WSJ: Cnooc part of Vietnam spat, but investment case isn't so controversial

Cnooc's (CEO) stock performance has been trailing Chinese rivals Sinopec (SNP) and PetroChina (PTR), and the company has lagged behind its own production targets, and raised spending even as rivals have cut back; now the naval conflict with Vietnam raises the question of whether Cnooc will be dragged into politicized ventures.

Such concerns are overdone, writes Heard On The Street's Abheek Bhattacharya: Cnooc remains one of the fastest growing large energy companies in the world, with output seen growing at 15% next year; buying Canada's Nexen two years ago diversified its reserves and lifted the life span of its reserves; and the stock comes cheap relative to peers.

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