Chang Jiang Shang Bao·2025-08-11 00:39Core Viewpoint - China National Offshore Oil Corporation (CNOOC) is actively expanding its overseas operations while adhering to the principle of "investor-centric" [1] Group 1: Overseas Expansion and Production - On August 8, CNOOC announced the early production of the Yellowtail project in Guyana, which is located in the Stabroek block, increasing the total production capacity of the block to 900,000 barrels per day [2][4] - The Yellowtail project has a production capacity of 250,000 barrels per day and is supported by the largest Floating Production Storage and Offloading (FPSO) unit in the Stabroek block, designed to hold approximately 2 million barrels [4] - As of the end of 2024, CNOOC's overseas oil and gas assets accounted for 44.2% of total oil and gas assets, with overseas net proven reserves and net production accounting for 36.9% and 32.2%, respectively [6] Group 2: Financial Performance and Shareholder Returns - In 2024, CNOOC achieved operating revenue of 420.506 billion yuan, a year-on-year increase of 0.94%, and a net profit of 137.936 billion yuan, up 11.38% [5] - The company has increased its dividend payout ratio by 5 percentage points for the next three years, maintaining a policy of paying dividends twice a year, primarily in cash [3][8] - CNOOC has distributed approximately 177.7 billion yuan in cash dividends over the past three years, demonstrating its commitment to providing competitive and predictable long-term returns to investors [7] Group 3: Strategic Initiatives and Market Confidence - CNOOC is actively enhancing its market value through share buybacks and increased holdings by its controlling shareholder, with plans to invest between 2 billion and 4 billion yuan in A-shares and Hong Kong shares [9] - The implementation of the shareholding plan is expected to boost investor confidence and enhance the company's investment value [10]