October 29th, Gelunhui: Citigroup's report states that CNOOC's third-quarter performance is in line with expectations, relentlessly pursuing production growth amidst oil price fluctuations, with a 'buy' rating and a target price of 23 Hong Kong dollars. The report mentions that CNOOC's net income in the third quarter was 36.9 billion yuan, a 9% year-on-year increase, meeting the bank's expectations. Production in the third quarter was 0.18 billion barrels, a 2% decrease from the previous quarter, due to the impact of several strong typhoons. Although production slightly declined during the quarter, the cumulative production for the first three quarters reached 0.542 billion barrels, reaching a historical high. Furthermore, the report indicates that CNOOC's management is confident in meeting the upper limit of the production guidance target set at the beginning of the year. CNOOC has already achieved 9 new discoveries and 23 successful oil & gas evaluations this year. Due to CNOOC's rapid production growth, it is believed that the production increase can partially offset the impact of oil price fluctuations on the fourth quarter and the 2025 fiscal year.