CNOOC(00883)2024-08-28 08:31Financial 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]