CNOOC and PetroChina Guide Strong 2022 Earnings; Sinopec Delivers In-Line 2022 Operating Statistics

We maintain our fair value estimates for: CNOOC (HKD 17.50 per H-share, CNY 15.30 per A-share); PetroChina (HKD 4.92 per H-share, CNY 4.28 per A-share); and Sinopec (HKD 5.50 per H-share, CNY 4.76 per A-share). Both CNOOC and PetroChina guided strong preliminary 2022 net profit that beat market expectations. Meanwhile, although Sinopec has yet to provide preliminary 2022 net profit, we note that the firm’s 2022 operating statistics are largely in line with our expectations. We will provide more updates pending the announcements of their final results in March.