2016-03-30 16:00Financial Performance - The net profit attributable to shareholders for 2015 was RMB 24,478 thousand according to Chinese accounting standards, while it was RMB -11,543 thousand under International Financial Reporting Standards[5]. - As of the end of 2015, the company's undistributed profits amounted to RMB -1,422,273 thousand, leading to a recommendation of no profit distribution for the year[5]. - In 2015, the company's operating revenue was RMB 60,349,334 thousand, a decrease of 36.1% compared to RMB 94,481,041 thousand in 2014[25]. - The net profit attributable to shareholders was RMB 24,478 thousand in 2015, down 98.0% from RMB 1,229,753 thousand in 2014[25]. - The basic earnings per share for 2015 was RMB 0.002, a decrease of 97.5% from RMB 0.08 in 2014[27]. - The net cash flow from operating activities was RMB 2,575,929 thousand in 2015, down 61.8% from RMB 6,746,135 thousand in 2014[25]. - The company reported a significant decrease in net profit from RMB 1,229,753 thousand in 2014 to RMB 24,478 thousand in 2015, indicating a challenging financial year[134]. Operational Efficiency - The company is focused on enhancing its operational efficiency amid a challenging market environment[8]. - The company achieved a cost-saving of RMB 1.18 billion through internal efficiency improvements[50]. - The company reduced its workforce by 10,300 employees, optimizing labor organization and improving efficiency[66]. - The company's total operating expenses decreased by 22.9% to RMB 26,177,621 thousand, reflecting overall cost management efforts[76]. Market Conditions - The company faces risks due to persistently low international oil prices, which may suppress exploration and production investments, potentially reducing demand for oilfield services[8]. - The average price of WTI and Brent crude oil fell by 47.5% and 46.0% respectively in 2015, impacting overall revenue[84]. - The company's operating revenue decreased by 36.1% due to a significant reduction in upstream exploration and development capital expenditures by domestic and international oil companies[84]. - The company anticipates continued pressure on operations due to weak global oil demand and ongoing market competition[91]. Strategic Focus - The company plans to implement five strategic focuses: professionalization, marketization, specialization, high-end development, and internationalization[41]. - The company plans to focus on market development, efficiency enhancement, structural adjustment, and innovation during the "13th Five-Year Plan" period[52]. - The company plans to continue its market expansion and technological innovation efforts to improve future performance despite past challenges[136]. Shareholder Information - The company has a cash dividend policy that mandates a minimum of 40% of the net profit attributable to shareholders of the parent company for cash dividends, but no dividends were declared for 2015 due to negative retained earnings[133]. - The net profit attributable to shareholders of the listed company for 2015 was RMB 24,478 thousand, with no cash dividends distributed[134]. - The company is committed to maintaining the rights and interests of minority shareholders through independent board oversight in dividend decisions[133]. Related Party Transactions - The company engaged in significant related party transactions, including purchasing raw materials and equipment from China Petroleum Group totaling RMB 9,327.66 million, which accounted for 37.2% of similar transactions[148]. - The company provided engineering services to China Petroleum Group amounting to RMB 37,502.33 million, representing 64.0% of similar service transactions[148]. - The company borrowed RMB 56,746.08 million from China Petroleum Group, which constituted 99.4% of total borrowings[148]. Audit and Compliance - The board of directors has approved the annual report, ensuring its accuracy and completeness[4]. - The company has undergone audits by reputable accounting firms, receiving standard unqualified audit opinions[4]. - The company’s financial reports for 2015 accurately reflect its financial status and operating results, complying with relevant regulations[165]. Future Projections - The company plans to allocate capital expenditures of RMB 3.45 billion in 2016, focusing on high-end business development and marine engineering construction equipment[103]. - The company aims to achieve a drilling footage of 6.65 million meters and complete 4,350 well interventions in 2016[95][97]. - The company plans to sign new contracts worth USD 2 billion and complete contracts worth USD 2 billion in international business[100].