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CNOOC Limited Announces 2017 Annual Results

Time:2018-03-29 Size:[ Large Medium Small ]

On March 29, CNOOC Limited announced its 2017 annual results for the year ended December 31, 2017.

The company significantly advanced work in exploration, development and production throughout 2017, which have further strengthened the resource foundation of sustainable development. In offshore China, the company delivered substantial exploration results and breakthroughs. Overseas exploration recorded significant success allowing the company to further optimize its strategic overseas portfolio. During the year, the company made 19 commercial discoveries and successfully appraised 16 oil and gas structures. In addition, reserve life improved significantly to 10.3 years, with the reserve replacement ratio reaching 305% for the year. At the end of 2017, the company's net proved reserves were approximately 4.84 billion barrels of oil equivalent ("BOE"), reaching a historic high. New projects progressed smoothly and all five projects planned at the beginning of the year successfully commenced production. The company outperformed its oil and gas production target for the year with net oil and gas production reaching 470.2 million BOE.

In 2017, the company's average realized oil price was US$52.65 per barrel, representing an increase of 27.2% year-over-year (YoY). The average realized natural gas price was US$5.84 per thousand cubic feet, representing an increase of 7.0% YoY. In addition, the company's oil and gas sales revenue was RMB151.9 billion, representing an increase of 25.2% YoY. The company focused on innovation to fuel quality and efficiency enhancements, and achieved cost reductions for the fourth consecutive year. In 2017, the company's all-in cost was US$32.54 per BOE, a decrease of 6.2% YoY. Net profit increased significantly to RMB24.7 billion; due primarily to higher international oil prices and improvements in cost control.

During the year, the company maintained a healthy financial position and had abundant free cash flow. The capital expenditures were RMB50.1 billion.

In 2017, the company's basic earnings per share was RMB0.55. The Board of Directors has proposed a year-end dividend of HK$0.30 per share (tax inclusive).

Mr. Yang Hua, Chairman of CNOOC Limited, said, "The company continued efforts to enhance quality and efficiency through innovation, and maintained strong cost competitiveness. The company increased the reserve life significantly and improved profit greatly. In the future, the company will follow the established development strategy and continue to pursue value creation to bring greater returns to shareholders."

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