CNOOC(SH:600938) Xinda Securities·2024-08-29 08:31Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [3][22]. Core Insights - The company achieved a revenue of 226.77 billion yuan in the first half of 2024, representing an 18.07% year-on-year increase, and a net profit attributable to shareholders of 79.73 billion yuan, up 25.05% year-on-year [3]. - The company continues to see significant growth in oil and gas production, with a total output of 362.6 million barrels of oil equivalent in the first half of 2024, a 9% increase year-on-year [3][22]. - The company is actively expanding its exploration efforts, with new discoveries in Guyana and Mozambique, enhancing its overseas exploration potential [2][3]. Financial Performance - In Q2 2024, the company reported a revenue of 115.30 billion yuan, a 22.20% increase year-on-year, and a net profit of 40.01 billion yuan, up 26.43% year-on-year [3]. - The gross margin for Q2 2024 was 53.99%, showing an improvement from Q1 2024 [3]. - The company’s oil price realization was $81.87 per barrel in Q2 2024, a 12% increase year-on-year, with a Brent crude oil average price of $85.03 per barrel [3]. Capital Expenditure and Cost Management - Capital expenditure for the first half of 2024 was 63.1 billion yuan, a 12% increase year-on-year, with a notable rise in development expenditure [1][3]. - The company’s oil production cost per barrel decreased to $27.91 in Q2 2024, reflecting improved operational efficiency [4]. Shareholder Returns - The company repurchased 16.366 million H-shares in July 2024 and announced a mid-year dividend of 0.74 HKD per share, a 25.4% increase year-on-year [5].