The latest Market Talks covering Energy and Utilities. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET. 0736 GMT – Cnooc’s earnings are likely to remain resilient for now, DBS Group Research says in a note. Near-term earnings are likely to remain sensitive to oil-price normalization after exceptionally strong 1H results, while the rise in all-in costs could soften operating leverage, it says.

However, Cnooc’s cost base remains among the most competitive globally, which provides meaningful downside protection in scenarios of lower oil prices, as did its strong project pipeline, DBS says. Cash generation was another key positive, and its higher dividend translated to 6% to 7% yield, reinforcing Cnooc’s appeal as a high-quality oil proxy with visible shareholder returns, it adds. DBS retains its buy rating on the stock with a target price of 30 Hong Kong dollars.

Shares were 0.6% higher at HK$25.06. ([email protected]) 0631 GMT – Harbour Energy’s appointment of Simon Henry to the board gives it extensive energy, financial and governance experience, Barclays’s Lydia Rainforth writes. The former Shell CFO returns to the Harbour board after stepping down last year to take a board position at BP. His experience running large international energy businesses is highly relevant as Harbour integrates acquisitions and manages a significantly larger and more geographically diverse portfolio, she adds.

Harbour Energy’s shares closed Wednesday at 249.80 pence. ([email protected]) 0548 GMT – Eneos Holdings is poised to benefit from a likely increase in petroleum product exports thanks to favorable petroleum product prices in Singapore, Nomura’s Shinichi Yamazaki says in a note. Nomura expects improved margins at the oil distributor as its superior supply capacity, reflected by its top share of petroleum product sales, gives it an edge in increasing exports when overseas petroleum product prices are high. The Japanese company has also been ramping up investments under its management allocation framework, which refers to a selective approach to strategic investment including mergers and acquisitions.

Nomura raises the stock’s target price to 1,630.0 yen from Y1,560.0 with unchanged buy rating. Shares are 1.0% higher at Y1,326.5. ([email protected]).