Skip to main content 2014 ANNUAL RESULTS – CNOOC Limited Investor Presentation | Shale Experts
Loading...
Pm

2014 ANNUAL RESULTS – CNOOC Limited

CNOOC Limited · Mar 27, 2015 · 32 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 2014 ANNUAL RESULTS – CNOOC Limited – slide 1
    CNOOC LIMITED 2014 Annual Results March 27, 2015
  2. 2014 ANNUAL RESULTS – CNOOC Limited – slide 2
    Agenda Overview Operating Results and Highlights Financial Performance and Analysis Outlook 3
  3. 2014 ANNUAL RESULTS – CNOOC Limited – slide 3
    Overview Smooth progress on exploration, development and production Net production was 432.5 million boe*, up 5.1% YoY 20 new discoveries were made, success rate of independent exploration wells in offshore China reached 50-70%…
  4. 2014 ANNUAL RESULTS – CNOOC Limited – slide 4
    Operating Results and Highlights
  5. 2014 ANNUAL RESULTS – CNOOC Limited – slide 5
    Exploration Summary 80 5 60 16 1 3 40 63 50 20 0 Wildcat Appraisal (km) (km2) 3,475 500 4,873 20,477 17,953 2D Seismic 3D Seismic China - Independent China - PSC Overseas We continued to focus on exploration and…
  6. 2014 ANNUAL RESULTS – CNOOC Limited – slide 6
    New Discoveries in 2014 China Bohai Lingshui 25-1 Success rate of independent Bozhong 22-1 Wenchang 19-6 exploration wells in offshore Luda 16-3S Weizhou 12-10 China reached 50-70% Kenli 16-1 Eastern South Jinzhou 23-2 China…
  7. 2014 ANNUAL RESULTS – CNOOC Limited – slide 7
    Exploration Breakthroughs Our independent deepwater exploration achieved the first large-size gas discovery, Lingshui 17-2 Exploration breakthrough in Bohai included important discoveries such as Jinzhou 23-2 and Bozhong 22-1…
  8. 2014 ANNUAL RESULTS – CNOOC Limited – slide 8
    Significant Progress in Deepwater Exploration New hydrocarbon accumulation model was discovered, providing guidance for independent deepwater exploration Our independent deepwater exploration achieved first large-size gas discovery,…
  9. 2014 ANNUAL RESULTS – CNOOC Limited – slide 9
    Reserve (mmboe) 534 5 -41 -15 -433 4,428 4,478 RRR achieved 112%, and reserve life was 10.4 years at end of 2014. 10
  10. 2014 ANNUAL RESULTS – CNOOC Limited – slide 10
    Production (mmboe) 600 500 432.5 411.7 400 36% 38% 300 200 64% 62% 100 0 2013 2014 China Overseas Production efficiency offshore China, overseas (excluding Nexen) and Nexen reached record high of 95%, 93% and 88%…
  11. 2014 ANNUAL RESULTS – CNOOC Limited – slide 11
    Production Summary 2014* 2013* Crude and Natural Crude and Natural Total Total Liquids Gas Liquids Gas (mm bbls) (bcf) (mm boe) (mm bbls) (bcf) (mm boe) China Bohai 147.4 50.3 155.8 143.2 46.5 151.0 Western South China Sea 29.4…
  12. 2014 ANNUAL RESULTS – CNOOC Limited – slide 12
    2014 New Projects Most projects came on stream ahead of schedule and below budget Gross Peak Working Project Location Startup Production Interests (boe/day) 1 Liuhua 19-5 gas field Eastern South China Sea Q1 4,800 100% 2 Liwan…
  13. 2014 ANNUAL RESULTS – CNOOC Limited – slide 13
    Focus on Quality and Efficiency Strengthen FEED, optimize overall development plan Optimize exploration plan and project design Integrate exploration, development and engineering construction Implement comprehensive adjustment and…
  14. 2014 ANNUAL RESULTS – CNOOC Limited – slide 14
    Achievements of the Year of Quality and Efficiency Due to our efforts in the Year of Quality and Efficiency, significant achievements were made in cost control Demonstrated our culture of execution and project management capability…
  15. 2014 ANNUAL RESULTS – CNOOC Limited – slide 15
    Achievements of the Year of Quality and Efficiency Operating expenses savings of RMB 5.5 bn compared to budget SG&A savings of RMB 1.0 bn compared to budget Capex savings of RMB 9.0 bn compared to project estimate 110% of planned…
  16. 2014 ANNUAL RESULTS – CNOOC Limited – slide 16
    Cost trends We successfully controlled the cost inflation trend in 2014 (US/boe) All-in cost Opex 50 15 45.02 42.30 12.25 12.22 40 35.73 12 10.44 30.58 9.01 30 9 24.46 7.28 20 6 2010 2011 2012 2013 2014 2010 2011 2012…
  17. 2014 ANNUAL RESULTS – CNOOC Limited – slide 17
    Health, Safety and Environmental Protection Health, safety and environment protection are always our top priority The Company maintained excellent HSE performance even with substantially increased workload 0.4 160 140 120 0.3…
  18. 2014 ANNUAL RESULTS – CNOOC Limited – slide 18
    Nexens HSE Performance Nexens OSHA* Statistics reached record level in 2014 Rate of Recordable Cases Rate of Lost Workdays Cases (per 200,000 man hours) (per 200,000 man hours) 1.0 0.3 0.76 0.8 0.69 0.57 0.2 0.17 0.16 0.6 0.15…
  19. 2014 ANNUAL RESULTS – CNOOC Limited – slide 19
    Financial Performance and Analysis
  20. 2014 ANNUAL RESULTS – CNOOC Limited – slide 20
    Summary Results 2014 2013 change% Production (mm boe) 432.5 411.7 5.1% - Crude and liquids (mm bbls) 348.8 333.1 4.7% - Natural gas (bcf) 485.5 455.3 6.6% Realized oil price (US/bbl) 96.04 104.60 -8.2% Realized gas price (US/mcf)…
  21. 2014 ANNUAL RESULTS – CNOOC Limited – slide 21
    Movement of Net Profit (RMB mm) 80,000 +17.6% -32.2% +7.3% +2.1% -7.4% 1,158 -3.2% +3.7% +1.1% +6.6% 60,000 9,939 +7.7% 4,094 4,165* -2.1% +2.2% 1,830 2,075 615 18,174 +9.9% 4,349 1,166 1,249 5,595 40,000 60,199 56,461…
  22. 2014 ANNUAL RESULTS – CNOOC Limited – slide 22
    Movement of Financial Position (RMB bn) Dec 31, 2013 Dec 31, 2014 Cash, cash equivalent 37.8 and time deposits with 103.0 maturity over three 40.5 months 106.0 Other current Total assets mainly include: Assets RMB459.2 bn of oil…
  23. 2014 ANNUAL RESULTS – CNOOC Limited – slide 23
    Movement of Cash and Cash Equivalent (RMB mm) 150,000 120,000 90,000 95,673 110,508 60,000 30,000 20,216 3,372 4,844 3,131 3,383 4,114 92 14,318 1,719 14,918 - Primary source of cash was operating cash flow, and…
  24. 2014 ANNUAL RESULTS – CNOOC Limited – slide 24
    Capex (RMB bn) 107.0 120 90.9 1.3 1.0 12.9 10.6 70-80 80 69.7 61.1 40 18.2 23.2 0 2013 2014 2015B Exploration Development Production Other Exploration and development work increased in 2014, total capex rose by…
  25. 2014 ANNUAL RESULTS – CNOOC Limited – slide 25
    All-in Cost (US/boe) 50 45.02 42.30 6.51 40 4.64 3.21 2.59 2.02 1.55 30 21.03 21.30 20 10 12.25 12.22 0 2013 2014 Opex DD&A Dismentalment SG&A Taxes other than income tax All-in cost decreased by 6.0% YoY,…
  26. 2014 ANNUAL RESULTS – CNOOC Limited – slide 26
    Cost Analysis Opex SG&A (US/boe) (US/boe) 16 4 12.25 12.22 3.21 12 3 2.59 8 2 4 1 0 0 2013 2014 2013 2014 DD&A Opex of US12.22/boe, a slight decrease of 0.2% YoY, due to (US/boe) 30 effective cost control and steady…
  27. 2014 ANNUAL RESULTS – CNOOC Limited – slide 27
    Dividend Recommendation Proposed year-end dividend: HK0.32 per share (tax inclusive) Flat from 2013 final dividend Payout ratio of 33.5%(1) Dividend yield of 5.1%(2) Final dividend payment will be approximately RMB11.33 billion(3),…
  28. 2014 ANNUAL RESULTS – CNOOC Limited – slide 28
    Outlook
  29. 2014 ANNUAL RESULTS – CNOOC Limited – slide 29
    2015Operating Strategy and Highlights Maintain prudent financial policy and investment decision Strengthen cost control, continue to improve quality and efficiency Ensure safe operation of producing projects Keep sanctioned…
  30. 2014 ANNUAL RESULTS – CNOOC Limited – slide 30
    Three-year Rolling Target (mmboe) 600 513 509 475-495 500 433 33% 33% 34% 400 38% 300 200 67% 67% 66% 62% 100 0 2014 2015 Target 2016 Target 2017 Target China Overseas 2016 and 2017 production will see stable…
  31. 2014 ANNUAL RESULTS – CNOOC Limited – slide 31
    Long-term Vision Our vision is to become a world leading and respected international oil company o Strengthen foothold at home in offshore China o Prioritize return and establish a competitive asset portfolio o Lead our future…
  32. 2014 ANNUAL RESULTS – CNOOC Limited – slide 32
    WWW.CNOOCLTD.COM

From the store

Browse maps, data & reports in the Shale Experts store