2022-09-06 22:41Financial Performance - The company reported total revenue of RMB 202,355 million, a significant increase from RMB 110,233 million in the same period of 2021, representing an increase of approximately 83.5%[102]. - The company's net profit for the same period was RMB 71,883 million, compared to RMB 33,326 million in the previous year, reflecting a growth of approximately 115.5%[102]. - The company's net profit attributable to shareholders reached RMB 71.89 billion, a significant year-on-year increase of 115.7%, with earnings per share of RMB 1.57[11]. - The company achieved a significant reduction in costs, with major oil costs rising only 4.6% despite a 60.9% increase in international oil prices[42]. - The total comprehensive income for the period was RMB 83,045 million, compared to RMB 32,408 million in the same period last year, indicating a substantial increase[103]. - The company reported a profit of RMB 71,887 million for the first half of 2022, compared to a profit of RMB 33,329 million in the same period of 2021, indicating a substantial increase of 115.6%[106]. Production and Operations - In the first half of 2022, the company achieved a net production of 304.8 million barrels of oil equivalent, representing a year-on-year increase of 9.6%[11]. - The company's net oil and gas production was approximately 304.8 million barrels of oil equivalent, representing a year-on-year increase of 9.6%[26]. - Domestic net production accounted for about 71%, with a total of 216.8 million barrels of oil equivalent, up 12.5% year-on-year[32]. - The company made five new discoveries in the Stabroek project in Guyana, with a recoverable resource of approximately 11 billion barrels of oil equivalent[10]. - The company made 9 new discoveries and successfully evaluated 16 oil and gas structures during the first half of the year[29]. - The company completed 152 exploration wells, including 7 overseas and 31 unconventional onshore wells[29]. Financial Position - The company's total assets reached RMB 919.81 billion, a year-on-year increase of 17%[14]. - The company's cash and cash equivalents at the end of June 2022 reached RMB 129,572 million, significantly higher than RMB 47,282 million at the end of June 2021, representing a growth of 174.5%[107]. - The company's total liabilities decreased slightly to RMB 203,364 million from RMB 210,642 million year-over-year, a reduction of 3.6%[105]. - Net assets increased to RMB 549,813 million as of June 30, 2022, up from RMB 481,976 million, reflecting a growth of 14.1%[105]. - The company's total liabilities related to bank and other borrowings were RMB 101,078 million as of June 30, 2022, compared to RMB 112,893 million as of December 31, 2021[165]. Shareholder Returns - The company declared an interim dividend of HKD 0.70 per share (tax included) for the year 2022, based on its operating performance, financial condition, and cash flow[89]. - The interim dividend will be distributed on or around October 13, 2022, to shareholders registered on the company's register as of September 12, 2022[89]. - The company plans to distribute an interim dividend of HKD 0.70 per share for the year 2022, reflecting its commitment to shareholder returns[11]. - The company has allocated RMB 32,099 million for shareholder contributions during the reporting period, reflecting ongoing commitment to shareholder value[106]. Environmental and Social Responsibility - The company is committed to environmental and social responsibility, as outlined in its governance practices[2]. - The company has initiated China's first large-scale offshore CCS/CCUS cluster research project, demonstrating its commitment to green development[12]. - The company has implemented measures to reduce carbon emissions, including increasing the proportion of natural gas production and expanding offshore oil and gas field shore power transformation[100]. - The company has strengthened its ecological and environmental responsibility by revising its ecological protection systems and conducting environmental audits across its subsidiaries[99]. - The company is committed to sustainable development by adhering to the principle of "developing while protecting" the environment, ensuring compliance with relevant environmental laws and regulations[99]. Risks and Challenges - The company emphasizes that actual performance may significantly differ from expectations due to various uncertainties, including macroeconomic factors and oil and gas price fluctuations[4]. - The company faces risks related to macroeconomic factors, including the impact of the COVID-19 pandemic and geopolitical tensions, which may adversely affect oil and gas supply and downstream demand[50]. - The company is exposed to international political and economic instability, which could negatively impact its financial condition and operational results[51]. - Fluctuations in oil and gas prices pose a significant risk to the company's business, cash flow, and earnings[55]. - The company faces heightened competition from national oil companies and independent oil and gas firms, which may negatively impact its business and financial performance[56]. Corporate Governance - The financial report has not been audited, and the board guarantees the accuracy and completeness of the financial statements[3]. - The company’s financial report is prepared in accordance with both Chinese accounting standards and international/Hong Kong financial reporting standards[3]. - The company has complied with all code provisions set out in the Corporate Governance Code during the reporting period[84]. - The audit committee has reviewed the company's accounting standards and practices, ensuring compliance with financial reporting and risk management[80]. - The company has adopted a set of ethical guidelines for directors and senior management, confirming compliance during the reporting period[85]. Subsidiaries and Investments - CNOOC's subsidiary, CNOOC Petroleum North America ULC, has issued 13,671,421,700 shares of common stock without par value in Canada[114]. - CNOOC's subsidiary, CNOOC Petroleum Brasil Ltda, is engaged in oil and gas exploration, development, and production activities in Brazil with a registered capital of R$7,830,661,300[115]. - CNOOC's subsidiary, CNOOC Canada Energy Ltd., is involved in oil sands exploration, development, and production activities in Canada[114]. - CNOOC's subsidiary, CNOOC Uganda Ltd, is engaged in oil and gas exploration, development, and production activities in Africa with a registered capital of 1 million Ugandan Shillings[114]. - CNOOC's subsidiary, CNOOC Exploration & Production Nigeria Limited, is involved in oil and gas exploration, development, and production activities in Africa with a registered capital of 10 million Naira[114].