UBS: CNOOC's third-quarter net profit meets expectations, maintains "buy" rating.

UBS released a research report, stating that CNOOC's net profit for the first three quarters fell by 12.6% year-on-year to 102 billion yuan, with a net profit of 32.4 billion yuan in the third quarter, down 12.2% and 1.6% year-on-year and quarter-on-quarter, respectively, in line with the bank's expectations. Oil and gas production for the first three quarters increased by 6.7% year-on-year to 578.3 million barrels of oil equivalent, with natural gas production increasing by 11.6% year-on-year. The cost per barrel remained stable at $27.35. The company's oil prices in the first three quarters and the third quarter fell by 13.6% and 12.8% year-on-year, slightly less than the drop in Brent crude oil prices. Natural gas prices remained stable, increasing by 1% and 0.6% year-on-year for the first three quarters and the third quarter, respectively. The bank maintains a "buy" rating for CNOOC with a target price of 26.5 Hong Kong dollars.