CNOOC EnerTech(SH:600968)2022-04-18 16:00Dividend and Profit Distribution - The company plans to distribute a cash dividend of 0.55 RMB per 10 shares, totaling approximately 559 million RMB, which accounts for 43.56% of the net profit attributable to shareholders for 2021[3]. - The company has not proposed any capital reserve transfer to increase share capital or bonus shares for this dividend distribution[3]. - The company emphasizes a stable profit distribution policy, prioritizing cash dividends when conditions are met[109]. - The cash dividend policy stipulates that at least 10% of the net profit attributable to shareholders of the parent company must be distributed as cash dividends annually[110]. - In the case of rapid performance growth, the board may propose a stock dividend distribution plan if the stock price does not match the company's capital scale[110]. - The board of directors must propose the annual profit distribution plan, which requires approval from more than half of the independent directors before being submitted to the shareholders' meeting[110]. Financial Performance - In 2021, the company achieved operating revenue of RMB 38.74 billion, a 16.66% increase compared to RMB 33.21 billion in 2020[20]. - The net profit attributable to shareholders was RMB 1.28 billion, representing a decrease of 15.65% from RMB 1.52 billion in 2020[20]. - The basic earnings per share (EPS) for 2021 was RMB 0.1263, down 15.63% from RMB 0.1497 in 2020[21]. - The net cash flow from operating activities decreased by 36.43% to RMB 2.63 billion from RMB 4.14 billion in 2020[20]. - The company's total assets increased by 9.51% to RMB 35.67 billion at the end of 2021, compared to RMB 32.58 billion at the end of 2020[20]. - Operating costs increased to ¥33.62 billion, reflecting a year-on-year growth of 16.49%, which is lower than the revenue growth rate[43]. Risk Management and Compliance - The company has outlined potential risks in its future development, which are detailed in the management discussion and analysis section[6]. - The company emphasizes the importance of risk awareness regarding forward-looking statements in the report[4]. - The company has confirmed that there are no non-operational fund occupations by controlling shareholders or related parties[5]. - The company has not reported any violations of regulations in its financial disclosures[5]. - The company has maintained compliance with decision-making procedures regarding external guarantees[5]. - The company has implemented strict internal control systems to enhance governance and protect shareholder interests[79]. Research and Development - The company is focused on enhancing its technology research and development to support high-quality development strategies[30]. - Research and development expenses rose to ¥1.04 billion, marking a 21.67% increase compared to the previous year, indicating a continued commitment to R&D investment[43]. - The company has established 37 enterprise technology centers and holds 1,804 authorized patents, showcasing its strong R&D and innovation capabilities[42]. - The company completed 16 key technology research projects, including underwater production system integration testing technology[59]. - The company has outlined 33 core technologies and 24 distinctive technologies as part of its "14th Five-Year" technology plan[58]. Environmental Responsibility - The company is committed to achieving carbon peak and carbon neutrality goals, actively promoting green and low-carbon transformation[40]. - The company has established a carbon peak and carbon neutrality working group and developed multiple action plans for green development and low-carbon transition[137]. - The company reported hazardous waste generation, including 340.22 tons of HW09 hazardous waste and 34.2 tons of HW08 hazardous waste from its engineering technology division[120]. - The company has implemented measures for hazardous waste storage, ensuring no soil contamination occurs during temporary storage[120]. - The company’s wastewater treatment facilities are compliant with the first-level A discharge standards for urban sewage treatment plants[123]. Corporate Governance - The company held seven board meetings during the reporting period, ensuring compliance with governance procedures and providing decision-making support for normal operations[79]. - The company’s board of supervisors convened five meetings, contributing to the standard operation and healthy development of the company[79]. - The company has established a long-term mechanism to prevent the controlling shareholder from infringing on the company's interests[79]. - The independent directors have diligently fulfilled their responsibilities, ensuring compliance during board meetings, especially regarding related party transactions[79]. - The company has established a comprehensive corporate governance system, with clear responsibilities and standardized operations, and no major compliance issues were found during the self-inspection period from June 26, 2019, to December 31, 2020[117]. Market and Competitive Landscape - The international oil and gas service industry is highly competitive, with major players including Schlumberger, Halliburton, and Baker Hughes, while domestic competition is primarily led by state-owned enterprises[73]. - The market share of private oilfield service companies is rising as regional characteristics weaken, with the opening of the upstream sector and the establishment of a new competitive landscape among state-owned, private, and foreign enterprises[74]. - The company is observing trends in the oil and gas market, which is gradually opening up, potentially increasing competition from high-quality private enterprises[73]. - The company is committed to achieving carbon peak by 2030 and carbon neutrality by 2060, focusing on low-carbon technology innovation and the development of a low-carbon industry[74]. Strategic Initiatives - The company aims to enhance operational efficiency through systematic cost reduction and efficiency improvement initiatives[37]. - The company aims for net production targets of 600-610 million barrels of oil equivalent in 2022, increasing to 640-650 million in 2023, and 680-690 million in 2024[39]. - The capital expenditure budget for 2022 is set at RMB 90-100 billion, with 13 new projects expected to be launched during the year[39]. - The company is actively exploring clean energy industries such as distributed energy, lithium batteries, and hydrogen energy[36]. - The company plans to invest approximately 2.41 billion yuan in the construction of a 100,000-ton FPSO for the Lufeng 12-3 oilfield, with the project expected to be completed by August 22, 2023[68]. Social Responsibility - The company donated 15 million yuan to the Ecological Protection Public Welfare Foundation for targeted assistance projects in Inner Mongolia in 2021[140]. - The company produced 115,757 sets of work clothes and 88,722 pairs of shoes through the Gannan poverty alleviation workshop project, with a total order value of approximately 40% higher than in 2020[140]. - The company trained 2,014 individuals through its rural revitalization education assistance projects in 2021[140]. - The company is committed to consolidating and enhancing the results of poverty alleviation and rural revitalization through various initiatives[140]. - The company has a focus on low-income employee groups, providing support through relevant policies[106].