CNOOC(600938)2023-03-29 16:00Financial Performance - In 2022, the company achieved a record high operating revenue of 422,230 million, representing a 72% increase compared to 246,111 million in 2021[51]. - The net profit attributable to shareholders reached 141,700 million, a 102% increase from 70,320 million in 2021[51]. - The company reported a cash flow from operating activities of 205,574 million, up 39% from 147,893 million in 2021[51]. - In 2022, the company achieved a record net profit of RMB 141.7 billion, representing a 101.5% increase year-over-year[65]. - Oil and gas sales revenue reached RMB 353 billion, driven by high oil prices and increased production[65]. Production and Reserves - Net oil liquid production in China increased from 705,366 barrels per day in 2018 to 921,130 barrels per day in 2022, representing a growth of approximately 30.6%[29]. - Total net production (barrel of oil equivalent per day) rose from 1,243,357 in 2018 to 1,652,718 in 2022, reflecting an increase of about 32.8%[30]. - Natural gas net production in China grew from 834.8 million cubic feet per day in 2018 to 1,554.5 million cubic feet per day in 2022, marking an increase of approximately 86.1%[29]. - Proven oil reserves in China reached 2,280.4 million barrels by the end of 2022, up from 1,783.2 million barrels in 2018, indicating a growth of approximately 27.8%[30]. - The company reported a total net production of 1,709,175 barrel of oil equivalent per day in 2022, up from 1,301,438 in 2018, representing a growth of about 31.3%[30]. Exploration and Discoveries - The company completed 224 exploration wells in China, resulting in 18 new discoveries and the successful evaluation of 28 oil and gas structures[64][69]. - The exploration replacement ratio was 182%, with a reserve life of 10.0 years, ensuring sustainable resource development[68]. - The company achieved a significant breakthrough in offshore shale oil exploration with the successful fracturing test of the first offshore shale oil well[113]. - The company achieved a significant breakthrough in the Bohai Sea with the discovery of over 100 million tons of proven oil geological reserves in the Bohai Zhong 26-6 area, marking the largest proven reserve scale for metamorphic rock potential oil fields in China[136]. 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, totaling HKD 1.45 per share including the interim dividend[7]. - The board proposed a final dividend of 0.75 HKD per share for the year-end 2022[36]. Technological Advancements and R&D - The company successfully installed Asia's first deepwater jacket platform, enhancing its technological capabilities[66]. - The company increased its R&D investment by 22% in 2022, focusing on marine oil and gas exploration and energy transition technologies[174]. - The company’s first offshore carbon capture and storage (CCS) facility was installed at the Enping 15-1 production platform, marking a significant step in its low-carbon development strategy[181]. Sustainability and Low-Carbon Development - The company emphasizes its commitment to low-carbon development and risk management in its operations[17]. - The company plans to continue promoting green development and the integration of oil and gas with renewable energy[61][89]. - The company has established a new energy subsidiary and expanded its operations in regions such as Hainan, Guangdong, and Fujian, enhancing its management structure for renewable energy[178]. International Operations - As of the end of 2022, overseas oil and gas assets accounted for approximately 47.2% of the company's total oil and gas assets[40]. - In Africa, the company's reserves and production reached 88.3 million barrels of oil equivalent and 75,647 barrels of oil equivalent per day, respectively, as of the end of 2022[124]. - As of the end of 2022, South America became the largest region for the company's overseas oil and gas production, with reserves and production reaching 1,024.0 million barrels of oil equivalent and 145,677 barrels of oil equivalent per day, accounting for approximately 16.4% and 8.5% of the company's total reserves and production, respectively[158].