HONG KONG, March 29, 2018 /CNW/ -- CNOOC Limited (the
"Company") (SEHK: 00883) (NYSE: CEO) (TSX: CNU) today 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."
Notes to Editors:
More information about the Company is available at
http://www.cnoocltd.com.
This press release includes "forward-looking statements" within
the meaning of the United States Private Securities Litigation
Reform Act of 1995, including statements regarding expected future
events, business prospectus or financial results. The words
"expect", "anticipate", "continue", "estimate", "objective",
"ongoing", "may", "will", "project", "should", "believe", "plans",
"intends" and similar expressions are intended to identify such
forward-looking statements. These statements are based on
assumptions and analyses made by the Company in light of its
experience and its perception of historical trends, current
conditions and expected future developments, as well as other
factors the Company believes are appropriate under the
circumstances. However, whether actual results and developments
will meet the expectations and predictions of the Company depends
on a number of risks and uncertainties which could cause the actual
results, performance and financial condition to differ materially
from the Company's expectations, including but not limited to those
associated with fluctuations in crude oil and natural gas prices,
the exploration or development activities, the capital expenditure
requirements, the business strategy, whether the transactions
entered into by the Group can complete on schedule pursuant to
their terms and timetable or at all, the highly competitive nature
of the oil and natural gas industries, the foreign operations,
environmental liabilities and compliance requirements, and economic
and political conditions in the People's
Republic of China. For a description of these and other
risks and uncertainties, please see the documents the Company files
from time to time with the United States Securities and Exchange
Commission, including the Annual Report on Form 20-F filed in April
of the latest fiscal year.
Consequently, all of the forward-looking statements made in this
press release are qualified by these cautionary statements. The
Company cannot assure that the results or developments anticipated
will be realised or, even if substantially realised, that they will
have the expected effect on the Company, its business or
operations.
For further enquiries, please contact:
Ms. Jing Liu
Manager, Media & Public Relations
CNOOC Limited
Tel: +86-10-8452-3404
Fax: +86-10-8452-1441
E-mail: liujing1@cnooc.com.cn
Ms. Iris Wong
Hill+Knowlton Strategies Asia
Tel: +852-2894-6263
Fax: +852-2576-1990
E-mail: cnooc@hkstrategies.com
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SOURCE CNOOC Limited