Core Viewpoint - In 2024, China National Offshore Oil Corporation (CNOOC) reported a year-on-year increase in oil and gas sales revenue and net profit despite a decline in international oil prices, indicating resilience and operational efficiency in a challenging market environment [1][3]. Financial Performance - CNOOC's total oil and gas sales revenue reached RMB 355.6 billion, up 8.4% year-on-year [1]. - The net profit attributable to shareholders was RMB 137.9 billion, reflecting an 11.4% increase [1]. - The average cost per barrel was controlled at USD 28.52, a decrease of approximately 1.1% year-on-year, marking one of the lowest levels in recent years [3]. Production and Capacity - CNOOC achieved a net production of 726.8 million barrels of oil equivalent, a 7.2% increase compared to the previous year, exceeding the initial production guidance [3]. - The company’s proven reserves reached 7.27 billion barrels of oil equivalent, with a reserve replacement ratio of 167%, significantly above the industry standard of 100% [4]. Future Production Goals - CNOOC set production targets for 2025 to 2027, aiming for 760-780 million barrels, 780-800 million barrels, and 810-830 million barrels of oil equivalent, respectively [2][5]. Cost Control and Efficiency - The company is focusing on engineering standardization, intelligent management, and lean management to reduce costs and improve efficiency [4][5]. - CNOOC's capital expenditure for 2024 is projected at RMB 132.5 billion, with investments directed towards key oil and gas field development and new energy projects [4]. Natural Gas and Green Transition - CNOOC is enhancing its natural gas business as a key transitional energy source, with significant projects underway in both domestic and international markets [7][8]. - The company is also investing in renewable energy projects, including offshore wind power and carbon capture, utilization, and storage (CCUS) initiatives [9]. Compliance and Risk Management - CNOOC is strengthening its compliance framework to navigate uncertainties in the international trade environment, ensuring smooth operations across its business segments [6].

关于未来的股息政策，中国海油表示，2025年至2027年间，在获股东大会批准的前提下，全年股息支付 率将不低于45%。同时，公司将根据市场环境变化，秉持回报股东的原则，综合考虑股东的意愿、战略 规划、经营状况等因素，适时对上述分红政策进行调整。 对于2025年的经营策略，中国海油将扎实推进增储上产、科技创新和绿色发展三大工程，并同时实 施"提质增效升级"行动，不断提升价值创造能力，为股东带来更大回报。具体而言，2025年公司资本支 出预计为1250亿元至1350亿元之间，产量目标为760至780百万桶油当量，储量替代率不低于130%。 以技术创新驱动增储上产 中国海油3月27日发布2024年年度报告。2024年，中国海油坚持精益化管理，盈利水平保持高位，以优 秀的表现穿越油价周期。 2024年，公司实现油气销售收入3556亿元，归母净利润1379亿元，同比增长11.4%。全年桶油当量主要 成本为28.52美元，同比下降约1.1%，持续巩固成本竞争优势。分红方面，中国海油拟派发末期股息每 股0.66港元，股息总额313.7亿港元，全年股息1.4港元/股（含税），同比增长12%。 储量产量双增超7% 2024年， ...

公司代码：600938 公司简称：中国海油 中国海洋石油有限公司 中国海洋石油有限公司全体股东： 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整， 提 根据《企业内部控制基本规范》及其配套指引的规定和Committee of Sponsoring Organization （以下简称"COSO委员会"）制定的内部控制框架（以下简称"企业内部控制规范体系"），结合中国海 洋石油有限公司（以下简称"公司"）内部控制制度和评价办法，在内部控制日常监督和专项监督的基 础上，我们对公司2024年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要说明 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降 低， 公司董事会的职责是确保本公司建立和维持适当且有效的风险管理和内控控制系统、审视其有效 性、并确保公司对内部控制评价报告进行如实披露。在公司董事会监督下，公司管理层负责建立健全和 有效实施内部控制，并对有效性做出自检查和评价。公 ...

中国海油(00883.HK/600938.SH)去年净利超1300亿元，创历史第二高位。 智通财经记者 |田鹤琪 3月27日，中国海油公布2024年年度业绩称，其去年油气销售收入为3556亿元，同比增长8.4%；归母净 利润为1379亿元，同比增长11.4%；自由现金流为975亿元。 这一净利仅低于2022年，当年净利为1417亿元。 2024年，该公司股息1.4港元/股(含税)，同比上涨12%。 受经济增长预期、地缘政治、市场供需、货币政策等因素影响，国际油价总体呈先涨后跌走势。2024年 布伦特原油均价79.9美元/桶，同比下跌约2.9%。 去年，中国海油实现油价为每桶76.75美元/桶，同比下跌1.6%；实现气价7.72美元/千立方英尺，同比下 跌3.3%。同期，其桶油主要成本28.52美元，同比下降1.1%。 就中国而言，虽然国内天然气价格会受国际市场影响，但总体上随国内市场情况波动，变化幅度相较于 国际市场更为均衡。因此，中国海油去年的天然气价格基本保持稳定。 2024年，中国海油多个重点项目提前投产，资本支出为1325亿元。 国内方面，包括渤海的绥中36-1/旅大5-2油田二次调整开发项目和渤中1 ...

Investment Rating - The industry rating is "Outperform" (maintained) [5] Core Insights - AI is expected to significantly reduce operational costs in the oil and gas sector, with estimates suggesting a potential reduction of approximately $7 per BOE, translating to a decrease of about 17.5% [43] - The coal industry is witnessing advancements in smart mining, with AI applications enhancing disaster warning systems and operational efficiency, potentially increasing profits by 7%-12% and improving ROI by 2%-3% [46] - In the chemical industry, AI is being integrated into material research and intelligent manufacturing, with significant potential for innovation and efficiency improvements [70] Summary by Sections AI in Oil and Gas Exploration - AI is being utilized in geophysical exploration, drilling, and reservoir engineering, with companies like EOG demonstrating a reduction in operational costs through AI integration [12][17][27] - Domestic oil and gas companies are leading in AI deployment, focusing on building high-quality data sets and AI models for exploration and operational optimization [22] AI in Coal Industry - The coal sector is advancing towards smart mining, with companies implementing AI technologies to enhance safety and operational efficiency [44] - The potential for profit enhancement through AI in coal mining is significant, with studies indicating a profit increase of 7%-12% [46] AI in Chemical Industry - AI is being applied in material research and synthesis, with the potential to accelerate the discovery of new materials and optimize production processes [50][70] - The integration of AI in chemical manufacturing is expected to improve production efficiency and quality control, with notable projects already underway [71]

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) reported a net profit increase of 11.4% for 2024, driven by significant growth in oil and gas production and ongoing cost control measures [1][3]. Financial Performance - Revenue for 2024 reached RMB 420.506 billion, a 0.9% increase year-on-year, influenced by rising oil and gas sales and declining international oil prices [3]. - The net profit attributable to shareholders was RMB 137.982 billion, reflecting an 11.4% year-on-year increase due to enhanced production and efficiency [2][3]. - Basic and diluted earnings per share were both RMB 2.90 [3]. Production and Reserves - CNOOC's oil and gas production reached 726.8 million barrels of oil equivalent, a 7.2% increase year-on-year [1][3]. - The company achieved a net proven reserve of 7.27 billion barrels of oil equivalent, with a reserve replacement ratio of 167%, ensuring a stable reserve life of 10 years [1][3]. Cost Management - The average cost per barrel of oil equivalent was USD 28.52, maintaining a competitive cost advantage [4]. - Operating costs per barrel were USD 7.61, showing minimal change from the previous year, indicating ongoing efforts in cost efficiency [4]. International Expansion and Green Transition - CNOOC successfully acquired 10 oil contracts in Mozambique, Brazil, and Iraq, enhancing its global asset portfolio [5]. - The company is advancing in deepwater oil and gas development technologies and has initiated the construction of smart oil fields [5]. - CNOOC is committed to green development, actively pursuing offshore wind power and carbon capture technologies [5]. - For 2025, the company targets a production goal of 760-780 million barrels of oil equivalent and plans capital expenditures of RMB 125-135 billion [5].

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) reported a strong financial performance for the fiscal year 2024, with significant increases in revenue and net profit, driven by both domestic and international production growth [1][2] Financial Performance - In 2024, CNOOC achieved oil and gas sales revenue of 355.6 billion yuan and a net profit attributable to shareholders of 137.9 billion yuan, representing a year-on-year growth of 11.4% [1] - The average cost of crude oil equivalent for the year was $28.52 per barrel, a decrease of approximately 1.1% year-on-year, reinforcing the company's cost competitiveness [1] Production and Exploration - CNOOC's net production of oil and gas reached 726.8 million barrels of oil equivalent, marking a year-on-year increase of 7.2% [1] - Domestic production benefited from contributions from fields such as Bohai Zhong 19-6, with a 5.6% increase, while international production saw a significant rise of 10.8% due to the commissioning of the Payara project in Guyana [1] - The company made 11 new oil and gas discoveries in 2024, including significant projects like Longkou 7-1 and Qinhuangdao 29-6, and successfully evaluated 30 oil and gas structures [1] - As of the end of 2024, CNOOC's net proven reserves reached 7.27 billion barrels of oil equivalent, a year-on-year increase of 7.2%, with a stable reserve life of 10 years [1] Strategic Outlook - CNOOC's Chairman, Wang Dongjin, emphasized the company's commitment to driving reserve growth and production through technological innovation, maintaining cost advantages, and providing stable dividends to shareholders [2] - The company plans to continue its efforts in enhancing quality and efficiency, aiming for high-quality development in the future [2]

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) reported a total revenue of RMB 420.506 billion for the year ending December 31, 2024, reflecting a year-on-year growth of 0.94% and a net profit attributable to shareholders of RMB 137.936 billion, which is an increase of 11.38% [1] Group 1: Financial Performance - Total revenue reached RMB 420.506 billion, with a year-on-year increase of 0.94% [1] - Net profit attributable to shareholders was RMB 137.936 billion, representing an 11.38% increase [1] - Earnings per share stood at RMB 2.9, with a proposed final dividend of HKD 0.66 per share [1] Group 2: Resource and Production Growth - The company achieved a record high in proven reserves with a replacement rate of 167%, ensuring a stable reserve life of 10 years [1] - Oil and gas production reached 726.8 million barrels of oil equivalent, marking a 7.2% year-on-year increase [1] - The company made 11 new oil and gas discoveries during the year and established a trillion-cubic-meter gas area in the South China Sea [1] Group 3: Technological Innovation and International Expansion - The company is enhancing its technological innovation capabilities, with significant discoveries guided by innovative exploration theories [2] - The "Deep Sea No. 1" ultra-deepwater gas field won the National Science and Technology Progress Award, showcasing the company's advancements in technology [2] - CNOOC successfully acquired 10 oil contracts in Mozambique, Brazil, and Iraq, further solidifying its position as a leading global industry player [1]

周二的大盘表现就像一个固执的孩子，完全不为外界的热闹所动。尽管全球其他市场的投资者们正沉浸 在一片繁荣之中，我们的大盘却显得格外冷淡，似乎对外界的欢腾置若罔闻。 对于那些久经沙场的老股民来说，这样的场景并不陌生。就像是每隔一段时间，当国际友邻们的股市欢 快地跳跃起来时，我们自己的股市却依然我行我素，丝毫没有要跟上这波涨势的意思。这种感觉，就像 是看着别人家的花园繁花似锦，而自家的园子里却依旧寒风凛冽，不见花开。 A股：连续7个涨停板！股民：独一档的存在！ 实际上，如果我们回顾近十年来的股市轨迹，就会发现这种情况并不是一时的现象。长时间以来的数据 积累已经足够说明问题：我们的市场似乎缺少一种能够独立走出强势行情的能力。无论外部环境如何变 化，内部总是缺乏一股能够推动整体向上的力量。这不仅仅是对当前情况的一种描述，更像是对长期以 来市场表现的一个总结。对于那些渴望看到市场焕发活力、期待着春天真正到来的投资者而言，这样的 现状无疑令人心生焦虑。但也许，这也正是考验每一位投资者耐心和智慧的时刻。毕竟，真正的机遇往 往隐藏在看似平淡无奇的市场波动之中。 先来看下对下一个交易日有预判作用的"神器"——中信期货在股指期货上 ...

Investment Rating - The report maintains a positive outlook on the oil and petrochemical industry, with specific recommendations for high dividend yield companies such as China National Petroleum and CNOOC [4][17]. Core Insights - OPEC's cautious production increase is expected to have a limited impact on output, while EIA maintains its oil price forecast for 2025 at an average of $74 per barrel [4][5]. - Global oil demand is projected to increase by 1 million barrels per day in 2025, with Asia contributing 60% of this growth [6][48]. - EIA forecasts a global oil supply surplus of approximately 40,000 barrels per day this year, with a slight downward adjustment in non-OPEC+ production forecasts [14][48]. Summary by Sections Upstream Sector - As of March 14, 2025, Brent crude futures closed at $70.58 per barrel, reflecting a week-on-week increase of 0.31% [22]. - The U.S. commercial crude oil inventory rose by 1.45 million barrels to 435 million barrels, which is 5% lower than the five-year average [26]. Refining Sector - The Singapore refining margin for major products decreased to $11.64 per barrel, while the U.S. gasoline RBOB-WTI spread increased to $23.07 per barrel [4]. - The report indicates that refining profitability has improved due to oil price corrections, despite some fluctuations in product spreads [4]. Polyester Sector - PTA profitability has increased, while polyester filament profitability has decreased, indicating mixed performance in the polyester supply chain [4]. - The report suggests that the polyester industry may see gradual improvement as new capacities are expected to taper off in the coming years [4]. Investment Recommendations - The report recommends high dividend yield stocks such as China National Petroleum and CNOOC, and highlights the potential for increased earnings in offshore oil service companies like CNOOC Services and Offshore Engineering [17]. - It also emphasizes the positive outlook for ethylene projects in China, recommending companies like Satellite Chemical, and suggests monitoring polyester companies like Tongkun Co. and Wan Kai New Materials for potential price increases [17].