中国海油（A/H）：陵水17-2气田重启，指引四季度产量修复

CNOOC's 3Q IFRS NP came in at Rmb33bn (+2% y/y, -29% q/q), a miss vs. buyside expectation/JPMe at ~Rmb40bn. We attribute the miss to the Rmb7.2bn impairment booked on overseas assets. Excluding the one-offs, earnings were largely in-line. Management confirmed during the briefing that the Lingshui 17-2 FPSO, which has reportedly been shut down since May due to a fire, remains on track to resume operations in 4Q. Management guided limited impact from the disruption and re-iterated FY26 production guidance of 780-800mboe. We continue to prefer Petrochina over CNOOC, but are OW on both due to robust oil prices. Post earnings, we trim FY26E NP by 5% to reflect the asset impairment, but hike FY27E NP by 2% on higher domestic gas ASP. We hike our Jun-27 A/H PT slightly to HK$31.5 and Rmb45, respectively, implying FY26/27E H-share yield of 6.1%/5.6% and 3.6%/3.3% for A-share. Maintain OW.