TacticScaleWhat CNOOC (中国海油) Does & How It Makes Money (600938.SS)
Updated October 2026 · reflects CNOOC's latest reported financials
Chinese offshore oil and gas producer with global upstream assets. It earns revenue mainly by producing crude oil and natural gas from its offshore and overseas fields and selling them.
How CNOOC makes money
It earns revenue mainly by producing crude oil and natural gas from its offshore and overseas fields and selling them. Petroleum and natural gas trading brings in additional revenue.
What CNOOC does
CNOOC Limited is an upstream oil and gas company. It explores for, develops, produces and sells crude oil and natural gas. Its main production comes from offshore China: the Bohai Sea, the Western and Eastern South China Sea, and the East China Sea. It also holds oil and gas interests in Asia, Africa, North America, South America, Oceania and Europe. Beyond conventional offshore fields, the company works on oil sands, onshore unconventional natural gas in China, and shale oil and gas, and it runs a petroleum and natural gas trading business. It was incorporated in 1999, is based in Hong Kong, and is a subsidiary of CNOOC (BVI) Ltd.
Products & services
- Crude oil
- Natural gas
- Offshore oil and gas production (Bohai Sea, South China Sea, East China Sea)
- Oil sands production
- Unconventional and shale oil and gas
- Petroleum and natural gas trading
中国海油是做什么的？
中国海洋石油有限公司是一家上游油气公司，从事原油和天然气的勘探、开发、生产和销售。主要产量来自中国海域，包括渤海、南海西部、南海东部和东海。公司还在亚洲、非洲、北美、南美、大洋洲和欧洲持有油气权益。 除常规海上油气田外，公司还涉足油砂、中国陆上非常规天然气以及页岩油气，并经营石油和天然气贸易业务。公司成立于1999年，总部位于香港，是CNOOC (BVI) Ltd.的子公司。
What is CNOOC worth?
On an owner-earnings DCF, CNOOC's most-likely value is about ¥20 versus a recent price near ¥34 (74% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~¥11) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
One company, two listings
CNOOC trades in mainland China and in Hong Kong. Same business, same profits — but the two markets can price it at different multiples, because they have different investors, money and reference points.
| Market | Ticker | Price | P/E |
|---|---|---|---|
| Shanghai (A shares) | 600938.SS | ¥33.96 | 11.6× |
| Hong Kong (H shares) | 0883.HK | HK$24.14 | 7.3× |
As of 12 October 2026. Prices in each listing's own currency. Why one profit can carry two prices: Valuation Is Not a Property of the Company.
Related companies
CNOOC Energy Technology & Services (600968.SS) · China Oilfield Services (601808.SS) · Offshore Oil Engineering (600583.SS)