[Table_Rank] 投资评级：买入（维持） 报告日期： 2024-10-21 主要观点： [Table_BaseData] 收盘价（元） 28.44 近 12 个月最高/最低（元） 35.14/18.80 总股本（百万股） 47,530 流通股本（百万股） 2,842 流通股比例（%） 5.98 总市值（亿元） 13,518 流通市值（亿元） 808 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：潘宁馨 执业证书号：S0010524070002 电话：13816562460 邮箱：pannx@hazq.com [Table_CompanyReport] 相关报告 1. 油气产量续创新高，桶油成本持续 下降 2024-08-28 2. 桶油成本持续下降，积极推动增储 上产 2024-03-24 3. 从国内海上油气龙头向全球一流 能源企 ...

投资者可于 2024 年 10 月 21 日(星期一)至 10 月 25 日(星期五)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 IR@cnooc.com.cn 进行提问。 证券代码：600938 证券简称：中国海油 公告编号：2024-023 中国海洋石油有限公司 关于召开 2024 年第三季度业绩说明会的公告 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。 重要内容提示： 中国海洋石油有限公司（以下简称"公司"）将于 2024 年 10 月 28 日闭市 后发布公司 2024 年第三季度报告。为便于广大投资者更全面深入地了解公司 2024 年第三季度经营成果和财务状况，公司计划于 2024 年 10 月 28 日 18:00- 19:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2024 年第三季度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的 ...

相关日期 证券代码：600938 证券简称：中国海油 公告编号：2024-022 中国海洋石油有限公司 2024 年 A 股中期股息分派实施公告 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： 每股分配比例 A 股每股现金红利人民币 0.67653 元（含税） | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/10/17 | － | 2024/10/18 | 2024/10/18 | 差异化分红送转：否 一、 通过分配方案的董事会届次和日期 中国海洋石油有限公司（以下简称"公司"或"本公司"）2024 年 6 月 7 日召开的 2023 年 度股东周年大会审议通过了关于授权董事会决定公司 2024 年中期股息派发方案的议案。2024 年中期利润分配（即股息分配）方案现已经本公司 2024 年 8 月 28 日召开的 2024 年第六次董 事会审议通过。 二、 分配方案 截至股权登记日下午 ...

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9月30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30日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 (A). 股份期權（根據發行人的股份期權計劃） 不適用 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 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | 已 ...

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23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 | | | | | | | | | | | | ...

Investment Rating - The report maintains a "Strong Buy" rating for China National Offshore Oil Corporation (CNOOC) [1][6][15] Core Views - CNOOC achieved record high net profit and production in the first half of 2024, with a net profit of RMB 797 billion, up 25% year-on-year, and total revenue of RMB 2,268 billion, up 18% year-on-year [1][2] - The company continues to focus on its core oil and gas business, enhancing reserves and production while improving cost efficiency, which is expected to drive high growth [2][6] - CNOOC's cash flow remains healthy, with operating cash flow increasing by 19% to RMB 1,185 billion in the first half of 2024 [2][6] Summary by Sections Financial Performance - In H1 2024, CNOOC's total revenue reached RMB 2,268 billion, a year-on-year increase of 18%, while net profit attributable to shareholders was RMB 797 billion, reflecting a 25% growth [1][2] - The average Brent crude oil price was USD 83.47 per barrel during this period, contributing to the revenue growth [1][2] Production and Sales - CNOOC's oil and gas net production reached 362.6 million barrels of oil equivalent in H1 2024, a 9.3% increase year-on-year [2][6] - The company reported a 22% increase in oil and gas sales revenue to RMB 1,851.12 billion [2] Capital Expenditure and Growth Strategy - CNOOC increased its capital expenditure to RMB 631 billion in H1 2024, up 11.7% year-on-year, to support its "increase reserves and production" strategy [2][6] - The company made six new discoveries in the Chinese sea area and is advancing exploration projects in Guyana [2][6] Dividend Policy - The board has proposed an interim dividend of HKD 0.74 per share, indicating a commitment to high shareholder returns with an annualized dividend yield exceeding 4% [6][9]

Investment Rating - The report maintains a "Buy" rating for the company, citing strong fundamentals and consistent performance [1][6] Core Views - The company achieved record-high net profit in H1 2024, with revenue reaching RMB 226.8 billion, up 18.1% YoY, and net profit attributable to shareholders rising 25% YoY to RMB 79.7 billion [1][4] - Free cash flow remained robust at RMB 63.99 billion, with a capital expenditure of RMB 63.1 billion, up 11.7% YoY, completing 47-51% of the annual budget [1][4] - The company declared an interim dividend of HKD 0.74 per share, a 25.4% YoY increase, with a payout ratio of 40.3% [1][4] Financial Performance - Net production reached a record high of 362.6 million barrels of oil equivalent (BOE) in H1 2024, up 9.3% YoY, driven by contributions from domestic fields like Kenli 6-1 and Bozhong 19-6, as well as the Payara project in Guyana [1][5] - Average realized oil price increased by 9.2% YoY to USD 80.32 per barrel in H1 2024, while average realized gas price declined by 4.1% YoY to USD 7.79 per thousand cubic feet [1][5] - The company's cost control was effective, with a 1.5% YoY reduction in barrel oil equivalent cost to USD 27.75 per BOE [6] Future Projections - The report forecasts net profit attributable to shareholders for 2024-2026 at RMB 141.8 billion, RMB 152.1 billion, and RMB 163.3 billion, with YoY growth rates of 14.5%, 7.2%, and 7.4%, respectively, assuming a Brent crude price of USD 80 per barrel [1][6] - Under different oil price scenarios (USD 60, 70, and 85 per barrel), the company's net profit for 2025 could range from RMB 100 billion to RMB 163 billion, with dividend yields of 5.3%, 6.8%, and 8.6%, respectively [6] Market Data - As of September 10, 2024, the company's closing price was HKD 19.16, with a total market capitalization of HKD 911.4 billion and total assets of RMB 1.0754 trillion [2] - The company's net asset value per share stood at RMB 15.1, with a dividend yield of 6.5% in 2023, expected to rise to 8.6% by 2026 [3][11]

中国海油（600938.SH） 公司勘探、开发取得新进展，积极回购重视股东利益 优于大市 | --- | --- | --- | --- | --- | |--------------|--------------------------|--------------|---------------------------------------------------|---------------------------------------------------------| | 证券分析师： | 公司研究·公司快评 \n杨林 | 010-88005379 | 石油石化·油气开采Ⅱ \n yanglin6@guosen.com.cn | 投资评级：优于大市（维持） \n 执证编码：S0980520120002 | | 证券分析师： | 薛聪 | 010-88005107 | xuecong@guosen.com.cn | 执证编码：S0980520120001 | 事项： 根据中国海油官网报道，2024 年 9 月 4 日，公司宣布乌石 17-2 油田群开发项目投产；2024 年 9 月 10 日， ...

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11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 | | | | | | | | | 事件 | 已發行股份（不包括庫存股份）變動 已發行股份（不包括庫存 ...

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].