Investment Rating - The investment rating for the company is "Buy" [1][24]. Core Views - The report indicates that oil prices are expected to remain in a high range in 2024, with upstream oil and gas exploration maintaining high prosperity. The Brent oil price is projected to stay between $80 and $90 per barrel due to tight supply and demand dynamics [4][7][26]. - The company has significant overseas oil and gas resources, with the Guyana project progressing beyond expectations. The Stabroek block in Guyana has proven reserves exceeding 11 billion barrels, with the company holding a 25% stake [5][28]. - The capital expenditure budget for 2024 is stable, with several new projects planned for production within the year, including key projects in China and Brazil, expected to reach a peak production of 364,300 barrels of oil equivalent per day [23][24][28]. Summary by Sections Oil Price Outlook - As of February 20, WTI crude oil futures settled at $77.04 per barrel, up 4.4% from the beginning of the month, while Brent crude oil futures settled at $82.34 per barrel, up 4.6% [2][4]. - The report cites geopolitical tensions and strong economic data from the U.S. and China as factors contributing to the optimistic market sentiment and tight supply-demand balance for oil [4][7]. Company Performance and Projects - The company's net production from overseas oil and gas is approximately 30%, expected to increase to 35%. The core incremental production in recent years has come from new projects in Guyana and Brazil [5][28]. - The Payara project in the Stabroek block commenced production ahead of schedule in November 2023, achieving a production capacity of 220,000 barrels per day by January 2024, with total production from three platforms reaching 645,000 barrels per day, significantly above the design capacity of 580,000 barrels per day [5][11][29]. Financial Projections - The company forecasts a capital expenditure of RMB 125 billion to 135 billion for 2024, with net production expected to be between 720 million to 750 million barrels of oil equivalent [8][23]. - The projected net profits for 2023-2025 are RMB 134.9 billion, 154.5 billion, and 178.3 billion, respectively, with corresponding EPS of 2.84, 3.25, and 3.75 yuan, maintaining a "Buy" rating [24][28].

转自：绿色青浦 我国南海西江油田生产原油突破1亿立方米 记者2月11日从中国海油深圳分公司了解到，该公司位于南海珠江口盆地的西江油田，截至2月10日累计 生产原油突破1亿立方米，成为我国南海累产最高的油田。 中国海油西江油田总经理陈三君说，西江油田是我国首批勘探开发的海上大型油田之一，30多年来相继 发现和开发了西江24-3、西江30-2等储量规模3000万方级以上的油田，连续28年生产原油超200万立方 米，为粤港澳大湾区的能源供应提供了坚实保障。 陈三君说，目前西江油田正加快推进新油田建设和智能油田转型，规模化推广应用分舱控水等稳产新技 术，推动西江油田产量规模再上新台阶。 海量资讯、精准解读，尽在新浪财经APP ...

原标题：“黄金”亿方，深海破浪 春节广东海上石油平台保供见闻 本报讯（记者孙飞 印朋）龙年春节，有人来深圳看海，有人在海上遥望深圳。 春节期间，南海东部油田作业区依然忙碌着，这里47个油田出产的“黑色黄金”石油，是粤港澳大湾区的 重要能源支柱，扛起区域能源保供重担。正月初一，记者跟随工作人员，来到中国海油南海西江油田作 业区25-8平台采访。 西江油田位于珠江口盆地，距离香港125公里。作业区5个钻采平台的石油工作者一般乘坐直升飞机倒 班。“打飞的”上下班虽然听起来高大上，实则并不舒适，飞机舱内震耳欲聋，厚厚的耳机无法隔绝噪 音，而且飞越百余公里的洋面，遇到气流，颠簸得厉害。 从深圳飞行70分钟后，25-8平台火炬臂喷出的火舌，在一望无垠的海面上分外显眼。 海上平台的工作是快节奏的。一下飞机，映入眼帘的是喷涂在平台设备上的三个“一”――飞机多停1分 钟，成本上升343元；船舶多停1小时，船租上升2667元；船舶多停1小时，油耗上升2053元。 海上平台的生活是洁净温馨的。25-8平台的工作人员身着石油工作服、安全帽、高帮防静电安全鞋、防 滑手套甚至防风镜，海上钻井平台的生活区还建有健身房、乒乓球室等设施。 海 ...

中国海[Table_StockNameRptType] 油（600938/0883） | --- | --- | --- | --- | |--------------|---------------------------------------------------------------------------------------------------------------|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

证券代码：600938 证券简称：中国海油 公告编号：2024-001 为确保股东回报，在各年度建议股息获股东大会批准的前提下，二零二二年至二零 二四年，本公司全年股息支付率预计将不低于 40%；无论本公司的经营表现如何，二零 二二年至二零二四年，全年股息绝对值预计不低于 0.70 港元/股(含税)。 未来，本公司将扎实推进增储上产、科技创新和绿色发展三大工程，实施提质增效 升级行动，不断提升价值创造能力，为股东带来更大回报。 特别提示：本公告包含公司的前瞻性资料，包括关于本公司和其附属公司业务可能 的未来发展声明，例如预期未来事件、业务展望或财务结果。"预期"、"预计"、"继 续"、"估计"、"目标"、"持续"、"可能"、"将会"、"预测"、"应当"、 "相信"、"计划"、"旨在"等词汇以及相似表达意在判定此类前瞻性声明。这些声 明以本公司在此日期根据其经验以及对历史发展趋势、目前情况以及预期未来发展的理 解，以及本公司目前相信的其它合理因素所做出的假设和分析为基础。然而，实际结果 和发展是否能够达到本公司的目前预期和预测存在不确定性。受到一些风险和不确定因 素的影响，实际业绩、表现和财务状况可能与本公司的 ...

证券代码：600938 证券简称：中国海油 公告编号：2023-032 二、本次股份无偿划转双方的基本情况 （一）划出方基本情况 中国海洋石油有限公司 关于国有股份无偿划转的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 中国海洋石油有限公司(以下简称"公司"）于近日收到公司股东中国石化集 团资产经营管理有限公司（以下简称"中石化资产"）发来的《关于股份内部无 偿划转的告知函》，拟将其持有的公司 185,185,185 股境内 A 股股份在中国石油 化工集团有限公司（以下简称"中国石化集团"）内部无偿划转至中石化国际能 源投资有限公司（以下简称"中石化国投"）。具体情况如下： 一、本次股份无偿划转的主要内容 划转双方已签署《股权无偿划转协议》。根据该协议，中石化资产将其持有 的公司全部境内 A 股股份无偿划转至中石化国投。本次无偿划转前，中石化资产 持有公司 185,185,185 股境内 A 股股份，占公司已发行股份总数的 0.39%。按照 《上市公司国有股权监督管理办法》规定，本次无偿划转已取得 ...

证券代码：600938 证券简称：中国海油 公告编号：2023-031 中国海洋石油有限公司 关于非执行董事及副董事长辞任的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国海洋石油有限公司（"本公司"）董事会宣布，李勇先生（"李先生"）因 到龄退休辞任本公司非执行董事及副董事长，自 2023 年 12 月 18 日起生效。因此，李 先生于同日起亦不再担任本公司薪酬委员会及战略与可持续发展委员会成员。 李先生已确认其与董事会并无任何意见分歧，亦无任何与其辞任有关的事项须提 请本公司股东、香港联合交易所有限公司或上海证券交易所注意。 董事会谨藉此机会对李先生为本公司作出的贡献表示衷心的感谢。 中国海洋石油有限公司董事会 2023 年 12 月 18 日 ...

中國海洋石油有限公司董事會（「董事會」）成員及其各自於董事會及董事會委員會 的角色及職能載列如下，自二零二三年十二月十八日起生效： | 董事會委員會 | 審核委員會 | 提名委員會 | 薪酬委員會 | 戰略與可持續 | | --- | --- | --- | --- | --- | | 董事 | | | | 發展委員會 | | 執行董事 | | | | | | 周心懷 ( 首席執行官及 總裁) | - | - | - | M | | 非執行董事 | | | | | | 汪東進(董事長) | - | C | - | C | | 徐可強 | - | - | - | M | | 溫冬芬 | M | - | - | - | | 獨立非執行董事 | | | | | | 趙崇康 | M | - | C | - | | 邱致中 | - | M | - | M | | 林伯強 | - | M | - | M | | 李淑賢 | C | - | M | - | 附註： C 董事會委員會主席 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全 ...

证券代码：600938 证券简称：中国海油 公告编号：2023-030 中国海洋石油有限公司 2023 年第八次董事会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 中国海洋石油有限公司（以下简称"公司"）于 2023 年 11 月 30 日以书面 决议方式召开 2023 年第八次董事会。本次董事会的会议通知及议案已于 2023 年 11 月 28 日发送给公司全体董事。会议应参与表决董事 9 人，实际参与表决董事 9 人。会议于 2023 年 11 月 30 日形成有效决议。会议的召集、召开、表决程序 符合有关法律法规及《中国海洋石油有限公司组织章程细则》的相关规定，合法、 有效。 二、董事会审议情况 审议通过《关于公司高级管理人员变更的议案》 表决结果：9 票赞成，0 票反对，0 票弃权。 特此公告。 中国海洋石油有限公司董事会 2023 年 11 月 30 日 附件 曹新建先生简历 生于一九六六年，曹先生为本公司执行副总裁，教授级高级经济师。曹先生二零 零三年于英国威尔士大学获工商管理硕 ...

Financial Performance - In Q3 2023, the total comprehensive income amounted to RMB 103,720 million, a decrease of 21.1% compared to RMB 131,379 million in Q3 2022[3] - Basic and diluted earnings per share for Q3 2023 were RMB 2.05, down from RMB 2.34 in Q3 2022, representing a decline of 12.4%[3] - The net profit attributable to shareholders of the parent company reached RMB 97.65 billion, down 10.2% year-on-year[18] - The net profit attributable to shareholders for Q3 2023 was RMB 33,884 million, a decrease of 8.13% compared to the same period last year[45] - Net profit for the period was 97,659 million, down from 108,758 million in the previous period, representing a decrease of approximately 10.2%[57] - The company reported a total profit of 132,955 million, down from 149,693 million, reflecting the impact of increased costs and economic conditions[57] Cash Flow and Liquidity - Cash flow from operating activities for the first nine months of 2023 was RMB 159,045 million, a decrease of 4.9% from RMB 166,892 million in the same period of 2022[7] - Cash and cash equivalents at the end of Q3 2023 were RMB 135,146 million, an increase of 29.9% from RMB 104,111 million at the end of Q3 2022[10] - The company reported a net cash outflow from investing activities of RMB 54,283 million in the first nine months of 2023, an improvement from a net outflow of RMB 75,913 million in the same period of 2022[7] - The company's cash inflow from financing activities was RMB 107 million in the first nine months of 2023, a significant decrease from RMB 32,816 million in the same period of 2022[7] - The net cash flow from operating activities for the first three quarters of 2023 was RMB 159,045 million, a decrease of 4.70% year-on-year[47] Assets and Liabilities - Total assets as of September 30, 2023, were RMB 1,020,025 million, an increase of 9.8% from RMB 929,031 million at the end of 2022[10] - The company's total liabilities increased to RMB 375,395 million as of September 30, 2023, compared to RMB 330,648 million at the end of 2022, reflecting a rise of 13.5%[12] - The company’s total equity attributable to shareholders increased to RMB 643,415 million as of September 30, 2023, up from RMB 597,182 million at the end of 2022, marking an increase of 7.7%[12] Revenue and Production - For the first three quarters of 2023, the company achieved unaudited oil and gas sales revenue of approximately RMB 238.4 billion, a year-on-year decrease of 10.3%[18] - The total revenue for the third quarter was RMB 123.9 billion, compared to RMB 110.1 billion in the same quarter of 2022[24] - The company's operating revenue for Q3 2023 was RMB 114,753 million, an increase of 5.48% year-on-year[45] - The total net production for the first three quarters was 470 million barrels of oil equivalent, compared to 419.7 million barrels of oil equivalent in the same period of 2022[21] - The net production for the first three quarters of 2023 reached 499.7 million barrels of oil equivalent, an increase of 8.3% year-on-year, marking a historical high for the same period[55] - The company achieved a net production of 167.8 million barrels of oil equivalent in Q3 2023, an increase of 7.0% year-on-year[55] Costs and Expenditures - Capital expenditures for the first three quarters amounted to approximately RMB 89.46 billion, an increase of 30.2% year-on-year, with the annual capital expenditure budget adjusted to RMB 120-130 billion[18] - The company’s main oil cost per barrel was $28.37, a decrease of 6.3% year-on-year[18] - Total operating costs increased to 177,799 million from 165,308 million, with operating costs rising to 154,646 million from 141,686 million[57] - Financial expenses decreased significantly to 744 million from 2,172 million, with interest expenses dropping to 1,892 million from 2,432 million[57] - The capital expenditure for exploration in Q3 2023 was RMB 4,220 million, a decrease of 18.1% year-on-year[50] Market Conditions - The average realized oil price for the first three quarters was $76.84 per barrel, a decrease of 24.2% year-on-year, while the average realized gas price was $7.92 per thousand cubic feet, down 2.7% year-on-year[18] - The average realized price for oil liquids in Q3 2023 was USD 83.20 per barrel, a decrease of 13.2% compared to the same period last year[50] - The average Brent crude oil price was 81.96 USD per barrel, a year-on-year decrease of 20%[59] Exploration and Development - The company made 8 new discoveries and successfully evaluated 21 oil and gas structures in the first three quarters of 2023[42] - Three new projects were successfully put into production in the first three quarters of 2023, with significant progress on other projects[60] - The company continues to strengthen exploration and development efforts, achieving positive results in reserve addition and production enhancement[59] Fair Value and Other Income - The company recorded a fair value change loss of RMB 434 million in the third quarter[31] - Investment income rose slightly to 3,453 million from 3,377 million, with income from joint ventures contributing 1,302 million[57]