JPM raised its EPS forecasts for CNOOC for this year and next year by 3% due to a strong net profit performance in Q1 2026, which was in line with expectations. The company has strategically adjusted its maintenance plan and accelerated project construction, although it will not change its FY2026 earnings guidance for now. Given the ongoing uptrend in oil prices, JPM maintains an Overweight rating with a target price of HKD33.
