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2010 ANNUAL RESULTS ANALYST BRIEFING – CNOOC Limited

CNOOC Limited · Mar 23, 2011 · 37 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. 2010 ANNUAL RESULTS ANALYST BRIEFING – CNOOC Limited – slide 1
    CNOOC LIMITED 2010 Annual Results Analyst Briefing 23 March 2011
  2. 2010 ANNUAL RESULTS ANALYST BRIEFING – CNOOC Limited – slide 2
    Agenda Overview Operating Results Financial Performance 2011 Outlook 3
  3. 2010 ANNUAL RESULTS ANALYST BRIEFING – CNOOC Limited – slide 3
    Overview
  4. 2010 ANNUAL RESULTS ANALYST BRIEFING – CNOOC Limited – slide 4
    2010 Highlights Strong production growth Net production was 328.8 million boe*, an increase of 44.4% YoY. Successful exploration program We achieved 12 independent and 1 PSC discoveries. Reserve replacement ratio reached 202%,…
  5. 2010 ANNUAL RESULTS ANALYST BRIEFING – CNOOC Limited – slide 5
    Summary Results 2010 2009 Change% Production (mm boe) 328.8 227.7 44.4% - Oil (mm bbls) 263.4 186.0 41.6% - Gas (bcf) 379.6 238.5 59.1% Realized oil price (US/bbl) 77.59 60.61 28.0% Realized gas price (US/mcf) 4.27 4.01 6.5% Oil…
  6. 2010 ANNUAL RESULTS ANALYST BRIEFING – CNOOC Limited – slide 6
    Operating Results
  7. 2010 ANNUAL RESULTS ANALYST BRIEFING – CNOOC Limited – slide 7
    Strong Production Growth (mm boe) 328.8 350 300 227.7 250 200 150 100 50 0 2009 2010 ( WTI US61.99/bbl) (WTI US79.49/bbl) Offshore China Overseas We achieved a strong production growth of 44.4% in 2010, thanks…
  8. 2010 ANNUAL RESULTS ANALYST BRIEFING – CNOOC Limited – slide 8
    A Leading E&P Company 2010 Production & YoY Change (mm boe) 400 100% Production YoY change 350 80% 300 60% 250 200 40% 150 20% 100 0% 50 0 -20% CNOOC Occidental Apache Devon Anadarko CNQ Encana EOG Talisman We…
  9. 2010 ANNUAL RESULTS ANALYST BRIEFING – CNOOC Limited – slide 9
    Production by Area Net Production 2010 2009 %chg Malacca Strait PSC Beijing 0 100 200 300 km Bohai Bay Korea Qingdao Crude Oil & Liquids (mmbbls) Bohai Bay 149.3 92.7 61.1% Indonesia Western South China Sea 30.7 26.5 15.9%…
  10. 2010 ANNUAL RESULTS ANALYST BRIEFING – CNOOC Limited – slide 10
    Production Growth Drivers (mm boe) 400 New fields on stream in 2009 and 2010 + 14.1 328.8 350 +15.9 +71.1 300 227.7 250 200 Outperforming producing fields 150 100 50 2009 New fields Producing Acquisitions 2010 Acquisitions:…
  11. 2010 ANNUAL RESULTS ANALYST BRIEFING – CNOOC Limited – slide 11
    Production Growth in Past 5 Years 2006-2010 Production Growth (mm boe) 400 355-365 329 350 300 250 228 195 200 167 171 155 150 100 50 0 2005 2006 2007 2008 2009 2010 2011E The 2006-2010 compound annual growth rate of…
  12. 2010 ANNUAL RESULTS ANALYST BRIEFING – CNOOC Limited – slide 12
    Exploration Summary Discoveries Appraisals Independent PSC Independent PSC (success + uncertain) (success + uncertain) Bohai Bay 7+6 0 9+2 0 Eastern South China Sea 2+4 1 3+1 5 Western South China Sea 2+5 0 6+1 0 East China Sea 1+1…
  13. 2010 ANNUAL RESULTS ANALYST BRIEFING – CNOOC Limited – slide 13
    Reserve Replacement Ratio RRR Benchmark 400% 344% 300% 248% 229% 207% 202% 200% 153% 148% 116% 100% 60% 0% Apache CNQ Encana EOG CNOOC Anadarko Occidental Devon Talisman Historical RRR 300% 200% 100% 0% 2001 2002…
  14. 2010 ANNUAL RESULTS ANALYST BRIEFING – CNOOC Limited – slide 14
    Exploration Highlights Penglai 9-1* Kenli 6-4/6-5* Enping 24-2* Bohai Bay Liuhua 16-2* QHD 29-2E Qinhuangdao 29-2E A mid-size discovery. Oil pay zones of 45.3 meters and gas pay zones of 17.6 meters. Reserve addition to…
  15. 2010 ANNUAL RESULTS ANALYST BRIEFING – CNOOC Limited – slide 15
    Deepwater Exploration Encouraging results of deepwater exploration made by our partners LH 29-1 Liuhua 29-1 The third deepwater gas discovery made on Block 29/26 in the Pearl River Mouth South after Liwan 3-1 and Liuhua 34-2.…
  16. 2010 ANNUAL RESULTS ANALYST BRIEFING – CNOOC Limited – slide 16
    Projects on Schedule Bozhong 3-2 Luda 32-2 Bozhong 19-4 Bozhong 29-4 Caofeidian 18-1 Bohai Bay Bozhong 26-3 East China Sea China Weizhou 6-8 Weizhou 11-1E Huizhou 25-3 Western South China Sea Eastern South China Sea 9…
  17. 2010 ANNUAL RESULTS ANALYST BRIEFING – CNOOC Limited – slide 17
    Focus of Future Development Regional planning and development. Kenli 3-2 and adjacent fields Weizhou oilfields Infill drilling on producing oilfields to keep decline rate at low level. Suizhong 36-1 Phase II adjustment project Improve…
  18. 2010 ANNUAL RESULTS ANALYST BRIEFING – CNOOC Limited – slide 18
    Capital Expenditure Capital Expenditure* (US mm) 8,770 10,000 143 8,000 6,248 2,017 5,071 26 6,000 994 94 4,000 1,437 5,047 4,161 2,429 2,000 1,067 1,111 1,563 0 2009 Actual 2010 Actual 2011 Budget Exploration…
  19. 2010 ANNUAL RESULTS ANALYST BRIEFING – CNOOC Limited – slide 19
    All-in Cost Breakdown (US/boe) 28 24.76 22.23* 24 3.68 2.50 * 1.37 20 1.46 0.75 0.60 16 9.65 11.68 12 8 4 8.03 7.27 0 2009 2010 Operating Cost DD&A Dismantlement SG&A Taxes other than income tax *Production…
  20. 2010 ANNUAL RESULTS ANALYST BRIEFING – CNOOC Limited – slide 20
    M&A Activities U.S. Eagle Ford project Iraq Missan Technical 33.3% in the project Service Contract U.S. Niobrara project 63.75% in the project 33.3% in the project Block 15/34 24.5% in the project Argentina Bridas…
  21. 2010 ANNUAL RESULTS ANALYST BRIEFING – CNOOC Limited – slide 21
    Overseas Development Overseas Reserve (mm boe) 800 40% Overseas Reserve As % of the Company 600 30% 400 20% 200 10% 0 0% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Overseas Production (000 boe/day) 200 40%…
  22. 2010 ANNUAL RESULTS ANALYST BRIEFING – CNOOC Limited – slide 22
    Value-added Overseas Projects Past deals were all transacted at fair prices. Some of the transactions had already been paid back. Australia NWS project, Indonesia Malacca project and SES project. More competitiveness and…
  23. 2010 ANNUAL RESULTS ANALYST BRIEFING – CNOOC Limited – slide 23
    Profitability of Overseas Business 2010 Net Profit per boe (US/boe) 30 27 24.4 24 21 19.1 18 15 12.5 12.0 12 9 7.9 7.4 6 4.9 3.2 3 1.1 0 CNOOC Devon Apache CNOOC CNQ Encana Talisman Anadarko EOG (Overseas)…
  24. 2010 ANNUAL RESULTS ANALYST BRIEFING – CNOOC Limited – slide 24
    Strong HSE Records Health, safety and environment protection are always the top priorities of CNOOC Limited. In 2010, CNOOC Limiteds HSE performance was satisfactory. No accident of losses over RMB 1 million occurred. OSHA…
  25. 2010 ANNUAL RESULTS ANALYST BRIEFING – CNOOC Limited – slide 25
    Financial Performance
  26. 2010 ANNUAL RESULTS ANALYST BRIEFING – CNOOC Limited – slide 26
    2010 vs. 2009 Net Income Analysis (RMB mm) 100,000 101.5% -38.5% 11,348 -23.4% 80,000 29,919 6,905 -15.5% 4,557 -39.8% 119.7% 11,744 -12.6% 60,000 3,714 -8.0% 1.1% 0.1% 84.5% 2,346 319 15 35,285 40,000 54,410 20,000…
  27. 2010 ANNUAL RESULTS ANALYST BRIEFING – CNOOC Limited – slide 27
    Net Income Leading Peers 2010 Net Profit (US mm) 9,000 7,500 6,000 4,500 3,000 1,500 0 CNOOC Devon Occidental Apache CNQ Encana Anadarko Talisman EOG In 2010, we led our peers in net profit. Source: Company…
  28. 2010 ANNUAL RESULTS ANALYST BRIEFING – CNOOC Limited – slide 28
    Movement of Financial Position (RMB bn) Total assets mainly include: Dec. 31, 2010 RMB212.3 bn of oil and gas Dec. 31, 2009 assets 51.5 RMB51.5 bn of cash, cash equivalent and time deposits Cash, cash equivalent 49.1 and time…
  29. 2010 ANNUAL RESULTS ANALYST BRIEFING – CNOOC Limited – slide 29
    Change in Cash Position (RMB mm) 2010 2009 22,615 19,762 Cash Balance - Beginning of period Net Cash Flow 17,414 2,914 Cash flow from operating activities 83,498 49,624 Cash flow from investing activities (64,800) (37,307) Cash…
  30. 2010 ANNUAL RESULTS ANALYST BRIEFING – CNOOC Limited – slide 30
    Cost Analysis All-in Cost (US/boe) 50 44.89 40 34.15 35.01 31.79 26.41 26.97 28.63 30 24.76 20 10 0 CNOOC Devon Apache Encana EOG Anadarko Talisman CNQ DD&A of US11.68/boe, up 21.0% yoy. New projects built under the…
  31. 2010 ANNUAL RESULTS ANALYST BRIEFING – CNOOC Limited – slide 31
    DD&A and Opex Benchmark DD&A and Dismantlement (US/boe) 19.41 20 16.29 15.80 16.05 16 12.84 13.49 12.43 12 8.48 8 4 0 Devon CNOOC Apache EOG Anadarko Encana Talisman CNQ OPEX* (US/boe) 24.50 25 20 15.76 15 9.21…
  32. 2010 ANNUAL RESULTS ANALYST BRIEFING – CNOOC Limited – slide 32
    Company Profitability Leading Peers ROE 27.9% 30% 26.1% 25% 20% 14.9% 14.7% 15% 8.8% 8.4% 10% 6.0% 3.8% 5% 1.6% 0% CNOOC Devon Apache Occidental Encana CNQ Talisman Anadarko EOG ROCE 30% 25.0% 25% 20.1% 20% 13.4% 15%…
  33. 2010 ANNUAL RESULTS ANALYST BRIEFING – CNOOC Limited – slide 33
    Unit profitability Leading Peers EBITDA per boe (US/boe) 50 44.5 40 35.5 32.7 27.7 27.3 30 24.3 23.6 20.6 20 10 0 CNOOC Apache CNQ Encana Talisman Devon Anadarko EOG Net Profit per boe (US/boe) 30 24.4 25 19.1…
  34. 2010 ANNUAL RESULTS ANALYST BRIEFING – CNOOC Limited – slide 34
    Dividend Recommendation Proposed year-end normal dividend: HK0.25 per share An increase of HK0.05 of 2009 final dividend. 31.8%(1) payout of 2010 net profit. 2.6%(2) dividend yield. Final dividend payment will be approximately…
  35. 2010 ANNUAL RESULTS ANALYST BRIEFING – CNOOC Limited – slide 35
    2011 Outlook
  36. 2010 ANNUAL RESULTS ANALYST BRIEFING – CNOOC Limited – slide 36
    Sustainable, Stable and Profitable Growth Reserves Continue to add reserves through exploration and acquisitions. RRR: 100%. 4 development projects scheduled to come Development on stream in 2011. Production Production…
  37. 2010 ANNUAL RESULTS ANALYST BRIEFING – CNOOC Limited – slide 37
    WWW.CNOOCLTD.COM

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