CNOOC(00883)2024-03-21 08:31Financial Performance - CNOOC Limited achieved a total revenue of RMB 416.609 billion in 2023, a slight decrease from RMB 422.230 billion in 2022[3]. - The net profit attributable to shareholders for 2023 was RMB 124.090 billion, down from RMB 141.677 billion in 2022, reflecting a decrease of approximately 12.5%[3]. - The company’s operating profit for 2023 was RMB 167.769 billion, down from RMB 193.325 billion in 2022[3]. - CNOOC Limited's total comprehensive income for 2023 was RMB 127.125 billion, compared to RMB 161.106 billion in 2022[4]. - Total revenue for 2023 was RMB 334,050 million, a decrease from RMB 364,574 million in 2022, reflecting a decline of approximately 8.3%[10]. - Oil and gas sales revenue for 2023 was RMB 327,867 million, down from RMB 352,956 million in 2022, representing a decrease of about 7.1%[10]. - The exploration and production segment reported a profit of RMB 124,090 million in 2023, down from RMB 141,677 million in 2022, reflecting a decline of 12.5%[12]. - The company's operating revenue for 2023 was RMB 416.609 billion, down 1.3% from RMB 422.230 billion in 2022, primarily due to the impact of declining international oil prices[38]. - The basic and diluted earnings per share for 2023 are RMB 2.60, down from RMB 3.03 in 2022, representing a decline of approximately 14.2%[19]. Production and Exploration - The company reported an oil and gas production of 678 million barrels of oil equivalent, marking a historical high for five consecutive years[2]. - The company made nine new discoveries in oil and gas exploration during the year, achieving the best net proven reserves in history[2]. - The company maintained a net proven reserve of approximately 6.78 billion barrels of oil equivalent, with a reserve replacement ratio of 180% in 2023[30]. - The net production for 2023 reached 67.8 million barrels of oil equivalent, representing an 8.7% year-on-year increase[30]. - The company plans to increase the proportion of natural gas in its total production by 2025, supported by major gas fields in the South China Sea and Bohai Sea[28]. Costs and Expenses - The average cost per barrel of oil was USD 28.83, reinforcing the company's cost competitiveness[2]. - Operating expenses increased to RMB (34,802) million in 2023 from RMB (31,566) million in 2022, representing an increase of 7.8%[12]. - The company's exploration expenses in 2023 were RMB 13,716 million, a decrease of 2.4% from RMB 14,058 million in 2022, reflecting a focus on maintaining exploration efforts[42]. - Depreciation, depletion, and amortization expenses increased to RMB 68,947 million in 2023 from RMB 62,852 million in 2022, a rise of 9.0%[16]. Dividends and Shareholder Returns - CNOOC Limited proposed a final dividend of HKD 0.66 per share for the year 2023[2]. - The interim dividend per share for 2023 is HKD 0.59, a decrease from HKD 0.70 in 2022, which is a reduction of about 15.7%[20]. - The board proposed a final dividend of HKD 0.66 per share for the fiscal year 2023, totaling HKD 31,394 million, which represents 44% of the net profit attributable to shareholders[61]. Assets and Liabilities - Non-current assets totaled RMB 755,323 million in 2023, compared to RMB 664,352 million in 2022, indicating a growth of about 13.7%[5]. - Current assets decreased to RMB 250,275 million in 2023 from RMB 264,679 million in 2022, a decline of approximately 5.4%[5]. - Total liabilities decreased from RMB 330,648 million in 2022 to RMB 337,722 million in 2023, reflecting a reduction of about 2.1%[6]. - Net assets increased to RMB 667,876 million in 2023, up from RMB 598,383 million in 2022, representing an increase of approximately 11.6%[6]. - The company's total liabilities as of December 31, 2023, were RMB 337,722 million, a 2.1% increase from RMB 330,648 million in 2022, indicating stable leverage[50]. Future Plans and Strategic Focus - CNOOC Limited plans to focus on increasing reserves and production while enhancing its digital transformation and green energy initiatives in 2024[2]. - The company aims for a production target of 700-720 million barrels of oil equivalent in 2024, with a reserve replacement ratio target of no less than 130%[59]. - The company plans to maintain capital expenditures between RMB 125 billion and RMB 135 billion for 2024[59]. Workforce and Governance - As of December 31, 2023, the company employed 19,511 staff in China and 2,275 overseas, indicating a diversified workforce[57]. - The company has established a market-oriented employment structure and a reasonable compensation framework[57]. - The company has complied with all provisions of the Corporate Governance Code during the fiscal year ending December 31, 2023[66]. Risks and Uncertainties - The company acknowledges that actual results may differ significantly from current expectations due to uncertainties such as oil and gas price fluctuations and macroeconomic factors[69]. - The company cannot guarantee that expected performance or developments will be achieved, nor can it assure that they will have the anticipated effects on the business[69].