Financial Performance - The company's operating revenue for Q1 2022 was RMB 90,898 million, representing a 73.52% increase compared to RMB 52,386 million in Q1 2021[4] - Net profit attributable to shareholders for Q1 2022 was RMB 34,301 million, a significant increase of 131.67% from the previous year[4] - The net cash flow from operating activities for Q1 2022 was RMB 39,416 million, reflecting a 64.03% increase year-on-year[4] - Basic and diluted earnings per share for Q1 2022 were both RMB 0.77, up 131.67% compared to the same period last year[4] - Operating profit reached RMB 45,954 million, up 126.3% from RMB 20,363 million year-on-year[20] - Revenue from operating activities generated cash inflow of RMB 82,416 million, compared to RMB 47,813 million in the first quarter of 2021, reflecting a growth of 72.3%[22] - The total tax expenses for the quarter were RMB 11,626 million, compared to RMB 5,513 million in the same quarter of the previous year, marking a 110.5% increase[20] Sales and Production - Oil and gas sales revenue reached RMB 82,380 million, a 70.44% increase from RMB 48,335 million in Q1 2021[8] - In Q1 2022, the company achieved a total net production of 151.0 million barrels of oil equivalent, a year-on-year increase of 9.64%[13] - The company's oil and gas sales revenue reached approximately RMB 82.38 billion, up 70.44% year-on-year, primarily due to rising international oil prices and increased sales volume[13] - The average realized oil price for the quarter was $97.47 per barrel, an increase of 65.01% year-on-year, while the average realized gas price was $8.35 per thousand cubic feet, up 24.44%[13] Assets and Liabilities - The company reported a total asset value of RMB 824,763 million at the end of the reporting period, a 4.86% increase from RMB 786,569 million at the end of the previous year[4] - The total assets as of March 31, 2022, amounted to RMB 824.76 billion, compared to RMB 786.57 billion at the end of 2021[17] - Total liabilities were RMB 308.42 billion, slightly up from RMB 304.59 billion at the end of 2021[18] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 1,565[10] - The largest shareholder, CNOOC (BVI) Limited, held 64.44% of the shares, totaling 28,772,727,268 shares[10] Capital Expenditures and Investments - Capital expenditures for Q1 2022 were approximately RMB 16.93 billion, a year-on-year increase of 5.58%[14] - The company reported a cash outflow from investing activities of RMB 43,219 million, compared to RMB 31,329 million in the previous year, indicating a 37.9% increase in investment outflows[22] Research and Development - Research and development expenses increased to RMB 225 million, up 32.4% from RMB 170 million in the previous year[20] Expenses - The company experienced a significant increase in sales expenses, which rose to RMB 770 million, a 21.8% increase from RMB 632 million[20] - The company’s financial expenses decreased to RMB 683 million from RMB 954 million, a reduction of 28.4% year-on-year[20] Discoveries and Projects - The company made 4 new discoveries and had 13 successful appraisal wells in Q1 2022, with significant breakthroughs in Bohai Sea projects[13] - The company plans to put into production new projects including the Panzhihua 12-8 oil field and Guyana Liza Phase II within the year[13]

Financial Performance - Total revenue for 2021 reached RMB 246.111 billion, an increase from RMB 155.372 billion in 2020, representing a growth of 58.5%[2] - Net profit for 2021 was RMB 70.307 billion, up from RMB 24.956 billion in 2020, marking a significant increase of 181.5%[2] - The company reported a pre-tax profit of RMB 95.821 billion for 2021, up from RMB 34.907 billion in 2020, which is an increase of 174.5%[2] - Investment income for 2021 was RMB 2.850 billion, a slight decrease from RMB 2.978 billion in 2020[2] - The company reported oil and gas sales revenue of RMB 222.1 billion and a net profit of RMB 70.3 billion, marking the highest profit level in the company's history[25] - The company achieved a net profit of RMB 703.1 billion, marking the best performance in its history[23] Production and Reserves - Average daily net production for 2021 was 1,569,560 barrels of oil equivalent, with proven reserves estimated at approximately 5.73 billion barrels of oil equivalent as of December 31, 2021[1] - The net production of oil liquids reached 851,389 barrels per day in 2021, an increase from 775,161 barrels per day in 2020, representing a growth of approximately 9.8%[4] - Natural gas net production was 1,299.7 million cubic feet per day, up from 1,153.1 million cubic feet per day in 2020, indicating a growth of about 12.7%[4] - Total net production (in barrels of oil equivalent per day) increased to 1,516,208 barrels in 2021 from 1,389,543 barrels in 2020, reflecting a rise of approximately 9.1%[4] - The company achieved a net production of 573 million barrels of oil equivalent, exceeding the annual production target and setting a historical high[11] - The total proven oil reserves increased to 3,923.8 million barrels, reflecting a growth from 3,649.0 million barrels in the previous year, representing a 7.5% increase[6] - The company’s natural gas reserves reached 7,019.8 billion cubic feet, an increase from 6,863.3 billion cubic feet in the previous year[6] Exploration and Development - The company made 22 commercial discoveries during the year, including four medium to large oil and gas fields in Chinese waters[11] - The company completed 206 exploration wells in 2021, including 4 cooperative wells, and made 16 new discoveries in Chinese waters[29] - The company plans to continue high exploration investment in 2022, focusing on large and medium-sized oil and gas field exploration in China[34] - The company has established a new energy subsidiary to accelerate the development of renewable energy projects[15] - The company has a total exploration area of 287,673 square kilometers, with significant areas in Bohai, South China Sea, and East China Sea[28] Operational Efficiency and Cost Management - The average cost per barrel of oil equivalent was USD 29.49, reinforcing the company's cost competitiveness[23] - The company’s digital transformation initiatives improved production efficiency by 30% and reduced operational costs significantly[68] - The company is advancing the development of heavy oil thermal recovery and economically effective development of low-permeability oilfields, aiming to enhance single well production and reduce decline rates[40] Sustainability and Environmental Initiatives - The offshore oilfield shore power project has been successfully launched, marking a significant breakthrough in energy efficiency[15] - The company initiated China's first offshore carbon dioxide storage demonstration project, with an estimated storage capacity exceeding 1.46 million tons[70] - The company implemented over 40 energy-saving renovation projects, saving 161,000 tons of standard coal and reducing carbon dioxide emissions by 409,000 tons[71] - The company emphasizes sustainable development by extracting natural resources in a safe, efficient, and environmentally friendly manner, committing to clean and reliable energy supply[77] Governance and Compliance - The company has adopted a code of ethics to ensure compliance with legal and ethical standards, with annual reviews conducted since 2009[186] - CNOOC's governance standards have been recognized for their transparency and ethical conduct, contributing to stable and effective operations[115] - The company is subject to evolving anti-corruption, anti-bribery, and anti-money laundering regulations, particularly in the U.S., EU, and other regions[114] - The company has established compliance manuals and systems to address anti-corruption, anti-money laundering, and antitrust compliance requirements[159] Risk Management - The company faces risks from macroeconomic factors, including the impact of the COVID-19 pandemic and geopolitical tensions, which may adversely affect performance[93] - Fluctuations in crude oil and natural gas prices pose significant risks to the company's business, cash flow, and profitability[97] - The company has established a risk management and internal control system that is designed to manage risks rather than eliminate them, providing reasonable assurance against material misstatements or losses[155] Employee and Workforce Management - The company has established a competitive compensation system, providing various social insurances and supplementary insurances for employees, including accident and critical illness insurance[83] - The company emphasizes gender equality in hiring practices and actively promotes the increase of female employees in management positions[136] - In 2021, the company selected 90 young technological talents to enhance their innovative thinking and practical abilities in exploration and development[86] Future Outlook and Strategic Initiatives - The company plans to maintain a dividend payout ratio of no less than 40% over the next three years, with a minimum annual dividend of HKD 0.70 per share[17] - The company is expanding its market presence in international regions, targeting a DD% increase in market share by the end of the fiscal year[196] - Strategic acquisitions are planned, with an estimated investment of EE billion to enhance operational capabilities and market reach[196]

Financial Performance - In the first half of 2021, the company achieved a net profit of RMB 33.33 billion, a significant increase of 221.0% year-on-year[10] - The total revenue from oil and gas sales amounted to RMB 100.63 billion, compared to RMB 66.34 billion in the same period last year, marking a year-on-year increase of 51.6%[10] - Revenue for the first half of 2021 reached RMB 110,233 million, a significant increase of 47.9% compared to RMB 74,560 million in 2020[29] - Operating profit for the first half of 2021 was RMB 45,449 million, compared to RMB 15,579 million in the same period of 2020, reflecting a substantial growth[29] - Net profit attributable to shareholders for the first half of 2021 was RMB 33,329 million, up from RMB 10,383 million in 2020, marking an increase of 221.5%[30] - The company reported a total comprehensive income of RMB 32,408 million for the first half of 2021, compared to RMB 11,844 million in 2020[30] - The basic earnings per share for the first half of 2021 was RMB 0.75, significantly higher than RMB 0.23 in the same period of 2020[30] - The total comprehensive income for the six months ended June 30, 2021, was RMB 11,844 million, compared to RMB 10,383 million for the same period in 2020, reflecting a growth of 14.0%[33] Production and Exploration - The company's oil and gas net production reached a historical high of 278.1 million barrels of oil equivalent, representing a year-on-year growth of 7.9%[6] - The company made 9 new exploration discoveries and successfully evaluated 14 oil and gas structures in the first half of 2021[13] - The net production in China was 192.8 million barrels of oil equivalent, up 10.8% year-on-year, primarily due to new projects in the South China Sea and Bohai Sea[18] - The company’s oil production accounted for 80% and natural gas production for 20% of total output, with oil production increasing by 8.4% and natural gas by 6.1% year-on-year[18] - The company is advancing the construction of 19 new projects, with several already in production, including the Lingshui 17-2 gas field[18] Costs and Expenses - The average cost per barrel of oil was USD 28.98, while the operating cost per barrel was USD 7.31, maintaining a competitive cost advantage[6] - Operating expenses rose to RMB 12,711 million, a 12.0% increase from the previous year, with per barrel operating costs at $7.31, up 12.5%[26] - The company completed capital expenditures of RMB 36 billion in the first half of the year, with exploration investment increasing by 20% year-on-year to RMB 8.3 billion[24] - The company’s exploration expenses surged by 96.3% year-on-year to RMB 5,025 million, primarily due to write-offs related to North American exploration wells[26] Dividends and Shareholder Returns - The company plans to distribute an interim dividend of HKD 0.30 per share (tax included) for the first half of 2021[10] - The interim dividend declared is HKD 0.30 per share, totaling approximately HKD 13,394 million (RMB 11,133 million), an increase from HKD 0.20 per share in the previous period[59] - The company declared a dividend of RMB 9,288 million for the year-end 2020, which was paid in the first half of 2021[33] Assets and Liabilities - Current assets increased to RMB 195,518 million as of June 30, 2021, compared to RMB 163,391 million at the end of 2020, indicating a growth of 19.6%[31] - Non-current assets totaled RMB 560,508 million as of June 30, 2021, slightly up from RMB 557,884 million at the end of 2020[31] - Total liabilities decreased to RMB 207,679 million as of June 30, 2021, from RMB 212,493 million at the end of 2020[32] - The company's equity attributable to shareholders increased to RMB 456,809 million as of June 30, 2021, compared to RMB 433,708 million at the end of 2020[32] - The total assets of the company as of June 30, 2021, were RMB 1,000,000 million, reflecting the company's strong asset base and financial stability[35] Cash Flow - For the six months ended June 30, 2021, the net cash inflow from operating activities was RMB 64,159 million, compared to RMB 34,213 million for the same period in 2020, representing an increase of 87.6%[34] - The net cash outflow from investing activities for the first half of 2021 was RMB 31,870 million, compared to RMB 23,236 million in the prior year, indicating a 37.2% increase[34] - The net cash outflow from financing activities decreased to RMB 8,653 million in 2021 from RMB 15,528 million in 2020, a reduction of 44.8%[34] Corporate Governance and Compliance - The company confirmed compliance with its code of ethics and the standards required by the Listing Rules during the six months ending June 30, 2021[118] - The interim financial information was reviewed by Ernst & Young, with no significant issues found in compliance with international accounting standards[104] - The audit committee reviewed the accounting standards and practices adopted by the group, and the interim results for the six months ending June 30, 2021, were unaudited[112] Related Party Transactions - The company reported related party transactions with China National Offshore Oil Corporation (CNOOC) for exploration, oil and gas field development, and production services totaling RMB 26,203 million for the first half of 2021, compared to RMB 25,043 million in 2020[75] - The pricing principle for related party transactions is based on fair negotiation and reference to local market conditions, ensuring compliance with market prices[73] Future Outlook - The company aims to continue high-quality development and accelerate low-carbon initiatives in the second half of 2021[8] - The company plans to continue enhancing cost control and efficiency improvements in the second half of the year while pushing for major engineering projects[27]

Production and Exploration - In the first half of 2020, CNOOC achieved a net production of 257.9 million barrels of oil equivalent, representing a year-on-year increase of 6.1%[5] - Domestic net production reached 173.9 million barrels of oil equivalent, up 11.4% year-on-year, primarily due to the commissioning of new projects such as Bozhong 34-9 and Dongfang 13-2[15] - CNOOC made five exploration discoveries and successfully evaluated 20 oil and gas structures in the first half of 2020, including significant finds in Bohai and the Stabroek block in Guyana[4] - The company made four new discoveries in China's offshore areas, with a self-operated exploration well success rate of 45%-65%[13] - The Uaru discovery in the Stabroek block in Guyana is the sixteenth exploration discovery in the area, increasing the recoverable resource amount to over 8 billion barrels of oil equivalent[13] - The company completed 111 exploration wells in the first half of 2020, maintaining the exploration workload domestically[12] - The average drilling time improved by 4.9% year-on-year, resulting in savings of RMB 2.25 billion in drilling and completion costs[17] Financial Performance - Oil and gas sales revenue reached RMB 66.34 billion, while net profit was RMB 10.38 billion, down from RMB 30.29 billion in the same period last year[7] - The total revenue from oil and gas sales was RMB 66.34 billion, a decrease from RMB 94.69 billion in the previous year[22] - The company reported a total of 139.4 million barrels of oil and 204.2 billion cubic feet of natural gas produced in China during the first half of 2020[16] - The segment profit for exploration and production was RMB 10,485 million, down 66% from RMB 30,795 million in the previous year[47] - The company reported a 24.6% decline in investment income, totaling RMB 1.79 billion, down from RMB 2.37 billion year-on-year[20] - The diluted earnings per share for the first half of the year was RMB 0.23, down from RMB 0.68 in the same period last year[23] - The company reported a net profit for the first half of 2020 was RMB 30,288 million, down from RMB 58,181 million in the first half of 2019, reflecting a decrease of approximately 48.0%[26] Capital Expenditure and Investment - The company adjusted its full-year capital expenditure plan from RMB 85-95 billion to RMB 75-85 billion, and revised its production target from 520-530 million barrels of oil equivalent to 505-515 million barrels of oil equivalent[10] - Capital expenditures for the first half of the year amounted to RMB 35.6 billion, a year-on-year increase of 5.6%[19] - The group invested approximately RMB 33,627 million in property, plant, and equipment during the first half of 2020, compared to RMB 32,506 million in the same period of 2019[56] - Exploration expenses decreased by 59.1% to RMB 2.56 billion compared to RMB 6.26 billion in the same period last year[20] Cost Management - The average cost per barrel of oil decreased to $25.72, and operating costs fell to $6.50 per barrel, marking a ten-year low[4] - The company achieved a significant reduction in operating costs, with operating expenses totaling RMB 58.98 billion, down from RMB 65.90 billion year-on-year[22] - The company plans to enhance domestic oil and gas exploration efforts and continue to focus on cost control in response to oil price fluctuations[7] Health and Safety - CNOOC reported zero infections among offshore platform and vessel personnel during the pandemic, demonstrating effective health and safety measures[4] - The company has established a comprehensive epidemic prevention mechanism, ensuring zero infections among offshore personnel[11] Dividends and Shareholder Information - The company declared an interim dividend of HKD 0.20 per share, down from HKD 0.33 per share in the previous year[8] - The interim dividend will be distributed on or around October 16, 2020, to shareholders registered on the company's register as of September 11, 2020[123] Corporate Governance and Compliance - The company has complied with the Corporate Governance Code, except for a deviation regarding the appointment of non-executive directors[116] - The audit committee has reviewed the interim results for the six months ending June 30, 2020, which are unaudited[114] - The company has adopted a code of conduct for directors and senior management, confirming compliance during the reporting period[118] Future Outlook - The company plans to continue its focus on oil and gas exploration and production, aiming for strategic market expansion and technological advancements in the upcoming quarters[29] - The company emphasizes that actual results may differ significantly from forward-looking statements due to various risks and uncertainties, including fluctuations in oil and gas prices[127]

Financial Performance - Total revenue for 2019 reached RMB 233,199 million, an increase from RMB 227,711 million in 2018, representing a growth of approximately 2.1%[4] - Net profit for 2019 was RMB 61,045 million, up from RMB 52,675 million in 2018, indicating a growth of about 15.8%[4] - Investment income for 2019 was RMB 4,632 million, an increase from RMB 3,685 million in 2018, representing a growth of about 25.7%[4] - The company reported a revenue of 197.17 billion RMB and a net profit of 61.05 billion RMB, despite a more than 10% decline in international oil prices[12] - The company reported a significant increase in revenue, achieving a total of 100 billion RMB, representing a year-over-year growth of 15%[145] - Oil and gas sales revenue reached RMB 197,173 million (USD 28,618.5 million), an increase of about 5.7% compared to the previous year[188] - The net profit for 2019 was RMB 61,045 million (USD 8,860.3 million), a significant year-on-year increase of approximately 15.9%[188] Production and Reserves - The average daily net production for 2019 was 1,387,564 barrels of oil equivalent, maintaining a strong production level[2] - The company had confirmed net reserves of approximately 5.18 billion barrels of oil equivalent as of December 31, 2019[2] - The total net production of oil liquids in China was 726,866 barrels per day, showing a slight increase from 705,366 barrels per day in 2018, representing a growth of approximately 3.5%[8] - The total net production of natural gas in China reached 987.9 million cubic feet per day in 2019, up from 834.8 million cubic feet per day in 2018, indicating a growth of about 18.3%[8] - The total net production (in barrel of oil equivalent per day) increased to 1,330,740 barrels in 2019 from 1,243,357 barrels in 2018, reflecting a growth of approximately 7%[8] - The company achieved a net oil and gas production of 506.5 million barrels of oil equivalent, marking the highest level in its history[12] - As of December 31, 2019, the net proven oil reserves in China reached 1,899.7 million barrels, an increase from 1,430.6 million barrels in 2015, representing a growth of 32.7% over the five-year period[9] - The total net proven reserves (in million barrels of oil equivalent) rose to 2,964.3 million barrels in 2019, compared to 2,324.3 million barrels in 2015, marking an increase of 27.5%[9] Exploration and Development - The company is focusing on expanding its operations in various regions, including Asia, Africa, North America, South America, Oceania, and Europe[2] - The company continues to invest in technology development to enhance its exploration and production capabilities[3] - The company made 23 commercial exploration discoveries and successfully evaluated 30 oil and gas structures, with proven geological reserves increasing by nearly 200 million cubic meters of oil equivalent[12] - The company plans to enhance its clean energy development efforts, focusing on key natural gas projects, including the Lingshui 17-2 gas field, which has entered the development phase[13] - The company aims to enhance exploration efforts in both domestic and overseas markets, focusing on large and medium-sized oil and gas field explorations[26] - The company is committed to reducing exploration costs and improving efficiency, with the cost per barrel reaching a historical low[30] Cost Management and Efficiency - The average cost per barrel of oil equivalent decreased to 29.78 USD, continuing a six-year downward trend, while operating expenses per barrel fell to 7.39 USD, the best level in recent years[12] - The company plans to implement stricter cost control and more prudent investment decisions in response to economic uncertainties in 2020[185] - The average operating cost per barrel of oil equivalent decreased by 4.7% to RMB 50.9 (USD 7.39) from RMB 53.4 (USD 8.07) in 2018[191] - The management emphasized a focus on operational efficiency, aiming to reduce costs by 5% in the upcoming year[138] Corporate Governance - The company emphasizes the importance of corporate governance and adheres to the Corporate Governance Code to protect shareholder interests[80] - The board consists of six members as of December 31, 2019, including one executive director, one non-executive director, and four independent non-executive directors[93] - The company has established a nomination committee chaired by the chairman or an independent non-executive director, ensuring compliance with the Corporate Governance Code provision A.5.1[133] - The company has maintained good corporate governance practices, with all independent non-executive directors having been re-elected in the past three years[131] Risk Management - The company faces significant risks from oil and gas price volatility, which can materially impact business, cash flow, and profits[55] - The risk management committee is responsible for identifying, analyzing, and assessing comprehensive risks, focusing on major decisions and events[51] - The company is committed to continuous improvement of its risk management and internal control systems to maintain good corporate governance[53] - The company acknowledges that macroeconomic complexities and political instability can have substantial effects on its business and strategy[55] Environmental and Social Responsibility - The company emphasizes environmental protection during project construction and production phases, aiming for "increased production without increased pollution" or "increased production with reduced pollution"[155] - The company has established an environmental management information system covering all levels of the group for monitoring and managing pollutant emissions[155] - The company made charitable donations amounting to RMB 640 million during the year ended December 31, 2019[166] - The company emphasizes its commitment to social responsibility and sustainable development, aiming to provide clean and reliable energy while addressing stakeholder needs[73] Leadership and Management - Yang Hua has over 30 years of experience in oil exploration and production, having held various senior positions within the company, including CEO and Chairman[140] - The management team has undergone significant changes, with several key executives transitioning out of their roles in recent years[150] - The financial leadership has been stable, with Xie Weizhi overseeing financial strategies since 2017[149] - The company emphasizes its commitment to exploration and production, leveraging the expertise of its senior management[151] Shareholder Engagement - The company emphasizes effective communication with shareholders, ensuring external auditors attend annual general meetings to address audit-related questions[126] - The company has a professional investor relations department to maintain communication channels with shareholders and investors[126] - The company has committed to addressing any shareholder proposals presented at the annual general meeting[131]

Financial Performance - In the first half of 2019, the company achieved a net profit of RMB 30.25 billion, a year-on-year increase of 18.7% from RMB 25.48 billion[9]. - Total oil and gas sales revenue reached RMB 94.28 billion, up 4.4% from RMB 90.31 billion in the same period last year[9]. - The operating profit for the first half of 2019 was RMB 43.310 billion, compared to RMB 41.238 billion in the same period of 2018[20]. - The profit for the six months ended June 30, 2019, was RMB 30,253 million, compared to RMB 25,477 million for the same period in 2018, representing an increase of approximately 18.5%[70]. - Total revenue for the six months ended June 30, 2019, was RMB 108,880 million, compared to RMB 105,649 million for the same period in 2018, indicating a year-over-year increase of about 2.1%[63]. - The profit from the exploration and production segment for the six months ended June 30, 2019, was RMB 29,817 million, up from RMB 25,477 million in the same period of 2018, reflecting a growth of approximately 17.5%[63]. - The company's total liabilities as of June 30, 2019, were RMB 289,673 million, compared to RMB 261,414 million as of June 30, 2018, indicating an increase of about 10.8%[64]. Production and Exploration - The company's net production reached 243.0 million barrels of oil equivalent, a 2.1% increase compared to 238.1 million barrels in the first half of 2018[9]. - The company's net production for the first half of 2019 was 243.0 million barrels of oil equivalent, with a year-on-year increase of 2.1% in China's offshore production and 2.0% in overseas production[14]. - The contribution from the newly launched Egina oil field significantly boosted overseas production[14]. - The company made 16 new discoveries and successfully evaluated 35 wells during the first half of the year, with significant contributions from the Bohai Sea and Guyana[12]. - The company plans to continue strengthening its exploration efforts, particularly in mature and new areas, with a 72% increase in self-operated exploration wells in domestic waters[12]. Capital Expenditures and Investments - Capital expenditures for the first half of 2019 amounted to RMB 33.7 billion, representing a 60.5% increase year-on-year, with exploration investment rising by 109.8% to RMB 8.6 billion[18]. - The total exploration expenses increased by 176.0% to RMB 6.238 billion compared to RMB 2.260 billion in the same period last year[19]. - The group invested approximately RMB 32,353 million in property, plant, and equipment for the six months ended June 30, 2019, compared to RMB 21,077 million in the same period of 2018, indicating a year-on-year increase of 53.3%[72]. - The company signed an agreement to acquire 100% of Zhonglian Company, which will enhance its capabilities in oil and gas extraction technology and management[6]. - The company completed the acquisition of a 10% stake in Arctic LNG 2 LLC from Ekropromstroy on July 19, 2019[60]. Dividends and Shareholder Returns - The board declared an interim dividend of HKD 0.33 per share, up from HKD 0.30 in the previous year[9]. - The interim dividend declared on August 29, 2019, was HKD 0.33 per share, an increase from HKD 0.30 per share in 2018, totaling approximately HKD 14,734 million (RMB 12,961 million) for 2019[71]. - The basic and diluted earnings per share for the period were RMB 0.68, up from RMB 0.57 in the previous year[21]. Financial Position and Assets - The total non-current assets as of June 30, 2019, amounted to RMB 496,666 million, an increase from RMB 488,697 million as of December 31, 2018[22]. - The company's total assets minus current liabilities stood at RMB 619,301 million as of June 30, 2019, compared to RMB 608,537 million at the end of 2018[23]. - The company reported a total asset value of RMB 720,539 million as of June 30, 2019, compared to RMB 678,779 million as of June 30, 2018, marking an increase of about 6.1%[64]. - The total current assets increased to RMB 223,873 million as of June 30, 2019, from RMB 190,082 million at the end of 2018, reflecting a growth of 17.8%[22]. Accounting and Financial Reporting - The financial statements for the six months ended June 30, 2019, were prepared in accordance with International Accounting Standard 34 and relevant Hong Kong regulations[35]. - The company adopted a modified retrospective approach for the first-time application of IFRS 16, without restating comparative information[46]. - The company recognized lease liabilities amounting to RMB 8,373 million as of January 1, 2019, in accordance with IFRS 16[48]. - The company has not identified any significant impact from the newly adopted accounting standards on the amounts recognized in the interim financial statements[37]. - The company’s financial statements as of June 30, 2019, reflect the cumulative effects of the new accounting policies implemented[58]. Corporate Governance and Compliance - The company has complied with the corporate governance code except for a deviation from the code provision A.4.1 regarding the appointment of non-executive directors, which do not have a specified term[136]. - The audit committee reviewed the interim results for the six months ended June 30, 2019, which were unaudited[133]. - The company has adopted a code of ethics for directors and senior management, confirming adherence to the required standards during the six months ending June 30, 2019[137]. Strategic Initiatives and Future Outlook - The company is focusing on sustainability initiatives, with a target to reduce carbon emissions by G% by 2025[147]. - A new strategic partnership has been formed to enhance research and development capabilities, expected to yield innovative solutions in the energy sector[147]. - The company is closely monitoring geopolitical risks that may impact operations, with contingency plans in place to mitigate potential disruptions[147]. - The company provided a positive outlook for the next quarter, projecting a revenue increase of B% based on anticipated market conditions and production levels[147].

Production and Exploration - The company's net oil and gas production in 2018 reached 475.0 million barrels of oil equivalent, slightly increasing year-over-year and meeting the annual production target[21] - In 2018, the company completed over 20 construction projects, with key fields such as the Weizhou 6-13 oilfield and the Stampede oilfield in the Gulf of Mexico commencing production[21] - The company plans to put 6 new projects into production in 2019, including the Bozhong 34-9 oilfield and the Egina oilfield in Nigeria, with some projects already starting production in January 2019[22] - In 2018, the company conducted 62 self-operated exploration wells and 94 evaluation wells in Chinese waters, with 11 new discoveries and 71 successful evaluation wells[20] - The company acquired 9,335 kilometers of 2D seismic data and 13,818 square kilometers of 3D seismic data in Chinese waters in 2018[20] - The company will focus on value exploration in 2019, prioritizing large and medium-sized oil and gas fields, increasing natural gas exploration, and expanding into new areas and fields[20] - The company aims to optimize development plans for existing oil and gas fields, control natural decline, and ensure stable production in 2019[22] - The company will accelerate the implementation of new development wells and strive for early production, while continuing to optimize adjustment well deployment[22] Cost Control and Efficiency - The company achieved a five-year consecutive decline in the main cost per barrel of oil through strict cost control and efficiency improvements[22] Digital Transformation and Sustainability - The company emphasizes digital transformation to enhance core business operations and pursue a green, low-carbon, and environmentally friendly development model[22] Leadership and Expertise - Independent Non-Executive Director Zhao Chongkang has over 30 years of legal experience and has served as a director for an Australian listed company[103] - Independent Non-Executive Director Liu Tsung-Yung specializes in economic development and growth, with a focus on East Asian economies including China[103] - Independent Non-Executive Director Tse Hiu Yin is a fellow member of the Hong Kong Institute of Certified Public Accountants and has served as a non-executive director for several listed companies[103] - Independent Non-Executive Director Kevin G. Lynch has a distinguished career in public service and currently serves as Vice Chairman of the Bank of Montreal Financial Group[103] - The company's CFO, Mr. Xie Weizhi, holds a Master's degree in Business Administration from Peking University and has extensive experience in financial management, including roles as General Manager of CNOOC Financial Asset Department and CFO of the company[104] - Mr. Xie Weizhi has held various senior financial positions, including General Manager of CNOOC Financial Co., Ltd., and has been the CFO of the company since August 2017[104] - Mr. Cao Xinjian, Executive Vice President and General Manager of CNOOC (China) Co., Ltd. Tianjin Branch, holds a Master's degree in Business Administration from the University of Wales and has over 30 years of experience in the oil and gas industry[104] - Mr. Cao Xinjian has served in multiple leadership roles within CNOOC, including Deputy General Manager of Human Resources and General Manager of Bohai Petroleum Administration Bureau[104] - Mr. Xie Yuhong, Executive Vice President and General Manager of Exploration, holds a Ph.D. in Geology from China University of Geosciences and has over 35 years of experience in the oil and gas exploration sector[104] - Mr. Xie Yuhong has held key positions such as General Manager of CNOOC South China Sea Western Company Exploration Department and Vice President of CNOOC (China) Co., Ltd. Zhanjiang Branch[104] - Mr. Lynch, an Independent Non-Executive Director, has a distinguished career in global finance, including roles as Executive Director of the International Monetary Fund and Chairman of the Global Policy Council on the Global Financial System at the World Economic Forum[104] - Mr. Lynch serves on the boards of several prominent organizations, including Canadian National Railway Company and SNC-Lavalin Group Inc.[104] - The company's leadership team includes highly experienced professionals with advanced degrees and extensive industry expertise, contributing to strategic decision-making and operational excellence[104] - The company's senior management has a strong track record in both domestic and international markets, with significant contributions to the company's growth and development[104] Financial and Accounting Practices - Intangible assets related to software are amortized on a straight-line basis over their useful lives[189] - Intangible assets related to natural gas processing rights are amortized based on the proven reserves of the related assets when LNG commercial production begins[189] - Intangible assets related to trade transportation and storage contracts, as well as drilling contracts, are amortized on a straight-line basis over the contract period[189] - Exploration data usage rights are amortized over their estimated useful lives[189] - Research expenses are recognized in the period they are incurred[189] - Development expenses for existing or new projects (excluding those related to oil and gas assets) are capitalized and deferred only if specific criteria are met[189] - Financial assets are initially measured at fair value, with subsequent measurement at amortized cost or fair value depending on their classification[189] - Debt instruments and hybrid contracts are measured at amortized cost less impairment if they meet specific criteria[189] - Equity investments designated at fair value through other comprehensive income are measured at fair value plus transaction costs initially, with subsequent changes in fair value recognized in other comprehensive income[189] - Dividends from equity investments are recognized in profit or loss when the right to receive dividends is established, unless clearly representing a repayment of part of the investment cost[189] Revenue and Income Recognition - Trade revenue includes sales of crude oil and natural gas from foreign partners under oil product sharing contracts and sales through subsidiaries, with costs listed under "Crude Oil and Oil Products Procurement Costs" in the consolidated income statement[197] - The company engages in trading activities in North America, using derivatives such as futures, forwards, swaps, and options for hedging or trading purposes, with changes in fair value included in trade revenue[197] - Other income includes project management fees charged to foreign partners, transportation handling fees charged to end-users, and revenue from the sale of diluents and disposal of oil and gas assets, recognized upon service provision or asset disposal[197] - Dividend income is recognized when the right to receive dividends is established[197] - Interest income is recognized using the effective interest rate method[197] Foreign Currency and Financial Reporting - The company's financial statements are presented in RMB, with foreign currency transactions initially recognized at the spot exchange rate on the transaction date[198] - For foreign currency monetary items, the spot exchange rate at the reporting date is used, with exchange differences recognized in the current period's profit or loss[198] - Non-monetary items measured at historical cost are translated at the exchange rate on the transaction date, while those measured at fair value are translated at the exchange rate on the fair value determination date[198] Leases and Contingencies - Operating lease payments are recognized in the income statement on a straight-line basis over the lease term[199] - Contingent liabilities are disclosed when the existence of an obligation depends on future events or when the amount cannot be reliably measured, while contingent assets are disclosed when economic benefits are likely to flow in[200]