CNOOC LIMITED 2008 Annual Results Analyst Briefing 31 March 2009
Agenda Overview Operating Results Financial Performance 2009 Outlook 3
Overview
2008 Highlights Strong production growth Total net production 195.4* mm BOE, an increase of 14.0% YoY; Development projects went smoothly in spite of hurdles Successful production enhancement in producing fields Successful…
Summary Results Oil & gas sales increased 38.1% YoY due to: Net production increased 14.0%, oil production increased 14.1 % YoY Average realized oil and gas prices increased 34.9% and 16.3%, respectively Net profit largely increased…
Operating Results
Strong Production Growth Million BOE 225-231 195-199 197.2 195.4 40-43 200 24-26 25.2 23.6 150 185-188 100 171-173 172.0 171.8 50 0 2008 Budget 2008 Actual 2008 Actual 2009 Budget (WTI US70.0/bbl) (WTI US70.0/bbl) (WTI…
Exploration Successes 2008 Exploration Summary Offshore China Beijing JZ32-4 0 100 200 300 km QHD35-2 Tianjin KL10-1 Korea Independent PSC Bohai Bay JZ25-1 KL3-2 Offshore China BZ29-4S KL3-2 Discoveries BZ29-5 QHD35-2 BZ29-5…
Reserves Impacted by Oil Price RRR: 60% Organic RRR: 111% (mm BOE) 3000 Revision by Oil price decrease 215 194 23 77 2500 2594 2515 2000 2007 Discoveries, Production M&A 2008 extensions & other additions Organic…
Successful Appraisal: JZ25-1 Discovered in 2007 and JZ25-1 Discovery (2007) appraised in 2008, which highlighted by: Sizable reserves scale with thick oil pay zones Light crude with high JZ25-1 Extention (2008)…
Successful Appraisal: LW3-1 Successful appraisal well Liwan 3-1-2 well in Liwan 3-1 Liwan3-1 350 km southeast of Hong Kong Water depth of 1,345 meters 36 meters of net gas pay Flow of gas up to 53 mcf/d CNOOC Ltd. titled to…
Constraint Services Set Hurdles for Engineering High Spec Rigs Utilization Challenges for engineering Constraint of services ships Delay of other companies projects Effective operations time impacted by typhoons Midwater…
Major Projects Went Smoothly Despite of Hurdles Most projects commenced production on time despite constraint services. Several projects delayed but not material. Among which: Weizhou 11-4N came on stream in Feb 2008 Xijiang 23-1…
Capital Expenditure Capital Expenditure (US MM) 5,145 6,000 3,847 28 5,000 687 12 4,000 332 3,000 3492 2,000 2837 1,000 666 938 0 2007 Actual 2008 Actual Exploration Development Production Others Exploration Capex…
Strong HSE Records Health, safety, and environment protection are always the top priorities of CNOOC Limited In 2008, CNOOC Limiteds HSE performance : No accident of losses over RMB 1 million Rate of lost workdays cases keep…
Financial Performance
2008 vs. 2007 Net Income Analysis 19
Balance Sheet Movement (RMB bn) Dec. 31, 2007 +14.9% Dec. 31, 2008 41.1 Cash and Cash 22.7 Equivalent 30.6 Other current 24.1 Non-current assets increased RMB17.8 Assets +14.2% 142.9 billion, mainly due to exploration and…
Change in Cash Position mm RMB 2008 2007 Cash flow from operating activities 55,738 41,301 Cash flow from investing activities (48,984) (21,374) Cash flow from financing activities (10,129) (10,798) Net Cash Flow (3,375) 9,127 Cash…
Dividend Recommendation The board has proposed a year-end normal dividend of HK0.20 per share: Maintain dividend per share stable and growth, and consistent with the companys dividend policy 35.5%(1) payout of net profit 5.98% (2)…
2009 Outlook
Sustainable, Stable and Profitable Growth Reserves Continue to add reserves through exploration and acquisitions RRR: 100% 10 development projects scheduled to come Development on stream in 2009 Production Production target…
Loading...
