UBS released a research report indicating that CNOOC's revenue last year fell 5.3% year-on-year, while net profit declined by 11.5%, broadly in line with the bank's expectations. Net profit in the fourth quarter dropped 5.5% compared to the same period last year and fell 38% quarter-on-quarter, mainly reflecting the correction in oil prices during the period and the recognition of asset impairment losses. Management stated that enhancing reserves and productivity, along with cost control, remain core strategies for the future. In response to recent conflicts involving Iran, UBS has raised its average Brent crude price forecasts for 2026 and 2027 to $86 and $80 per barrel, respectively. Based on the new oil price assumptions and CNOOC's guidance, the bank increased its profit forecasts for the company for 2026 and 2027 by 17% to 21%, lifting the target price from HK$33.6 to HK$37.8 and maintaining a "Buy" rating.