CNOOC(600938)2025-03-27 14:20Financial Performance - CNOOC reported a net proven reserve of 727 million barrels of oil equivalent as of December 31, 2024[11]. - The total assets of CNOOC are approximately RMB 1,056.3 billion[11]. - The company's operating revenue for 2024 reached RMB 420,506 million, a slight increase of 1% compared to RMB 416,609 million in 2023[19]. - Net profit attributable to shareholders for 2024 was RMB 137,936 million, representing an 11% increase from RMB 123,843 million in 2023[19]. - The net profit after deducting non-recurring gains and losses was RMB 133,397 million, up 7% from RMB 125,188 million in the previous year[19]. - The company's cash flow from operating activities for 2024 was RMB 220,891 million, a 5% increase from RMB 209,743 million in 2023[19]. - Total assets at the end of 2024 amounted to RMB 1,056,281 million, reflecting a 5% increase from RMB 1,005,598 million at the end of 2023[19]. - The basic earnings per share for 2024 was RMB 2.90, a 12% increase compared to RMB 2.60 in 2023[20]. - The weighted average return on equity for 2024 was 19.36%, a decrease of 0.19 percentage points from 19.55% in 2023[20]. - The total revenue for the year was RMB 420.5 billion, with a net profit attributable to shareholders of RMB 137.9 billion[31]. Production and Reserves - CNOOC's annual net production reached 726.8 million barrels of oil equivalent[11]. - The company's net oil production in China for 2024 was 1,028,497 barrels per day, an increase from 981,748 barrels per day in 2023[23]. - The net natural gas production in China for 2024 was 1,869.3 million cubic feet per day, up from 1,747.1 million cubic feet per day in 2023[23]. - Total net production reached 1,801,692 barrels of oil equivalent per day in 2023, an increase of 8.9% from 1,652,718 in 2022[24]. - Proven oil reserves reached 4,841.5 million barrels in 2023, up from 4,333.4 million barrels in 2022, marking a 11.7% increase[25]. - The company achieved a reserve replacement ratio of 167% in 2023, indicating strong resource replenishment capabilities[26]. - The total net proven reserves (in million barrels of oil equivalent) reached 6,784.2 in 2023, an increase from 6,238.6 in 2022, representing a 8.8% growth[25]. - The company maintained a stable reserve life of 10 years, ensuring long-term sustainability[26]. Dividend Policy - The company plans to distribute a final dividend of HKD 0.66 per share for 2024, totaling HKD 1.40 per share including the interim dividend[3]. - The company emphasizes the importance of cash flow, financial condition, and future prospects in its dividend distribution strategy[3]. - The company plans to maintain a dividend payout ratio of no less than 45% from 2025 to 2027, subject to shareholder approval[31]. - The company maintains a dividend payout ratio of no less than 40% from 2022 to 2024, with an absolute dividend value of no less than HKD 0.70 per share (including tax) during the same period[170]. Technology and Innovation - The company is committed to exploring new technologies and low-carbon development initiatives[7]. - The company has launched several new technologies, including the first deep-water mobile thermal platform in China, enhancing its technological capabilities[35]. - The company achieved significant breakthroughs in technology, including the discovery of the world's first ultra-deep water ultra-shallow layer gas field with reserves of 100 billion cubic meters in the South China Sea[72]. Risk Management - The company has established a robust risk management and internal control system, which the board believes is effective as of December 31, 2024[78]. - The company faces risks from macroeconomic fluctuations, geopolitical conflicts, and changes in international energy markets that could adversely affect its financial performance[80][81]. - The company is exposed to risks from fluctuations in crude oil and natural gas prices, which can significantly impact its business and cash flow[85]. - The company has established a comprehensive risk management mechanism that includes preemptive measures, control during operations, and post-evaluation[103]. - The company integrates ESG risk management into its regular risk management processes, addressing at least six categories of ESG risks[133]. Corporate Governance - The company aims to maximize shareholder value and has implemented strict corporate governance policies to ensure transparency and fairness in decision-making[106]. - The board consists of nine members, including two executive directors, three non-executive directors, and four independent non-executive directors, with no significant relationships among them[108]. - The company has received multiple awards for its corporate governance and ESG practices, including the "Outstanding Enterprise Contribution Award" and "Best ESG" recognition[104]. - The company has adhered to the Corporate Governance Code and all relevant rules throughout the fiscal year 2024[160]. Environmental and Social Responsibility - The company emphasizes environmental protection and actively fulfills social responsibilities, as detailed in the 2024 Environmental, Social, and Governance report[171]. - The company adheres to national "carbon peak and carbon neutrality" goals, promoting energy-saving and carbon reduction initiatives, and enhancing energy efficiency through technological upgrades[198]. - The company has invested a total of RMB 133.12 million in donations and public welfare projects in 2024, with RMB 132.85 million in cash and RMB 0.27 million in material donations[75]. Market Expansion - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and production capacity[19]. - The company successfully acquired 10 oil contracts in Mozambique, Brazil, and Iraq, expanding its international business[29]. - The company is actively expanding its natural gas business and pursuing value-driven acquisitions to increase reserves and production[107].