2021-08-31 22:28Financial Performance - In the first half of 2021, the company achieved a net profit of RMB 33.33 billion, a significant increase of 221.0% year-on-year[10] - The total revenue from oil and gas sales amounted to RMB 100.63 billion, compared to RMB 66.34 billion in the same period last year, marking a year-on-year increase of 51.6%[10] - Revenue for the first half of 2021 reached RMB 110,233 million, a significant increase of 47.9% compared to RMB 74,560 million in 2020[29] - Operating profit for the first half of 2021 was RMB 45,449 million, compared to RMB 15,579 million in the same period of 2020, reflecting a substantial growth[29] - Net profit attributable to shareholders for the first half of 2021 was RMB 33,329 million, up from RMB 10,383 million in 2020, marking an increase of 221.5%[30] - The company reported a total comprehensive income of RMB 32,408 million for the first half of 2021, compared to RMB 11,844 million in 2020[30] - The basic earnings per share for the first half of 2021 was RMB 0.75, significantly higher than RMB 0.23 in the same period of 2020[30] - The total comprehensive income for the six months ended June 30, 2021, was RMB 11,844 million, compared to RMB 10,383 million for the same period in 2020, reflecting a growth of 14.0%[33] Production and Exploration - The company's oil and gas net production reached a historical high of 278.1 million barrels of oil equivalent, representing a year-on-year growth of 7.9%[6] - The company made 9 new exploration discoveries and successfully evaluated 14 oil and gas structures in the first half of 2021[13] - The net production in China was 192.8 million barrels of oil equivalent, up 10.8% year-on-year, primarily due to new projects in the South China Sea and Bohai Sea[18] - The company’s oil production accounted for 80% and natural gas production for 20% of total output, with oil production increasing by 8.4% and natural gas by 6.1% year-on-year[18] - The company is advancing the construction of 19 new projects, with several already in production, including the Lingshui 17-2 gas field[18] Costs and Expenses - The average cost per barrel of oil was USD 28.98, while the operating cost per barrel was USD 7.31, maintaining a competitive cost advantage[6] - Operating expenses rose to RMB 12,711 million, a 12.0% increase from the previous year, with per barrel operating costs at $7.31, up 12.5%[26] - The company completed capital expenditures of RMB 36 billion in the first half of the year, with exploration investment increasing by 20% year-on-year to RMB 8.3 billion[24] - The company’s exploration expenses surged by 96.3% year-on-year to RMB 5,025 million, primarily due to write-offs related to North American exploration wells[26] Dividends and Shareholder Returns - The company plans to distribute an interim dividend of HKD 0.30 per share (tax included) for the first half of 2021[10] - The interim dividend declared is HKD 0.30 per share, totaling approximately HKD 13,394 million (RMB 11,133 million), an increase from HKD 0.20 per share in the previous period[59] - The company declared a dividend of RMB 9,288 million for the year-end 2020, which was paid in the first half of 2021[33] Assets and Liabilities - Current assets increased to RMB 195,518 million as of June 30, 2021, compared to RMB 163,391 million at the end of 2020, indicating a growth of 19.6%[31] - Non-current assets totaled RMB 560,508 million as of June 30, 2021, slightly up from RMB 557,884 million at the end of 2020[31] - Total liabilities decreased to RMB 207,679 million as of June 30, 2021, from RMB 212,493 million at the end of 2020[32] - The company's equity attributable to shareholders increased to RMB 456,809 million as of June 30, 2021, compared to RMB 433,708 million at the end of 2020[32] - The total assets of the company as of June 30, 2021, were RMB 1,000,000 million, reflecting the company's strong asset base and financial stability[35] Cash Flow - For the six months ended June 30, 2021, the net cash inflow from operating activities was RMB 64,159 million, compared to RMB 34,213 million for the same period in 2020, representing an increase of 87.6%[34] - The net cash outflow from investing activities for the first half of 2021 was RMB 31,870 million, compared to RMB 23,236 million in the prior year, indicating a 37.2% increase[34] - The net cash outflow from financing activities decreased to RMB 8,653 million in 2021 from RMB 15,528 million in 2020, a reduction of 44.8%[34] Corporate Governance and Compliance - The company confirmed compliance with its code of ethics and the standards required by the Listing Rules during the six months ending June 30, 2021[118] - The interim financial information was reviewed by Ernst & Young, with no significant issues found in compliance with international accounting standards[104] - The audit committee reviewed the accounting standards and practices adopted by the group, and the interim results for the six months ending June 30, 2021, were unaudited[112] Related Party Transactions - The company reported related party transactions with China National Offshore Oil Corporation (CNOOC) for exploration, oil and gas field development, and production services totaling RMB 26,203 million for the first half of 2021, compared to RMB 25,043 million in 2020[75] - The pricing principle for related party transactions is based on fair negotiation and reference to local market conditions, ensuring compliance with market prices[73] Future Outlook - The company aims to continue high-quality development and accelerate low-carbon initiatives in the second half of 2021[8] - The company plans to continue enhancing cost control and efficiency improvements in the second half of the year while pushing for major engineering projects[27]