By Kimberley Kao

Cnooc is scheduled to report results for 2024 on Thursday. Here is what you need to know:

NET PROFIT: The Chinese oil-and-gas producer's annual net profit is expected at 144.86 billion yuan, equivalent to $19.96 billion, according to the consensus estimate of analysts polled by Visible Alpha. That would be 17% higher than the previous year.

REVENUE: Cnooc's revenue likely rose 7.9% to 449.58 billion yuan last year, according to Visible Alpha.

Its Hong Kong-listed shares fell 1.5% in the fourth quarter, compared with the benchmark Hang Seng Index's 5.1% loss. Concerns about softer Chinese oil demand have partly been driven by the country's economic woes, which have weighed on market sentiment. The stock is down about 2.8% this year.

WHAT TO WATCH:

--DIVIDEND: Cnooc has said it will raise its dividend payout ratio to 45% for 2025-2027 from the current 40%, DBS Group Research analysts wrote in a note. That signals that the company is confident about its earnings outlook and operating cash flow, they said. Investors will likely keep an eye on the dividend payout for 2024.

--PRODUCTION: Cnooc likely produced 6.2% more barrels of oil equivalent last year, DBS analysts said. While the company has guided for moderate production growth ahead, and the oil price is likely to normalize toward $70-$75 a barrel, Cnooc's output growth has remained steady and it continues to have strong cost control, they said. DBS has a buy rating on the stock, whose valuation remains undemanding.

Write to Kimberley Kao at kimberley.kao@wsj.com

(END) Dow Jones Newswires

March 25, 2025 23:23 ET (03:23 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.