CNOOC(00883)2023-08-17 10:28Financial Performance - Net oil and gas production reached 331.8 million barrels of oil equivalent, an increase of 8.9% compared to the same period last year[2]. - Oil and gas sales revenue was RMB 151.69 billion, a decrease of 14.1% year-on-year[2]. - Net profit attributable to shareholders was RMB 63.76 billion, down 11.3% from the previous year[2]. - Basic and diluted earnings per share were RMB 1.34, reflecting a decline of 14.7%[2]. - Total comprehensive income for the six months ended June 30, 2023, was RMB 71,146 million, a decrease of 14.3% from RMB 83,045 million in 2022[8]. - Basic and diluted earnings per share for the period were RMB 1.34, down from RMB 1.57 in the previous year, representing a decline of 14.6%[8]. - The exploration and production segment reported a profit of RMB 61,004 million for the six months ended June 30, 2023, down from RMB 70,332 million in the same period of 2022, reflecting a decrease of about 13.3%[15]. - Oil and gas sales revenue for the six months ended June 30, 2023, was RMB 156,686 million, a decrease from RMB 180,620 million in the same period of 2022, representing a decline of approximately 13.2%[15]. Dividends - Interim dividend declared at HKD 0.59 per share, a decrease of 15.7%[2]. - The board declared an interim dividend of HKD 0.59 per share on August 17, 2023, compared to HKD 0.70 per share for the same period in 2022, reflecting a decrease of approximately 15.7%[20]. - The company will withhold a 10% corporate income tax on the interim dividend for non-resident enterprises, effective for shareholders listed on the register as of September 15, 2023[35]. - The interim dividend distribution will be in HKD for Hong Kong shares and in RMB for A-shares, with the exchange rate based on the average midpoint rate published by the People's Bank of China[34]. - Shareholders must submit relevant documents by September 8, 2023, to avoid withholding tax on the interim dividend[35]. - The company is recognized as a resident enterprise in China and is obligated to withhold taxes for non-resident shareholders[35]. - The board of directors has authorized the interim dividend distribution based on the company's operating performance, financial condition, and cash flow[34]. Assets and Liabilities - Non-current assets increased to RMB 728,785 million as of June 30, 2023, compared to RMB 664,352 million at the end of 2022, reflecting a growth of 9.7%[9]. - Current assets totaled RMB 270,289 million, slightly up from RMB 264,679 million, indicating a growth of 2.0%[9]. - Total liabilities increased to RMB 361,348 million, up from RMB 330,648 million, marking an increase of 9.3%[9]. - Net assets rose to RMB 637,726 million, compared to RMB 598,383 million at the end of 2022, showing an increase of 6.6%[9]. - Cash and cash equivalents increased significantly to RMB 114,065 million from RMB 85,633 million, a rise of 33.2%[9]. - The total liabilities for the company as of June 30, 2023, were RMB (361,348) million, compared to RMB (330,648) million as of December 31, 2022, indicating an increase in liabilities[15]. - Total assets for the company as of June 30, 2023, were RMB 999,074 million, an increase from RMB 929,031 million as of December 31, 2022, representing an increase of approximately 7.5%[15]. Exploration and Innovation - Significant progress in exploration with new discoveries in the Panyu 10-6 and Kaiping 18-1 fields in China[3]. - Successful production commencement at the Buzios 5 oil field in Brazil, contributing to new production growth[4]. - The company is focusing on technological innovation, including the construction of the world's first ultra-deepwater platform with remote control production capabilities[4]. - Positive developments in renewable energy, with successful grid connection of offshore wind power projects[4]. Corporate Governance and Structure - The company complied with all code provisions set out in the Corporate Governance Code during the six months ended June 30, 2023[30]. - Changes in the board of directors included the appointment of a new president effective June 30, 2023[33]. - The board consists of both executive and non-executive directors, ensuring a diverse governance structure[36]. - The audit committee reviewed the interim results for the six months ended June 30, 2023, which were unaudited[27]. Shareholder Information - The company is applying to establish a RMB counter on the Hong Kong Stock Exchange to enhance investment flexibility for shareholders[4]. - The company will close the Hong Kong share register from September 11 to September 15, 2023, for dividend eligibility[34]. - The company will not be liable for any disputes arising from the identification of Hong Kong shareholders for tax withholding purposes[36]. Financial Costs and Investments - The company recognized a financial cost of approximately RMB 1,428 million for the six months ended June 30, 2023, slightly up from RMB 1,419 million in the same period of 2022[17]. - The company’s investment in joint ventures increased to RMB 28,556 million, up from RMB 27,942 million, reflecting a growth of 2.2%[9]. - The company’s total equity attributable to shareholders increased to RMB 636,537 million from RMB 597,182 million, an increase of 6.6%[9]. - The company repaid bonds totaling USD 2,000 million with a coupon rate of 3.000% and USD 450 million with a coupon rate of 3.75% during the six months ended June 30, 2023[23]. - The company repurchased and canceled 70,692,000 shares at a total consideration of HKD 693 million, equivalent to approximately RMB 623 million[25]. - CNOOC Petroleum North America ULC repurchased bonds totaling USD 27,824,000, representing 6.45% of the total bond amount issued[29].