Financial Performance - The company achieved operating revenue of RMB 226.77 billion, an increase of 18% compared to RMB 192.06 billion in the same period last year[10]. - Net profit attributable to shareholders reached RMB 79.73 billion, reflecting a 25% increase from RMB 63.76 billion year-on-year[10]. - The net cash flow from operating activities was RMB 79.20 billion, up 27% from RMB 62.32 billion in the previous year[10]. - Oil and gas sales revenue amounted to RMB 185.11 billion, representing a 22% year-on-year increase[14]. - The company's operating revenue for the first half of 2024 was RMB 226,770 million, an increase of 18.1% compared to RMB 192,064 million in the same period last year, driven by higher oil and gas sales and rising international oil prices[79]. - The company reported a profit of RMB 63,761 million for the period, compared to a profit of RMB 63,748 million in the previous year, indicating a slight increase[99]. - The company's profit for the six months ended June 30, 2024, was RMB 79,731 million, compared to RMB 63,761 million for the same period in 2023, reflecting an increase of 24.9%[119]. Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.74 per share (tax included) for 2024, based on the authorization from the 2023 annual general meeting[3]. - The company plans to distribute an interim dividend of HKD 0.74 per share, the highest in the company's history[13]. - The interim dividend declared is HKD 0.74 per share, totaling approximately HKD 35,187 million (RMB 32,139 million), an increase from HKD 0.59 per share in the previous period[120]. Exploration and Production - The company operates as China's largest offshore oil and gas producer and one of the largest independent exploration and production companies globally, with assets distributed across Asia, Africa, North America, South America, Oceania, and Europe[8]. - The company focuses on exploration, development, production, and sales of crude oil and natural gas, primarily in the Bohai Sea, western and eastern South China Sea, and East China Sea[8]. - The company's net production reached 362.6 million barrels of oil equivalent, a 9.3% increase compared to the same period last year[12]. - The company made significant discoveries in offshore oil fields, including the Bluefin discovery in Guyana and new oil fields in Bohai Sea[12]. - The company completed 174 exploration wells and collected 4,755 square kilometers of 3D seismic data in the first half of the year[16]. - The company achieved a natural gas flow rate exceeding 10 million cubic meters per day at the Lingshui 36-1 discovery, marking a significant breakthrough in ultra-deep water exploration[15]. - The company made a new discovery of 100 million tons at the Bluefin-1 well in the Guyana Stabroek block, further expanding the resource scale[15]. - The company successfully implemented China's first ultra-deep large displacement well at the Enping 21-4 oil field, setting records for the deepest offshore drilling and horizontal length[20]. - The company is actively pursuing green low-carbon development, focusing on offshore wind power and integrating new energy with oil and gas exploration[78]. Financial Position and Assets - The company's total assets as of June 30, 2024, were RMB 1,075,404 million, a 6.9% increase from RMB 1,005,598 million at the end of 2023[87]. - Current assets reached RMB 297,170 million, up 18.7% from RMB 250,275 million at the end of 2023, mainly due to an increase in cash and cash equivalents[87]. - The company's depreciation, depletion, and amortization amounted to RMB 37,555 million, an increase of 11.3% compared to RMB 33,738 million in the same period last year, primarily due to new oil field production and increased output[83]. - The company's total equity attributable to shareholders reached RMB 719,198 million, up from RMB 666,586 million at the end of 2023, marking a growth of 7.9%[99]. Environmental and Social Responsibility - The company generated a total of 28.58 million kWh of electricity in the first half of the year, resulting in a CO2 reduction of 16,600 tons[21]. - The company expanded its green electricity usage by consuming over 400 million kWh, leading to a reduction of nearly 300,000 tons of carbon emissions[21]. - The Ningbo terminal photovoltaic project achieved an annual power supply of 1.4 million kWh, with the onshore terminal photovoltaic coverage rate increasing to 82%[22]. - The company completed the world's first 5 MW offshore high-temperature flue gas waste heat power generation device, expected to save approximately 300 million cubic meters of natural gas and reduce CO2 emissions by about 800,000 tons over 20 years[22]. - The company invested over RMB 60 million in 24 assistance projects in various regions, focusing on industry, talent, culture, ecology, and infrastructure[23]. - The company reported a total of 19.96 tons of COD, 0.64 tons of ammonia nitrogen, and 6.07 tons of SO2 emissions, all within the approved limits for the first half of 2024[25]. - The company invested approximately RMB 348 million in environmental management and pollution control facilities in the first half of 2024[26]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[29]. Risk Management - The company has established a comprehensive risk management and internal control system to mitigate potential losses from risks encountered in achieving operational goals[30]. - The company faces risks from macroeconomic changes, including geopolitical tensions and trade disputes, which could negatively impact oil and gas supply and downstream demand[31]. - The company is subject to high customer concentration risk, where a significant reduction in purchases from major customers could adversely affect performance[41]. - The company is also exposed to high supplier concentration risk, which could disrupt operations if key suppliers fail to provide services[42]. - The company anticipates increased carbon emissions with production growth, facing potential costs and reputational damage if unable to meet national emission reduction standards[34]. - The company is at risk from fluctuating oil and gas prices, which can significantly impact business, cash flow, and earnings[35]. - The company may face challenges in achieving expected returns from acquisitions and divestitures due to various factors affecting asset acquisition success[39]. - The company recognizes the increasing competition in the energy sector, which may negatively impact its business and financial performance[36]. - The company is aware of the potential for HSSE risks that could lead to significant operational disruptions and reputational damage[37]. - The company faces risks related to undeveloped reserves, which could negatively impact performance if not developed timely and effectively[43]. - The company emphasizes the importance of technology and innovation to enhance competitiveness and operational capabilities, with insufficient core technology reserves potentially affecting production and cost control targets[44]. - Cybersecurity threats and IT infrastructure failures could lead to business interruptions, data loss, and increased costs, impacting the company's reputation[45]. - The company is exposed to foreign exchange risks due to revenue being primarily in RMB and USD, which could affect cash flow and capital expenditures[47]. - Legal risks arise from potential violations of anti-corruption, anti-money laundering, and corporate governance laws, which could harm the company's reputation and operational capabilities[50]. - The company is subject to various data privacy laws across jurisdictions, potentially leading to significant compliance costs[51]. - Economic sanctions from the U.S. could impact the company's operations and partnerships, affecting investor perception and business opportunities[52]. - The company is committed to enhancing its risk management and internal control systems to address significant risks through a comprehensive risk management mechanism[53]. Corporate Governance - The financial report has not been audited, and the company ensures the accuracy and completeness of the financial data presented[3]. - The company’s financial report is prepared according to both Chinese accounting standards and international/Hong Kong financial reporting standards[3]. - The company’s CEO and CFO have confirmed the authenticity and accuracy of the financial report[3]. - The company complied with all code provisions of the Corporate Governance Code during the six months ending June 30, 2024[65]. - The company’s board confirmed compliance with the ethical standards required by the Corporate Governance Code during the reporting period[66]. - The audit committee reviewed the interim results for the six months ending June 30, 2024, which were unaudited[61]. Subsidiaries and Joint Ventures - The company has a 100% ownership in its directly held subsidiary, CNOOC (China) Limited, which is engaged in offshore oil and gas exploration and production in China[102]. - The company has a 50% stake in BC Energy Investments Corp., registered in the British Virgin Islands, with a total issued capital of USD 102,325,582[106]. - The company’s subsidiaries are engaged in oil and gas exploration, development, and production activities across various countries, including Nigeria, Canada, the UK, the USA, and Brazil[104]. - The company’s financial performance is significantly influenced by its subsidiaries and joint ventures, which are critical to its asset base and overall results[107]. Capital Expenditures and Investments - Capital expenditures totaled RMB 63,125 million, an increase of 11.7% from RMB 56,514 million in the same period last year, ensuring sufficient support for resource increase and production[90]. - The company and its subsidiaries invested approximately RMB 62,811 million in property, plant, and equipment, up from RMB 57,136 million in the same period last year[121]. - The total amount committed for planned projects is RMB 32,099.09 million, with RMB 28,679.05 million already utilized as of June 30, 2024[94]. - The company has capital commitments to CNOOC and/or its affiliates amounting to approximately RMB 8,142 million as of June 30, 2024, down from RMB 14,382 million as of December 31, 2023[149]. Market and Customer Insights - 62% of the sales revenue for the six months ended June 30, 2023, came from customers in China, while no other individual region contributed more than 10%[113]. - The company’s sales revenue from major customer Sinopec accounted for 8% of total oil and gas sales for the six months ended June 30, 2024, down from 12% in the same period of 2023[142].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 26.43, indicating a potential upside of 38.5% from the current price of HKD 19.08 [2]. Core Insights - The company achieved a record net profit of HKD 797 billion in the first half of the year, representing a 25% year-on-year increase. Revenue for the same period was HKD 2268 billion, up 18% year-on-year [1]. - The total oil and gas production reached 362.6 million barrels of oil equivalent, a 9.3% increase year-on-year, with oil prices averaging USD 80.32 per barrel, up 9.2% year-on-year [1]. - The company continues to focus on increasing reserves and production, aiming for a reserve replacement ratio of no less than 130% and a production target of 700-720 million barrels of oil equivalent for 2024 [1]. Financial Performance - The company reported a significant increase in revenue from oil liquid products, which reached HKD 1613 billion, a 24% increase year-on-year, while natural gas product revenue was HKD 239 billion, up 9.7% year-on-year [1]. - The average cost per barrel of oil equivalent decreased to USD 27.75, a 1.5% decline year-on-year, with operational costs down by 4.8% due to increased production and currency fluctuations [1]. - The interim dividend for 2024 was set at HKD 0.74 per share, a historical high for the same period, with a payout ratio of 40.3%, reflecting a 25.4% increase year-on-year [1]. Future Projections - Revenue projections for 2024, 2025, and 2026 are estimated at HKD 451.4 billion, HKD 471.0 billion, and HKD 481.7 billion respectively, with net profits expected to be HKD 145.2 billion, HKD 151.2 billion, and HKD 155.4 billion [2][4]. - The report anticipates an 8x PE valuation for 2024, supporting the target price of HKD 26.43 [2].

表格類別： 股票 狀態： 新提交 公司名稱： 中國海洋石油有限公司 呈交日期： 2024年9月9日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 00883 | 說明 | | 於香港聯交所上市的股份（「香港股份」） | | | | | 多櫃檯證券代號 | 80883 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括庫存股份）數 | 佔有關事件 ...

研究报告 Research Report 8 Sep 2024 中国海洋石油 China National Offshore Oil Corporation (883 HK) 上半年净利润同比增长 25% [Table_yemei 观点聚焦 1] Investment Focus | --- | --- | |----------------------------------------------------------------|---------------------------| | 1H24 net income up 25% y/y [Table_Info] 首次覆盖优于大市 | Initiate with OUTPERFORM | | 评级 | 优于大市 OUTPERFORM | | 现价 | HK$19.84 | | 目标价 | HK$24.19 | | HTI ESG | 5.0-5.0-5.0 | | E-S-G: 0-5, (Please refer to the Appendix for ESG comments) | | | 市值 | HK$966.93bn / US$124. ...

FF305 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | | 00883 | 說明 | | 於香港聯交所上市的股份（「香港股份」） | | | | | 多櫃檯證券代號 | | 80883 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1) | | 2024年9月4日 | | 44,560,397,984 | | 0 | | 44,560,397,984 | | 1). 其他 (請註 ...

Investment Rating - The report maintains a "Buy" rating with a target price of 33.26 CNY, reflecting an increase in earnings forecasts due to high growth in oil and gas production [10][26]. Core Insights - The company achieved record semi-annual performance with a revenue of 226.8 billion CNY in H1 2024, a year-on-year increase of 18%, and a net profit attributable to shareholders of 79.7 billion CNY, up 27% year-on-year [26]. - The average price of Brent crude oil in H1 2024 was 84.27 USD per barrel, contributing to the company's strong performance despite a lower average price compared to H1 2022 [26]. - The company has increased its capital expenditure to 63.1 billion CNY in H1 2024, an 11.7% increase year-on-year, to support its strategy of increasing reserves and production [26]. Financial Summary - Revenue for 2022 was 422.23 billion CNY, with a projected increase to 475.33 billion CNY in 2024, reflecting a growth rate of 14.1% [9]. - Net profit attributable to shareholders was 141.7 billion CNY in 2022, expected to rise to 148.03 billion CNY in 2024, indicating a growth of 19.5% [9]. - The company reported a net asset return (ROE) of 23.7% in 2022, projected to decrease to 18.9% by 2024 [9]. Production and Cost Management - The company achieved a net production of 362.6 million barrels of oil equivalent in H1 2024, a 9.3% increase year-on-year, marking a historical high for the period [26]. - The cost per barrel of oil was reported at 27.75 USD, demonstrating effective cost control measures [26]. - The company successfully discovered new oil and gas structures, enhancing its exploration potential and expanding reserves [26].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2024年8月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 中國海洋石油有限公司 | | | 呈交日期: | 2024年9月4日 | | | I. 法定/註冊股本變動 不適用 | | | III.已發行股份及/或庫存股份變動詳情 (A). 股份期權（根據發行人的股份期權計劃） 不適用 第 3 頁 共 10 頁 v 1.1.0 FF301 第 1 頁 共 10 頁 v 1.1.0 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00883 | | 說明 | 於香港聯交所上市的股份（「香港股份」） | | | | | 多櫃檯證券代號 | 80883 | | RMB 說明 | | | | ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中國海洋石油有限公司 呈交日期： 2024年9月4日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 (註7) (i) 上市發行人已收取其在是次股份發行或庫存股份出售或轉讓應得的全部款項； (viii) 有關債券、借貸股份、票據或公司債券的信託契約/平邊契據經已製備及簽署，有關詳情已送呈公司註冊處處長存檔（如法律如此規定）。 | 第一章節 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 0 ...

证券研究报告 公司盈利预测（百万元） | --- | --- | --- | --- | --- | |-------------------|-----------|-------------------------|-----------|-----------| | 资产负债表 | | 2023A 2024E 2025E 2026E | | | | 流动资产 : | | | | | | 现金及现金等价 物 | 150,562 | 214,277 | 278,758 | 346,111 | | 应收款 | 36,386 | 39,710 | 42,409 | 44,527 | | 存货 | 6,451 | 7,481 | 8,069 | 8,298 | | 其他流动资产 | 56,876 | 58,024 | 58,957 | 59,689 | | 流动资产合计 | 250,275 | 319,492 | 388,194 | 458,625 | | 非流动资产 : | | | | | | 金融类资产 | 44,304 | 44,304 | 44,304 | 44,304 | | 固定资产 | 7,010 ...

中国海油（600938.SH）2024 年半年报点评 ➢ 事件：2024 年 8 月 28 日，公司发布 2024 年半年度报告。2024 年上半年， 公司实现营业收入 2267.7 亿元，同比增长 18.1%；实现归母净利润 797.3 亿元， 同比增长 25.0%；实现扣非归母净利润 792.0 亿元，同比增长 27.1%。 ➢ 24Q2 归母净利润同环比增长。24Q2，公司营业收入为 1153.0 亿元，同比 增长 22.2%，环比增长 3.4%；归母净利润为 400.1 亿元，同比增长 26.4%，环 比略增 0.7%；扣非归母净利润为 397.2 亿元，同比增长 28.7%，环比略增 0.6%。 ➢ 资源基础不断夯实，24Q2 产量延续高增长。24H1，公司持续推动增储上 产。在中国海域，成功探获首个超深水超浅层千亿方大气田陵水 36-1，在渤海、 南海东部海域分别探获秦皇岛 27-3 和开平南两个亿吨级油田；在海外，圭亚那 Stabroek 区块获得新发现 Bluefin 扩大区块东南部储量规模；成功签署莫桑比 克 5 个区块石油勘探与生产特许合同。24H1，公司实现油气产量 362.6 百万桶 ...