证券研究报告·公司点评报告(AH)·油气开采Ⅱ 中国海油（ 600938.SH ） / 中国海洋石油 （00883.HK） 2024 年一季报点评：经营情况大超预期！ 2024 年 04 月 26 日 买入(维持)-A /买入(维持)-H | --- | --- | --- | --- | --- | --- | |------------------------------|---------|---------|---------|---------|---------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 422,230 | 416,609 | 458,447 | 491,953 | 513,749 | | 同比（ % ） | 71.56 | (1.33) | 10.04 | 7.31 | 4.43 | | 归母净利润（百万元） | 141,700 | 123,843 | 150,015 | 163,547 | 172,914 | | 同比（ % ） | 101.51 | (12.6 ...

Financial Performance - In Q1 2024, the company achieved a record net profit attributable to shareholders of RMB 39,719 million, up 23.6% from RMB 32,113 million in the same period last year[10][18]. - The company reported a total revenue of RMB 111.468 billion for Q1 2024, representing a year-on-year increase of 14.1%[26]. - Net profit attributable to shareholders was RMB 39.719 billion, up 23.7% compared to the same period last year[26]. - Oil and gas sales revenue reached RMB 89,977 million in Q1 2024, up 21.3% from RMB 74,196 million in the same period last year[50]. - The company reported a basic earnings per share of RMB 0.84 in Q1 2024, up from RMB 0.68 in Q1 2023, reflecting a growth of 23.5%[53]. Production and Exploration - The company reported a steady growth in oil and gas net production, supported by enhanced exploration and development efforts[9]. - The total net production reached 180.1 million barrels of oil equivalent, a 9.9% increase year-on-year, with domestic production rising by 6.9% and overseas production increasing by 16.9%[31]. - The company achieved two new discoveries and successfully evaluated four oil and gas structures in Q1 2024, expanding exploration in the Bohai Sea and offshore Guyana[51]. - The company’s total oil and gas production in Q1 2024 was 140.7 million barrels of oil equivalent, compared to 180.1 million barrels in Q1 2023[57]. Capital Expenditures - Capital expenditures for Q1 2024 were approximately RMB 29.01 billion, representing a 17.3% increase year-on-year due to increased project work and adjustments[12]. - Capital expenditures for Q1 2024 totaled RMB 28,520 million, an increase of 18.5% compared to RMB 24,095 million in Q1 2023[50]. Assets and Liabilities - Total assets increased by 4.9% year-on-year to RMB 1,055,179 million, while equity attributable to shareholders rose by 6.0% to RMB 706,483 million[4]. - The company's total assets amounted to RMB 1,055.179 billion, an increase from RMB 1,005.598 billion at the end of the previous year[37][44]. - The company’s total liabilities were RMB 347.1 billion, compared to RMB 337.722 billion at the end of the previous year[44]. - The company’s cash and cash equivalents at the end of the period were RMB 158.407 billion, up from RMB 133.439 billion at the beginning of the period[26]. Cash Flow - The company achieved a net cash flow from operating activities of RMB 59.978 billion, reflecting a 15.4% increase from the previous year[26]. - In Q1 2024, the company reported a net cash flow from operating activities of RMB 59,978 million, an increase of 15.4% compared to RMB 51,968 million in Q1 2023[47]. - The company’s cash inflow from operating activities was RMB 113,816 million, compared to RMB 103,925 million in Q1 2023, indicating a growth of 9.1%[47]. - The company’s cash outflow from operating activities was RMB 53,838 million in Q1 2024, slightly higher than RMB 51,957 million in Q1 2023[47]. - The net cash flow from investing activities was negative RMB 33,884 million in Q1 2024, an improvement from negative RMB 42,935 million in Q1 2023[47]. Market Conditions - The average Brent crude oil price for Q1 2024 was USD 81.76 per barrel, remaining stable compared to the previous year[9]. - The average realized oil price was USD 78.75 per barrel, an increase of 6.2% year-on-year, while the average realized gas price was USD 7.69 per thousand cubic feet, down 7.7%[29][33]. Shareholder Information - The total number of ordinary shareholders reached 151,765, with the top ten shareholders holding 93.43% of the shares[8]. Operational Efficiency - The company is focused on enhancing cost competitiveness and efficiency improvements in its operations[9]. - The company maintained a stable health, safety, and environmental performance during the reporting period[12]. - The company’s operating costs for Q1 2024 were RMB 59.520 billion, an increase from RMB 55.891 billion in the same period last year[39]. Return on Equity - The weighted average return on equity was 5.79%, an increase of 0.54 percentage points compared to the previous year[26].

Financial Performance - The company's operating revenue for Q1 2024 was RMB 111,468 million, representing a 14.1% increase compared to the same period last year[2]. - Net profit attributable to shareholders of the parent company reached RMB 39,719 million, up 23.7% year-on-year[2]. - Total revenue for Q1 2024 reached RMB 111,468 million, a 14% increase from RMB 97,711 million in Q1 2023[15]. - Net profit for Q1 2024 was RMB 39,726 million, up 24% from RMB 32,109 million in Q1 2023[16]. - Operating profit for Q1 2024 was RMB 52,597 million, representing a 21% increase compared to RMB 43,347 million in Q1 2023[15]. - The company reported a total comprehensive income of RMB 39,877 million for Q1 2024, compared to RMB 28,549 million in Q1 2023[17]. Cash Flow - The net cash flow from operating activities was RMB 59,978 million, reflecting a 15.4% increase from the previous year[2]. - In Q1 2024, the cash inflow from operating activities was RMB 113,816 million, an increase of 9.1% compared to RMB 103,925 million in Q1 2023[18]. - The net cash flow from operating activities reached RMB 59,978 million, up 15.5% from RMB 51,968 million in the same period last year[18]. - Cash inflow from investment activities totaled RMB 15,283 million, down 38.1% from RMB 24,687 million in Q1 2023[18]. - The net cash flow from investment activities was negative at RMB -33,884 million, an improvement from RMB -42,935 million in Q1 2023[18]. - Cash inflow from financing activities was RMB 1,352 million, significantly higher than RMB 75 million in Q1 2023[19]. - The net cash flow from financing activities was negative at RMB -1,156 million, slightly improved from RMB -1,735 million in the previous year[19]. - The total cash and cash equivalents at the end of Q1 2024 amounted to RMB 158,407 million, compared to RMB 92,600 million at the end of Q1 2023, reflecting a 70.9% increase[19]. - The company received RMB 1,331 million from borrowings in Q1 2024, a substantial increase from RMB 75 million in Q1 2023[19]. Production and Sales - Oil and gas sales revenue was RMB 89,977 million, marking a 21.3% increase from RMB 74,196 million in the same quarter last year[5]. - In Q1 2024, the company achieved a total net production of 180.1 million barrels of oil equivalent, a year-on-year increase of 9.9%[10]. - The company's domestic net production was 123.2 million barrels of oil equivalent, up 6.9% year-on-year, primarily due to new project contributions[10]. - The overseas net production reached 56.9 million barrels of oil equivalent, a year-on-year increase of 16.9% driven by production increases in Guyana and Canada[10]. - The average realized price for oil liquids was USD 78.75 per barrel, a 6.2% increase from USD 74.17 per barrel in Q1 2023[5]. - The average realized oil price in Q1 2024 was $78.75 per barrel, an increase of 6.2% compared to the previous year[10]. - The average realized gas price in Q1 2024 was $7.69 per thousand cubic feet, a decrease of 7.7% year-on-year[10]. - The company’s main cost per barrel of oil was $27.59, a decrease of 2.2% year-on-year[10]. Capital Expenditures and Assets - Capital expenditures totaled RMB 29,014 million, which is a 17.3% increase compared to RMB 24,736 million in Q1 2023[5]. - Capital expenditures for Q1 2024 amounted to approximately RMB 29.01 billion, a year-on-year increase of 17.3%[10]. - The total assets at the end of the reporting period were RMB 1,005,598 million, showing a 4.9% increase from the end of the previous year[2]. - Total assets as of March 31, 2024, amounted to RMB 1,055,179 million, an increase from RMB 1,005,598 million as of December 31, 2023[14]. - Current assets increased to RMB 288,758 million as of March 31, 2024, compared to RMB 250,275 million at the end of 2023, reflecting a growth of 15%[14]. - Total liabilities rose to RMB 347,100 million as of March 31, 2024, compared to RMB 337,722 million at the end of 2023[14]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 151,765[6]. - Earnings per share for Q1 2024 was RMB 0.84, an increase from RMB 0.68 in Q1 2023[17]. Other Financial Metrics - Non-recurring gains and losses totaled RMB 244 million for the quarter[3]. - The weighted average return on equity was 5.79%, an increase of 0.54 percentage points compared to the previous year[2]. - The company made 2 new discoveries and successfully evaluated 4 oil and gas structures in Q1 2024[10]. - The company’s inventory decreased slightly to RMB 6,267 million as of March 31, 2024, from RMB 6,451 million at the end of 2023[14]. - The cash outflow for purchasing fixed assets and other long-term assets was RMB -28,520 million, compared to RMB -24,095 million in the same quarter last year[18]. - The impact of exchange rate changes on cash and cash equivalents was RMB 30 million, a recovery from a negative impact of RMB -331 million in Q1 2023[19].

4月19日，油气开采板块领涨全市场，石化ETF（159731）持续拉升，截至10:09，涨幅1.93%，在全市 场ETF中涨幅靠前。持仓股兴发集团、鲁西化工涨超6%，盐湖股份、藏格矿业、亚钾国际涨超4%，“三 桶油”集体拉升。 浙商证券表示，油气开采，全球石化行业资本开支不足，叠加OPEC+依然存在减产意愿，预计未来原 油供给端增长有限，即便需求下调，原油生产国仍有能力将原油维持在供需紧平衡的状态，受益于油价 维持在较高水平区间内，预计上游原油龙头具备稳定的盈利能力，建议关注低估值高分红油气龙头。 石化ETF（159731）及其联接基金（017855/017856）：跟踪中证石化产业指数（H11057.CSI），由中 证800指数样本股中的石化产业股票组成，以反映该产业公司股票的整体表现。从申万一级行业分布来 看，指数以基础化工和石油石化行业为主，权重占比合计93%，前十大重仓股中涵盖了“三桶油”——中 国石油、中国石化、中国海油，权重占比合计超25%。 ...

Company Overview - The report focuses on **China National Offshore Oil Corporation (CNOOC)** (600938 SH), a Hong Kong-based investment holding company established on August 20, 1999, primarily engaged in oil and gas exploration, production, and trade [5] - CNOOC operates in markets including China, Canada, the UK, Nigeria, Indonesia, and Brazil, with its business segments covering conventional oil and gas, shale oil and gas, oil sands, and other unconventional oil and gas activities [5] Financial Performance - In 2023, CNOOC achieved **RMB 4160 09 billion** in revenue, a **1 33% YoY decline**, and a net profit attributable to shareholders of **RMB 1238 43 billion**, down **12 60% YoY** [5] - Despite a **19 29% YoY decline** in Brent crude oil prices to **USD 82 56 per barrel**, CNOOC's cost control was strong, with its main oil cost per barrel decreasing by **5 13%** to **USD 28 83** [5] - The company's oil and gas production reached a **5-year high** at **678 0 million barrels of oil equivalent (BOE)**, exceeding its initial target of **650-660 million BOE** and marking an **8 65% YoY increase** [5] Future Outlook - CNOOC plans to increase its oil and gas production to **700-720**, **780-800**, and **810-830 million BOE** in 2024-2026, with YoY growth rates of **4 72%**, **11 27%**, and **3 80%**, respectively [5] - The company's capital expenditure in 2023 rose **27 46% YoY** to **RMB 1279 13 billion**, with a projected range of **RMB 1250-1350 billion** for 2024 to support further production growth [5] - CNOOC expects to launch several new projects in 2024, including the **Bozhong 19-2 oilfield development project**, **Deep Sea No 1 Phase II project**, and **Brazil's Mero3 project**, enhancing its growth potential [5] Dividend Policy - In 2023, CNOOC distributed **RMB 53 934 billion** in cash dividends, with a dividend payout ratio of **44%** [5] - The company's A-share dividend yield was **5 44%**, while its H-share dividend yield reached **9 62%** [5] - Since its listing in April 2022, CNOOC has paid cash dividends **3 times**, totaling **RMB 80 745 billion**, with a cumulative dividend payout ratio of **32 78%** and a total return ratio (including share repurchases) of **80 44%** [5] Valuation and Investment Rating - The report forecasts CNOOC's revenue for 2024-2026 to be **RMB 4349 88 billion**, **RMB 4612 20 billion**, and **RMB 4876 00 billion**, respectively, with net profits of **RMB 1312 10 billion**, **RMB 1478 85 billion**, and **RMB 1554 54 billion** [12] - The company's EPS for 2024-2026 is projected at **RMB 2 76**, **RMB 3 11**, and **RMB 3 27**, with corresponding PE ratios of **10 85x**, **9 62x**, and **9 16x** [12] - The report upgrades CNOOC's rating to **"Strongly Recommend"** based on its strong cost control, stable earnings, and growth potential [20] Industry Context - The oil and gas industry is influenced by global economic trends, with **Brent crude oil prices** averaging **USD 82 56 per barrel** in 2023, down **19 29% YoY** [5] - CNOOC's performance in 2023 was resilient, with its profit decline being less severe than the drop in oil prices, highlighting its operational efficiency and cost management [5]

Investment Rating - The report maintains a "Buy" rating for the company [2][10]. Core Insights - The exploration potential for offshore oil and gas, particularly in deep water, is significant due to low discovery rates compared to onshore resources. As of 2017, the proven reserves for onshore oil and gas were 36.72% and 47.01%, respectively, while offshore oil and gas were only 23.70% and 30.55% [1][3]. - The company has made several significant discoveries in offshore oil and gas resources recently, including the Bozhong 26-6 oil field with over 40 million cubic meters of geological reserves and the largest deep-water oil field discovered in the South China Sea [11][24]. Summary by Sections Exploration Potential - Offshore oil and gas exploration is still in its early stages, with substantial potential for discovery. The proven rates decrease significantly with water depth, with shallow water (less than 400 meters) having a discovery rate of 28.05%, deep water (400-2000 meters) at 13.84%, and ultra-deep water (greater than 2000 meters) at 7.69% for oil [3][12]. - Investment in offshore oil and gas exploration has been increasing, with expenditures surpassing $100 billion in 2022, indicating a high level of industry activity and potential for future discoveries [5][12]. Company Performance - The company has a robust resource base, with confirmed net reserves of approximately 6.78 billion barrels of oil equivalent as of the end of 2023, reflecting an 8.7% year-on-year growth. Domestic net reserves account for 4.05 billion barrels, up 12.6% year-on-year [34]. - The company achieved a net production of 6.78 million barrels of oil equivalent in 2023, marking an 8.7% increase compared to the previous year [34]. Regional Insights - The Bohai Sea is the company's primary oil production area, with confirmed reserves of 196.84 million barrels and a production rate of 599,847 barrels per day in 2023, representing a 7.55% increase year-on-year [47]. - The South China Sea's western oil fields have a reserve of 861.9 million barrels, while the eastern oil fields have reserves of 892.6 million barrels, with production rates increasing by 5.14% and 5.50%, respectively [55][56].

Financial Performance - CNOOC Limited reported a net confirmed reserve of approximately 6.78 billion barrels of oil equivalent as of December 31, 2023[5]. - Total revenue for the year 2023 was $416.609 million, a slight decrease from $422.230 million in 2022, representing a decline of approximately 1.4%[9]. - Total expenses increased to $248.840 million in 2023 from $228.905 million in 2022, marking an increase of about 8.7%[9]. - Net profit for 2023 was $124.090 million, down from $141.677 million in 2022, reflecting a decrease of approximately 12.5%[9]. - The company's total assets reached $1,005.598 million in 2023, an increase from $929.031 million in 2022, representing a growth of about 8.2%[10]. - Current assets amounted to $250.275 million in 2023, compared to $264.679 million in 2022, indicating a decrease of approximately 5.4%[10]. - Shareholders' equity increased to $667.876 million in 2023 from $598.383 million in 2022, showing a growth of about 11.6%[10]. - The company reported a pre-tax profit of $172.974 million for 2023, down from $194.770 million in 2022, a decrease of approximately 11.1%[9]. - Investment income for 2023 was $3.084 million, compared to $2.058 million in 2022, reflecting an increase of approximately 50%[9]. - The company achieved a revenue of RMB 416.6 billion and a net profit attributable to shareholders of RMB 123.8 billion, maintaining strong profitability despite falling oil prices[15]. Production and Reserves - The average daily net production for the year reached 1,857,619 barrels of oil equivalent[5]. - The total net production of oil equivalent reached 1,857,619 barrels per day in 2023, an increase from 1,709,175 barrels per day in 2022, reflecting a growth of about 8.7%[11]. - The company achieved a net production of 678 million barrels of oil equivalent in 2023, marking a historical high for five consecutive years[14]. - The net proven oil reserves reached 2,667.3 million barrels in 2023, an increase from 2,280.4 million barrels in 2022, representing a growth of approximately 17%[12]. - The net proven natural gas reserves increased to 8,180.2 billion cubic feet in 2023, up from 7,786.2 billion cubic feet in 2022, marking a growth of about 5%[12]. - The total net proven reserves (in million barrels of oil equivalent) reached 6,784.2 million barrels in 2023, compared to 6,238.6 million barrels in 2022, reflecting an increase of approximately 9%[12]. - The reserve replacement ratio was reported at 182% in 2023, indicating strong performance in replenishing reserves[13]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.66 per share, in addition to an interim dividend of HKD 0.59 per share, totaling HKD 1.25 per share for 2023[2]. - The company maintains a dividend payout policy with a minimum payout ratio of 40% from 2022 to 2024, with an absolute dividend value not less than HKD 0.70 per share (tax included) regardless of operational performance[172]. - The dividend distribution policy was approved at a special shareholders' meeting on October 26, 2021, ensuring shareholder returns based on future earnings, capital requirements, and financial conditions[172]. Operational Focus and Strategy - CNOOC Limited is the largest offshore oil and gas producer in China and one of the largest independent oil and gas exploration and production companies globally[5]. - The company emphasizes the importance of macroeconomic factors and oil price volatility in its future performance outlook[3]. - The company is committed to low-carbon development and technological advancements in its operations[4]. - The company plans to accelerate the construction of a world-class energy company and aims for steady growth in reserves and production in 2024[15]. - The company has made significant progress in integrating exploration and development, with rapid production from new discoveries such as Xijiang 24-2[25]. Environmental and Social Responsibility - The company is committed to sustainable development by reducing the environmental impact of oil and gas exploration and development activities and promoting the development of new energy and green technologies[110]. - The company has implemented a comprehensive environmental management system focusing on pollution control and ecological protection during oil and gas extraction[199]. - The company is actively promoting energy conservation and carbon reduction initiatives in line with national "carbon peak and carbon neutrality" goals[199]. - The company has developed a "14th Five-Year" energy-saving and carbon reduction action plan to enhance efficiency and reduce emissions[199]. - The company aims to achieve "increased production without increased pollution" through targeted environmental protection measures[199]. Governance and Risk Management - The company has established a comprehensive risk management and internal control system, ensuring effective compliance and risk mitigation strategies[82]. - The board of directors receives biannual reports on risk management and internal control, ensuring all significant risks are monitored and addressed[84]. - The company integrates Environmental, Social, and Governance (ESG) risk management into its regular operations, assessing at least six categories of ESG risks, including climate change and data privacy[107]. - The company has received multiple awards for its high standards of corporate governance, including the "Best Listed Company" award and the "Gold Award" for ESG[108]. - The company emphasizes the importance of ethical conduct and compliance policies in its governance framework[150]. Market Expansion and Future Outlook - The company is actively pursuing mergers and acquisitions to strengthen its market position and expand its service offerings[181]. - Future outlook includes a commitment to sustainable development and innovation in energy solutions[180]. - The company is considering strategic acquisitions to enhance its market position, with a budget of $1 billion for potential deals[184]. - The company plans to launch multiple key new projects in China and overseas in the next three years to support further production growth[29].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 21.43, indicating a potential upside of 21.8% from the current price of HKD 17.60 [2][4]. Core Insights - The company reported a total revenue of RMB 416.61 billion for 2023, a decrease of 1.33% year-on-year, and a net profit of RMB 123.84 billion, down 12.60% year-on-year, primarily due to declining international oil prices [1]. - The company achieved a net production of 678 million barrels of oil equivalent in 2023, an increase of 8.69% year-on-year, with a record high net proven reserves of 6,784 million barrels of oil equivalent [1]. - The company maintained a strong cost control with an average oil production cost of USD 28.83 per barrel, a decrease of 5.1% year-on-year [1]. - Capital expenditures for 2023 were raised to RMB 129.6 billion, an increase of 18.73% year-on-year, with plans for 2024 capital expenditures between RMB 125 billion and RMB 135 billion [1]. Summary by Sections Financial Performance - For 2023, the company reported revenues of RMB 416.61 billion and a net profit of RMB 123.84 billion, with a dividend payout of HKD 1.25 per share [1][5]. - The company forecasts revenues of RMB 440.23 billion, RMB 479.79 billion, and RMB 493.81 billion for 2024, 2025, and 2026 respectively, with net profits projected at RMB 134.57 billion, RMB 147.09 billion, and RMB 151.14 billion [2][5]. Production and Reserves - The company successfully discovered 9 new oil and gas fields and evaluated 22 oil and gas structures, maintaining its position as China's largest crude oil production base [1]. - The reserve replacement ratio reached 180%, with a stable reserve life of over 10 years for the past 7 years [1]. Cost Management - The company reported a decrease in operating costs, with a 10.7% reduction in taxes other than income tax and a 4.1% decrease in depreciation and amortization costs [1]. Capital Expenditure - The company plans to continue its strategy of increasing reserves and production while integrating green low-carbon projects with oil and gas production [1].

Investment Rating - The report maintains a "Buy" rating for CNOOC (China National Offshore Oil Corporation) with a target price raised to 33.83 CNY from the previous 27.60 CNY [10][11]. Core Views - The company's performance in 2023 met market expectations, with continued efforts in increasing reserves and production while reducing costs and improving efficiency [10]. - CNOOC's revenue for 2023 was 416.61 billion CNY, showing a slight year-on-year decrease of 1%, while net profit attributable to shareholders was 26.2 billion CNY, down 13% year-on-year [10][11]. - The company emphasizes shareholder returns, proposing a total dividend of approximately 54 billion CNY, with a payout ratio of about 43.6% [10][11]. Summary by Sections Financial Performance - CNOOC's net oil equivalent production in 2023 was 678 million barrels, an increase of 8.7% year-on-year, with a leading cost control in oil production [10][11]. - The company achieved a net confirmed reserve of 6.784 billion barrels of oil equivalent, maintaining a reserve life of over 10 years [10][11]. - The report forecasts EPS for 2024/2025 at 2.85/3.12 CNY, with an expected EPS of 3.21 CNY for 2026 [10][11]. Valuation Metrics - The report includes a comparison of valuation metrics with peer companies, indicating a price-to-book ratio (P/B) of 2.1 for CNOOC [10][11]. - The company's market capitalization is reported at 1,334.25 billion CNY, with a 52-week price range of 16.47-30.58 CNY [2][10]. Growth Prospects - CNOOC plans to continue its capital expenditure (CAPEX) in the range of 1250-1350 billion CNY for 2024, supporting ongoing growth in reserves and production [10][11]. - The company is expected to achieve a production growth rate of 7.4% in 2024, driven by significant discoveries in the South China Sea and Bohai Sea regions [10][11].

Investment Rating - The report maintains a "Buy" rating for the company [26][27]. Core Insights - The company reported total revenue of 416.609 billion yuan in 2023, a year-on-year decrease of 1.33%, while the net profit attributable to shareholders was 123.843 billion yuan, down 12.6% year-on-year [4][6][24]. - The company achieved record high oil and gas net production, with an increase of 8.7% year-on-year, exceeding its annual production target [24]. - The average price of Brent crude oil in 2023 was $82.17 per barrel, a decrease of 17.07% year-on-year, but the company's performance decline was less than the drop in oil prices [24][25]. - The company emphasizes cost control and efficiency improvements, with major cost advantages highlighted, as the average cost per barrel was $28.83, down 5.13% year-on-year [6][24]. Summary by Sections Financial Performance - Total revenue for 2023 was 416.609 billion yuan, with a net profit of 123.843 billion yuan, reflecting a decline of 12.6% [4][6]. - The company paid a total dividend of 1.25 HKD per share, with a payout ratio of approximately 44% [4][7]. Cost Management - The company has implemented cost control measures throughout exploration, development, and production, establishing a competitive cost advantage in the industry [6][24]. - The main operational cost was $28.83 per barrel, with significant reductions in various cost components, including operating expenses and depreciation [6][24]. Future Outlook - The company anticipates that oil prices will stabilize between $80 and $100 per barrel, with potential for further increases depending on geopolitical factors and OPEC+ production agreements [25]. - Projected net production targets for 2024-2026 are set at 700-720 million, 780-800 million, and 810-830 million barrels of oil equivalent, indicating steady growth [25]. Valuation - The estimated EPS for 2024-2026 is projected to be 2.83 yuan, 3.12 yuan, and 3.26 yuan, with corresponding PE ratios of 9.68X, 8.75X, and 8.38X [26].