（原标题：利比里亚与阿特拉斯奥兰托签署四个海上油气区块的产品分成合同） 利比里亚《分析报》9月25日报道，利比里亚石油监管局（LPRA）与非洲最大私营油气公司阿特 拉斯奥兰托石油国际有限公司（Atlas Oranto）签署四份覆盖利比里亚盆地LB-15、LB-16、LB-22和LB- 24区块的产品分成合同（PSC）。合同包含严格的环境与社会保障条款、透明的财政规定（包括1500万 美元签约奖金），并强调本地化与可持续发展。合同待国家立法机关批准及总统签署后生效。利石油监 管局长玛丽琳·洛根表示，阿特拉斯奥兰托的进驻体现了利比里亚的油气资源潜力，预计将为本地带来 投资、就业、技能培训和知识转移，推动利比里亚油气资源的长期发展。阿特拉斯奥兰托执行主席普林 斯·阿瑟·埃泽称，公司将利比里亚视为重要合作伙伴，致力于共同成功。此次合作依托利比里亚《石油 勘探与生产法》推进，旨在通过具有区域经验的合作伙伴，推动本土人才与供应链发展，确保利比里亚 人民直接从行业增长中受益。 ...

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has demonstrated significant achievements in production, cost management, and shareholder returns during the "14th Five-Year Plan" period, positioning itself for high-quality development by 2025 [1][10]. Production and Resource Development - CNOOC's domestic crude oil production has increased by an average of over 3 million tons annually for four consecutive years, contributing over 70% of the national crude oil increment in 2024 [2][4]. - The company has made several milestone discoveries, including the Kaiping South oil field, which is China's first deep-water, deep-layer oil field with a billion-ton capacity [2][3]. - CNOOC's first condensate gas field, the Bozhong 19-6, is expected to provide stable clean energy supply to the Beijing-Tianjin-Hebei region, promoting green and low-carbon development [2]. Technological Innovation - CNOOC focuses on self-reliance in technology, developing key technologies for efficient oil and gas extraction, which supports production growth [5][6]. - The company has launched significant deep-sea equipment, including the "Deep Sea No. 1" energy station, enhancing its capabilities in ultra-deep water development [6][7]. Shareholder Returns and Financial Performance - Since its A-share listing in April 2022, CNOOC has achieved a cumulative net profit of 473.01 billion yuan and cash dividends of 255.98 billion yuan, with a dividend payout ratio of 54.12% [8]. - The dual-platform capital operation model has strengthened CNOOC's financial position and attracted long-term investors, supporting its sustainable development [9]. Environmental, Social, and Governance (ESG) Initiatives - CNOOC integrates ESG principles into its development strategy, focusing on environmental protection, social responsibility, and high standards of governance [9].

Financial Data and Key Metrics Changes - The company reported over 12 billion barrels of oil equivalent resources with a 55% average direct after-tax rate of return at bottom cycle prices of $45 oil and $2.50 gas [12][13] - The Encino acquisition, valued at $5.6 billion, is expected to generate synergies of approximately $150 million in the first year, primarily through well cost reductions and infrastructure integration [17][18] Business Line Data and Key Metrics Changes - The Delaware Basin continues to show significant growth potential, with nine additional landing zones developed in the past five years due to technological advancements and lower well costs [26] - The Eagle Ford has seen a level-loading of activity, maintaining margins despite a slowdown from pre-COVID investment levels [28] Market Data and Key Metrics Changes - North American gas demand is projected to grow at a compound annual growth rate of 4% to 6%, driven by LNG demand and power generation needs [29][30] - The company has secured $900 million in marketing agreements for LNG, with a ramp-up to full capacity expected by 2027 [35] Company Strategy and Development Direction - The company is focused on capital discipline, operational excellence, and leveraging technology to drive down well costs while maintaining a multi-basin portfolio [5][11] - The strategy includes balancing investments across foundational assets, emerging plays, and international exploration opportunities [14][41] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the integration of the Encino acquisition and its potential to accelerate the development of the Utica play [16][24] - The company remains committed to organic exploration and innovation as key differentiators in the competitive landscape [43][44] Other Important Information - The company is exploring opportunities in the Middle East, specifically in Bahrain and the UAE, with a focus on leveraging technology to enhance productivity and lower costs [41][42] Q&A Session Summary Question: Concerns about shale maturation and new deals - Management clarified that recent deals are not indicative of shale maturation but rather a strategic move to leverage technological advancements and subsurface knowledge [2][3] Question: Capital allocation strategy - The company emphasized the importance of disaggregating individual assets and investing at the right pace to balance near-term returns with long-term growth [8][10] Question: Future of foundational plays like Delaware and Eagle Ford - Management indicated that both foundational plays still have significant growth potential and will continue to contribute to the overall portfolio [25][26] Question: Balancing dry gas opportunities with oil investments - The company highlighted the strategic importance of low-cost gas supply from Dorado, while maintaining a balanced approach to oil and gas investments [30][32] Question: Marketing agreements and growth opportunities - Management discussed the importance of securing long-term marketing agreements for consistent gas supply, particularly in the LNG market [33][35]

Core Insights - Coterra Energy Inc. (CTRA) reported second-quarter 2025 adjusted earnings per share of 48 cents, exceeding the Zacks Consensus Estimate of 43 cents and the previous year's 37 cents, driven by strong operational performance in oil and natural gas production volumes [1][13] - The company's operating revenues reached $2 billion, surpassing the Zacks Consensus Estimate of $1.7 billion and significantly higher than the year-ago figure of $1.3 billion, attributed to increased natural gas price realizations [2] Financial Performance - Coterra Energy declared a quarterly dividend of 22 cents per share, representing a 3.6% annualized yield, to be paid on August 28, 2025 [3] - The company repurchased 0.9 million shares for $23 million during the quarter, with $1.1 billion remaining under its $2 billion share repurchase authorization as of June 30, 2025 [4] - Total shareholder returns for the quarter amounted to $191 million, consisting of $168 million in declared dividends and $23 million in share repurchases, alongside a debt repayment of approximately $100 million [5] Production and Pricing - Average daily production increased by 17.1% to 783.9 thousand barrels of oil equivalent (Mboe) from 669.2 Mboe year-over-year, exceeding the Zacks Consensus Estimate of 741 Mboe [8] - Oil production rose by 45% to 155.4 thousand barrels (MBbl) per day, surpassing the Zacks Consensus Estimate of 154 MBbl per day, while natural gas liquids (NGL) production increased by 30.3% to 128.7 MBbl per day [9] - The average sales price for crude oil was $62.80 per barrel, a 20.9% decrease from the prior year's $79.37, while the average realized natural gas price was $2.20 per thousand cubic feet, up from $1.26 year-over-year [10][11] Costs and Expenses - The average unit cost rose to $18.41 per barrel of oil equivalent from $16.26 the previous year, with total operating expenses increasing by 29.2% to $1,261 million [14] - Cash flow from operations increased by 68% to $937 million, with cash capital expenditures totaling $569 million, resulting in a free cash flow of $329 million for the quarter [15] Financial Position - As of June 30, 2025, Coterra Energy had $192 million in cash and cash equivalents, with no debt outstanding under its $2 billion revolving credit facility, leading to total liquidity of approximately $2.2 billion [16] - The company reported long-term net debt of $4.2 billion, reflecting a debt-to-capitalization ratio of 22.3% [16] Guidance - Coterra Energy has revised its full-year 2025 capital expenditures range to $2.1-$2.3 billion and anticipates an effective tax rate of 22% for the year [17] - For Q3 2025, the company expects total equivalent production between 740-790 Mboe per day, with oil production between 158-168 MBbl per day and natural gas production between 2,750 and 2,900 MMcf/d [18] - The estimated discretionary cash flow for 2025 is projected at approximately $4.4 billion, with free cash flow around $2.1 billion based on commodity price assumptions [19]