CNOOC(00883)2024-04-25 08:30Financial Performance - The company's operating revenue for Q1 2024 was RMB 111,468 million, representing a 14.1% increase compared to the same period last year[2]. - Net profit attributable to shareholders of the parent company reached RMB 39,719 million, up 23.7% year-on-year[2]. - Total revenue for Q1 2024 reached RMB 111,468 million, a 14% increase from RMB 97,711 million in Q1 2023[15]. - Net profit for Q1 2024 was RMB 39,726 million, up 24% from RMB 32,109 million in Q1 2023[16]. - Operating profit for Q1 2024 was RMB 52,597 million, representing a 21% increase compared to RMB 43,347 million in Q1 2023[15]. - The company reported a total comprehensive income of RMB 39,877 million for Q1 2024, compared to RMB 28,549 million in Q1 2023[17]. Cash Flow - The net cash flow from operating activities was RMB 59,978 million, reflecting a 15.4% increase from the previous year[2]. - In Q1 2024, the cash inflow from operating activities was RMB 113,816 million, an increase of 9.1% compared to RMB 103,925 million in Q1 2023[18]. - The net cash flow from operating activities reached RMB 59,978 million, up 15.5% from RMB 51,968 million in the same period last year[18]. - Cash inflow from investment activities totaled RMB 15,283 million, down 38.1% from RMB 24,687 million in Q1 2023[18]. - The net cash flow from investment activities was negative at RMB -33,884 million, an improvement from RMB -42,935 million in Q1 2023[18]. - Cash inflow from financing activities was RMB 1,352 million, significantly higher than RMB 75 million in Q1 2023[19]. - The net cash flow from financing activities was negative at RMB -1,156 million, slightly improved from RMB -1,735 million in the previous year[19]. - The total cash and cash equivalents at the end of Q1 2024 amounted to RMB 158,407 million, compared to RMB 92,600 million at the end of Q1 2023, reflecting a 70.9% increase[19]. - The company received RMB 1,331 million from borrowings in Q1 2024, a substantial increase from RMB 75 million in Q1 2023[19]. Production and Sales - Oil and gas sales revenue was RMB 89,977 million, marking a 21.3% increase from RMB 74,196 million in the same quarter last year[5]. - In Q1 2024, the company achieved a total net production of 180.1 million barrels of oil equivalent, a year-on-year increase of 9.9%[10]. - The company's domestic net production was 123.2 million barrels of oil equivalent, up 6.9% year-on-year, primarily due to new project contributions[10]. - The overseas net production reached 56.9 million barrels of oil equivalent, a year-on-year increase of 16.9% driven by production increases in Guyana and Canada[10]. - The average realized price for oil liquids was USD 78.75 per barrel, a 6.2% increase from USD 74.17 per barrel in Q1 2023[5]. - The average realized oil price in Q1 2024 was 7.69 per thousand cubic feet, a decrease of 7.7% year-on-year[10]. - The company’s main cost per barrel of oil was $27.59, a decrease of 2.2% year-on-year[10]. Capital Expenditures and Assets - Capital expenditures totaled RMB 29,014 million, which is a 17.3% increase compared to RMB 24,736 million in Q1 2023[5]. - Capital expenditures for Q1 2024 amounted to approximately RMB 29.01 billion, a year-on-year increase of 17.3%[10]. - The total assets at the end of the reporting period were RMB 1,005,598 million, showing a 4.9% increase from the end of the previous year[2]. - Total assets as of March 31, 2024, amounted to RMB 1,055,179 million, an increase from RMB 1,005,598 million as of December 31, 2023[14]. - Current assets increased to RMB 288,758 million as of March 31, 2024, compared to RMB 250,275 million at the end of 2023, reflecting a growth of 15%[14]. - Total liabilities rose to RMB 347,100 million as of March 31, 2024, compared to RMB 337,722 million at the end of 2023[14]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 151,765[6]. - Earnings per share for Q1 2024 was RMB 0.84, an increase from RMB 0.68 in Q1 2023[17]. Other Financial Metrics - Non-recurring gains and losses totaled RMB 244 million for the quarter[3]. - The weighted average return on equity was 5.79%, an increase of 0.54 percentage points compared to the previous year[2]. - The company made 2 new discoveries and successfully evaluated 4 oil and gas structures in Q1 2024[10]. - The company’s inventory decreased slightly to RMB 6,267 million as of March 31, 2024, from RMB 6,451 million at the end of 2023[14]. - The cash outflow for purchasing fixed assets and other long-term assets was RMB -28,520 million, compared to RMB -24,095 million in the same quarter last year[18]. - The impact of exchange rate changes on cash and cash equivalents was RMB 30 million, a recovery from a negative impact of RMB -331 million in Q1 2023[19].