CNOOC (HKSE:00883) ROCE % : 23.41% (As of Mar. 2024)

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What is CNOOC ROCE %?

ROCE % measures how well a company generates profits from its capital. It is calculated as EBIT divided by Capital Employed, where Capital Employed is calculated as Total Assets minus Total Current Liabilities. CNOOC's annualized ROCE % for the quarter that ended in Mar. 2024 was 23.41%.

CNOOC ROCE % Historical Data

The historical data trend for CNOOC's ROCE % can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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CNOOC ROCE % Chart

CNOOC Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

ROCE %

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14.17

6.46

15.45

25.49

20.80

CNOOC Quarterly Data
	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
ROCE %	Get a 7-Day Free Trial															21.46	21.04	21.14	20.21	23.41

CNOOC ROCE % Calculation

CNOOC's annualized ROCE % for the fiscal year that ended in Dec. 2023 is calculated as:

ROCE %	=	EBIT	/	( (Capital Employed	+	Capital Employed)	/ count )
		(A: Dec. 2023 )		(A: Dec. 2022 )		(A: Dec. 2023 )
	=	EBIT	/	( ( (Total Assets - Total Current Liabilities)	+	(Total Assets - Total Current Liabilities) )	/ count )
		(A: Dec. 2023 )		(A: Dec. 2022 )		(A: Dec. 2023 )
	=	195030.619	/	( ( (1037462.591 - 126625.399)	+	(1099901.86 - 135561.861) )	/ 2 )
	=	195030.619	/	( (910837.192	+	964339.999)	/ 2 )
	=	195030.619	/	937588.5955
	=	20.80 %

CNOOC's ROCE % of for the quarter that ended in Mar. 2024 is calculated as:

ROCE %	=	EBIT ⁽¹⁾	/	( (Capital Employed	+	Capital Employed)	/ count )
		(Q: Mar. 2024 )		(Q: Dec. 2023 )		(Q: Mar. 2024 )
	=	EBIT	/	( ( (Total Assets - Total Current Liabilities)	+	(Total Assets - Total Current Liabilities) )	/ count )
		(Q: Mar. 2024 )		(Q: Dec. 2023 )		(Q: Mar. 2024 )
	=	230291.564	/	( ( (1099901.86 - 135561.861)	+	(1146242.494 - 143326.615) )	/ 2 )
	=	230291.564	/	( ( 964339.999	+	1002915.879 )	/ 2 )
	=	230291.564	/	983627.939
	=	23.41 %

(1) Note: The EBIT data used here is four times the quarterly (Mar. 2024) EBIT data.

CNOOC (HKSE:00883) ROCE % Explanation

ROCE % can be especially useful when comparing the performance of capital-intensive companies. Unlike ROE %, which indicates the profitability of Shareholders Equity, ROCE % also considers long-term debt in Capital Employed. This can be helpful when analyzing companies with significant debt, as the result is neutralized by taking debt into consideration.

Generally speaking, a higher ROCE % indicates a stonger profitability for a company. Moreover, it is important to look at the ratio from a long term perspective. Investors tend to favor companies with stable and rising ROCE % trend over those with volatile ones.

CNOOC ROCE % Related Terms

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CNOOC (HKSE:00883) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » CNOOC Ltd (HKSE:00883) » Definitions » ROCE %

Comparable Companies

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NC2B:Germany 600938:China

Address

1 Garden Road, 65th Floor, Bank of China Tower, Hong Kong, HKG, 999077

Website

https://www.cnoocltd.com

CNOOC is China's main offshore oil and gas exploration and production company. Through its parent company, it has exclusive rights to partner with foreign companies in offshore China projects. Production for 2022 averaged 1.71 million barrels of oil equivalent per day (78.5% oil), and year-end proven reserves were 6.24 billion barrels of oil equivalent, or boe, (73.8% oil). Assets outside China make up around 30.6% of production.

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