中国海洋石油(00883) - 2025 - 中期财报

Important Notice Board Statement and Financial Report Preparation The board and senior management guarantee the interim report's truthfulness and completeness; financial statements are unaudited and prepared under Chinese and International/Hong Kong accounting standards - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of this interim report and assume legal responsibility[7] - Financial reports are prepared according to Chinese Enterprise Accounting Standards and International/Hong Kong Financial Reporting Accounting Standards, and are unaudited[7] Interim Dividend Distribution The board decided to distribute a 2025 interim dividend of HKD 0.73 per share (tax inclusive), declared in HKD, with A-share dividends paid in RMB - The board decided to distribute a 2025 interim dividend of HKD 0.73 per share (tax inclusive)[7] - Dividends will be valued and declared in HKD, with A-share dividends paid in RMB and H-share dividends paid in HKD[7] Forward-Looking Statements and Risk Warnings The report contains forward-looking statements, where actual results may differ significantly due to macroeconomic, oil and gas price, and climate change uncertainties - The report contains forward-looking statements, and actual results may differ significantly due to uncertainties such as macroeconomic and political factors, crude oil and natural gas price fluctuations, climate change, and environmental policies[9] - The company cannot guarantee that expected performance or developments will be achieved, or that they will have the anticipated effect on the company[10] Definitions of Common and Technical Terms The report provides definitions for common and technical terms in the oil and gas industry, along with unit abbreviations and conversion ratios, to aid reader comprehension Common and Technical Terms Definitions | Term | Definition | | :--- | :--- | | Exploration Well | An exploratory well drilled into a formation to detect petroleum reserves, including wells drilled to obtain geological and geophysical parameters | | Appraisal Well | An exploratory well drilled in a discovered petroleum area for commercial value assessment | | Wildcat Well | Includes exploration wells and appraisal wells | | Upstream Business | Oil and gas exploration, development, production, and sales | | Proved Reserves | The estimated quantities of crude oil or natural gas that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic, operating conditions, and government regulations | | Reasonable Certainty | Means that as more geological, engineering, and economic data become available over time, the estimated ultimate recovery is more likely to increase or remain unchanged | | Reserve Replacement Ratio | The total increase in proved reserves divided by the net production for a specified year | | Reserve Life | Proved reserves divided by the net production for a specified year | | Seismic | Refers to seismic exploration, a geophysical exploration method that uses differences in underground medium elasticity and density to generate wave impedance, which is then received and processed to reflect and infer the properties and morphology of underground rock formations | | Proved Geological Reserves | Estimated oil and gas quantities in exploitable reservoirs, confirmed by drilling industrial oil and gas flows and subsequent evaluation, with high certainty | | Unconventional Oil and Gas | Refers to oil and gas resources that cannot achieve natural industrial production with traditional techniques, requiring new technologies to improve reservoir permeability or fluid viscosity for economic extraction, typically continuous or quasi-continuous accumulations, including tight oil and gas, shale oil and gas, coalbed methane, and natural gas hydrates | Unit Abbreviations | Abbreviation | Unit | | :--- | :--- | | Bbl | Barrel | | Bcf | Billion cubic feet | | BOE | Barrel of oil equivalent | | Mbbls | Thousand barrels | | Mboe | Thousand barrels of oil equivalent | | Mcf | Thousand cubic feet | | Mmboe | Million barrels of oil equivalent | | Mmbbls | Million barrels | Conversion Ratios: 1 ton of crude oil is approximately 7.21 barrels, and 1 cubic meter of natural gas is approximately 35.26 cubic feet Company Profile Company Overview and Business Scope CNOOC Limited is China's largest offshore crude oil and natural gas producer and one of the world's largest independent oil and gas exploration and production companies, primarily engaged in the exploration, development, production, and sale of crude oil and natural gas - The company was incorporated in Hong Kong in August 1999, listed on the Hong Kong Stock Exchange in February 2001, listed A-shares on the Shanghai Stock Exchange in April 2022, and added an RMB counter on the Hong Kong Stock Exchange in June 2023[14] - The company is China's largest offshore crude oil and natural gas producer and one of the world's largest independent oil and gas exploration and production companies[14] - Its main business involves the exploration, development, production, and sale of crude oil and natural gas, with assets distributed across China's offshore areas and in Asia, Africa, North America, South America, Oceania, and Europe[14] Basic Information and Contact Details This section provides the company's Chinese abbreviation, CEO, company secretary, registered and office addresses, contact numbers, email, website, and information disclosure newspapers and websites CNOOC Limited Basic Information | Item | Content | | :--- | :--- | | Company Chinese Abbreviation | 中國海油 (CNOOC) | | Company CEO | Zhou Xinhuai | | Company Secretary | Xu Yugao | | Company Chinese Name | 中國海洋石油有限公司 | | Company English Name | CNOOC Limited | | Contact Address | No. 25, Chaoyangmen North Street, Dongcheng District, Beijing | | Phone | (8610)8452 0883 | | Email | ir@cnooc.com.cn | - The company's designated A-share information disclosure newspapers are China Securities Journal, Shanghai Securities News, Securities Times, and Securities Daily[16] - The websites for interim report publication are www.sse.com.cn and www.hkexnews.hk[16](index=16&type=chunk) Financial Highlights Key Accounting Data In the first half of 2025, the company's operating revenue, pre-tax profit, net profit attributable to parent company shareholders, and net cash flow from operating activities all decreased year-on-year, while net assets attributable to parent company shareholders and total assets increased at period-end Key Accounting Data for H1 2025 (million RMB) | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 207,608 | 226,770 | (8) | | Pre-tax Profit | 94,659 | 105,776 | (11) | | Net Profit Attributable to Parent Company Shareholders | 69,533 | 79,731 | (13) | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-recurring Items) | 69,353 | 79,197 | (12) | | Net Cash Flow from Operating Activities | 109,182 | 118,554 | (8) | | Net Assets Attributable to Parent Company Shareholders (Period-end) | 786,468 | 747,548 | 5 | | Total Assets (Period-end) | 1,118,957 | 1,056,281 | 6 | Key Financial Indicators In the first half of 2025, the company's basic and diluted earnings per share both decreased by 13% year-on-year, and the weighted average return on net assets decreased by 2.37 percentage points Key Financial Indicators for H1 2025 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 1.46 | 1.68 | (13) | | Diluted Earnings Per Share (RMB/share) | 1.46 | 1.68 | (13) | | Basic Earnings Per Share (Excluding Non-recurring Items) (RMB/share) | 1.46 | 1.66 | (12) | | Weighted Average Return on Net Assets (%) | 8.90 | 11.27 | Decreased by 2.37 percentage points | | Weighted Average Return on Net Assets (Excluding Non-recurring Items) (%) | 8.88 | 11.20 | Decreased by 2.32 percentage points | Chairman's Statement First Half Operating Review In H1 2025, facing complex external conditions and fluctuating oil prices, the company effectively managed market volatility through reserve and production growth, technological innovation, green transition, and efficiency improvements, laying a foundation for annual targets - Facing severe and complex external conditions and downward pressure from international oil price fluctuations, the company focused on its core oil and gas business, responding to market volatility through reserve and production growth, technological innovation, green transition, and quality and efficiency improvements[19] - Oil and gas exploration yielded fruitful results, with 5 new discoveries in China's offshore areas, continuous reserve additions in Guyana deepwater, and the first signing of a new oil exploration block contract in Kazakhstan[19] - Multiple major projects were successfully brought online, with net production reaching 384.6 million BOE, a 6.1% year-on-year increase, including a 12.0% significant increase in natural gas production[19] Technological Innovation and Green Development The company focuses on technological innovation, achieving breakthroughs in geophysical exploration, complex reservoir fine water injection, and intelligent drilling and completion, while advancing digital transformation and deploying "AI+" scenarios, and promoting integrated oil and gas with new energy development for new energy-saving and carbon reduction achievements - Key technologies for reserve and production growth were tackled, with breakthroughs in geophysical exploration technology and comprehensive advancement of intelligent drilling and completion construction[20] - Digital transformation was strengthened, with the deployment and implementation of "AI+" key scenarios, and the "Deep Sea No. 1" smart gas field was recognized as one of China's first batch of excellent-level smart factories[20] - The company adheres to integrated oil and gas and new energy development, continuously strengthening energy substitution, actively recovering offshore flare gas, and commissioning China's first offshore CCUS project[20] Financial Performance and Future Outlook In the first half, the company achieved a net profit attributable to parent company shareholders of RMB 69.5 billion, maintained good control over per-barrel main costs, and decided to distribute an interim dividend, committing to strategic focus to achieve full-year targets - In the first half, per-barrel main costs were well controlled, achieving a net profit attributable to parent company shareholders of RMB 69.5 billion[21] - The board decided to distribute a 2025 interim dividend of HKD 0.73 per share (tax inclusive), emphasizing sharing development achievements with shareholders[21] - Looking ahead to the second half, the company will maintain strategic focus, strengthen confidence and determination, and make every effort to complete the full-year targets, rewarding shareholders with better performance[21] Business Review Overview As an upstream company focused on oil and gas exploration, development, and production, CNOOC faced wide fluctuations in international oil prices in H1 2025, achieving oil and gas net production growth through reserve and production increases, technological innovation, green development, and efficiency improvements, despite a decrease in oil and gas sales revenue and net profit attributable to parent company shareholders - The company is China's main offshore oil and gas producer and one of the world's largest independent oil and gas exploration and development companies[23] - In the first half of 2025, approximately 69.3% of the company's net production came from China, with overseas oil and gas assets accounting for approximately 41.7% of total assets[23] - The average price of international Brent crude oil decreased by 15.1% year-on-year[23] Key Operating Data for H1 2025 | Indicator | Amount/Ratio | | :--- | :--- | | Oil and Gas Sales Revenue | RMB 171,745 million (-7.2% YoY) | | Net Profit Attributable to Parent Company Shareholders | RMB 69,533 million (-12.8% YoY) | | Oil and Gas Net Production | 384.6 million BOE (+6.1% YoY) | | Natural Gas Production | Significantly increased by 12.0% YoY | Exploration In the first half, the company continued to intensify exploration efforts, making 5 new discoveries in China's offshore areas and a significant breakthrough in metamorphic rock buried hill exploration in the Beibu Gulf Basin; overseas, new block contracts were signed in Iraq and Kazakhstan, with continuous reserve additions in Guyana deepwater - 5 new discoveries were made in China's offshore areas: Longkou 25-1, Jinzhou 27-6, Caofeidian 22-3, Weizhou 10-5, and Weizhou 10-5 South[25] - A new discovery, Weizhou 10-5 South, was made in the Beibu Gulf Basin, achieving a major breakthrough in the first metamorphic rock buried hill exploration area in China's South China Sea[25] - Overseas, oil contracts were signed for Iraq Block 7 and Kazakhstan Zhylyoi Block, with continuous reserve additions through 3D exploration in Guyana deepwater[25] Engineering Construction and Development Production The company efficiently advanced capacity building in the first half, with multiple new projects successfully brought online, and the full commissioning of Deep Sea No. 1 Phase II driving significant natural gas production growth; oil and gas net production reached a new historical high for the same period, with both China and overseas production increasing - Projects such as Bozhong 26-6 Oilfield Development (Phase I), Brazil Buzios 7, Mero 4, and "Deep Sea No. 1" Phase II were successfully brought online[26] - In the first half, oil and gas net production reached a new historical high for the same period, totaling 384.6 million BOE, a 6.1% year-on-year increase[26] - China's oil and gas net production was 266.5 million BOE, a 7.6% year-on-year increase; overseas oil and gas net production was 118.1 million BOE, a 2.8% year-on-year increase[27] Production Summary for H1 2025 (million BOE) | Region | H1 2025 Total Oil & Gas | H1 2024 Total Oil & Gas | | :--- | :--- | :--- | | China | 266.5 | 247.6 | | Overseas | 118.1 | 114.9 | | Total | 384.6 | 362.6 | Production Mix: Petroleum Liquids: 77.0% (+4.5% YoY) Natural Gas: 23.0% (+12.0% YoY) Technological Innovation The company continuously strengthens R&D in its core oil and gas business, enhancing independent innovation capabilities, achieving significant progress in seismic data acquisition, intelligent multi-zone injection technology, and intelligent drilling and completion, while improving efficiency and intelligence through digital transformation - Industrialized promotion of advanced seismic data acquisition technology and large-scale application of advanced processing technology significantly improved the quality of deep seismic data[29] - Large-scale application of cabled/wireless intelligent multi-zone injection technology helped reduce China's offshore oilfield natural decline rate to 9.5%, a historical best[29] - The "Deep Sea No. 1" smart gas field was awarded the title of "National Excellent Smart Factory" in China, becoming the only upstream unit in the oil and petrochemical sector to receive this honor[29] - Deployment and implementation of "AI+" key scenarios achieved precise tracing of marine oil spills and efficient emergency response to typhoon disasters[29] Green and Low Carbon The company achieved new progress in energy saving and carbon reduction, consuming over 500 million kWh of green electricity in the first half, building China's first offshore "zero-flaring" oil production platform, and commissioning China's first offshore CCUS project, promoting new energy and new industry development - In the first half, over 500 million kWh of green electricity was consumed, and the recovery and utilization of existing flare gas exceeding 10,000 cubic meters/day was completed[30] - China's first offshore "zero-flaring" oil production platform was built in the Bozhong 34-2/4 oilfield[30] - The "Haiyou Guanlan" deep-sea floating wind power platform has been stably operating for two years, with cumulative power generation of 47 million kWh[30] - China's first offshore CCUS project was commissioned at Enping 15-1 platform, pioneering a new model of marine energy circular utilization that "drives oil with carbon and fixes carbon with oil"[30] Rural Revitalization In the first half, the company invested RMB 70.55 million and launched 25 assistance projects covering industrial, talent, cultural, ecological revitalization, and living environment improvement, contributing to comprehensive rural revitalization - In the first half, RMB 70.55 million in assistance funds was invested, and 25 assistance projects were launched[31] - Assistance projects cover multiple areas, including industrial revitalization, talent revitalization, cultural revitalization, ecological revitalization, and living environment improvement[31] Risk Management and Internal Control Risk Management System The company highly values risk management, internal control, and compliance management; the board is responsible for establishing and maintaining an appropriate and effective system, with a Risk Control and Compliance Committee overseeing implementation and reporting regularly to the board - The company's board of directors ensures the establishment and maintenance of an appropriate and effective risk management and internal control system, and strengthens the construction of the compliance management system[33] - The company's Risk Control and Compliance Committee is responsible for organizing and implementing comprehensive risk management and internal control work, and reports regularly to the Audit Committee and the board of directors[33] Risk Factors The company's operations face multiple risks, including macroeconomic and policy changes, intensified market competition, HSSE risks in operations, technological R&D challenges, customer and supplier concentration, financial exchange rate fluctuations, management influence, and legal compliance and international sanctions - Macroeconomic and policy risks: geopolitical changes, trade frictions, changes in international political and economic situations (e.g., impact of Russia-Ukraine conflict on Arctic LNG 2 LLC), oil and gas system reforms, climate change, and environmental policies[35][36][37][38] - Market risks: fluctuations in crude oil and natural gas prices, increasing market competition (including alternative energy sources)[39][40] - Operational risks: HSSE risks, deviations in forward-looking judgments of oil and gas prices, failure to realize expected returns from M&A and divestitures, limited control over joint operations, high concentration of customers and suppliers, inability to realize undeveloped reserves, technological R&D and deployment risks, cybersecurity and IT infrastructure damage, infrastructure and indigenous rights risks faced by Canadian operations, and risks related to connected transactions[41][42][43][44][45][46][47][48][49][50][51] - Financial risks: exchange rate fluctuation risks, foreign exchange control risks[52][53] - Management risks: influence of controlling shareholder CNOOC Group on company decisions[54] - Legal risks: risks of violating anti-corruption, anti-fraud, anti-money laundering, and corporate governance laws and regulations, and risks of violating data security-related laws and regulations[55][56] - Sanction risks: changes in US sanction policies may adversely affect the company's business, partners, and investor perception[57] Overall Risk Response Measures The company actively builds a risk management system comparable to international leading energy companies, continuously improves internal control, and implements coordinated, classified responses to major risks, forming a full-process risk management mechanism of "prevention, in-process control, and post-event evaluation" - The company actively builds a risk management system comparable to international leading energy companies and continuously improves its risk management and internal control systems[58] - It implements coordinated management and classified responses to various major risks, forming a full-process risk management mechanism of "prevention before the event, control during the event, and evaluation after the event"[58] Corporate Governance Report Directors' Interests As of June 30, 2025, except for Mr. Zhao Chongkang holding some H-shares, no current or resigned directors and chief executives held other disclosable interests or short positions in the company's shares or related shares during the reporting period Directors' H-share Holdings (as of June 5, 2025) | Director Name | Nature of Interest | Number of H-shares Held | Approximate Percentage of Total Issued H-shares | Approximate Percentage of Total Issued Shares | | :--- | :--- | :--- | :--- | :--- | | Zhao Chongkang | Beneficial Interest | 1,650,000 | 0.004% | 0.003% | - As of June 30, 2025, within the six months ended, the company did not grant any rights to subscribe for its shares, related shares, or debentures to any other person, nor did any other person exercise such rights[60] Major Shareholders' Interests As of June 30, 2025, CNOOC (BVI) Limited, Overseas Oil & Gas Corporation, Ltd. (OOGC), and CNOOC Group were the company's major shareholders, holding most of the company's issued shares Major Shareholders' Interests (as of June 30, 2025) | Shareholder Name | Number of H-shares Held | Approximate Percentage of Total Issued H-shares | Approximate Percentage of Total Issued Shares | | :--- | :--- | :--- | :--- | :--- | | CNOOC (BVI) Limited | 28,772,727,268 | 64.60% | 60.54% | | Overseas Oil & Gas Corporation, Ltd. ("OOGC") | 28,772,727,273 | 64.60% | 60.54% | | CNOOC Group | 29,530,451,273 | 66.30% | 62.13% | - CNOOC (BVI) Limited is a direct wholly-owned subsidiary of OOGC, and OOGC is a direct wholly-owned subsidiary of CNOOC Group[61] Audit Committee The Audit Committee has reviewed the accounting standards and practices adopted by the company and its subsidiaries and consulted on matters such as risk management, internal control, and financial reporting; the H1 2025 interim results are unaudited but have been reviewed by Ernst & Young - The Audit Committee has reviewed the accounting standards and practices adopted by the company and its subsidiaries and consulted on matters such as risk management, internal control, and financial reporting[63] - The interim results for the six months ended June 30, 2025, are unaudited but have been reviewed by Ernst & Young in accordance with Hong Kong Standard on Review Engagements 2410[63] Repurchase, Sale or Redemption of Listed Securities In the first half of 2025, CNOOC Petroleum North America ULC, an indirect wholly-owned subsidiary, repurchased and cancelled some unlisted bonds; the company or any of its subsidiaries did not repurchase, sell, or redeem its listed securities, nor did it hold any treasury shares CNOOC Petroleum North America ULC Bond Repurchase (as of June 30, 2025) | Issuer | Maturity Date | Coupon Rate | Face Value (USD) | Repurchased Face Value (USD) | Repurchase Percentage | Amount Outstanding (USD) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | CPNA | March 15, 2032 | 7.875% | 314,572,000 | 400,000 | 0.13% | 314,172,000 | | CPNA | May 15, 2037 | 6.400% | 752,452,000 | 4,204,000 | 0.56% | 748,248,000 | - The aforementioned bonds are not listed on the Hong Kong Stock Exchange or the Shanghai Stock Exchange[64] - For the six months ended June 30, 2025, neither the company nor any of its subsidiaries repurchased, sold, or redeemed its listed securities, nor did it hold any treasury shares[65] Corporate Governance Code and Directors' Securities Dealing Standards The company has complied with all code provisions in Part 2 of Appendix C1 to the HKEX Listing Rules throughout the first half of 2025; all directors confirmed compliance with the company's Code of Conduct and Standard Code regarding securities dealings - The company has complied with all code provisions contained in Part 2 of Appendix C1 to the HKEX Listing Rules for the six months ended June 30, 2025[66] - All directors of the company confirmed that they have complied with the standards required by the company's Code of Conduct and Standard Code for the six months ended June 30, 2025[67] Changes in Directors' Information Since the date of the most recent annual report until the date of this interim report, there have been multiple changes in the company's board members and their committee roles, including the appointment of Mr. Zhang Chuanjiang as the new Chairman, and adjustments or retirements of several directors - Wang Dehua was appointed as a member of the Audit Committee, and Mu Xiuping was appointed as Chief Financial Officer and re-designated as an Executive Director[68] - Wang Dongjin ceased to be Chairman and Non-executive Director, and Zhao Chongkang retired as an Independent Non-executive Director[68] - Chen Zeming was appointed as an Independent Non-executive Director and a member of the Audit Committee and Remuneration Committee[68] - Zhang Chuanjiang was appointed as a Non-executive Director, Chairman, Chairman of the Nomination Committee, and Chairman of the Strategy and Sustainable Development Committee[68] Interim Dividend Distribution Plan and Share Transfer Registration The board decided to distribute a 2025 interim dividend of HKD 0.73 per share (tax inclusive); to be eligible for the dividend, H-share transfer registration will be suspended from September 15 to September 19, 2025 - The board decided to distribute a 2025 interim dividend of HKD 0.73 per share (tax inclusive)[70] - The H-share shareholder register will be closed from Monday, September 15, 2025, to Friday, September 19, 2025, and H-share transfer registration will be suspended[71] - The interim dividend will be distributed on or around Friday, October 17, 2025[71] Withholding Tax on Dividends for Overseas Non-Resident Enterprises As a Chinese resident enterprise, the company will withhold and pay 10% enterprise income tax on the 2025 interim dividends distributed to non-resident enterprise H-share holders; eligible resident enterprises or non-resident enterprises enjoying tax treaty benefits may apply for reduction or exemption - The company has been identified as a resident enterprise of the People's Republic of China and is required to withhold and pay 10% enterprise income tax[72] - For H-share holders registered under non-individual names (including Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect investors), the company will distribute dividends after deducting 10% enterprise income tax[72][73] - No individual income tax will be withheld for natural person H-share holders[72] - Non-resident enterprises that qualify as resident enterprises or are subject to a tax rate lower than 10% under a tax treaty may submit supporting documents to apply for reduction or exemption[73] Management Discussion and Analysis Core Competitiveness Analysis The company possesses a rich oil and gas resource base and industry-leading production growth capabilities, dominates offshore oil and gas exploration and development in China, masters a complete set of offshore oil and gas technologies, demonstrates strong cost control, robust financial performance, and a diversified asset structure, while steadily advancing green and low-carbon development - The company possesses a rich resource base, with a reserve replacement ratio consistently above 130% for many years and reserve life stable at 10 years[75] - The company is the most significant oil and natural gas producer in China's offshore areas, with extensive experience in oil and gas exploration and development and comprehensive offshore production facilities[76] - A complete offshore oil and gas exploration, development, and production technology system has been established, with breakthroughs in key engineering technologies for ultra-deepwater oil and gas field development at 1,500 meters[77] - The cost control system is well-developed, with industry-leading per-barrel profitability, robust financial condition, and a low asset-liability ratio[78] - The company has a global layout of oil and gas assets, possessing a diversified asset structure, with interests in several world-class oil and gas projects in Guyana and Brazil[79] - The company adheres to offshore new energy business as its core, promoting the integrated development of new energy and oil and gas production, and steadily advancing zero-carbon and negative-carbon industries[80] Operating Performance In H1 2025, the company's operating revenue and net profit attributable to parent company shareholders decreased due to falling oil prices, but this was partially offset by increased reserves and production and cost control; operating expenses, exploration expenses, depreciation, depletion, and amortization, and selling and administrative expenses all increased, while per-barrel cost indicators decreased H1 2025 Oil and Gas Sales Revenue, Price, and Volume (million RMB) | Indicator | H1 2025 | H1 2024 | Change Amount | Change Ratio (%) | | :--- | :--- | :--- | :--- | :--- | | Oil and Gas Sales Revenue | 171,745 | 185,112 | (13,367) | (7.2) | | Petroleum Liquids Sales Revenue | 143,998 | 161,256 | (17,258) | (10.7) | | Natural Gas Sales Revenue | 27,747 | 23,856 | 3,891 | 16.3 | | Sales Volume (million BOE) | 373.8 | 356.1 | 17.7 | 5.0 | | Petroleum Liquids Sales Volume (million barrels) | 290.0 | 282.1 | 7.9 | 2.8 | | Natural Gas Sales Volume (billion cubic feet) | 489.2 | 431.1 | 58.1 | 13.5 | | Realized Price of Petroleum Liquids (USD/barrel) | 69.15 | 80.32 | (11.17) | (13.9) | | Realized Price of Natural Gas (USD/thousand cubic feet) | 7.90 | 7.79 | 0.11 | 1.4 | - Operating revenue was RMB 207,608 million, a year-on-year decrease of 8.4%, mainly due to falling oil prices, partially offset by increased sales volume[81] - Operating expenses were RMB 18,277 million, a year-on-year increase of 4.7%; per-barrel operating expense was USD 6.76/BOE, a year-on-year decrease of 0.7%[82] - Exploration expenses were RMB 5,233 million, a year-on-year increase of 11.2%, mainly due to increased risk exploration efforts[83] - Depreciation, depletion, and amortization were RMB 39,318 million, a year-on-year increase of 4.7%; per-barrel depreciation, depletion, and amortization (excluding oilfield abandonment costs) was USD 13.89/BOE, a year-on-year decrease of 0.4%[84] - Selling and administrative expenses were RMB 5,329 million, a year-on-year increase of 2.1%; per-barrel selling and administrative expense was USD 1.91/BOE, a year-on-year decrease of 6.4%[85] - Net exchange gain was RMB 1,204 million, a year-on-year increase of 323.8%, mainly due to fluctuations in the USD to HKD exchange rate[86] - Income tax expense was RMB 25,066 million, a year-on-year decrease of 3.7%, primarily due to a decrease in overall pre-tax profit[87] - Net profit attributable to parent company shareholders was RMB 69,533 million, a year-on-year decrease of 12.8%, partially mitigating the adverse impact of declining international oil prices[88] Assets, Liabilities, and Equity As of June 30, 2025, the company's financial position remained robust; total assets and total liabilities both increased, with current assets primarily affected by increased cash and time deposits, current liabilities by increased dividends payable, and non-current liabilities by increased oilfield abandonment provisions Assets, Liabilities, and Equity (million RMB) | Item | June 30, 2025 | December 31, 2024 | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Current Assets | 321,489 | 264,609 | 21.5 | | Non-current Assets | 797,468 | 791,672 | 0.7 | | Total Assets | 1,118,957 | 1,056,281 | 5.9 | | Current Liabilities | 136,146 | 118,875 | 14.5 | | Non-current Liabilities | 194,436 | 187,970 | 3.4 | | Total Liabilities | 330,582 | 306,845 | 7.7 | | Equity Attributable to Parent Company Shareholders | 786,468 | 747,548 | 5.2 | | Total Equity | 788,375 | 749,436 | 5.2 | - Current assets increased by 21.5%, mainly due to an increase in cash and cash equivalents and time deposits with maturities between three months and one year[89] - Current liabilities increased by 14.5%, mainly due to an increase in dividends payable[90] - Non-current liabilities increased by 3.4%, mainly due to an increase in oilfield abandonment provisions[90] Cash Flow Situation In H1 2025, the company's cash flow remained healthy; net cash flow from operating activities decreased due to lower oil prices, net cash outflow from investing activities decreased due to increased cash inflow from subsidiary disposals, and net cash outflow from financing activities decreased due to reduced debt repayments Cash Flow Situation (million RMB) | Item | Current Period | Prior Year Period | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 109,182 | 118,554 | (7.9) | | Net Cash Flow from Investing Activities | (73,783) | (78,802) | (6.4) | | Net Cash Flow from Financing Activities | (22,451) | (30,322) | (26.0) | - Net cash inflow from operating activities decreased by 7.9% year-on-year, mainly due to a decrease in cash inflow from oil and gas sales resulting from lower international oil prices[92] - Net cash outflow from investing activities decreased by 6.4% year-on-year, mainly due to an increase in cash inflow from the disposal of subsidiaries[92] - Net cash outflow from financing activities decreased by 26.0% year-on-year, mainly due to a decrease in cash paid for debt repayment in the current period[92] Capital Expenditures In the first half, the company completed capital expenditures of RMB 57.6 billion, an 8.8% decrease from the same period last year, primarily due to reductions in development investment and capitalized production Capital Expenditures (million RMB) | Item | H1 2025 | H1 2024 | Change Amount | Change Ratio (%) | | :--- | :--- | :--- | :--- | :--- | | Exploration Investment | 9,094 | 9,240 | (146) | (1.6) | | Development Investment | 36,273 | 40,221 | (3,948) | (9.8) | | Capitalized Production | 11,631 | 12,511 | (880) | (7.0) | | Other | 602 | 1,153 | (551) | (47.8) | | Total | 57,600 | 63,125 | (5,525) | (8.8) | Capital Gearing Ratio and Asset Pledges As of June 30, 2025, the company's capital gearing ratio was 8.4%, a decrease of 2.5 percentage points from the end of last year, further optimizing financial leverage; detailed information on pledged assets can be found in Note 9 to the financial statements - As of June 30, 2025, the company and its subsidiaries' capital gearing ratio was 8.4%, a decrease of 2.5 percentage points from the end of last year[94] - For the company's pledged assets, please refer to Note 9 to the interim unaudited condensed consolidated financial statements[95] Second Half Work Plan In the second half, the company will focus on value exploration, consolidate the resource base for reserve and production growth, strengthen the safety production line, achieve quality and efficiency improvements in capacity building, and enhance lean management to maintain cost competitiveness and continuously improve value creation capabilities - In the second half, the focus will be on value exploration, concentrating on key areas to continuously consolidate the resource base for reserve and production growth[96] - The safety production line will be strengthened to achieve quality and efficiency improvements in capacity building, ensuring the completion of annual production and operation targets[96] - Lean management will be enhanced to maintain cost competitive advantages and continuously improve value creation capabilities[96] Use of Proceeds from Listing The company's net proceeds from its 2022 A-share listing were RMB 32,099 million, primarily used for development projects in Guyana, Liuhua, Lingshui, and Lufeng oilfields, and to supplement working capital; most funds have been utilized by the end of the reporting period, with the remainder expected to be used by December 31, 2025 - The company completed its initial public offering of RMB ordinary shares and listing on the Shanghai Stock Exchange on April 21, 2022, with net proceeds of RMB 32,099 million[97] Use of Proceeds from Listing (as of June 30, 2025, million RMB) | Planned Use of Proceeds | Committed Investment Amount | Utilized Proceeds | Unutilized Proceeds | Expected Timeline | | :--- | :--- | :--- | :--- | :--- | | Guyana Payara Oilfield Development Project | 5,200.00 | 5,200.00 | – | | | Liuhua 11-1/4-1 Oilfield Secondary Development Project | 6,500.00 | 5,264.72 | 1,235.28 | | | Guyana Liza Oilfield Phase II Development Project | 2,200.00 | 2,200.00 | – | | | Lufeng Oilfield Group Regional Development Project | 3,500.00 | 3,171.25 | 328.75 | Expected to be utilized by December 31, 2025 | | Lingshui 17-2 Gas Field Development Project | 3,000.00 | 2,985.20 | 14.80 | | | Lufeng 12-3 Oilfield Development Project | 1,000.00 | 1,000.00 | – | | | Qinhuangdao 32-6/Caofeidian 11-1 Oilfield Group Shore Power Application Project | 1,000.00 | 826.86 | 173.14 | | | Liuda 6-2 Oilfield Development Project | 500.00 | 500.00 | – | | | Supplement Working Capital | 9,199.09 | 9,175.34 | 23.75 | | | Total | 32,099.09 | 30,323.38 | 1,775.70 | | Financial Report Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income In H1 2025, the company achieved a net profit of RMB 69,593 million, with net profit attributable to parent company shareholders of RMB 69,533 million, and basic and diluted earnings per share of RMB 1.46, all showing a decrease from the prior year period H1 2025 Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (million RMB) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | 207,608 | 226,770 | | Operating Profit | 95,102 | 105,542 | | Profit Before Tax | 94,659 | 105,776 | | Income Tax Expense | (25,066) | (26,031) | | Net Profit | 69,593 | 79,745 | | Net Profit Attributable to Company Shareholders | 69,533 | 79,731 | | Total Other Comprehensive (Expense)/Income, Net of Tax | (1,970) | 1,468 | | Total Comprehensive Income for the Period | 67,623 | 81,213 | | Basic Earnings Per Share (RMB) | 1.46 | 1.68 | | Diluted Earnings Per Share (RMB) | 1.46 | 1.68 | Interim Condensed Consolidated Statement of Financial Position As of June 30, 2025, the company's total assets reached RMB 1,118,957 million, total liabilities were RMB 330,582 million, and equity attributable to company shareholders was RMB 786,468 million, maintaining a robust financial position Interim Condensed Consolidated Statement of Financial Position (million RMB) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Non-current Assets | 797,468 | 791,672 | | Current Assets | 321,489 | 264,609 | | Total Assets | 1,118,957 | 1,056,281 | | Current Liabilities | 136,146 | 118,875 | | Non-current Liabilities | 194,436 | 187,970 | | Total Liabilities | 330,582 | 306,845 | | Equity Attributable to Company Shareholders | 786,468 | 747,548 | | Total Equity | 788,375 | 749,436 | Interim Condensed Consolidated Statement of Changes in Equity For the six months ended June 30, 2025, the company's total equity increased from RMB 749,436 million at the beginning of the period to RMB 788,375 million, primarily driven by current period profit, partially offset by dividend distribution and exchange translation differences - As of June 30, 2025, equity attributable to company shareholders was RMB 786,468 million, an increase from RMB 747,548 million as of January 1, 2025[105] - Current period profit was RMB 69,533 million, net other comprehensive expense was RMB (1,970) million, and the 2024 final dividend distributed was RMB (28,672) million[105] Interim Condensed Consolidated Statement of Cash Flows In H1 2025, the company's net cash inflow from operating activities was RMB 109,182 million, net cash outflow from investing activities was RMB 73,783 million, net cash outflow from financing activities was RMB 22,451 million, and the period-end cash and cash equivalents balance was RMB 94,137 million Interim Condensed Consolidated Statement of Cash Flows (million RMB) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Inflow from Operating Activities | 109,182 | 118,554 | | Net Cash Outflow from Investing Activities | (73,783) | (78,802) | | Net Cash Outflow from Financing Activities | (22,451) | (30,322) | | Net Increase in Cash and Cash Equivalents | 12,948 | 9,430 | | Cash and Cash Equivalents at Period-end | 94,137 | 142,960 | Notes The financial statement notes provide detailed explanations of the company's organizational structure, accounting policies, segment information, taxes, earnings per share, dividends, property, plant and equipment, intangible assets, accounts receivable and payable, borrowings, share capital, subsidiary disposals, related party transactions, commitments and contingencies, and financial instruments Company Organization and Principal Activities The company was established in Hong Kong in 1999, primarily engaged in crude oil and natural gas exploration, development, production, and sales; its ultimate controlling company is China National Offshore Oil Corporation, and it lists interests in major subsidiaries, joint ventures, and associates - The company and its subsidiaries are primarily engaged in crude oil and natural gas exploration, development, production, and sales activities[108] - The company's ultimate controlling company is China National Offshore Oil Corporation, established in China[109] - Interests in major directly or indirectly controlled subsidiaries, joint ventures, and associates, such as CNOOC China Limited, CNOOC International Limited, and Arctic LNG 2 LLC, are listed[109][110][111] Basis of Preparation and Accounting Policies The interim condensed consolidated financial statements are prepared in accordance with IAS 34/HKAS 34 and the HKEX Listing Rules, and should be read in conjunction with the annual financial statements; accounting policies and calculation methods adopted in this period are consistent with the prior year, with no significant impact from newly revised standards - These interim condensed consolidated financial statements are prepared in accordance with International Accounting Standard 34/Hong Kong Accounting Standard 34 and the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[114] - The accounting policies and methods of computation adopted in the preparation of these interim condensed consolidated financial statements are consistent with those followed in the annual financial statements for the year ended December 31, 2024[116] - The adoption of revised International Financial Reporting Standards/Hong Kong Financial Reporting Standards during the period had no significant impact on the accounting policies, disclosures, or amounts recognized in the interim condensed consolidated financial statements of the company and its subsidiaries[116] Oil and Gas Sales Revenue and Trading Revenue Oil and gas sales revenue refers to revenue from oil and gas sales less royalties and obligations to governments and other mineral right owners, while trading revenue refers to revenue from selling crude oil and natural gas attributable to foreign partners and through subsidiaries, both recognized upon delivery of oil and gas to customers - Oil and gas sales revenue is the revenue derived from oil and gas sales less royalties and obligations to governments and other mineral right owners[117] - Trading revenue refers to the revenue from the sale of crude oil and natural gas attributable to foreign partners under petroleum product sharing contracts and the sale of crude oil and natural gas through the company's subsidiaries[117] - Both oil and gas sales revenue and trading revenue are recognized when crude oil and natural gas are delivered to customers, i.e., when the customer obtains control of the crude oil and natural gas, and the company and its subsidiaries have a present right to payment and it is highly probable that the consideration will be collected[117] Segment Information The company discloses its principal activities through three operating segments: exploration and production, trading business, and corporate business; in H1 2025, 63% of the company's sales revenue came from customers in China - The company and its subsidiaries disclose their principal activities through three operating segments: exploration and production, trading business, and corporate business[118] Total Segment Revenue (million RMB) | Segment | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Exploration and Production | 176,440 | 188,102 | | Trading Business | 31,134 | 36,652 | | Corporate | 655 | 572 | | Eliminations | (621) | 1,444 | | Consolidated | 207,608 | 226,770 | - 63% (H1 2024: 62%) of the sales revenue recognized by the company and its subsidiaries in the interim condensed consolidated statement of profit or loss and other comprehensive income was from customers in China[120] Finance Costs In H1 2025, the company's interim condensed consolidated statement of profit or loss and other comprehensive income recognized an increase in the discounted value of abandonment provisions over time of approximately RMB 1,911 million - For the six months ended June 30, 2025, the increase in the discounted value of abandonment provisions recognized in the interim condensed consolidated statement of profit or loss and other comprehensive income was approximately RMB 1,911 million (H1 2024: approximately RMB 1,614 million)[121] Taxation The company and its subsidiaries are subject to various taxes, including 16.5% Hong Kong and 25% China income tax (15% for high-tech enterprises), as well as VAT, resource tax, urban maintenance and construction tax, education surcharge, special oil gain levy, and mining rights transfer fees; the company is evaluating the potential impact of Pillar Two income tax - The company is subject to 16.5% income tax on taxable profits arising or derived in Hong Kong and is recognized as a resident enterprise in China, subject to 25% China enterprise income tax[122] - CNOOC Deepwater Development Limited has been re-recognized as a high-tech enterprise and is eligible for a 15% enterprise income tax rate from 2024 to 2026[122] - The special oil gain levy rate is determined by the monthly weighted average price of crude oil for oil extraction enterprises, with a threshold of USD 65/barrel, implementing a 5-tier progressive ad valorem levy with rates ranging from 20% to 40%[125] - Effective May 1, 2023, the company is required to pay mining rights transfer fees at rates ranging from 0.3% to 0.8% of sales revenue, depending on the type of mineral resource, for exploration and exploitation of mineral resources within the territory and jurisdictional waters of the People's Republic of China[127] Earnings Per Share In H1 2025, the profit used to calculate basic and diluted earnings per ordinary share was RMB 69,533 million, with a weighted average number of ordinary shares of 47,529,953,984, resulting in basic and diluted earnings per share of RMB 1.46 Earnings Per Share Calculation (million RMB) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit used to calculate basic and diluted earnings per ordinary share | 69,533 | 79,731 | | Weighted average number of ordinary shares used to calculate basic and diluted earnings per share | 47,529,953,984 | 47,566,763,984 | | Earnings per share - Basic and Diluted (RMB) | 1.46 | 1.68 | - The company had no dilutive potential ordinary shares for the six months ended June 30, 2025, and June 30, 2024[128] Dividends The board declared an interim dividend of HKD 0.73 per share (tax inclusive) on August 27, 2025, totaling approximately RMB 31,602 million (tax inclusive); as a Chinese resident enterprise, the company will withhold 10% enterprise income tax on dividends distributed to non-resident enterprise H-share holders - On August 27, 2025, the board declared an interim dividend of HKD 0.73 per share (tax inclusive) to shareholders[129] - Based on the number of shares issued on the board's declaration date, the total is approximately HKD 34,697 million (tax inclusive) (approximately RMB 31,602 million (tax inclusive))[129] - As a Chinese resident enterprise, the company is required to withhold enterprise income tax at a rate of 10% when distributing dividends to non-resident enterprises (as defined by the Enterprise Income Tax Law of the People's Republic of China)[129] Property, Plant and Equipment and Right-of-Use Assets In H1 2025, the company and its subsidiaries acquired approximately RMB 58,241 million in property, plant and equipment, and recognized RMB 1,316 million in right-of-use assets and RMB 1,312 million in lease liabilities; interests in the Australia North West Shelf (NWS) project have been pledged as collateral - For the six months ended June 30, 2025, the company and its subsidiaries acquired property, plant and equipment totaling approximately RMB 58,241 million[130] - At the commencement date of the leases, the company and its subsidiaries recognized right-of-use assets of RMB 1,316 million and lease liabilities of RMB 1,312 million[130] - The company and its subsidiaries' interests in the Australia North West Shelf ("NWS") project have been pledged as collateral for the company and its subsidiaries' liabilities related to that project to other partners and operators[130] Intangible Assets The company's intangible assets include software and others, right-of-use for natural gas production and processing facilities in the NWS project, trade transportation and storage contracts, mining exploration and exploitation rights, and goodwill; these assets are amortized using different methods based on their nature, with future oil and gas prices and production forecasts considered as key assumptions in assessing value in use - The company and its subsidiaries' intangible assets include software and others, right-of-use for natural gas production and processing facilities in the NWS project, trade transportation and storage contracts, mining exploration and exploitation rights, and goodwill[131] - Intangible assets related to natural gas processing rights are amortized using the unit-of-production method based on the total proved reserves of the related assets when commercial production of liquefied natural gas commences[131] - Key assumptions in assessing the value in use of the overall exploration and production assets include, but are not limited to, future oil and gas prices, future production forecasts, future capital expenditures, future operating expense forecasts, and the determination of discount rates[131] Accounts Receivable As of June 30, 2025, the company's total accounts receivable amounted to RMB 45,111 million, with a bad debt provision of RMB 103 million; the vast majority of customers have good credit quality and repayment records, with no significant overdue accounts Accounts Receivable Aging and Related Bad Debt Provision Analysis (million RMB) | Aging | Accounts Receivable as of June 30, 2025 | Bad Debt Provision as of June 30, 2025 | Provision Rate (%) as of June 30, 2025 | | :--- | :--- | :--- | :--- | | Within 1 year | 45,013 | 51 | 0.11 | | 1 to 2 years | 4 | 4 | 100.00 | | 2 to 3 years | 6 | 3 | 50.00 | | Over 3 years | 88 | 45 | 51.14 | | Total | 45,111 | 103 | 0.23 | - The vast majority of customers have good credit quality and repayment records, and there are no significant overdue accounts[133] Accounts Payable and Accrued Expenses As of June 30, 2025, the company's total accounts payable and accrued expenses amounted to RMB 70,644 million, of which RMB 63,961 million was payable to suppliers and partners; the vast majority of these accounts are within six months and are non-interest bearing Accounts Payable and Accrued Expenses (million RMB) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Amounts payable to suppliers and partners | 63,961 | 57,874 | | Amounts payable to third-party traders | 6,683 | 1,811 | | Total | 70,644 | 59,685 | - As of June 30, 2025, and December 31, 2024, the vast majority of accounts payable and accrued expenses were within six months and were non-interest bearing[134] Bank and Other Borrowings As of June 30, 2025, the company's short-term bank and other borrowings were RMB 1,328 million, and long-term bank and other borrowings were RMB 60,568 million; all bonds are fully and unconditionally guaranteed by the company, with no defaults occurring during the period Short-term Bank and Other Borrowings (million RMB) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Short-term bank and other borrowings | – | 4,303 | | Bank and other borrowings due within one year | 1,328 | 15,781 | | Total | 1,328 | 20,084 | Long-term Bank and Other Borrowings (million RMB) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Tangguh LNG Project Loan Phase III | 1,777 | 2,020 | | General borrowings | 3,711 | 3,766 | | Bonds | 55,080 | 55,457 | | Total | 60,568 | 61,243 | - All mentioned bonds are provided with a full and unconditional guarantee by the company[137] - During the period, there were no defaults on the principal, interest, or repayment terms of long-term bank borrowings[138] Share Capital As of June 30, 2025, the company's issued and fully paid share capital was 47,529,953,984 shares, equivalent to RMB 75,180 million; there were no changes in the number of shares or share capital amount during the period Issued and Fully Paid Share Capital (million RMB) | Item | Number of Shares | Equivalent of Issued Share Capital | | :--- | :--- | :--- | | As of January 1, 2024 | 47,566,763,984 | 75,180 | | Shares repurchased and cancelled | (36,810,000) | – | | As of December 31, 2024, and June 30, 2025 | 47,529,953,984 | 75,180 | | Of which: Shares listed on HKEX | 44,539,953,984 | | | Shares listed on SSE | 2,990,000,000 | | - For the six months ended June 30, 2025, there were no changes in the number of shares or the amount of share capital of the company[139] Disposal of Subsidiaries As of June 30, 2025, CNOOC Energy Holdings U.S.A. Inc., a subsidiary of CNOOC International Ltd., has completed the closing of the 100% equity sale and purchase agreement in the United States - As of June 30, 2025, CNOOC Energy Holdings U.S.A. Inc., a subsidiary of the company's subsidiary CNOOC International Ltd. in the United States, completed the closing of the 100% equity sale and purchase agreement for CNOOC Holdings U.S.A. Inc. with an INEOS Energy subsidiary, signed in December 2024[140] Related Party Transactions The company engages in a series of ongoing connected transactions with its ultimate controlling company, CNOOC Group, and its associates, including service provision and product sales, with pricing principles following government pricing or market rates; transactions also occur with CNOOC Finance Company Limited and other state-owned enterprises - The company is a subsidiary of CNOOC Group, and transactions between the company and CNOOC Group and its associates are identified as related party transactions[141][142] - The company has entered into a comprehensive framework agreement with CNOOC Group, covering the provision of exploration, development, production, sales, management, and ancillary services, as well as the sale of oil and natural gas products and green power products[142][143] - The basic pricing principle for related party transactions is determined through fair negotiation, based on normal commercial terms or better terms, referencing prevailing local market conditions, and adhering to government pricing or market rates[144][145] Summary of Transactions with CNOOC Group and/or its Associates (million RMB) | Transaction Type | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Provision of Services (Exploration, Development, Production, Management, FPSO Lease) | 44,288 | 46,837 | | Sale of Oil and Natural Gas Products and Green Power Products | 116,320 | 130,791 | | Interest Income from Deposits with Finance Company | 149 | 169 | | Balance of Deposits with Finance Company (Period-end) | 21,948 | 21,922 | | Amounts Payable to CNOOC Group and Associates (Period-end) | 48,000 | 40,577 | | Borrowings from CNOOC Group and Associates (Period-end) | 1,320 | 5,630 | | Amounts Receivable from its Associates (Period-end) | 20,437 | 18,567 | - Revenue from sales to CNOOC Group and/or its associates accounted for 56% of total revenue[147] - A series of transactions were conducted with other state-owned enterprises, including sales of oil and natural gas, purchases of property, plant and equipment and other assets, receipt of services, and deposits[150] [Commitments and