Financial Performance - Total revenue for 2023 was RMB 1,035,983, a decrease of 27.6% compared to RMB 1,431,294 in 2022[14] - The company reported a loss for the year of RMB 157,530, compared to a profit of RMB 2,378,790 in 2022[14] - Current assets decreased to RMB 209,434 in 2023 from RMB 296,365 in 2022, a decline of 29.3%[16] - Total assets decreased to RMB 1,726,326 in 2023 from RMB 2,432,164 in 2022, a reduction of 29.0%[16] - Total liabilities decreased to RMB 3,628,825 in 2023 from RMB 4,152,388 in 2022, a decline of 12.6%[16] - Equity decreased to RMB (1,902,499) in 2023 from RMB (1,720,224) in 2022, indicating a further decline in shareholder equity[16] - Revenue from the PRC segment decreased by 27.6% to RMB 1,036.0 million in 2023 compared to 2022[29] - EBITDA from the PRC segment decreased by RMB 623.7 million to RMB 731.6 million in 2023 from RMB 1,355.3 million in 2022[29] Production and Sales - Crude oil sales volume decreased to 1.86 million barrels in 2023 from 2.27 million barrels in 2022, representing a decline of approximately 18.1%[17] - Average realized price for crude oil was $78.89 per barrel in 2023, down from $93.97 per barrel in 2022, a decrease of about 15.9%[19] - Average daily net crude oil production was 5,259 barrels in 2023, down from 6,279 barrels in 2022, reflecting a decrease of about 16.2%[19] - Total proved crude oil reserves decreased to 5,033 thousand barrels in 2023 from 6,297 thousand barrels in 2022, a decline of approximately 20.1%[22] - Total proved and probable reserves decreased to 9,024 thousand barrels in 2023 from 11,005 thousand barrels in 2022, a decline of about 18.0%[22] - The total gross production of oil and gas decreased by 2.6% to approximately 5.27 million barrels of oil equivalent (MMBOE) in 2023 compared to 2022[29] - The net production of oil and gas decreased by 16.2% to 1.92 MMBOE in 2023 compared to 2022[29] - Gas production increased to 6.75 MMscf in 2023 from 3.08 MMscf in 2022, representing a growth of approximately 119.5%[17] Cost and Efficiency - Cash net-back for China oilfields was $60.70 per barrel in 2023, compared to $70.40 per barrel in 2022, a decrease of approximately 13.7%[19] - Lifting costs for crude oil increased slightly to $13.28 per barrel in 2023 from $13.16 per barrel in 2022, an increase of approximately 0.9%[19] - The lifting cost of the Daan project was US$13.28 per barrel in 2023, with an overall production decline rate maintained at 9.3%[28] - The company is committed to improving oil and gas field exploration efficiency and reducing production costs through process optimization and cost management[85] Strategic Focus and Future Outlook - The company plans to focus on market expansion and new product development in the upcoming year[1] - The company is exploring potential mergers and acquisitions to enhance its market position[1] - Future guidance indicates a cautious outlook due to market volatility and economic conditions[1] - The Group aims to focus on its core business, enhance cost control, and improve production efficiency in 2024, supported by a favorable environment of steadily increasing crude oil prices[39][41] Governance and Management - The company has a diverse board with members possessing significant experience in finance, auditing, and asset management, enhancing its strategic oversight capabilities[54] - The management team includes professionals with backgrounds in both academia and practical financial services, contributing to informed decision-making[55] - The company is focused on maintaining strong governance through its independent directors, ensuring accountability and transparency in operations[58] - The board's composition reflects a commitment to leveraging expertise in finance and risk management to navigate market challenges[52] - The Company has established corporate governance practices based on the CG Code as set out in the Listing Rules[76] - The Company has adopted a Board Diversity Policy to enhance competitive advantage through diversity at the Board level[138] Risk Management - The company faces significant risks from volatile international oil and gas prices, which can impact revenue and profit[168] - The majority of the company's sales in China are denominated in US dollars, while production costs are incurred in RMB, exposing the company to currency risk[168] - The company does not currently engage in hedging activities to manage foreign exchange rate risk but will continue to monitor changes to preserve cash value[168] - The Board is responsible for ensuring the effectiveness of risk management and internal control systems, which are designed to manage risks rather than eliminate them[151] Shareholder Relations - Effective communication with shareholders is prioritized to strengthen relationships and enhance understanding of the company's performance[183] - The company emphasizes the importance of timely information disclosure for informed investment decisions[183] - The Company has adopted a sustainable dividend policy, balancing shareholder expectations with prudent capital management[191] - The Company held its annual general meeting on January 12, 2024, where shareholders approved amendments to the Memorandum and Articles of Association, allowing virtual meetings[192]
MI能源(01555) - 2023 - 年度财报