CNOOC(HK:00883)2023-03-29 08:32Financial Performance - The company reported a net profit of RMB 141.7 billion, marking a significant increase from RMB 70.3 billion in 2021[4]. - CNOOC's oil and gas sales revenue reached RMB 352.96 billion, up from RMB 222.13 billion in the previous year, representing a growth of 58.8%[4]. - CNOOC's total revenue for 2022 was RMB 422.23 billion, a significant increase from RMB 246.11 billion in 2021[4]. - Total revenue for 2022 was RMB 364,574 million, an increase from RMB 225,729 million in 2021, representing a growth of 61.5%[11]. - The company reported a segment profit of RMB 138.1 billion for 2022, compared to RMB 68.7 billion in 2021, marking an increase of 101.5%[13]. - The company’s consolidated net profit for 2022 was RMB 141,677 million, a 101.5% increase from RMB 70,307 million in the previous year, driven by continuous production increases and cost reductions[39]. - The company’s pre-tax profit for 2022 was RMB 53.1 billion, compared to RMB 25.5 billion in 2021, showing a year-over-year increase of 108.2%[19]. - The company’s income tax expense for 2022 was RMB 53.1 billion, significantly higher than RMB 25.5 billion in 2021, reflecting increased profitability[19]. Production and Reserves - In 2022, CNOOC Limited achieved a net production of 624 million barrels of oil equivalent, setting a historical record[1]. - The company achieved a production volume of 603.6 million barrels of oil equivalent in 2022, a 9.3% increase from 552.1 million barrels in 2021[40]. - The company’s proven reserves stood at approximately 6.24 billion barrels of oil equivalent at the end of 2022, with a reserve replacement ratio of 182%[32]. - The company successfully completed 18 commercial discoveries, achieving a reserve replacement ratio of 182%[1]. Dividends and Shareholder Returns - The company has proposed a final dividend of HKD 0.75 per share for the year 2022[1]. - The company declared an interim dividend of HKD 0.70 per share for 2022, an increase from HKD 0.30 per share in 2021, and a special dividend of HKD 1.18 per share[21]. - The board proposed a final dividend of HKD 0.75 per share, totaling HKD 35.675 billion, which represents approximately 43% of the net profit[62]. - The total dividend for the year, including an interim dividend of HKD 0.70 per share, amounts to HKD 69.021 billion[62]. - The company repurchased and canceled 70.69 million shares, with a total consideration of HKD 693 million, equivalent to approximately RMB 623 million[26]. Financial Position - Non-current assets totaled RMB 664,352 million in 2022, up from RMB 578,587 million in 2021, indicating a growth of 14.8%[6]. - Current assets increased to RMB 264,679 million in 2022, compared to RMB 207,982 million in 2021, representing a growth of 27.2%[6]. - Total liabilities decreased slightly to RMB 330,648 million in 2022 from RMB 330,593 million in 2021, showing a marginal reduction[7]. - Net assets rose to RMB 598,383 million in 2022, up from RMB 481,976 million in 2021, reflecting an increase of 24.2%[7]. - The company’s total assets reached RMB 929.0 billion in 2022, up from RMB 786.6 billion in 2021, indicating strong growth in asset base[13]. - The company maintained a capital debt ratio of 18.3% at the end of 2022, with free cash flow reaching RMB 110.8 billion[31]. Capital Expenditures and Investments - Capital expenditures for 2022 were RMB 102.8 billion, up from RMB 90.4 billion in 2021, reflecting ongoing investment in growth[13]. - Capital expenditures in 2022 totaled RMB 100,357 million, an increase of 14.5% from RMB 87,592 million in 2021, with significant investments in domestic and overseas projects[56]. - The company plans to invest RMB 100-110 billion in capital expenditures in 2023, with a production target of 650-660 million barrels of oil equivalent and a reserve replacement ratio of no less than 130%[60]. Strategic Focus and Future Plans - CNOOC plans to continue enhancing its value creation capabilities and international competitiveness in 2023[2]. - The company is focusing on green and low-carbon development, actively promoting clean production in oil and gas[1]. - The company plans to increase the proportion of natural gas in its total production by 2025, focusing on offshore and unconventional gas exploration[30]. - The company plans to accelerate the development of offshore wind power and CCS/CCUS research as part of its green low-carbon development strategy[37]. Market and Economic Conditions - The average Brent crude oil price for 2022 was USD 99.0 per barrel, a 40.0% increase year-on-year, impacting overall revenue positively[38]. - The company highlighted uncertainties in future performance due to factors such as oil and gas price volatility and macroeconomic conditions[68].