Financial Performance - Total operating revenue for Q3 2022 reached RMB 108,790 million, an increase of 71.0% compared to RMB 63,622 million in Q3 2021[4] - Net profit attributable to shareholders of the parent company was RMB 36,881 million, up 89.06% year-on-year from RMB 19,500 million[4] - The net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses was RMB 36,375 million, reflecting a 91.58% increase compared to RMB 18,973 million in the same period last year[4] - Basic earnings per share for Q3 2022 was RMB 0.77, representing a 75.00% increase from RMB 0.44 in Q3 2021[4] - Net profit attributable to shareholders reached RMB 108.77 billion, up 105.9% year-on-year[12] - Operating profit for the first three quarters of 2022 was RMB 149,827 million, up 110% from RMB 71,333 million in the same period of 2021[19] - Net profit attributable to shareholders for the first three quarters of 2022 was RMB 108,768 million, compared to RMB 52,837 million in the same period of 2021, reflecting a growth of 106%[20] Cash Flow - Cash flow from operating activities amounted to RMB 166,892 million, a 59.49% increase compared to RMB 104,670 million year-to-date[4] - Cash flow from operating activities for the first three quarters of 2022 was RMB 166,892 million, compared to RMB 104,642 million in the same period of 2021, indicating a growth of 60%[22] - Cash inflow from investment activities for the first three quarters of 2022 was $119,218 million, up from $64,457 million in the same period of 2021, representing an increase of 85.1%[23] - Cash outflow from investment activities increased to $195,131 million in 2022 from $131,015 million in 2021, marking a rise of 48.9%[23] - Net cash flow from investment activities was -$75,913 million in 2022, compared to -$66,558 million in 2021, indicating a deterioration of 14.5%[23] - Cash inflow from financing activities rose significantly to $32,816 million in 2022 from $5,606 million in 2021, an increase of 484.5%[23] - Cash outflow from financing activities increased to $64,397 million in 2022 from $25,078 million in 2021, reflecting a growth of 156.5%[23] - Net cash flow from financing activities was -$31,581 million in 2022, worsening from -$19,472 million in 2021, a decline of 62.1%[23] - The net increase in cash and cash equivalents for the first three quarters of 2022 was $62,679 million, compared to $18,264 million in 2021, representing a growth of 243.5%[23] - The ending balance of cash and cash equivalents reached $104,111 million in 2022, up from $42,283 million in 2021, an increase of 146.5%[23] Production and Sales - The total net production for Q3 2022 reached 156.8 million barrels of oil equivalent, an increase of 8.8% year-on-year[11] - Domestic net production was 106.9 million barrels of oil equivalent, up 6.8% year-on-year, driven by contributions from several key fields[11] - International net production was 49.9 million barrels of oil equivalent, a 13.5% increase year-on-year, primarily due to the commissioning of the Liza Phase 2 project in Guyana[11] - In the first three quarters of 2022, the company achieved unaudited oil and gas sales revenue of approximately RMB 265.89 billion, a year-on-year increase of 67.6% due to rising international oil prices and increased sales volume[12] - The company reported a total oil and gas production of 106.9 million barrels of oil equivalent for the first three quarters of 2022, compared to 92.9 million barrels of oil equivalent for the same period in 2021[15] Capital Expenditures - Capital expenditures for exploration in Q3 2022 were RMB 5,155 million, an increase of 8.9% from RMB 4,731 million in Q3 2021[8] - The company reported a total of RMB 27,121 million in capital expenditures for Q3 2022, a 29.5% increase from RMB 20,935 million in Q3 2021[8] - Capital expenditures for the first three quarters amounted to approximately RMB 68.69 billion, a year-on-year increase of 20.6% due to increased workload[12] Assets and Liabilities - Total assets at the end of Q3 2022 were RMB 934,962 million, an 18.87% increase from RMB 786,569 million at the end of the previous year[4] - The total current assets as of September 30, 2022, were RMB 300.63 billion, compared to RMB 207.98 billion as of December 31, 2021[17] - The total liabilities as of September 30, 2022, amounted to RMB 366,130 million, an increase of 20% from RMB 304,593 million at the end of 2021[18] - The company's total assets reached RMB 934,962 million as of September 30, 2022, up from RMB 786,569 million at the end of 2021[18] Shareholder Information - The total number of shareholders at the end of the reporting period was 182,808, with 181,153 holding A-shares and 1,655 holding Hong Kong shares[10] - The top shareholder, China National Offshore Oil Corporation (BVI), holds 28,772,727,268 shares, representing 60.46% of total shares[9] Discoveries and Projects - The company achieved 14 new discoveries and successfully evaluated 20 oil and gas structures in the first three quarters of 2022, setting a historical high for net production[11] - The company successfully launched six projects in the first three quarters of 2022, with other new projects progressing steadily[11] - The company made five new discoveries and successfully evaluated four oil and gas structures in Q3 2022[11] - The newly discovered Baodao 21-1 gas field has proven reserves exceeding 50 billion cubic meters of natural gas and over 3 million cubic meters of condensate oil[11] - The company successfully launched its first independently developed deepwater subsea production system, which is significant for the effective development of deepwater oil and gas fields in the South China Sea[12] Market Conditions - The increase in revenue and profit was primarily driven by rising international oil prices and increased sales volume[6] - Average realized price for oil liquids was USD 95.80 per barrel, a 36.1% increase from USD 70.38 per barrel in Q3 2021[8] - Brent crude oil average price for Q3 2022 was $102.5 per barrel, reflecting significant volatility in the international oil market[11] - The average realized oil price was $101.40 per barrel, a 55.8% increase year-on-year, while the average realized gas price was $8.14 per thousand cubic feet, up 20.2% year-on-year[12] Research and Development - Research and development expenses for the first three quarters of 2022 were RMB 812 million, slightly down from RMB 982 million in the same period of 2021[19] Future Outlook - For the fourth quarter, the company aims to maintain a focus on high-quality development while ensuring the achievement of annual production and operational targets[12]

Financial Performance - The company reported total revenue of RMB 202,355 million, a significant increase from RMB 110,233 million in the same period of 2021, representing an increase of approximately 83.5%[102]. - The company's net profit for the same period was RMB 71,883 million, compared to RMB 33,326 million in the previous year, reflecting a growth of approximately 115.5%[102]. - The company's net profit attributable to shareholders reached RMB 71.89 billion, a significant year-on-year increase of 115.7%, with earnings per share of RMB 1.57[11]. - The company achieved a significant reduction in costs, with major oil costs rising only 4.6% despite a 60.9% increase in international oil prices[42]. - The total comprehensive income for the period was RMB 83,045 million, compared to RMB 32,408 million in the same period last year, indicating a substantial increase[103]. - The company reported a profit of RMB 71,887 million for the first half of 2022, compared to a profit of RMB 33,329 million in the same period of 2021, indicating a substantial increase of 115.6%[106]. Production and Operations - In the first half of 2022, the company achieved a net production of 304.8 million barrels of oil equivalent, representing a year-on-year increase of 9.6%[11]. - The company's net oil and gas production was approximately 304.8 million barrels of oil equivalent, representing a year-on-year increase of 9.6%[26]. - Domestic net production accounted for about 71%, with a total of 216.8 million barrels of oil equivalent, up 12.5% year-on-year[32]. - The company made five new discoveries in the Stabroek project in Guyana, with a recoverable resource of approximately 11 billion barrels of oil equivalent[10]. - The company made 9 new discoveries and successfully evaluated 16 oil and gas structures during the first half of the year[29]. - The company completed 152 exploration wells, including 7 overseas and 31 unconventional onshore wells[29]. Financial Position - The company's total assets reached RMB 919.81 billion, a year-on-year increase of 17%[14]. - The company's cash and cash equivalents at the end of June 2022 reached RMB 129,572 million, significantly higher than RMB 47,282 million at the end of June 2021, representing a growth of 174.5%[107]. - The company's total liabilities decreased slightly to RMB 203,364 million from RMB 210,642 million year-over-year, a reduction of 3.6%[105]. - Net assets increased to RMB 549,813 million as of June 30, 2022, up from RMB 481,976 million, reflecting a growth of 14.1%[105]. - The company's total liabilities related to bank and other borrowings were RMB 101,078 million as of June 30, 2022, compared to RMB 112,893 million as of December 31, 2021[165]. Shareholder Returns - The company declared an interim dividend of HKD 0.70 per share (tax included) for the year 2022, based on its operating performance, financial condition, and cash flow[89]. - The interim dividend will be distributed on or around October 13, 2022, to shareholders registered on the company's register as of September 12, 2022[89]. - The company plans to distribute an interim dividend of HKD 0.70 per share for the year 2022, reflecting its commitment to shareholder returns[11]. - The company has allocated RMB 32,099 million for shareholder contributions during the reporting period, reflecting ongoing commitment to shareholder value[106]. Environmental and Social Responsibility - The company is committed to environmental and social responsibility, as outlined in its governance practices[2]. - The company has initiated China's first large-scale offshore CCS/CCUS cluster research project, demonstrating its commitment to green development[12]. - The company has implemented measures to reduce carbon emissions, including increasing the proportion of natural gas production and expanding offshore oil and gas field shore power transformation[100]. - The company has strengthened its ecological and environmental responsibility by revising its ecological protection systems and conducting environmental audits across its subsidiaries[99]. - The company is committed to sustainable development by adhering to the principle of "developing while protecting" the environment, ensuring compliance with relevant environmental laws and regulations[99]. Risks and Challenges - The company emphasizes that actual performance may significantly differ from expectations due to various uncertainties, including macroeconomic factors and oil and gas price fluctuations[4]. - The company faces risks related to macroeconomic factors, including the impact of the COVID-19 pandemic and geopolitical tensions, which may adversely affect oil and gas supply and downstream demand[50]. - The company is exposed to international political and economic instability, which could negatively impact its financial condition and operational results[51]. - Fluctuations in oil and gas prices pose a significant risk to the company's business, cash flow, and earnings[55]. - The company faces heightened competition from national oil companies and independent oil and gas firms, which may negatively impact its business and financial performance[56]. Corporate Governance - The financial report has not been audited, and the board guarantees the accuracy and completeness of the financial statements[3]. - The company’s financial report is prepared in accordance with both Chinese accounting standards and international/Hong Kong financial reporting standards[3]. - The company has complied with all code provisions set out in the Corporate Governance Code during the reporting period[84]. - The audit committee has reviewed the company's accounting standards and practices, ensuring compliance with financial reporting and risk management[80]. - The company has adopted a set of ethical guidelines for directors and senior management, confirming compliance during the reporting period[85]. Subsidiaries and Investments - CNOOC's subsidiary, CNOOC Petroleum North America ULC, has issued 13,671,421,700 shares of common stock without par value in Canada[114]. - CNOOC's subsidiary, CNOOC Petroleum Brasil Ltda, is engaged in oil and gas exploration, development, and production activities in Brazil with a registered capital of R$7,830,661,300[115]. - CNOOC's subsidiary, CNOOC Canada Energy Ltd., is involved in oil sands exploration, development, and production activities in Canada[114]. - CNOOC's subsidiary, CNOOC Uganda Ltd, is engaged in oil and gas exploration, development, and production activities in Africa with a registered capital of 1 million Ugandan Shillings[114]. - CNOOC's subsidiary, CNOOC Exploration & Production Nigeria Limited, is involved in oil and gas exploration, development, and production activities in Africa with a registered capital of 10 million Naira[114].

Financial Performance - In the first half of 2022, the company achieved its best historical performance for the same period, driven by effective exploration and development efforts[12]. - The company achieved a net profit of RMB 71.89 billion for the first half of the year, a significant increase of 115.7% compared to the same period last year[15]. - The company's operating revenue for the first half of the year was RMB 202.36 billion, up 84% year-on-year[15]. - The basic earnings per share increased to RMB 1.57, reflecting a growth of 109% compared to the previous year[16]. - The company reported a total profit for the six months ended June 30, 2022, of RMB 97,898 million, representing a 117.5% increase compared to RMB 44,973 million in the previous year[115]. - The gross profit margin improved significantly, with gross profit reaching RMB 111,117 million, resulting in a gross margin of approximately 54.8%[115]. - The company reported a net cash flow from operating activities of RMB 102.23 billion, an increase of 59% year-on-year[15]. - The company’s total comprehensive income for the six months ended June 30, 2022, was RMB 18,529 million, compared to RMB 3,577 million for the same period in 2021, indicating a significant increase of approximately 418%[124]. Exploration and Development - Significant oil and gas discoveries were made in the Bohai Sea, including two major discoveries at Bozhong 26-6 and Bozhong 19-2, further solidifying the resource base[12]. - The Stabroek project in Guyana yielded five new discoveries, with recoverable resources estimated at approximately 11 billion barrels of oil equivalent[12]. - The company achieved 9 new discoveries and successfully evaluated 16 oil and gas structures in the first half of the year, reinforcing its resource base for sustainable development[26]. - The company completed 152 exploration wells in the first half of the year, including 7 overseas and 31 unconventional onshore wells, and collected 10,167 square kilometers of 3D seismic data[27]. - The company successfully launched major projects including the Weizhou 12-8 oil field and the Guyana Liza Phase II project, contributing to the production increase[28][35]. Technological Innovation - The company made breakthroughs in offshore shale oil exploration and successfully completed hydraulic fracturing in onshore deep coalbed methane wells[12]. - The company has successfully implemented the "Deep Sea No. 1" energy station and installed Asia's first deepwater jacket platform, "Haiji No. 1"[13]. - The company made significant progress in technology innovation, including the successful installation of Asia's first ultra-deepwater jacket platform, enhancing its capabilities in deepwater oil and gas field development[36]. - The company is actively exploring new models for offshore "carbon-negative" industries and has initiated China's first large-scale CCS/CCUS cluster research project[14]. Financial Position - The company's total assets reached RMB 919.81 billion, reflecting a year-on-year increase of 17%[15]. - The company's overseas assets amounted to RMB 407,897 million, accounting for 44% of total assets, with overseas subsidiary China National Offshore Oil International Co., Ltd. generating RMB 48,256 million in revenue[90]. - The company reported a total of RMB 161,364 million in cash and cash equivalents, representing 18% of total assets, up 102% from RMB 79,730 million last year[89]. - The company’s total liabilities included RMB 57,488 million in other payables, a significant increase of 631% due to the declaration of special dividends[89]. - The company’s total liabilities amounted to RMB 370,001 million, representing a 21.5% increase from RMB 304,593 million at the end of 2021[113]. Shareholder Information - CNOOC (BVI) Limited holds 28,772,727,268 shares, representing 64.44% of the issued Hong Kong shares[68]. - China National Offshore Oil Corporation (CNOOC) owns 29,112,507,273 shares, accounting for 65.21% of the total issued shares[68]. - The company had 214,019 common stock shareholders as of the report date, with 212,399 A-share holders and 1,620 Hong Kong stock holders[105]. - The largest shareholder, China National Offshore Oil Corporation (CNOOC) BVI, holds 28,772,727,268 shares, representing 60.40% of total shares[106]. - The report highlights that the majority of the top shareholders are state-owned enterprises, indicating a strong government influence in the company[106]. Risk Management - The company faces risks from macroeconomic factors, including the impact of geopolitical tensions and the COVID-19 pandemic on oil and gas supply and demand[42]. - The company is exposed to market risks due to fluctuations in oil and gas prices, which can significantly affect its business and cash flow[46]. - The company has a high concentration of sales to major customers, which poses a risk if any key customer significantly reduces purchases[53]. - The company is actively developing new suppliers to mitigate risks associated with high supplier concentration in its service procurement[54]. Environmental and Social Responsibility - The company emphasizes sustainable development and has made significant progress in enhancing its resource foundation[12]. - The company is advancing its green low-carbon initiatives, including the large-scale use of green electricity on offshore platforms, expected to consume 186 million kilowatt-hours of green electricity this year[37]. - The company has implemented measures to reduce carbon emissions, including increasing the proportion of natural gas production and expanding offshore oil and gas field electrification[81]. - The company is committed to ecological protection and pollution prevention, adhering to relevant environmental laws and regulations[80]. - The company continues to promote rural revitalization and improve rural living conditions[82]. Corporate Governance - The financial report is prepared in accordance with both Chinese and international accounting standards, ensuring transparency and compliance[3]. - The audit committee reviewed the interim results for the six months ending June 30, 2022, which were unaudited[70]. - The company has complied with all provisions of the Corporate Governance Code during the six months ending June 30, 2022[72]. - The company reported that all directors confirmed compliance with the ethical standards required by the company's code during the six months ending June 30, 2022[73]. - The company experienced a change in executive leadership with the appointment of a new CEO on April 28, 2022[74].

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]