HONG KONG, Aug. 24, 2017 /PRNewswire/ -- CNOOC Limited (the
"Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today 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.
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:
Mr. Yan Cao
Deputy General Manager, Investor Relations Department
CNOOC Limited
Tel: +86-10-8452-1417
Fax: +86-10-8452-1441
E-mail: caoyan@cnooc.com.cn
Ms. Iris Wong
Hill+Knowlton Strategies Asia
Tel: +852 2894 6263
Fax: +852-2576 1990
E-mail: hl.wong@hkstrategies.com
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SOURCE CNOOC Limited