中国海油气电集团副总经理兼安全总监杨勇表示，基于中国海油战略发展布局，中国海油气电集团历经 近20年发展，业务遍及全国19个省市，天然气销量市场份额稳居全国第二，在天然气贸易、基础设施布 局、核心技术研发、产业链协同运作、商务模式创新等方面具有竞争优势。本次推介会是中国海油气电 集团携手国内外合作、共同开创LNG产业高质量发展新局面的一次实践，标志着中国海油气电集团在 建设能源合作新模式方面迈出重要一步。 作为深化油气体制改革的一次创新实践，中国海油气电集团首次组织此类推介会，旨在打造面向全球能 源产业链开放合作体系。推介会吸引了100余名政府机构、业界同仁、跨国企业代表齐聚黄海之滨，共 同探索LNG基础设施共享与低碳转型路径。 本次推介会的举办地是江苏盐城"绿能港"，该项目已建成4座22万立方米LNG储罐和6座27万立方米LNG 储罐及配套设施，是国内最大的LNG储备基地，年外输能力约1120万吨，可为长三角地区乃至整个华 东地区持续提供稳定清洁可靠的天然气，对加快长江经济带产业转型，助力我国早日实现"碳达峰、碳 中和"目标具有重要意义。 新华财经北京3月28日电中国海油江苏滨海液化天然气（LNG）服务与合 ...

Financial Data and Key Metrics Changes - The profit attributable to the parent company reached RMB 137.9 billion, an increase of 11.4% year-on-year [4][10][28] - Cash flow from operations was RMB 220.9 billion, with free cash flow at RMB 97.5 billion [8][29] - The cost per barrel decreased by 5.3%, while the net profit increased by 77% [9][30] - The dividend for the year was set at RMB 1.4, reflecting a 12% increase year-on-year, with a payout ratio of 44.7% [5][30] Business Line Data and Key Metrics Changes - The company achieved a net production increase of 5.6%, with offshore production growing by 10.8% due to the Paraya project in Guyana [15][16] - The reserve longevity is over ten years, with a replacement rate of 176% [8][15] - The company made 11 new discoveries in offshore exploration and assessed 30 structures with oil and gas [12][14] Market Data and Key Metrics Changes - The average price per barrel was maintained at RMB 28.5 [8] - The company reported strong performance in the Guangdong, Zhujiang, and Bohai Bay regions, which are high-value areas for natural gas consumption [46] Company Strategy and Development Direction - The company is focused on enhancing productivity and efficiency through technology-driven and digital transformation, while adhering to low-carbon green development [3][4] - Future strategies include improving productivity, green transformation, and technology innovation, with a commitment to maintaining a high dividend payout ratio [31][33] - The company aims to expand its offshore exploration and production capabilities, particularly in the Atlantic and Belt and Road regions [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining growth despite a high base of production volume, with targets set for 2025 at $7.60 to $7.80 [36][37] - The company is prepared to face uncertainties in the oil market and will focus on improving efficiency and controlling costs [69][84] - Management emphasized the importance of long-term contracts for stabilizing natural gas sales amid geopolitical tensions [47][48] Other Important Information - The company has made significant investments in green energy projects, including offshore wind farms and carbon capture initiatives [25][27][86] - The company is committed to high-quality corporate governance and market value management [4][5] Q&A Session Summary Question: What are the growth targets for production volume? - Management acknowledged the challenge of maintaining growth momentum but expressed confidence in achieving targets set for the next three years [36][37] Question: How will the company handle deep ocean technology opportunities? - The company highlighted its pioneering role in deep ocean technology and ongoing innovations, including seismic data collection and deepwater drilling [39][40] Question: What is the strategy regarding natural gas amidst geopolitical tensions? - Management stated that long-term contracts are crucial for stabilizing natural gas sales and emphasized the importance of compliance and risk management [46][48] Question: Will the company consider raising the minimum dividend payout above 45%? - The company is committed to returning value to shareholders and will consider profitability, gearing ratio, and market conditions when making dividend decisions [51][53] Question: What is the update on the Gulf of Mexico asset sale? - The transaction is progressing as planned, but the exact timing for completion remains uncertain due to regulatory approvals [71][72] Question: How does the company view the impact of asset depreciation? - Management explained that asset depreciation is based on accounting principles and the collectible value of offshore assets [57][60] Question: What is the outlook for crude oil prices? - Management noted the difficulty in predicting oil prices due to various factors, including geopolitical issues, but expressed confidence in the company's ability to manage costs and maintain profitability [68][69]

Core Viewpoint - The article emphasizes the importance of consistent dividend payments as a measure of shareholder value, highlighting that companies like ExxonMobil have maintained or increased their dividends for over 20 years, even during challenging times like 2020 [1][3]. Dividend Stability - ExxonMobil has not decreased its per-share dividend for over 20 years, demonstrating a stable expectation for investors, even with a relatively low pre-tax dividend yield of around 3% [1][3]. - Chevron has also consistently increased its dividends over the past 20 years, similar to ExxonMobil [7]. Comparison with CNOOC - CNOOC's dividend history shows significant fluctuations, with per-share dividends of 0.78 HKD in 2019, 0.45 HKD in 2020, and 1.48 HKD in 2021, leading to uncertainty for individual investors [10][11]. - The article suggests that CNOOC does not provide the same emotional value to investors as ExxonMobil, as its dividend payments are less predictable [11]. Financial Position - As of the end of 2024, CNOOC has cash of 247 billion, with net cash of 163.4 billion after deducting interest-bearing debt of 83.6 billion, indicating a strong financial position compared to ExxonMobil's negative net cash of -18.5 billion [13][15]. - Despite CNOOC's superior net cash position, the article questions the stability of its dividend payments and emotional value for shareholders compared to ExxonMobil [15]. Valuation Concerns - The article highlights that while CNOOC has advantages in various financial metrics, its valuation is only one-third of ExxonMobil's during the same period, raising questions about its market perception [17]. - The inconsistency in CNOOC's dividend payments and the lack of a stable emotional value for investors are pointed out as significant drawbacks [17].

本报记者 李哲 北京报道 在国际油价同比下跌2.8%的背景下，中国海洋石油有限公司（以下简称"中国海油"，00883.HK、 600938.SH）却创下"油价降、利润升"的逆周期表现。 3月27日，《中国经营报》记者从2024年度中国海油业绩说明会（以下简称"业绩说明会"）上获悉， 2024年中国海油实现营收4205.06亿元，同比增长0.9%；归母净利润1379.36亿元，同比增长11.4%。 中国海油董事长汪东进表示，2024年国际油价相较2023年有所降低，但公司的净利润仍实现了增长。公 司坚持以经营确定性应对油价不确定性，目前开采成本较十年前降低40%，同等油价下利润翻番。 财报数据显示，2024年中国海油油气销售收入3556亿元，归母净利润1379亿元，同比增长11.4 %。全年 桶油主要成本为28.52美元/桶油当量，同比下降约1.1%。 在油气资源勘探开发方面，中国海油2024年全年共获得11个油气新发现，成功评价30个含油气构造。截 至2024年年底，净证实储量达72.7亿桶油当量，同比增长7.2%，储量寿命稳定在十年。在国内，成功获 得龙口7-1、秦皇岛29-6、惠州19-6、陵水36-1等 ...

Core Viewpoint - In 2024, China National Offshore Oil Corporation (CNOOC) reported a year-on-year increase in oil and gas sales revenue and net profit despite a decline in international oil prices, indicating resilience and operational efficiency in a challenging market environment [1][3]. Financial Performance - CNOOC's total oil and gas sales revenue reached RMB 355.6 billion, up 8.4% year-on-year [1]. - The net profit attributable to shareholders was RMB 137.9 billion, reflecting an 11.4% increase [1]. - The average cost per barrel was controlled at USD 28.52, a decrease of approximately 1.1% year-on-year, marking one of the lowest levels in recent years [3]. Production and Capacity - CNOOC achieved a net production of 726.8 million barrels of oil equivalent, a 7.2% increase compared to the previous year, exceeding the initial production guidance [3]. - The company’s proven reserves reached 7.27 billion barrels of oil equivalent, with a reserve replacement ratio of 167%, significantly above the industry standard of 100% [4]. Future Production Goals - CNOOC set production targets for 2025 to 2027, aiming for 760-780 million barrels, 780-800 million barrels, and 810-830 million barrels of oil equivalent, respectively [2][5]. Cost Control and Efficiency - The company is focusing on engineering standardization, intelligent management, and lean management to reduce costs and improve efficiency [4][5]. - CNOOC's capital expenditure for 2024 is projected at RMB 132.5 billion, with investments directed towards key oil and gas field development and new energy projects [4]. Natural Gas and Green Transition - CNOOC is enhancing its natural gas business as a key transitional energy source, with significant projects underway in both domestic and international markets [7][8]. - The company is also investing in renewable energy projects, including offshore wind power and carbon capture, utilization, and storage (CCUS) initiatives [9]. Compliance and Risk Management - CNOOC is strengthening its compliance framework to navigate uncertainties in the international trade environment, ensuring smooth operations across its business segments [6].

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) reported strong financial performance for 2024, maintaining high profitability and achieving record production levels despite fluctuating oil prices [2][3]. Financial Performance - In 2024, CNOOC achieved oil and gas sales revenue of 355.6 billion yuan and a net profit attributable to shareholders of 137.9 billion yuan, representing a year-on-year increase of 11.4% [2]. - The average cost per barrel of oil equivalent was $28.52, a decrease of approximately 1.1% year-on-year, reinforcing the company's cost competitiveness [2]. - The proposed final dividend is 0.66 HKD per share, totaling 31.37 billion HKD, with an annual dividend of 1.4 HKD per share (including tax), reflecting a 12% year-on-year growth [2][3]. Production and Reserves - CNOOC's net production of oil and gas reached 726.8 million barrels of oil equivalent, a year-on-year increase of 7.2% [3]. - Domestic production increased by 5.6% due to contributions from fields like Bozhong 19-6, while overseas production surged by 10.8% thanks to the Payara project in Guyana [3]. - The company made 11 new oil and gas discoveries and successfully evaluated 30 oil and gas structures, with confirmed reserves reaching 7.27 billion barrels of oil equivalent, a 7.2% increase year-on-year [3]. Future Dividend Policy - CNOOC plans to maintain a dividend payout ratio of no less than 45% from 2025 to 2027, subject to shareholder approval, while considering market conditions and strategic planning [4]. - The company aims to enhance value creation and shareholder returns through initiatives focused on reserve growth, production increase, technological innovation, and green development [4]. Technological Innovation - CNOOC accelerated the cultivation of new productive forces, with significant advancements in technology driving operational efficiency [5]. - The deployment of Asia's first cylindrical FPSO "Hai Kui 1" and the first deep-water jacket platform "Hai Ji 2" has innovated deep-water oil and gas field development [5]. Digital and Green Development - The company is advancing the automation of offshore platforms and implementing intelligent oil fields, with a steady increase in the unmanned rate of offshore platforms [6]. - CNOOC's green transition efforts include the successful production of low-carbon oil and gas resources, with projects like the fully green-designed Wushi 23-5 oil field group and the comprehensive use of shore power achieving a green electricity replacement of 760 million kilowatt-hours [6].

Summary of Key Points Core Viewpoint - The report outlines the verification opinion of CITIC Securities regarding the related party transactions between China National Offshore Oil Corporation (CNOOC) and CNOOC Finance Co., Ltd. for the year 2024, emphasizing the compliance and risk management aspects of these transactions [1][8]. Group 1: Transaction Background - CNOOC and CNOOC Finance entered into a financial service framework agreement on December 22, 2022, under which CNOOC Finance agreed to provide financial services as requested by CNOOC for a three-year period starting January 1, 2023 [1][2]. - CNOOC Finance was established on May 13, 2002, and has a registered capital of 4 billion RMB, with major shareholders including China National Offshore Oil Corporation and its subsidiaries [2]. Group 2: Framework Agreement Details - The pricing policy for deposit services allows for interest rates to be set based on commercial bank rates, with a potential increase of 0-40% [3]. - Loan services are priced according to the Loan Prime Rate (LPR), with the possibility of a downward adjustment [3]. - CNOOC Finance does not charge service fees for settlement services and offers discounted rates for commercial bill discounting [3]. Group 3: Financial Performance of CNOOC Finance - As of December 31, 2024, CNOOC Finance reported total assets of 271.14 billion RMB and net profits of 1.372 billion RMB for the year [2][4]. Group 4: Risk Assessment and Management - CNOOC conducted a risk assessment of CNOOC Finance, finding it to have a sound internal control system and adequate capital [5][6]. - The company has established a risk disposal plan to address potential financial risks, including immediate reporting and emergency procedures [6][7]. Group 5: Compliance and Approval Process - The financial service framework agreement was approved by CNOOC's board, with necessary disclosures made regarding the related party transactions [7][8]. - CITIC Securities confirmed that the agreement's terms are complete and comply with relevant regulations, ensuring no harm to CNOOC's interests [8].

中国海洋石油有限公司 已审财务报表 2024 年度 中国海洋石油有限公司 财务报表及审计报告 2024 年度 | 内容 | 页码 | | | --- | --- | --- | | 审计报告 | 1 – | 5 | | 合并及公司资产负债表 | 6 – | 8 | | 合并及公司利润表 | 9 – | 10 | | 合并及公司现金流量表 | 11 – | 12 | | 合并及公司股东权益变动表 | 13 – | 16 | | 财务报表附注 | 17 – | 96 | | 补充资料 | | | | 当期非经常性损益明细表 | | 1 | | 净资产收益率及每股收益 | | 1 | | 境内外会计准则下会计数据差异 | | 2 | 审计报告 安永华明（2025）审字第70000500_A01号 中国海洋石油有限公司 中国海洋石油有限公司全体股东： 一、审计意见 我们审计了中国海洋石油有限公司的财务报表，包括2024年12月31日的合并及公司资产负债 表，2024年度的合并及公司利润表、股东权益变动表和现金流量表以及相关财务报表附注。 我们认为，后附的中国海洋石油有限公司的财务报表在所有重大方面按照企业会计准则的规 ...

中信证券股份有限公司 关于中国海洋石油有限公司 2024 年度涉及中海石油财务有限责 任公司关联交易的核查意见 中信证券股份有限公司（以下简称"保荐人"或"中信证券"）作为中国海洋石 油有限公司（以下简称"中国海油"或"公司"）首次公开发行 A 股股票并上市的保 荐人，根据《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《上海证券交易 所上市公司自律监管指引第 5 号——交易与关联交易》《上海证券交易所上市公 司自律监管指引第 11 号——持续督导》等有关规定，就中国海油 2024 年度涉及 中海石油财务有限责任公司（以下简称"海油财务"）关联交易的有关事项进行 了核查，具体情况如下： 一、基本情况 （一）交易背景情况 公司和海油财务于 2022 年 12 月 22 日订立了金融服务框架协议。根据金融 服务框架协议，海油财务已同意在自 2023 年 1 月 1 日开始的三年期间向公司提 供公司不时要求或请求的金融服务。 （二）海油财务的基本情况 海油财务于 2002 年 5 月 13 日由中国人民银行批准开业，于 2002 年 6 月 ...