CNOOC(00883)2023-04-11 08:49Financial Performance - Total revenue for the year 2022 reached 422,230 million, a significant increase from 246,111 million in 2021, representing a growth of approximately 71.5%[11]. - Net profit for 2022 was 141,677 million, up from 70,307 million in 2021, indicating an increase of about 101.5%[11]. - Total assets as of December 31, 2022, amounted to 929,031 million, compared to 786,569 million in 2021, reflecting a growth of approximately 18.1%[12]. - Current assets increased to 264,679 million in 2022 from 207,982 million in 2021, marking a rise of about 27.2%[12]. - Total liabilities for 2022 were 330,648 million, up from 304,593 million in 2021, which is an increase of approximately 8.5%[12]. - The company's equity rose to 598,383 million in 2022, compared to 481,976 million in 2021, representing an increase of about 24.2%[12]. - The company reported a pre-tax profit of 194,770 million for 2022, compared to 95,821 million in 2021, showing an increase of approximately 103.4%[11]. - The total expenses for 2022 were 228,905 million, up from 150,132 million in 2021, indicating an increase of about 52.3%[11]. - Investment income for 2022 was 2,058 million, a decrease from 2,850 million in 2021, reflecting a decline of approximately 28%[11]. - The company's share of profits from joint ventures and associates increased to 1,911 million in 2022, compared to 346 million in 2021, representing a growth of about 451.2%[11]. Production and Reserves - As of December 31, 2022, the company had net proven reserves of approximately 6.24 billion barrels of oil equivalent and an average daily net production of about 1,709,175 barrels of oil equivalent[5]. - The company operates in key areas including the Bohai Sea, western South China Sea, eastern South China Sea, and East China Sea, with assets distributed across Asia, Africa, North America, South America, Oceania, and Europe[5]. - In 2022, the net production of oil liquids reached 1,311,836 barrels per day, an increase of 8.3% from 1,211,111 barrels per day in 2021[13]. - Natural gas net production in 2022 was 1,554.5 million cubic feet per day, up 19.6% from 1,299.7 million cubic feet per day in 2021[13]. - The total net production (in barrel of oil equivalent per day) for 2022 was 1,709,175, representing a growth of 8.9% compared to 1,569,560 in 2021[13]. - The reserve replacement ratio reached 182%, with a stable reserve life of over 10 years[16]. - The company made 18 commercial discoveries throughout the year, significantly enhancing its exploration results[16]. - The company achieved a record net production of 624 million barrels of oil equivalent, marking a historical high[16]. Dividends and Shareholder Returns - The company proposed a final dividend of HKD 0.75 per share (tax included) for the year ended December 31, 2022, in addition to an interim dividend of HKD 0.70 per share, totaling HKD 1.45 per share (tax included) for the year[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 (including tax) regardless of operational performance[171]. - 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[171]. - The company emphasizes shareholder returns and adheres strictly to its profit distribution policy, with independent non-executive directors actively involved in the decision-making process regarding dividends[171]. Environmental and Sustainability Initiatives - The company is committed to low-carbon development and technological advancements in its operations[4]. - The company is advancing its green and low-carbon transformation, focusing on clean production of oil and gas[16]. - The company has initiated a "carbon peak and carbon neutrality" action plan, focusing on energy conservation and emission reduction[199]. - The company implements strict energy-saving and carbon emission assessments for oil and gas field investment projects to ensure compliance from the project inception[199]. - The company aims for "increased production without increased pollution" or "increased production with reduced pollution" in its projects[199]. - A special fund for environmental protection is established from the disposal costs to restore marine ecological environments[199]. - The company has published its 2022 Environmental, Social, and Governance report, detailing significant environmental issues affecting business performance and future development[200]. Governance and Risk Management - The company has established a comprehensive risk management mechanism to identify, prevent, and report significant risks in a timely manner[109]. - The board of directors receives biannual reports on risk management and internal control, ensuring that all significant risks are addressed[83]. - The company has implemented a risk management and internal control system aligned with its strategic goals, utilizing ISO 31000:2018 guidelines and COSO frameworks[81]. - The company employs independent technical consultants to audit its oil and gas business, with details disclosed in the annual report[142]. - The company has established procedures for identifying, handling, and disclosing insider information to prevent improper handling of sensitive information[144]. - The company has established a unified compliance complaint channel for employees and other stakeholders to report any misconduct anonymously[146]. Corporate Governance - The company has a high standard of corporate governance, ensuring transparency and protecting the interests of all shareholders[111]. - The board consists of 11 members, including 2 executive directors, 4 non-executive directors, and 5 independent non-executive directors as of December 31, 2022[114]. - The independent non-executive directors account for nearly half of the board, exceeding the requirement of at least one-third as per the listing rules[116]. - The board regularly reviews its diversity policy and considers various factors, including cultural background and diverse perspectives, when selecting candidates[116]. - The company has established policies to avoid potential conflicts of interest, ensuring objective decision-making by the board[117]. - The company has implemented a Code of Ethics to guide directors and senior management on legal and ethical conduct, with the latest version adopted in August 2022[165]. Strategic Initiatives and Future Outlook - The company plans to continue enhancing its international competitiveness and expanding its production capacity in 2023[18]. - The company aims to enhance oil and gas reserves and production through exploration and value-driven acquisitions, while actively expanding its natural gas business[112]. - The company plans to achieve a net production target of 650-660 million barrels of oil equivalent in 2023, with over 50 projects under construction[29]. - The company is considering strategic acquisitions to enhance its market position, targeting firms with a combined revenue of 10 billion RMB[187]. - The management team emphasized the importance of sustainability initiatives, committing to invest 1 billion RMB in green technologies[190].