Investment Rating - The report maintains a "Strong Buy" rating for China National Offshore Oil Corporation (CNOOC) [4] Core Views - The financial indicators for 2024 show steady improvement, with a significant increase in net profit attributable to shareholders by 11.38% year-on-year, reaching 137.936 billion yuan [2][11] - The company focuses on its core oil and gas business, continuously increasing reserves and production, leading to a rise in oil and gas output and net profit margin despite fluctuations in international oil prices [2][11] - The average realized oil price for the first quarter of 2025 was 72.65 USD/barrel, a decrease of 7.7% year-on-year, while gas prices increased by 1.2% [3][11] Financial Performance Summary - In 2024, the operating revenue is projected to be 420.506 billion yuan, a year-on-year increase of 0.94%, with a net profit of 137.936 billion yuan [2][13] - The company achieved an oil and gas production of 726.8 million barrels of oil equivalent in 2024, a growth of 7.2% year-on-year, with a sales net profit margin of 32.81%, up by 3.02% [2][11] - The debt-to-asset ratio improved to 29.05%, a decrease of 4.53% year-on-year, indicating better financial stability [2][11] Cost Management - The average oil cost per barrel for 2024 was 28.52 USD, down from 28.83 USD in 2023, reflecting a solid cost advantage [10] - The company plans to maintain high capital expenditures in 2025, with a budget of 125 to 135 billion yuan, focusing on exploration and development [11][13] Production Goals - The production target for 2025 is set between 760 to 780 million barrels of oil equivalent, representing a year-on-year growth of 5.9% [11][13] - The company aims to pursue high-quality development and effective production growth [11]

Group 1 - Zhongjin Gold plans to inject four companies, including Inner Mongolia Jintao, into the company to resolve competition issues, acquiring stakes of 49.34%, 80%, 70%, and 70% respectively [3] - Keli Yuan intends to invest an additional 500 million yuan in a storage industry fund, increasing its total commitment from 200 million yuan to 700 million yuan, holding 49.93% of the fund [4] - China Shenhua plans to acquire a 7.43% stake in the National Energy Group Financial Company for 2.929 billion yuan, which is expected to increase its net profit by 97 million yuan [5] Group 2 - Weier Co. plans to issue H-shares and list on the Hong Kong Stock Exchange, considering the interests of existing shareholders [6] - China Communication Signal plans to invest approximately 3.789 billion yuan in 11 major rail transit projects, accounting for 11.67% of its audited revenue for 2024 [8] - Intercontinental Oil and Gas intends to invest approximately 848 million USD in the Iraq South Basra Integrated Project, with a total investment of about 1.266 billion USD [9] Group 3 - Jiaying Pharmaceutical's subsidiary signed a technology development contract with Hunan University of Chinese Medicine to develop a new traditional Chinese medicine [10] - Ruide Intelligent signed a strategic cooperation agreement with Shunde Vocational and Technical College to enhance collaboration in technology and talent development [11] - Jiaojian Co. and its partners won a bid for a drainage project worth 225 million yuan, with an expected contribution of 101 million yuan to the company's revenue [12] Group 4 - Hengshun Vinegar's controlling shareholder plans to increase its stake in the company by investing between 50 million and 100 million yuan [14] - Changhua Group's shareholder platform intends to reduce its stake by up to 3%, amounting to a maximum of 14.1 million shares [15] Group 5 - Yunzhongma plans to raise no more than 640 million yuan through a private placement to fund projects for producing DTY yarn and high-performance leather base fabric [17]

2022 Interim Results Presentation August 2022 Table of Contents Financial Performance Operating Performance Natural Gas Distribution Business Oil and Gas Production Business Q&A Session 2 Key Performance Indicators +39% +78% +18% Revenue (HK$) 1H2022: 8,180 Million 1H2021: 6,952 Million Natural Gas Sales and Transmission Volume (Cubic Meters) 1H2022: 3,291 Million 1H2021: 2,928 Million Recurring Profit Attributable to Owners of the Company (HK$) 1H2022: 496 Million 1H2021: 357 Million Profit attributable to ...

Core Viewpoint - The Iraqi Ministry of Oil expresses a welcoming stance and ongoing pursuit of collaboration with American companies for the development of oil and gas fields [1] Group 1 - The Iraqi government is actively seeking partnerships with U.S. firms to enhance its oil and gas sector [1]

Core Viewpoint - China National Petroleum Corporation (CNPC) released its 2024 Corporate Social Responsibility (CSR) report, marking the 19th consecutive year of such reports, highlighting its commitment to sustainable energy supply, responsible production, employee development, and social contributions [1][2]. Group 1: CSR Report Highlights - The report is structured around principles of objectivity, standardization, integrity, transparency, and materiality, aligning with various national and international guidelines [1]. - It emphasizes disclosures on sustainability topics such as "technological innovation," "energy transition," and "climate change" to reflect the company's responsible practices [2]. - The report includes a section on "energy security new strategy," summarizing CNPC's efforts to enhance energy supply capabilities and international cooperation [2]. Group 2: Technological and Operational Achievements - CNPC's "Two Wide and One High" seismic exploration technology won the National Technology Invention Award First Class in 2024, showcasing advancements in overcoming significant geological challenges [3]. - The report highlights the successful completion of scientific exploration and oil and gas discovery tasks, contributing to engineering technology upgrades [3]. - The chairman emphasized the company's commitment to steady progress and achieving historical records in production and operational indicators [3]. Group 3: Future Outlook - The year 2025 marks the end of the "14th Five-Year Plan" and the 75th anniversary of CNPC, with the company facing new opportunities and challenges amid global uncertainties [3]. - CNPC plans to continue its focus on high-quality development and energy security, aligning with national modernization efforts [3].

Core Insights - China National Offshore Oil Corporation (CNOOC) announced that the Bohai Oilfield aims to achieve an output of 40 million tons by 2025, making it the highest offshore production and largest oilfield in China [2] - The Bohai Oilfield has been in operation since 1965, with over 50 oil and gas fields and more than 200 production facilities, accumulating over 600 million tons of crude oil [2] - The oilfield has complex geological structures, making exploration and development challenging, but CNOOC has made significant technological advancements in exploration [2] - The Bohai Oilfield is a crucial growth driver for China's oil and gas reserves, with a record production of over 36 million tons in 2024, accounting for nearly one-sixth of the national crude oil output [2] - Key projects such as the Bohai Zhong 26-6 oilfield development and Luda 5-2 North oilfield phase II are expected to contribute to stable production growth [2][3] Industry Developments - The construction of the Kenli 10-2 oilfield group development project has made significant progress, with a central processing platform of approximately 20,000 tons completed and set to be operational within the year [3] - This new project is expected to inject new momentum into the Bohai Oilfield's goal of reaching 40 million tons of oil and gas output, enhancing energy supply capabilities for the Beijing-Tianjin-Hebei region and the Bohai Sea area [3]

浪潮奔涌，青年当先。在全球化纵深发展的今天，中国企业正以创新之姿跨越山海。他们不仅是经济合 作的践行者，更是文明互鉴的筑桥人。他们的故事，是青春与世界的对话，是责任与热忱的交响。 为此，本报特开设"扬帆'企'航"栏目，记录中国企业出海征程中的灼灼微光。我们期待您的线索：或许 是沙漠中建起医院时当地孩童的笑脸，或许是深海钻井平台上中外工程师击掌的瞬间，又或是文化交融 中一个打破偏见的温暖细节。 让我们共同编织这张连接中国与世界的叙事之网，让每一次开拓都被看见，让每一份善意都有回响。欢 迎通过邮箱chinayouthdaily@cyd.cn联系我们，让我们一起展现中国企业在全球发展中的创新实践，讲述 中国企业海外发展进程中的青年故事、中国故事、世界故事。 星辰大海，青年同行。期待您和"出海"企业的故事，成为世界时代潮声中的永恒坐标。 伊拉克米桑省东南部的平原上，曾经只有烈日与荒地。 1976年，地质人员在这片土地下发现了储量丰富的油气藏，后得名"哈法亚"。然而，由于开采难度大， 又缺乏技术和资金，油田长期处于基本未开发状态，日产原油不到一万桶，产量微乎其微。 2009年12月，在伊拉克第二轮石油合同招标中，中国石 ...

Financial Performance - The company's operating cash flow net increased by 339.97% year-on-year due to a rise in orders and prepayments [2][3] - In Q1 2025, net profit attributable to shareholders grew by 284.47%, primarily due to debt restructuring gains of CNY 78.49 million and a 65.72% reduction in credit impairment losses [4] Profitability Metrics - The overall gross margin reached 25.11% in 2024, an increase of 4.60 percentage points from the previous year, driven by a higher proportion of high-value-added business and effective cost control [3] - The gross margin for high-end equipment manufacturing increased by 5.64 percentage points, while the energy and energy services business saw a 3.18 percentage point increase in gross margin [3] Strategic Initiatives - The company is focusing on green energy projects, including hydrogen-based energy and advanced energy storage technologies, with significant projects underway [5] - A stock incentive plan was implemented to align the interests of the core team with the company's long-term development goals, enhancing motivation and collaboration [6] Market Expansion - The company is actively expanding its overseas oilfield operations, with exploration and production rights in Trinidad and Tobago covering 17,300 acres [6] - In 2023, the company signed contracts for a daily production of 3,000 tons (approximately 1 million tons annually) of ammonia compressor units, achieving international advanced performance standards [7] Investor Relations - The company emphasizes value management and investor communication, utilizing various platforms to maintain engagement and transparency with investors [6][7] - A new value management system has been established to enhance investor returns and maintain investor interests [6]

答：您好！公司拥有丰富的油气资源，通过已有区块勘探发现和竞标新区块持续提升资源量，形成有效接 替。公司温宿区块、哈萨克斯坦坚戈油田、岸边油田三个油田，经中哈两国主管部门批复及知名储量评估 机构落实的地质储量规模为约1.33亿吨，其中温北油田温7区块探明石油地质储量3,011万吨。柯柯牙油 田、红旗坡油田、赛克油田合计新申报探明石油地质储量1,323.42万吨，天然气探明储量14.02亿方；哈萨 克斯坦坚戈油田合计C1+C2地质储量为7,853.50万吨；岸边油田储量经评估约2,523.20万吨；伊拉克EBN区 块、伊拉克MF区块预测石油地质储量和资源量合计达18.08亿吨，预测溶解气储量合计达2,009亿立方米。 柯柯牙油田、红旗坡油田、赛克油田新申报储量及伊拉克两个区块预测储量和资源量均为2024年新增，感 谢您对公司的关注。 证券之星消息，2025年5月20日中曼石油（603619）发布公告称公司于2025年5月15日召开业绩说明会。 具体内容如下： 问：根据年报披露，公司2024年在国内温宿区块及海外伊拉克项目均取得勘探进展。能否具体说明当前已 探明油气储量的同比变化情况？ 问：今年国际油价下跌幅度很大 ...

Core Viewpoint - The development of carbon footprint accounting guidelines and practical manuals for upstream oil and gas products by Shengli Oilfield aims to standardize carbon footprint calculations and promote carbon emission reduction across the industry [1][2]. Group 1: Carbon Footprint Accounting - Shengli Oilfield has established comprehensive carbon footprint accounting for all 17 oil and gas development units, achieving full coverage in the domestic oil and gas industry [1]. - The carbon footprint of oil and gas products refers to the carbon emissions generated per ton of crude oil or per cubic meter of natural gas produced, encompassing emissions from exploration, extraction, transportation, and production services [1][2]. - The carbon footprint accounting process helps identify sources and total amounts of carbon emissions, enabling companies to find opportunities to reduce emissions during product design, production, and supply [1][2]. Group 2: Carbon Reduction Initiatives - Shengli Oilfield has set a "dual carbon" target and developed a comprehensive action plan with four work paths and 17 key measures to enhance carbon footprint management and reduce energy consumption [2]. - In 2023, Shengli Oilfield established the first energy and carbon emission control center in the domestic oil and gas industry, enabling online monitoring of energy use and carbon emissions across various operational systems [2]. - Key carbon emission sources identified include injection, oil extraction, and transportation, which account for 35.4%, 22.6%, and 8% of total emissions, respectively [2]. Group 3: Achievements in Carbon Reduction - Through technological advancements, Shengli Oilfield has reduced electricity consumption by 110 million kWh and natural gas consumption by 22 million cubic meters annually, achieving a total carbon reduction capacity of over 150,000 tons [3]. - Since 2022, Shengli Oilfield has established several industry demonstration projects, including the first million-ton CCUS demonstration base and the first "carbon neutral" crude oil storage facility in the country [3]. - During the 14th Five-Year Plan period, the total carbon emissions and intensity from Shengli Oilfield have continued to decrease, with a trend of increasing production without increasing carbon emissions [3].