Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [3][22]. Core Insights - The company achieved a revenue of 226.77 billion yuan in the first half of 2024, representing an 18.07% year-on-year increase, and a net profit attributable to shareholders of 79.73 billion yuan, up 25.05% year-on-year [3]. - The company continues to see significant growth in oil and gas production, with a total output of 362.6 million barrels of oil equivalent in the first half of 2024, a 9% increase year-on-year [3][22]. - The company is actively expanding its exploration efforts, with new discoveries in Guyana and Mozambique, enhancing its overseas exploration potential [2][3]. Financial Performance - In Q2 2024, the company reported a revenue of 115.30 billion yuan, a 22.20% increase year-on-year, and a net profit of 40.01 billion yuan, up 26.43% year-on-year [3]. - The gross margin for Q2 2024 was 53.99%, showing an improvement from Q1 2024 [3]. - The company’s oil price realization was $81.87 per barrel in Q2 2024, a 12% increase year-on-year, with a Brent crude oil average price of $85.03 per barrel [3]. Capital Expenditure and Cost Management - Capital expenditure for the first half of 2024 was 63.1 billion yuan, a 12% increase year-on-year, with a notable rise in development expenditure [1][3]. - The company’s oil production cost per barrel decreased to $27.91 in Q2 2024, reflecting improved operational efficiency [4]. Shareholder Returns - The company repurchased 16.366 million H-shares in July 2024 and announced a mid-year dividend of 0.74 HKD per share, a 25.4% increase year-on-year [5].

| --- | --- | --- | --- | |--------------|---------------------------------------|----------|-----------------------------| | 投资评级声明 | 类别 说明 评级 体系 | | | | | | 买入 | 预期股价相对收益 20% 以上 | | | 自报告日后的 6 个月内，相对同期沪 | 增持 | 预期股价相对收益 10%-20% | | 股票投资评级 | 深 300 指数的涨跌幅 | 持有 | 预期股价相对收益 -10%-10% | | | | 卖出 | 预期股价相对收益 -10% 以下 | | | 自报告日后的 个月内，相对同期沪 | 强于大市 | 预期行业指数涨幅 5% 以上 | | 行业投资评级 | 6 深 300 指数的涨跌幅 | 中性 | 预期行业指数涨幅 -5%-5% | | | | 弱于大市 | 预期行业指数涨幅 -5% 以下 | | --- | --- | --- | --- | |--------------------------|----------------- ...

Production and Exploration - The company's net production reached 362.6 million barrels of oil equivalent in the first half of 2024, an increase of 9.3% year-on-year, achieving historical highs in both domestic and international oil and gas production [31]. - The company completed 174 exploration wells and collected 4,755 square kilometers of 3D seismic data in the first half of 2024, contributing to significant exploration advancements [36]. - The company has made significant breakthroughs in exploration technology, leading to the discovery of several large oil fields, including the Longkou 7-1 and Bohai Zhong 26-6 [35]. - The company's oil and gas production in the first half of 2024 consisted of 78.2% oil liquids and 21.8% natural gas, with oil liquids production increasing by 8.8% and natural gas production rising by 10.8% year-on-year [67]. - Total sales volume was 356.1 million barrels of oil equivalent, an increase of 11.1% from 320.6 million barrels in the first half of 2023 [134]. Financial Performance - The company's operating revenue for the first half of 2024 reached RMB 226.77 billion, an increase of 18% compared to RMB 192.06 billion in the same period last year [59]. - Net profit attributable to shareholders of the parent company was RMB 79.73 billion, reflecting a 25% increase from RMB 63.76 billion year-on-year [59]. - The net cash flow from operating activities amounted to RMB 118.55 billion, up 19% from RMB 99.62 billion in the previous year [59]. - Oil and gas sales revenue for the first half of 2024 reached RMB 185,112 million, an increase of 22.0% compared to RMB 151,686 million in the same period of 2023 [134]. - Crude oil sales amounted to RMB 161,256 million, up 24.1% from RMB 129,933 million year-on-year [134]. - Natural gas sales increased to RMB 23,856 million, reflecting a 9.7% rise from RMB 21,753 million in the previous year [134]. Investments and Dividends - The company plans to distribute an interim dividend of HKD 0.74 per share, reflecting its commitment to shareholder returns [22]. - The company has initiated 24 assistance projects in various regions, investing over RMB 60 million to support rural revitalization efforts [71]. - The company declared cash dividends totaling RMB 45 million during the reporting period [198]. - The company plans to distribute an interim dividend of HKD 0.74 per share for 2024, marking a historical high for the same period [60]. Environmental and Technological Initiatives - The company has initiated the first offshore photovoltaic integrated project at the Penglai oil field, enhancing its commitment to green and low-carbon development [40]. - The company is focusing on integrating oil and gas exploration with renewable energy development, with an 82% coverage rate of photovoltaic systems at onshore terminals [40]. - The company is committed to technological innovation to enhance competitiveness, with insufficient core technology reserves potentially impacting its operational goals [85]. - The company is actively promoting green low-carbon development and has made significant investments in offshore wind power and CCS/CCUS research [175]. Risk Management - The company has established a risk management and internal control system to mitigate potential losses from operational risks [46]. - The company is actively enhancing its risk management and internal control systems to address significant risks through a comprehensive risk management mechanism [93]. - The company faces risks from high customer concentration, where a significant reduction in purchases from major clients could adversely affect performance [83]. - The company has a high concentration of procurement from major suppliers, and any disruption in service from these suppliers could negatively impact operations and performance [84]. - The company is exposed to exchange rate risks due to revenue being primarily in RMB and USD, which could affect cash flow if capital expenditures require currency conversion [88]. Asset and Liability Management - The total assets of the company at the end of the reporting period were RMB 1,075.40 billion, a 7% increase from RMB 1,005.60 billion at the end of the previous year [59]. - The net assets attributable to shareholders of the parent company increased by 8% to RMB 719.20 billion from RMB 666.59 billion year-on-year [59]. - The company's total liabilities amounted to RMB 354,501 million, which is a 5.0% increase from RMB 337,722 million at the end of 2023 [185]. - Current liabilities rose to RMB 166,125 million, a significant increase of 34.0% from RMB 123,939 million at the end of 2023, primarily due to an increase in dividend payables [186]. Cost Management - Operating expenses for the company were RMB 17,463 million, an 8.4% increase from RMB 16,103 million year-on-year [134]. - The company maintained a strong cost control with a decrease in per barrel operating cost to $6.81, down 4.9% from $7.16 in the previous year [134]. - Depreciation, depletion, and amortization (excluding oilfield abandonment costs) rose to RMB 35,385 million, a 12.1% increase from RMB 31,577 million in the previous year [136]. Challenges and Outlook - The company anticipates an increase in carbon dioxide emissions in line with production growth, posing challenges to meet national emission reduction standards and potentially leading to increased costs and reputational damage [79]. - The company faces potential delays in project development in Canada due to the need for consultations with Indigenous peoples regarding land ownership claims [110]. - The company regularly reviews oil and gas price forecasts, and significant deviations from these forecasts could have adverse effects on its financial performance [105].

证券代码：600938 证券简称：中国海油 公告编号：2024-020 中国海洋石油有限公司 2024 年中期股息分配方案的公告 公司拟向全体股东派发中期股息每股 0.74 港元（含税）。公司实际派发的 中期股息总额将根据实施权益分派股权登记日的已发行股份总数确定。股息将以 港元计值和宣派，其中 A 股股息将以人民币支付，折算汇率以董事会宣派股息之 日前一周的中国人民银行公布的港元对人民币中间价平均值计算；港股股息将以 港元支付。 如在本公告披露之日起至实施中期股息派息的权益分派股权登记日，因可转 债转股、回购股份、股权激励授予股份回购注销，或重大资产重组股份回购注销 等致使公司已发行股份总数发生变动的，公司拟维持每股派息金额不变，相应调 整利润分配总额。 根据公司 2023 年度股东周年大会决议，公司 2023 年度股东周年大会授权董 事会决定公司 2024 年中期股息派发方案，本次中期股息分配方案无需提交股东 大会审议。 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：每股派发股息 0.74 港 ...

中国海洋石油有限公司关于 对中海石油财务有限责任公司的风险持续评估报告 根据《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》 的要求，中国海洋石油有限公司（以下简称"公司"）通过查验中海石油财务有限 责任公司（以下简称"海油财务"）《金融许可证》《营业执照》等证件资料，并 审阅了海油财务的 2024 年半年度财务报表，对海油财务的经营资质、内控、业 务和风险状况进行了评估，具体情况报告如下： 一、 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 14 日完成工商登记。 机构地址：北京市东城区东直门外小街 6 号海油大厦 金融许可证机构编码：L0007H211000002 统一社会信用代码：91110000710929818Y 注册资本：40 亿元人民币，其中：中国海洋石油集团有限公司占股比 62.90%； 中海石油（中国）有限公司占股比 31.80%；中海石油炼化有限责任公司占股比 3.53%；海洋石油工程股份有限公司占股比 1.77%。 经营范围涵盖国家金融监督管理总局允许财务公司开展的各项业务，包括： 1)吸收成员单位存款； ...

证券代码：600938 证券简称：中国海油 公告编号：2024-021 中国海洋石油有限公司 关于 2024 年半年度募集资金存放与实际使用 情况的专项报告 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、募集资金基本情况 （一）实际募集资金金额、资金到账情况 经中国证券监督管理委员会《关于核准中国海洋石油有限公司首次公开发行 股票的批复》（证监许可〔2022〕632 号）的核准，中国海洋石油有限公司（以下 简称"本公司"或"公司"）首次公开发行人民币普通股（A 股）股票 299,000 万 股（含行使超额配售选择权所发新股），发行价格人民币 10.80 元/股，本次发行 最终募集资金总额为人民币 3,229,200.00 万元，扣除发行费用后的募集资金净额 为人民币 3,209,908.67 万元。上述款项已分别于 2022 年 4 月 18 日及 2022 年 5 月 23 日全部到位。安永华明会计师事务所（特殊普通合伙）对公司本次公开发 行新股的募集资金到位情况进行了审验，并于 2022 年 4 月 18 日及 20 ...

证券代码：600938 证券简称：中国海油 公告编号：2024-019 中国海洋石油有限公司 2024 年第六次董事会决议公告 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。 中国海洋石油有限公司（以下简称"公司"）于 2024 年 8 月 28 日召开 2024 年第六次董事会。本次董事会的会议通知及议案已于 2024 年 8 月 12 日发送给公 司全体董事。本次会议应出席董事 7 人，实际出席董事 6 人，非执行董事温冬芬 女士因公不能到会，已书面委托董事长、非执行董事汪东进先生代为行使表决权。 会议由董事长汪东进先生主持。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 （一）审议通过《关于公司中期业绩及半年度报告的议案》 具体内容详见公司于上海证券交易所网站（www.sse.com.cn）披露的《中国 海洋石油有限公司 2024 年半年度报告》及其摘要。本议案已经公司审核委员会 审议通过，并同意提交董事会审议。 表决结果：7 票赞成，0 票 ...

Financial Performance - Oil and gas net production reached 362.6 million barrels of oil equivalent, an increase of 9.3% year-on-year[2] - Oil and gas sales revenue amounted to RMB 185.11 billion, representing a 22.0% increase compared to the same period last year[2] - Net profit attributable to shareholders was RMB 79.73 billion, a growth of 25.0% year-on-year[2] - Basic and diluted earnings per share were both RMB 1.68, reflecting a 25.0% increase[2] - The company achieved a historical high in operating profit of RMB 105.54 billion, up from RMB 84.27 billion in the previous year[7] - For the six months ended June 30, 2024, the total comprehensive income amounted to RMB 81,213 million, an increase of 14.9% compared to RMB 71,146 million for the same period in 2023[8] - The basic and diluted earnings per share for the period were RMB 1.68, up from RMB 1.34, representing a growth of 25.4% year-over-year[8] - The company reported a profit of RMB 79,731 million for the six months ended June 30, 2024, compared to RMB 63,761 million in 2023, indicating an increase of 24.9%[19] - Total revenue for the six months ended June 30, 2024, was RMB 226,770 million, up from RMB 192,064 million in 2023, marking a growth of 18.0%[15] Dividends - The interim dividend declared was HKD 0.74 per share, an increase of 25.4% compared to the previous year[2] - The company declared an interim dividend of HKD 0.74 per share, an increase from HKD 0.59 per share in the previous year, totaling approximately RMB 32,139 million[20] - The company will distribute an interim dividend of HKD 0.74 per share (tax included) for the 2024 interim period[34] - A 10% corporate income tax will be withheld for non-resident corporate shareholders receiving the interim dividend[35] - The interim dividend will be paid on or around October 18, 2024, to shareholders registered on the company's register as of September 20, 2024[34] - Shareholders must submit relevant documentation by September 13, 2024, to avoid the 10% withholding tax if eligible[35] - The company will not withhold individual income tax for natural person shareholders as of September 20, 2024[35] Assets and Liabilities - The company's non-current assets totaled RMB 778,234 million as of June 30, 2024, compared to RMB 755,323 million at the end of 2023, reflecting an increase of 3.0%[9] - Current assets increased to RMB 297,170 million from RMB 250,275 million, marking a growth of 18.7%[9] - Cash and cash equivalents rose to RMB 142,960 million, up from RMB 133,439 million, indicating an increase of 7.4%[9] - The company's net assets reached RMB 720,903 million, a rise of 7.9% from RMB 667,876 million at the end of 2023[9] - The total liabilities decreased from RMB 213,783 million to RMB 188,376 million, a reduction of 11.9%[9] - The company’s total assets as of June 30, 2024, were RMB 1,075,404 million, an increase from RMB 1,005,598 million at the end of 2023[15] - The company’s total liabilities as of June 30, 2024, were RMB (354,501) million, compared to RMB (337,722) million at the end of 2023[15] Operational Highlights - Significant discoveries included the Bluefin oil field in Guyana and the Lingshui 36-1 gas field in the South China Sea[3] - The average cost per barrel of oil equivalent was maintained at USD 27.75, ensuring a competitive cost advantage[4] - The company is focused on enhancing production efficiency and reducing costs while advancing its transition to renewable energy[5] - The company plans to continue its strategic initiatives to achieve new milestones in production and operational efficiency in the second half of the year[5] - 62% of the company's sales revenue for the six months ended June 30, 2024, came from customers in China, with no other individual region contributing more than 10%[16] Governance and Compliance - The company’s board has confirmed compliance with the corporate governance code during the six months ending June 30, 2024[30] - The board consists of executive, non-executive, and independent non-executive directors, ensuring diverse governance[36] - The company emphasizes that actual results may differ from forward-looking statements due to various uncertainties, including macroeconomic factors and industry competition[37] Shareholder Actions - The company repurchased a total of 16,366,000 shares listed on the Hong Kong Stock Exchange in July 2024, at a total cost of HKD 331 million, equivalent to approximately RMB 302 million[24] - There were no repurchases, sales, or redemptions of listed securities by the company during the six months ending June 30, 2024[29] - The company will close its Hong Kong share register from September 16 to September 20, 2024, for dividend eligibility[34] Provisions and Receivables - The company recognized a provision for abandonment discounting of approximately RMB 1,614 million for the six months ended June 30, 2024, compared to RMB 1,428 million in 2023[17] - Accounts receivable as of June 30, 2024, totaled RMB 42,742 million, with a provision for bad debts of RMB 96 million, representing a provision ratio of 0.22%[21] - The company’s accounts receivable aging analysis shows that 100% of receivables over three years are fully provided for bad debts[21] - Accounts payable to suppliers and partners as of June 30, 2024, amounted to RMB 66,905 million, an increase from RMB 59,017 million as of December 31, 2023[22] - The company’s total accounts payable and accruals as of June 30, 2024, were RMB 69,198 million, compared to RMB 61,382 million as of December 31, 2023[22]

中国海洋石油有限公司 证券代码：600938 证券简称：中国海油 公告编号：2024-018 关于召开 2024 年半年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： 投资者可于 2024 年 08 月 22 日（星期四）至 08 月 28 日（星期三）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。公司将在说明会上对投资者普遍关注的问题进行回 答。 中国海洋石油有限公司（以下简称"公司"）将于 2024 年 08 月 28 日闭市后 发布公司 2024 年半年度报告。为便于广大投资者更全面深入地了解公司 2024 年 上半年经营成果和财务状况，公司计划于 2024 年 08 月 29 日下午 16:15-17:15 举 行 2024 年半年度业绩说明会，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直播、电话会议和网络互动形式召开，公司将针对 2024 年上半年的经营成果及财务指标的具体情况与投资 ...

B. 贖回/購回股份 (擬註銷但截至期終結存日期尚未註銷) (註5及6) 第 2 頁 共 6 頁 v 1.3.0 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8月1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 ...