In today’s briefing:
- China Oil & Gas – Earnings Flash – FY 2022 Results – Lucror Analytics
China Oil & Gas – Earnings Flash – FY 2022 Results – Lucror Analytics
COG’s FY 2022 results were in line with our expectations. The credit profile remains satisfactory, supported by a decrease in borrowings. We view positively that long-term debt and time deposits were lower.
We agree with management that the operating environment is likely to be favourable in 2023. According to the company, volume growth was 15% y-o-y in January and February 2023. COG is keen to reduce financing costs and extend its maturity profile by refinancing a portion of bank borrowings with a syndicated loan. Management said that COG is currently in talks with banks over a syndicated loan.
Management confirmed that the company is not keen on increasing indebtedness for expansions or acquisitions.
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