CNOOC Limited
CNOOC Limited, an investment holding company, engages in the exploration, development, production, and sale of crude oil and natural gas in worldwide. It produces offshore crude oil and natural gas primarily in Bohai, the Western South China Sea, the Eastern South China Sea, and the East China Sea in offshore China. The company also holds interests in various oil and gas assets in Asia, Africa, N… Read more
CNOOC Limited (600938) - Net Assets
Latest net assets as of June 2025: CN¥788.38 Billion CNY
Based on the latest financial reports, CNOOC Limited (600938) has net assets worth CN¥788.38 Billion CNY as of June 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (CN¥1.12 Trillion) and total liabilities (CN¥330.58 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | CN¥788.38 Billion |
| % of Total Assets | 70.46% |
| Annual Growth Rate | 20.13% |
| 5-Year Change | 72.71% |
| 10-Year Change | 94.13% |
| Growth Volatility | 24.93 |
CNOOC Limited - Net Assets Trend (1998–2024)
This chart illustrates how CNOOC Limited's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for CNOOC Limited (1998–2024)
The table below shows the annual net assets of CNOOC Limited from 1998 to 2024.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | CN¥749.44 Billion | +12.21% |
| 2023-12-31 | CN¥667.88 Billion | +11.61% |
| 2022-12-31 | CN¥598.38 Billion | +24.15% |
| 2021-12-31 | CN¥481.98 Billion | +11.07% |
| 2020-12-31 | CN¥433.93 Billion | -3.19% |
| 2019-12-31 | CN¥448.23 Billion | +6.74% |
| 2018-12-31 | CN¥419.91 Billion | +10.51% |
| 2017-12-31 | CN¥379.98 Billion | -0.63% |
| 2016-12-31 | CN¥382.37 Billion | -0.95% |
| 2015-12-31 | CN¥386.04 Billion | +1.69% |
| 2014-12-31 | CN¥379.61 Billion | +11.12% |
| 2013-12-31 | CN¥341.62 Billion | +10.28% |
| 2012-12-31 | CN¥309.78 Billion | +17.85% |
| 2011-12-31 | CN¥262.86 Billion | +21.82% |
| 2010-12-31 | CN¥215.77 Billion | +24.05% |
| 2009-12-31 | CN¥173.94 Billion | +8.55% |
| 2008-12-31 | CN¥160.24 Billion | +19.13% |
| 2007-12-31 | CN¥134.51 Billion | +24.86% |
| 2006-12-31 | CN¥107.72 Billion | +46.31% |
| 2005-12-31 | CN¥73.63 Billion | +29.81% |
| 2004-12-31 | CN¥56.72 Billion | +21.36% |
| 2003-12-31 | CN¥46.74 Billion | +15.21% |
| 2002-12-31 | CN¥40.57 Billion | +21.79% |
| 2001-12-31 | CN¥33.31 Billion | +106.88% |
| 2000-12-31 | CN¥16.10 Billion | +92.04% |
| 1999-12-31 | CN¥8.38 Billion | +31.85% |
| 1998-12-31 | CN¥6.36 Billion | -- |
Equity Component Analysis
This analysis shows how different components contribute to CNOOC Limited's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 66007500000000.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | CN¥660.08 Billion | 88.30% |
| Common Stock | CN¥75.18 Billion | 10.06% |
| Other Comprehensive Income | CN¥9.44 Billion | 1.26% |
| Other Components | CN¥2.85 Billion | 0.38% |
| Total Equity | CN¥747.55 Billion | 100.00% |
CNOOC Limited Competitors by Market Cap
The table below lists competitors of CNOOC Limited ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Southern Company
NYSE:SO
|
$97.89 Billion |
|
GlaxoSmithKline plc
MX:GSKN
|
$98.64 Billion |
|
Semiconductor Manufacturing Intl Co
SHG:688981
|
$99.08 Billion |
|
Zijin Mining Group Co Ltd Class A
SHG:601899
|
$99.09 Billion |
|
China Merchants Bank Co Ltd Class H
PINK:CIHHF
|
$97.81 Billion |
|
China Shenhua Energy Co Ltd
PINK:CSUAY
|
$97.80 Billion |
|
Rio Tinto Group
PINK:RTNTF
|
$97.13 Billion |
|
CVS Health Corp
NYSE:CVS
|
$96.29 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in CNOOC Limited's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 666,586,000,000 to 747,548,000,000, a change of 80,962,000,000 (12.1%).
- Net income of 137,936,000,000 contributed positively to equity growth.
- Dividend payments of 60,869,000,000 reduced retained earnings.
- Share repurchases of 661,000,000 reduced equity.
- Other comprehensive income increased equity by 3,381,000,000.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | CN¥137.94 Billion | +18.45% |
| Dividends Paid | CN¥60.87 Billion | -8.14% |
| Share Repurchases | CN¥661.00 Million | -0.09% |
| Other Comprehensive Income | CN¥3.38 Billion | +0.45% |
| Other Changes | CN¥1.18 Billion | +0.16% |
| Total Change | CN¥- | 12.15% |
Book Value vs Market Value Analysis
This analysis compares CNOOC Limited's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 2.67x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 198.15x to 2.67x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1998-12-31 | CN¥0.21 | CN¥42.00 | x |
| 1999-12-31 | CN¥0.08 | CN¥42.00 | x |
| 2000-12-31 | CN¥0.11 | CN¥42.00 | x |
| 2001-12-31 | CN¥0.17 | CN¥42.00 | x |
| 2002-12-31 | CN¥0.20 | CN¥42.00 | x |
| 2003-12-31 | CN¥0.23 | CN¥42.00 | x |
| 2004-12-31 | CN¥1.37 | CN¥42.00 | x |
| 2005-12-31 | CN¥1.77 | CN¥42.00 | x |
| 2006-12-31 | CN¥2.54 | CN¥42.00 | x |
| 2007-12-31 | CN¥3.00 | CN¥42.00 | x |
| 2008-12-31 | CN¥3.58 | CN¥42.00 | x |
| 2009-12-31 | CN¥3.88 | CN¥42.00 | x |
| 2010-12-31 | CN¥4.81 | CN¥42.00 | x |
| 2011-12-31 | CN¥5.86 | CN¥42.00 | x |
| 2012-12-31 | CN¥6.91 | CN¥42.00 | x |
| 2013-12-31 | CN¥7.63 | CN¥42.00 | x |
| 2014-12-31 | CN¥8.49 | CN¥42.00 | x |
| 2015-12-31 | CN¥8.64 | CN¥42.00 | x |
| 2016-12-31 | CN¥8.56 | CN¥42.00 | x |
| 2017-12-31 | CN¥8.51 | CN¥42.00 | x |
| 2018-12-31 | CN¥9.40 | CN¥42.00 | x |
| 2019-12-31 | CN¥10.04 | CN¥42.00 | x |
| 2020-12-31 | CN¥9.71 | CN¥42.00 | x |
| 2021-12-31 | CN¥10.77 | CN¥42.00 | x |
| 2022-12-31 | CN¥12.79 | CN¥42.00 | x |
| 2023-12-31 | CN¥14.01 | CN¥42.00 | x |
| 2024-12-31 | CN¥15.72 | CN¥42.00 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently CNOOC Limited utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 18.45%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 32.80%
- • Asset Turnover: 0.40x
- • Equity Multiplier: 1.41x
- Recent ROE (18.45%) is below the historical average (21.94%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1998 | 24.37% | 16.64% | 0.44x | 3.35x | CN¥913.60 Million |
| 1999 | 49.04% | 26.85% | 0.59x | 3.12x | CN¥3.27 Billion |
| 2000 | 63.87% | 42.51% | 0.74x | 2.02x | CN¥8.67 Billion |
| 2001 | 23.89% | 38.22% | 0.47x | 1.33x | CN¥4.63 Billion |
| 2002 | 22.76% | 35.01% | 0.43x | 1.51x | CN¥5.18 Billion |
| 2003 | 24.68% | 28.17% | 0.56x | 1.57x | CN¥6.86 Billion |
| 2004 | 28.54% | 29.31% | 0.59x | 1.66x | CN¥10.51 Billion |
| 2005 | 34.40% | 36.46% | 0.61x | 1.56x | CN¥17.97 Billion |
| 2006 | 28.70% | 34.77% | 0.57x | 1.44x | CN¥20.13 Billion |
| 2007 | 23.27% | 34.45% | 0.50x | 1.34x | CN¥17.85 Billion |
| 2008 | 27.69% | 35.22% | 0.61x | 1.29x | CN¥28.35 Billion |
| 2009 | 16.95% | 28.03% | 0.43x | 1.39x | CN¥12.09 Billion |
| 2010 | 25.22% | 29.64% | 0.56x | 1.52x | CN¥32.83 Billion |
| 2011 | 26.73% | 28.78% | 0.64x | 1.46x | CN¥43.97 Billion |
| 2012 | 20.56% | 25.61% | 0.55x | 1.47x | CN¥32.71 Billion |
| 2013 | 16.53% | 19.73% | 0.46x | 1.82x | CN¥22.30 Billion |
| 2014 | 15.86% | 22.04% | 0.41x | 1.75x | CN¥22.24 Billion |
| 2015 | 5.24% | 11.80% | 0.26x | 1.72x | CN¥-18.36 Billion |
| 2016 | 0.17% | 0.44% | 0.23x | 1.67x | CN¥-37.60 Billion |
| 2017 | 6.49% | 13.24% | 0.30x | 1.62x | CN¥-13.32 Billion |
| 2018 | 12.55% | 23.14% | 0.33x | 1.63x | CN¥10.70 Billion |
| 2019 | 13.62% | 26.18% | 0.31x | 1.69x | CN¥16.23 Billion |
| 2020 | 5.75% | 16.06% | 0.22x | 1.66x | CN¥-18.41 Billion |
| 2021 | 14.62% | 28.57% | 0.31x | 1.64x | CN¥22.23 Billion |
| 2022 | 23.73% | 32.78% | 0.47x | 1.56x | CN¥81.98 Billion |
| 2023 | 18.58% | 29.73% | 0.41x | 1.51x | CN¥57.18 Billion |
| 2024 | 18.45% | 32.80% | 0.40x | 1.41x | CN¥63.18 Billion |
Industry Comparison
This section compares CNOOC Limited's net assets metrics with peer companies in the Oil & Gas E&P industry.
Industry Context
- Industry: Oil & Gas E&P
- Average net assets among peers: $4,676,492,383
- Average return on equity (ROE) among peers: 10.51%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| CNOOC Limited (600938) | CN¥788.38 Billion | 24.37% | 0.42x | $97.85 Billion |
| Shanxi Blue Flame Holding Co Ltd (000968) | $4.42 Billion | 12.61% | 0.99x | $529.77 Million |
| Oriental Energy Co Ltd (002221) | $8.42 Billion | 12.81% | 2.18x | $1.15 Billion |
| Geo-Jade Petroleum Corp (600759) | $2.39 Billion | 15.76% | 1.43x | $2.85 Billion |
| Shandong Xinchao Energy Co Ltd (600777) | $3.47 Billion | 0.88% | 0.49x | $1.35 Billion |