Xin Lang Cai Jing·2025-03-31 02:30Core Viewpoint - China National Offshore Oil Corporation (CNOOC) reported a revenue of 420.5 billion yuan for 2024, with a year-on-year growth of approximately 1%, and a net profit attributable to shareholders of 137.9 billion yuan, reflecting an increase of about 11% [1] Financial Performance - In Q4, the company achieved a revenue of approximately 94.5 billion yuan, a decrease of 14% year-on-year and 5% quarter-on-quarter; the net profit for the quarter was about 21.3 billion yuan, down 19% year-on-year and 42% quarter-on-quarter [1] - The total dividend payout for 2024 is proposed at 1.4 HKD per share (including tax), with a total dividend payout ratio of approximately 45% [1] Production and Reserves - As of the end of 2024, CNOOC's net oil and gas production reached approximately 727 million barrels of oil equivalent, an increase of 7.2% year-on-year, exceeding the initial target of 700-720 million barrels [1] - The company's net proven reserves reached 7.271 billion barrels of oil equivalent, also up by about 7.2% year-on-year, with a reserve life stable at 10 years and a replacement ratio of approximately 167% [1] Capital Expenditure and Shareholder Returns - CNOOC's capital expenditure for the reporting period was 132.5 billion yuan, reflecting a year-on-year increase of about 2%, with capital expenditure intensity growing nearly threefold since 2016, at a compound annual growth rate of over 13% [2] - Over the past two years (2022 and 2023), the total cash dividends paid by the company exceeded 163.4 billion yuan, ranking fourth in A-shares and first in the oil and petrochemical sector [2] - The company plans to maintain a dividend payout ratio of no less than 45% for the years 2025-2027, subject to shareholder approval [2] Cost Control and Growth - CNOOC has achieved a net production growth of approximately 77% from 2013 to the end of 2024, while the main cost per barrel of oil has decreased by about 37%, demonstrating strong cost control capabilities [2] - The company's oil and gas reserves have increased by over 64% from 2013 to the end of 2024, providing a solid foundation for sustained production growth [2] Profit Forecast - The company is expected to maintain a clear growth trajectory with high dividend payouts, with projected net profits attributable to shareholders of 137.6 billion, 134.2 billion, and 139.6 billion yuan for the years 2025-2027 [3]