HONG KONG, Aug. 23, 2018 /CNW/ -- CNOOC Limited (the
"Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its
2018 interim results for the six months ended June 30, 2018.
In the first half of the year, the Company maintained efficient
oil and gas production operations with progress and successfully
achieved its target. The Company made 8 new discoveries, including
6 discoveries in offshore China
and 2 discoveries overseas. Two discoveries of hundred-million-ton
of oil equivalent-class were successfully appraised in Bohai.
Significant exploration breakthrough was made in South China Sea. Recoverable resources are
estimated to be more than 4 billion barrels of oil equivalent in
Stabroek Block offshore Guyana. To
date, two out of the five new projects planned for 2018 have
already commenced production and the remaining three projects are
also progressing smoothly. Net production of oil and gas amounted
to 238.1 mmboe, which was in-line with our expectation.
In the first half of 2018, the Company maintained a healthy
profitability and a sound financial position. Oil and gas sales
reached RMB 90.31 billion,
representing a year-on-year increase of 20.5%. Net profit reached
RMB 25.48 billion, representing a
significant increase of 56.8% year-on-year ("YoY"). The Company's
average realized oil price was US$
67.36 per barrel, representing an increase of 33.6% YoY. The
average realized natural gas price increased by 13.0% YoY to
US$ 6.42 per thousand cubic feet.
Despite the international oil prices rebound and industry costs
inflation, the Company maintained a competitive all-in cost of
US$ 31.83/BOE during the first half
of the year.
In the first half of 2018, the Company has maintained sound
financial status and achieved a significant increase in free cash
flow. The capital expenditures were RMB 21.0
billion. Investment progress is expected to accelerate in
the second half of the year.
Mr. Yang Hua, Chairman of CNOOC
Limited, commented: "In the first half of 2018, CNOOC Limited
continued to capitalize on its strengths to explore favorable
opportunities and pursue innovative ideas in an effort to reach its
potential. During the period, the Company put quality first and
gave priority to performance and achieved outstanding results.
Going forward, the Company will continue to maintain its confidence
and make solid progress to achieve its major production and
operation targets for the year thus to create greater value for the
shareholders."
In the first half of the year, the Company's basic earnings per
share reached RMB 0.57, representing
a significant increase of 56.8% YoY. Taking into account the
Company's financial position, the Board has declared an interim
dividend of HK$ 0.30 per share (tax
inclusive) for the first half of 2018, representing a significant
increase of 50% YoY.
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