CLSA has issued a research report stating that while CNOOC's 2025 earnings were slightly below expectations, its performance remained robust considering oil prices fell to $60 per barrel at the end of last year. The company has provided guidance for growth between 0% and 3% this year, which the firm views as conservative. Management explained that this is due to the company not yet finalizing its 16th Five-Year Plan, and guidance will be updated accordingly. Incorporating the latest oil price assumptions, CLSA has raised its earnings per share forecast for 2026 to 2028 by 13% to 33%. The target price for CNOOC's H-shares has been increased from HK$22.8 to HK$32, while the target price for its A-shares has been raised from RMB 31.1 to RMB 44. The "Outperform" rating has been maintained.