Core Viewpoint - China National Offshore Oil Corporation (CNOOC) reported strong financial performance for 2024, maintaining high profitability and achieving record production levels despite fluctuating oil prices [2][3]. 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 increase of 11.4% [2]. - The average cost per barrel of oil equivalent was $28.52, a decrease of approximately 1.1% year-on-year, reinforcing the company's cost competitiveness [2]. - The proposed final dividend is 0.66 HKD per share, totaling 31.37 billion HKD, with an annual dividend of 1.4 HKD per share (including tax), reflecting a 12% year-on-year growth [2][3]. Production and Reserves - CNOOC's net production of oil and gas reached 726.8 million barrels of oil equivalent, a year-on-year increase of 7.2% [3]. - Domestic production increased by 5.6% due to contributions from fields like Bozhong 19-6, while overseas production surged by 10.8% thanks to the Payara project in Guyana [3]. - The company made 11 new oil and gas discoveries and successfully evaluated 30 oil and gas structures, with confirmed reserves reaching 7.27 billion barrels of oil equivalent, a 7.2% increase year-on-year [3]. Future Dividend Policy - CNOOC plans to maintain a dividend payout ratio of no less than 45% from 2025 to 2027, subject to shareholder approval, while considering market conditions and strategic planning [4]. - The company aims to enhance value creation and shareholder returns through initiatives focused on reserve growth, production increase, technological innovation, and green development [4]. Technological Innovation - CNOOC accelerated the cultivation of new productive forces, with significant advancements in technology driving operational efficiency [5]. - The deployment of Asia's first cylindrical FPSO "Hai Kui 1" and the first deep-water jacket platform "Hai Ji 2" has innovated deep-water oil and gas field development [5]. Digital and Green Development - The company is advancing the automation of offshore platforms and implementing intelligent oil fields, with a steady increase in the unmanned rate of offshore platforms [6]. - CNOOC's green transition efforts include the successful production of low-carbon oil and gas resources, with projects like the fully green-designed Wushi 23-5 oil field group and the comprehensive use of shore power achieving a green electricity replacement of 760 million kilowatt-hours [6].