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CNOOCSHSE:600938 +0.03%84 Days Payable is 101.14 as of Mar. 2026, which is 26% below its 10-year median of 136.70. GuruFocus rates SHSE:600938 with a GF Score™ of 84/100 and a GF Value™ of ¥25.47 (Modestly Overvalued). The stock has 1 warning sign investors should review. Among 851 Oil & Gas companies, CNOOC ranks better than 81.67% on this metric.
CNOOC's average Accounts Payable for the
three
months ended in Mar. 2026 was ¥62,822 Mil. CNOOC's Cost of Goods Sold for the
three
months ended in Mar. 2026 was ¥56,677 Mil.
Hence, CNOOC's Days Payable for the
three
months ended in Mar. 2026 was 101.14.
The historical rank and industry rank for CNOOC's Days Payable or its related term are showing as below:
SHSE:600938'
s Days Payable Range Over the Past 10 Years
Min: 39.05 Med: 136.7 Max: 205.12
Current: 172.23
During the past 13 years, CNOOC's highest Days Payable was 205.12. The lowest was 39.05. And the median was 136.70.
SHSE:600938's Days Payable is ranked better than 81.67% of 851
companies
in the Oil & Gas industry
Industry Median: 57.95
vs SHSE:600938: 172.23
CNOOC's Days Payable
declined
from Mar. 2025 (116.67) to Mar. 2026 (101.14).
It may suggest that CNOOCaccelerated paying its suppliers.
CNOOC Days Payable Related Terms
CNOOC Days Payable Historical Data
* Premium members only.
The historical data trend for CNOOC's Days Payable 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.
SHSE:600938 vs COP, EOG, FANG: Days Payable Comparison
For the Oil & Gas E&P subindustry, CNOOC's Days Payable, along with its competitors' market caps and Days Payable data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
CNOOC Days Payable vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, CNOOC's Days Payable distribution charts can be found below:
* The bar in red indicates where CNOOC's Days Payable falls into.
Days Payable indicates the number of days that the account payable relative to cost of goods sold the company has. An increase of Days Payable may suggest that the company delays paying its suppliers.
CNOOC's Days Payable for the fiscal year that ended in Dec. 2025 is calculated as
* 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.
CNOOC (SHSE:600938) has a Days Payable of 101.14 as of Mar. 2026. Days payable represents the average amount of days a company waits to pay its invoices from suppliers. View historical data on CNOOC and its competitors. This is 26% below median its historical median of 136.70. Over the past decade, CNOOC's Days Payable has ranged from 39.05 to 205.12. According to the industry distribution chart, CNOOC ranks #156 out of 851 companies in the Oil & Gas industry, placing it in the top 18.3%.
Is CNOOC's Days Payable too high?
CNOOC's current Days Payable of 101.14 is 26% below median its 10-year median of 136.70. Over the past 10 years, this metric has ranged from a low of 39.05 to a high of 205.12. The Oil & Gas industry median Days Payable is 57.95. CNOOC's value of 101.14 is 74.5% above this industry median. Based on the distribution chart, CNOOC ranks #156 out of 851 companies in the Oil & Gas industry, which is in the top quartile — a strong position relative to peers. Overall, CNOOC has a GF Score™ of 84/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does CNOOC's Days Payable compare to COP and EOG?
According to the Oil & Gas industry distribution chart, CNOOC ranks #156 out of 851 companies for Days Payable. This places CNOOC in the top 18% of its industry — outperforming the majority of peers. The industry median Days Payable is 57.95. CNOOC's value of 101.14 is 74.5% above this benchmark. Historically, CNOOC's own Days Payable has ranged from 39.05 to 205.12 over the past decade. While the company's 10-year median is 136.70 vs. the industry median of 57.95, CNOOC has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Days Payable for an Oil & Gas company?
The median Days Payable among Oil & Gas companies is 57.95, based on 851 companies in the industry. Companies in the top quartile (top 25%) have a Days Payable significantly above this median, while those in the bottom quartile fall well below. However, Days Payable should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. CNOOC's current Days Payable of 101.14 is 74.5% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Days Payable mean?
A high Days Payable can signal that a stock is expensive relative to its fundamentals. Days payable represents the average amount of days a company waits to pay its invoices from suppliers. View historical data on CNOOC and its competitors. For the Oil & Gas industry, the median Days Payable is 57.95 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. CNOOC's current Days Payable is 101.14, which is 26% below median its own 10-year median of 136.70. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is CNOOC stock overvalued right now?
Based on GuruFocus' analysis, CNOOC (SHSE:600938) is currently considered Modestly Overvalued. The stock's GF Value™ is ¥25.47, compared to a current price of ¥28.97 — trading 13.7% above its estimated fair value. The current Days Payable is 101.14, which is 26% below median its 10-year median of 136.70 and 74.5% above the Oil & Gas industry median of 57.95. CNOOC's overall GF Score™ is 84/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Days Payable calculated?
Days Payable is calculated from a company's financial statements. For CNOOC (SHSE:600938), the current Days Payable is 101.14 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is CNOOC (SHSE:600938) Overvalued in 2026?
Based on GuruFocus' analysis, CNOOC stock appears to be overvalued.
The current stock price of ¥28.97 is trading 13.7% above its estimated GF Value™ of ¥25.47.
GuruFocus considers CNOOC to be Modestly Overvalued.
Key valuation signals for SHSE:600938:
Days Payable: 101.14 (26% below median its 10-year median of 136.70)
GF Value™: ¥25.47 vs. price of ¥28.97 (13.7% above fair value)
Industry Position: 74.5% above the Oil & Gas median (#156 of 851)
No single metric tells the full story. See the SHSE:600938 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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. Net production for 2025 reached 777.3 million barrels of oil equivalent (77.2% oil), and year-end proven reserves were 7.77 billion barrels of oil equivalent. Assets outside China make up around 30.9% of production.
84GF Score
Get the complete analysis for SHSE:600938
Days Payable is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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