, Hong Kong

CNOOC bounces back after oil price plunged in Q1 2020

Stocks appreciated 34% in February 2021.

Oil and natural gas company CNOOC Ltd manages to get back up after oil prices plunged in the first quarter of 2020, according to a report by OCBC Investment Research.

Revenue had been down to $198.29b (CNY166.6b) in 2020 from a previous ($277.56b (CNY233.2b) in 2019. The 2021 revenue is expected to increase to $249.59b (CNY209.7b), according to projections by OCBC.

“We have been issuing hold-rated reports on CNOOC Ltd for most of 2020 before using the opportunity of the Trump Executive Order news to upgrade the stock to 'buy' on 2 December 2020,” OCBC said.

Higher than expected oil prices would be a positive catalyst for the company, pending – fluctuation in crude oil prices.

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