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CNOOC Limited Announces 2017 Interim Results

Time:2017-08-24 Size:[ Large Medium Small ]

On August 24, 2017, CNOOC Limited announced its 2017 interim results for the six months ended June 30, 2017.

The company has fully met 1H targets with outstanding production performance. Regarding exploration, 14 new discoveries and 14 successful appraisal wells were achieved, among which, 13 new discoveries and 12 successful appraisal wells were made in offshore China while one new discovery and 2 successful appraisal wells were made overseas. The company ensured efficient operation and net production of oil and gas amounted to 237.9 million barrels of oil equivalent ("BOE"), outperformed our budget for the same period. To date, four out of five new projects planned for 2017 have already commenced production and another project Weizhou 12-2 oil field phase II is also progressing smoothly.

In the first half of 2017, the company's average realized oil price was US$50.43 per barrel, representing an increase of 33.8% year-on-year ("YoY"). The average realized natural gas price increased by 3.5% YoY to US$5.68 per thousand cubic feet. The company's oil and gas sales revenue reached RMB74.94 billion, representing an increase of 36.1% YoY.

The company made further efforts on cost control and efficiency enhancement. The company's all-in cost for the first half of 2017 was US$31.74/BOE, representing a decrease of 9.0% YoY. Operating expense was US$7.16/BOE, representing a decrease of 3.5% YoY. The company has achieved satisfying profitability, and net profit for the first half of the year amounted to RMB16.25 billion. EBITDA amounted to RMB55.75 billion, representing an increase of 50.9% YoY.

In the first half of 2017, CNOOC Limited has maintained healthy financial status. The company has abundant free cash flow ("FCF") and its gearing ratio has further decreased to 27.5%.

Mr. Yang Hua, Chairman of CNOOC Limited, said, "In the first half of 2017, CNOOC Limited continued to forge ahead, stepped up its efforts in reform and innovation, strived to seek opportunities for future development, and achieved a satisfactory performance. While sustained low oil prices is a challenge, the situation also presents an opportunity for the company. The company has continued to hone its risk-resistant capabilities while maintaining a high level of governance and profitability. Going forward, the company will continue to move steadily ahead towards its set goals and create greater value for the shareholders."

In the first half of the year, the company's basic earnings per share reached RMB0.36. The Board has declared an interim dividend of HK$0.20 per share (tax inclusive) for 2017.

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