operations in regions like Southeast Asia, Africa, and the Americas.

CNOOC makes money by selling crude oil and natural gas to refineries, utilities, and industrial customers. Listed on both the Shanghai and Hong Kong stock exchanges, it is one of the largest energy companies in the world by market capitalization. Its key competitive advantage is near-exclusive access to China's vast offshore petroleum resources, supported by the Chinese government. Growth depends on successfully developing new deepwater fields and maintaining production levels, while the main risks include volatile global oil prices and rising pressure to address energy transition concerns.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+12.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+24.0% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

¥3.1B/ year

↓ Declining (-9% vs prior year)

0.8% of revenue

Below sector average (1%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

50.5%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

¥380.6B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

CNOOC Limited is a rare growth stock that's already generating positive cash flow while growing at 12%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

57.6%

Premium pricing power — 57.6% gross margin

Profit after running costs

Operating Margin

49.8%

Excellent — 49.8% operating margin

Return on the money invested

ROCE

21.1%

Exceptional — 21.1% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+5.4%

Slow sales growth (+5.4% YoY)

Profit growth

EPS YoY

+9.0%

Earnings growing (+9.0% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

175%

Turns 175% of profit into real cash

Spare cash per sale

FCF Margin

30.7%

Converts sales into free cash efficiently (30.7%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.07

Conservative — low debt load (0.07)

Covers its interest

Interest Cover

76.06x

Comfortably covers interest (76.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

7.3x

Attractive valuation — P/E 7.3

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

+0.9

GROWING

Earnings roughly flat

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Dividends

Dividend

Dividend Yield

5.73%

Healthy income — 5.73% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+0.0%

Dividend flat

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