CNOOC(00883)2024-04-02 08:37Financial Performance - CNOOC Limited reported a net confirmed reserve of approximately 6.78 billion barrels of oil equivalent as of December 31, 2023[5]. - Total revenue for the year 2023 was 422.230 million in 2022, representing a decline of approximately 1.4%[9]. - Total expenses increased to 228.905 million in 2022, marking an increase of about 8.7%[9]. - Net profit for 2023 was 141.677 million in 2022, reflecting a decrease of approximately 12.5%[9]. - The company's total assets reached 929.031 million in 2022, representing a growth of about 8.2%[10]. - Current assets amounted to 264.679 million in 2022, indicating a decrease of approximately 5.4%[10]. - Shareholders' equity increased to 598.383 million in 2022, showing a growth of about 11.6%[10]. - The company reported a pre-tax profit of 194.770 million in 2022, a decrease of approximately 11.1%[9]. - Investment income for 2023 was 2.058 million in 2022, reflecting an increase of approximately 50%[9]. - The company achieved a revenue of RMB 416.6 billion and a net profit attributable to shareholders of RMB 123.8 billion, maintaining strong profitability despite falling oil prices[15]. Production and Reserves - The average daily net production for the year reached 1,857,619 barrels of oil equivalent[5]. - The total net production of oil equivalent reached 1,857,619 barrels per day in 2023, an increase from 1,709,175 barrels per day in 2022, reflecting a growth of about 8.7%[11]. - The company achieved a net production of 678 million barrels of oil equivalent in 2023, marking a historical high for five consecutive years[14]. - The net proven oil reserves reached 2,667.3 million barrels in 2023, an increase from 2,280.4 million barrels in 2022, representing a growth of approximately 17%[12]. - The net proven natural gas reserves increased to 8,180.2 billion cubic feet in 2023, up from 7,786.2 billion cubic feet in 2022, marking a growth of about 5%[12]. - The total net proven reserves (in million barrels of oil equivalent) reached 6,784.2 million barrels in 2023, compared to 6,238.6 million barrels in 2022, reflecting an increase of approximately 9%[12]. - The reserve replacement ratio was reported at 182% in 2023, indicating strong performance in replenishing reserves[13]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.66 per share, in addition to an interim dividend of HKD 0.59 per share, totaling HKD 1.25 per share for 2023[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 (tax included) regardless of operational performance[172]. - 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[172]. Operational Focus and Strategy - CNOOC Limited is the largest offshore oil and gas producer in China and one of the largest independent oil and gas exploration and production companies globally[5]. - The company emphasizes the importance of macroeconomic factors and oil price volatility in its future performance outlook[3]. - The company is committed to low-carbon development and technological advancements in its operations[4]. - The company plans to accelerate the construction of a world-class energy company and aims for steady growth in reserves and production in 2024[15]. - The company has made significant progress in integrating exploration and development, with rapid production from new discoveries such as Xijiang 24-2[25]. Environmental and Social Responsibility - The company is committed to sustainable development by reducing the environmental impact of oil and gas exploration and development activities and promoting the development of new energy and green technologies[110]. - The company has implemented a comprehensive environmental management system focusing on pollution control and ecological protection during oil and gas extraction[199]. - The company is actively promoting energy conservation and carbon reduction initiatives in line with national "carbon peak and carbon neutrality" goals[199]. - The company has developed a "14th Five-Year" energy-saving and carbon reduction action plan to enhance efficiency and reduce emissions[199]. - The company aims to achieve "increased production without increased pollution" through targeted environmental protection measures[199]. Governance and Risk Management - The company has established a comprehensive risk management and internal control system, ensuring effective compliance and risk mitigation strategies[82]. - The board of directors receives biannual reports on risk management and internal control, ensuring all significant risks are monitored and addressed[84]. - The company integrates Environmental, Social, and Governance (ESG) risk management into its regular operations, assessing at least six categories of ESG risks, including climate change and data privacy[107]. - The company has received multiple awards for its high standards of corporate governance, including the "Best Listed Company" award and the "Gold Award" for ESG[108]. - The company emphasizes the importance of ethical conduct and compliance policies in its governance framework[150]. Market Expansion and Future Outlook - The company is actively pursuing mergers and acquisitions to strengthen its market position and expand its service offerings[181]. - Future outlook includes a commitment to sustainable development and innovation in energy solutions[180]. - The company is considering strategic acquisitions to enhance its market position, with a budget of $1 billion for potential deals[184]. - The company plans to launch multiple key new projects in China and overseas in the next three years to support further production growth[29].