证券代码：600938 证券简称：中国海油 公告编号：2025-006 中国海洋石油有限公司 关于召开 2024 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 2025 年 3 月 24 日（星期一）至 3 月 28 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。 中国海洋石油有限公司（以下简称"公司"）将于 2025 年 3 月 27 日闭市后发 布公司 2024 年年度报告。为便于广大投资者更全面深入地了解公司 2024 年经营 成果和财务状况，公司计划于 2025 年 3 月 31 日 17:00-18:00 举行 2024 年年度业 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互动形式召开，公司将针对 2024 年的经营成果及财务 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 者普遍关注的问题进行回答。 二、 说明会的时间、 ...

证券代码：600938 证券简称：中国海油 公告编号：2025-005 中国海洋石油有限公司 2025 年第二次董事会决议公告 表决结果：9 票赞成，0 票反对，0 票弃权。 特此公告。 中国海洋石油有限公司董事会 2025 年 3 月 12 日 （一）审议通过《中国海洋石油有限公司市值管理办法》 表决结果：9 票赞成，0 票反对，0 票弃权。 （二）审议通过《中国海洋石油有限公司董事会授权决策事项清单》 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、董事会会议召开情况 中国海洋石油有限公司（以下简称"公司"）于 2025 年 3 月 12 日以书面决 议方式召开 2025 年第二次董事会。本次董事会的会议通知及议案已于 2025 年 3 月 10 日发送给公司全体董事。本次会议应出席董事 9 人，实际出席董事 9 人。 会议于 2025 年 3 月 12 日形成有效决议。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 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The recent discovery of high-yield oil and gas flow at the Weizhou 10-5 oil and gas field in the Beibu Gulf marks a significant breakthrough in oil and gas exploration in the region, enhancing the company's resource base [1][2] - The company has achieved notable oil and gas discoveries in various Chinese maritime areas, solidifying its resource foundation and ensuring stable supply for economic development [2] - The company plans to maintain high capital expenditure, with a budget of 125-135 billion yuan for 2025, focusing on exploration and development to support steady production growth [3] Summary by Sections Exploration Breakthrough - The Weizhou 10-5 oil and gas field, located approximately 75 kilometers from Beihai, Guangxi, has a significant oil and gas layer thickness of 283 meters, with natural gas production of about 370,000 cubic meters per day and oil production of approximately 800 barrels per day [2] Production and Capital Expenditure - The company targets an oil equivalent production of 760-780 million barrels for 2025, representing a year-on-year growth of 6.9%, with further targets of 780-800 million barrels for 2026 and 810-830 million barrels for 2027 [3] - The capital expenditure allocation for 2025 includes 61% for exploration, 20% for development, and 16% for production, with a domestic to overseas expenditure ratio of 68% to 32% [3] Profitability and Valuation - The company forecasts net profits of 145.7 billion yuan, 158.2 billion yuan, and 163.9 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 3.06 yuan, 3.33 yuan, and 3.45 yuan per share [4] - The report highlights the company's cost leadership and high dividend policy, emphasizing its resilience during oil price fluctuations [4]

Investment Rating - The report maintains a "Buy" rating for China National Offshore Oil Corporation (CNOOC) [6] Core Views - Significant breakthroughs in oil and gas exploration in the Beibu Gulf, particularly the Weizhou 10-5 oil and gas field, which achieved high production rates, indicating a promising exploration outlook for the region [1][2] - The company has made substantial oil and gas discoveries in various Chinese maritime areas, reinforcing its resource base and ensuring stable supply for economic development [2] - The company plans to maintain high capital expenditures, with a budget of 125-135 billion yuan for 2025, focusing on exploration and production to support steady growth in output [3][4] Summary by Sections Exploration and Production - The Weizhou 10-5 oil and gas field, located approximately 75 kilometers from Beihai, Guangxi, has a significant oil and gas layer thickness of 283 meters, with natural gas production of about 370,000 cubic meters per day and oil production of approximately 800 barrels per day [2] - CNOOC has achieved major oil and gas discoveries in the South China Sea and Bohai Sea, including billion-ton oil field discoveries, which further solidify its resource foundation [2] Financial Projections - The company forecasts a production target of 760-780 million barrels of oil equivalent for 2025, representing a year-on-year growth of 6.9%, with further targets of 780-800 million barrels for 2026 and 810-830 million barrels for 2027 [3] - The projected net profits for 2024, 2025, and 2026 are 1457 billion yuan, 1582 billion yuan, and 1639 billion yuan respectively, with corresponding EPS of 3.06 yuan, 3.33 yuan, and 3.45 yuan [4][11] Valuation Metrics - The report maintains the profit forecast for 2024-2026, highlighting the company's resilience during oil price fluctuations and its commitment to high dividend policies [4] - The company is expected to maintain a cost advantage in the industry while pursuing high-quality development and stable production growth [3][4]

证券研究报告 | 2025年02月19日 中国海油（600938.SH） 渤中 26-6、巴西 Buzios7 项目投产，OPEC+或推迟石油增产 |  | 公司研究·公司快评 |  | 石油石化·油气开采Ⅱ |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 杨林 | 010-88005379 | yanglin6@guosen.com.cn | 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，2025 年 2 月 7 日，公司宣布绥渤中 26-6 油田开发项目（一期）已投产；2025 年 2 月 17 日，公司宣布巴西 Buzios7 项目安全投产。 国信化工观点： 1）渤中 26-6 油田开发项目（一期）投产，2025 年实现高峰产量 22300 桶/天，全生命周期埋存二氧化碳 约 150 万吨。渤中 26-6 油田位于渤海中部海域，是全球最大变质岩 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Insights - The company has successfully launched the Bohai Zhong 26-6 oilfield development project, which is expected to reach a peak production of 22,300 barrels per day in 2025, with a total lifecycle carbon dioxide storage of approximately 1.5 million tons [3][7] - The Brazil Buzios 7 project has been safely launched, achieving an oil production capacity of 225,000 barrels per day, with the company holding a 7.34% stake [4][8] - OPEC+ is considering further postponing its oil production increase plans, which may help maintain oil prices in a mid-to-high range [5][9] Summary by Sections Bohai Zhong 26-6 Oilfield Development - The Bohai Zhong 26-6 oilfield is located in the central Bohai Sea and is the largest metamorphic rock potential mountain oilfield globally, with proven oil and gas geological reserves exceeding 200 million cubic meters. The project took only three years from discovery to production due to standardized engineering applications [3][7] - The project includes the construction of a central processing platform and an unmanned wellhead platform, with plans to produce 33 development wells, including 22 production wells and 10 gas injection wells [3][7] Brazil Buzios 7 Project - The Buzios oilfield is situated in the Santos Basin off the southeastern coast of Brazil and is the world's largest deep-water sub-salt oilfield. The oilfield's production is expected to reach 1 million barrels per day by the second half of 2025 [4][8] - The Buzios 7 project employs a floating production storage and offloading (FPSO) system and includes 15 development wells [4][8] OPEC+ Production Plans - OPEC+ has decided to extend its voluntary production cut of 2.2 million barrels per day for an additional three months until the end of March 2025, with gradual restoration planned thereafter [5][9] - Recent reports indicate that OPEC+ may delay its planned production increase in April, which could support oil prices [5][9] Financial Forecasts - The company forecasts net profits for 2024, 2025, and 2026 to be 149.8 billion, 156.4 billion, and 163.3 billion yuan respectively, with corresponding EPS of 3.15, 3.29, and 3.43 yuan [6][14] - The projected A-share PE ratios for the same years are 8.4, 8.1, and 7.7, while the H-share PE ratios are 5.4, 5.2, and 4.9 [6][14]

Investment Rating - The investment rating for China National Offshore Oil Corporation (CNOOC) is "Buy" (maintained) [1] Core Views - The company has released its 2025 operational strategy, projecting stable production growth and an increase in dividend payout ratio [1][6] - The expected net production for 2024 is approximately 720 million barrels of oil equivalent, with a target of 760-780 million barrels for 2025 [6] - The company aims for a dividend payout ratio of no less than 45% for the years 2025-2027, reflecting a 5 percentage point increase from the previous target [6] Financial Data and Profit Forecast - Total revenue (in million yuan) is projected to be 482,774 for 2024, 496,913 for 2025, and 514,244 for 2026, with year-on-year growth rates of 15.9%, 2.9%, and 3.5% respectively [2] - Net profit attributable to shareholders (in million yuan) is forecasted at 150,606 for 2024, 155,561 for 2025, and 160,123 for 2026, with growth rates of 21.6%, 3.3%, and 2.9% respectively [2] - Earnings per share (in yuan) are expected to be 3.17 for 2024, 3.27 for 2025, and 3.37 for 2026 [2] - The company maintains a gross margin of approximately 50.5% for 2024, increasing slightly to 51.0% by 2026 [2] Market Data - As of January 23, 2025, the closing price is 27.60 yuan, with a market capitalization of 78,435 million yuan [3] - The dividend yield is reported at 4.63% based on the most recent dividend announcements [3] - The price-to-earnings (PE) ratio is projected to be 9 for 2024, decreasing to 8 for both 2025 and 2026 [2][3] Production and Capital Expenditure - The company plans to maintain high levels of capital expenditure, with an estimated 1,320 billion yuan for 2024 and a budget of 1,250-1,350 billion yuan for 2025 [6] - The capital expenditure will focus on exploration, development, and production, with respective allocations of approximately 16%, 61%, and 20% [6] Shareholder Returns - The company emphasizes shareholder returns, with an increased dividend payout ratio reflecting its commitment to returning value to shareholders [6] - The previous dividend payout ratio was set at no less than 40%, now increased to 45% for the upcoming years [6] Oil Price Outlook - The report anticipates Brent crude oil prices to fluctuate between 60-80 USD in 2025, providing strong support for the company's performance [6] - The company is expected to benefit from rising production levels amidst a tightening oil supply-demand balance [6] Investment Analysis Opinion - The profit forecasts for 2024-2026 are maintained at 150.6 billion, 155.6 billion, and 160.1 billion yuan respectively, corresponding to PE valuations of 9X, 8X, and 8X [6]

Investment Rating - The report maintains a "Buy" rating for China National Offshore Oil Corporation (CNOOC) [1] Core Views - High capital expenditure supports steady production growth and enhances dividend payout, reflecting a commitment to shareholder returns [1][10] - The company aims to achieve a net production target of 760-780 million barrels of oil equivalent in 2025, representing a year-on-year growth of 6.9% [8] - CNOOC plans to maintain a dividend payout ratio of no less than 45% from 2025 to 2027, an increase from the previous 40% [10] Summary by Sections Capital Expenditure and Production - CNOOC's capital expenditure for 2024 is projected at 132 billion yuan, with a budget of 125-135 billion yuan for 2025, focusing on exploration (61%), development (20%), and production (16%) [6] - The company will continue to prioritize the discovery of large and medium-sized oil and gas fields, with a focus on stabilizing production in Bohai and expanding in South China Sea and East China Sea [7] Production Growth and Efficiency - The company expects to complete a net production of approximately 720 million barrels of oil equivalent in 2024, with a target of 760-780 million barrels in 2025, and further growth projected for 2026 and 2027 [8] - Key domestic projects include the development of the Kenli 10-2 oilfield group and the Wenchang 9-7 oilfield, while overseas projects include the Guyana Uaru project [9] Financial Performance and Shareholder Returns - CNOOC's net profit is forecasted to be 145.7 billion yuan in 2024, increasing to 158.2 billion yuan in 2025, and 163.9 billion yuan in 2026, with corresponding EPS of 3.06, 3.33, and 3.45 yuan per share [12] - The company emphasizes a stable high dividend policy, enhancing its investment value in a low-interest-rate environment [10]

Investment Rating - The investment rating for the company is "Outperform the Market" [2][8] Core Viewpoints - The company aims to achieve a net production target of 760-780 million barrels of oil equivalent in 2025, with a capital expenditure budget of RMB 125-135 billion [3][5] - The company maintains a dividend payout ratio of no less than 45% for the years 2025-2027, an increase from the previous 40% policy [7][13] - The company focuses on exploring and developing large and medium-sized oil and gas fields, with significant projects underway both domestically and internationally [6][11] Summary by Sections Production and Capital Expenditure - The company expects to complete a net production of approximately 720 million barrels of oil equivalent in 2024, a year-on-year increase of 6.7% [4] - The capital expenditure for 2025 is budgeted at RMB 125-135 billion, with exploration, development, and production capitalized expected to account for approximately 16%, 61%, and 20% of the total budget respectively [5][10] Exploration and Development - The company is focused on finding large and medium-sized oil and gas fields, ensuring stable oil reserves through reasonable exploration investments [6][11] - Key projects include the development of the Bohai Zhong 26-6 oil field and the Yellowtail project in Guyana, with the Eastern 29-1 gas field project already in production [6][12] Technology and ESG Initiatives - The company emphasizes technological innovation and green development, aiming to integrate smart oil and gas field construction with AI technologies [7][12] - It plans to increase its renewable energy capacity, targeting over 1 billion kWh of green electricity consumption in 2025, a year-on-year increase of approximately 30% [7][12] Shareholder Returns - The company is committed to enhancing shareholder returns, with a dividend payout ratio of no less than 45% for 2025-2027, reflecting a focus on sharing development results with shareholders [7][13] Financial Forecast - The company forecasts net profits of RMB 149.8 billion, 156.4 billion, and 163.3 billion for 2024-2026, with corresponding EPS of 3.15, 3.29, and 3.43 respectively [8][15]

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company is expected to achieve a net production of approximately 720 million barrels of oil equivalent in 2024, reaching the upper limit of its initial target, and is projected to have a compound annual growth rate (CAGR) of 4.4% from 2025 to 2027 [1][2]. - The company plans to increase its dividend payout ratio to no less than 45% for the years 2025 to 2027, which is an increase of 5 percentage points compared to the previous commitment of 40% [3][4]. - The capital expenditure budget for 2025 is projected to be stable at 125 billion to 135 billion yuan, with a focus on exploration, development, and production [3][4]. Summary by Sections Production and Growth - The company anticipates a production target of 760-780 million barrels in 2025, with expected year-on-year growth rates of 6.9%, 2.6%, and 3.8% for the years 2025, 2026, and 2027 respectively [1][2]. - New projects in both domestic and international markets are expected to drive production growth, including the development of several oil fields and gas projects [2]. Financial Projections - The forecasted revenue for 2024 is approximately 430.87 billion yuan, with a slight decline expected in 2025 to 428.98 billion yuan, followed by a recovery to 438.50 billion yuan in 2026 [5][11]. - The net profit attributable to shareholders is projected to be 146.99 billion yuan in 2024, slightly decreasing to 145.77 billion yuan in 2025, and then increasing to 148.81 billion yuan in 2026 [5][11]. Valuation Metrics - The report indicates that the company's price-to-earnings (PE) ratio is expected to remain at 9 times for the years 2025 and 2026, suggesting a stable valuation [4][5]. - The expected earnings per share (EPS) for 2025 is projected to be 3.07 yuan, with a slight increase to 3.13 yuan in 2026 [5][11].