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05.02.2015 09:14:00
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CNOOC Limited -- Moody's: CNOOC Limited's conservative capital spending plan will moderate negative impact from crude price drop
Hong Kong, February 05, 2015 -- Moody's Investors Service says that CNOOC Limited's (Aa3 stable) plan to reduce capital spending and increase production volumes are credit positive because it will mitigate the negative impact of falling crude oil prices on the company's EBITDA and debt metrics. The plan is also credit positive for CNOOC Limited's parent, China National Offshore Oil Corporation (CNOOC Group, Aa3 stable), because CNOOC Limited accounts for the majority of CNOOC Group's profits.
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