CNOOC LIMITED 2008 Mid-Year Review Analyst Briefing August 27, 2008
Agenda Overview Strong Financial Results Solid Operating Results Outlook 3
Overview
Mid-Year Summary Highlights Strong production growth Net production of 92.4 mm BOE, increased by 8.3% YoY, mainly driven by new fields commenced production 2 major projects, Xijiang 23-1 and Wenchang oilfields started Successful…
Summary Results Net production recorded a strong growth of 8.3% yoy Oil and gas sales increased by 63.9% yoy due to growth of production and realized oil and gas prices Driven by sales increase and good control of costs, net profit…
Production Results 1H 2008 1H 2007 change % Net Production Oil mmbbl 72.9 68.1 7.1% Gas bcf 112.5 99.7 12.8% Total mmboe 92.4 85.4 8.3% Daily Production Oil bbl/d 400,662 376,444 Gas mmcf/d 618 551 Total boe/d 507,964…
Strong Financial Results
Key Financials Items - Consolidated (mm RMB) 1H 2008 1H 2007 Change % REVENUE Oil and gas sales 54,464 33,222 63.9% Marketing revenues, net 168 129 30.4% Other income 401 65 516.8% Revenue subtotal 55,033 33,416 64.7% EXPENSES…
Costs Leading Peers 1H 2008 Unit All-in Costs US/BOE 40 30 20 10 CNOOC EOG TLM APA DVN CNQ ECA APC 12
Capital Expenditure (RMB Million) 15,000 12,678 12,711 10,000 10,350 10,020 5,000 2,328 2,691 0 1H 2007 1H 2008 Exploration Development Our CAPEX mainly goes to projects including BZ28-2S, XJ23-1, LD and…
Balance Sheet Movement Billion RMB Dec. 31, 2007 Jun. 30, 2008 Including: cash & cash 44bn cash and cash equivalent; cash & cash equivalents, 44.0 equivalents, 30.6 other current 8.3bn available-for-sale financial other current…
Change in Cash Position Million RMB Cash inflow (outflow) 1H 2008 1H 2007 Net cash flow from operating activities 29,164 20,050 Net cash used in investing activities (7,340) (16,414) Net cash outflow from financing (5,683)…
Mid-Year Dividend The Board of Directors has approved a dividend of HK 0.20 per share for 1H 2008 Approximately 28.5% payout of net profit 1.85 %(1) interim dividend yield Total interim dividend per share increased by 53.8 %…
Solid Operating Results
Production Growth mm BOE 92.4 85.4 19.5 17.3 68.1 72.9 1H 2007 1H 2008 WTI US61.53 WTI US110.96 Oil Gas 18
Strong Growth Momentum 1H 2008 Production Growth YoY % 15 10 5 TLM APC CNQ 0 APA OXY DVN ECA CNOOC EOG -5 -10 1H 2008 Net Profit Growth YoY % 100 50 APC CNQ ECA 0 -50 EOG TLM DVN OXY CNOOC APA -100 We are…
Major Development Highlights PL19-3 II Platform B/D/E Offshore installation completed Laying sub-sea pipelines Xijiang 23-1 Came on stream in June HZ25-4 Ready for production China HZ25-3 Construction of jacket and…
Exploration Highlights 2008 1H 2008 Work in Successful + Planned Completed Progress uncertain Wells Offshore China Exploration Wells Wildcat 43-53 18 2 4+3 Appraisal 25-29 13 1 7+0 Offshore China Total 68-82 31 3 11+3 Overseas…
Oil and Gas Discoveries/Appraisals Indt. Discovery KL3-2 Discoveries/Appraisals Beijing Tianjin PSC Discovery Bohai Bay Korea 5 independent discoveries Indt. Appraisal KL3-2 0 100 200 300 km QHD35-2 KL10-1 KL10-1 KL3-2…
Breakthroughs in New Areas/Frontiers Kenli 10-1 opened new area for Bohai exploration Qinhuangdao 35-2 and Weizhou 6-3 KL10-1 marked new discoveries in the deep zone of Bozhong and Weixinan trough and enlarged our exploration…
HSE Performance CNOOC Limited strives to achieve the highest standards in terms of its health, safety and environmental performance Health and safety incidents are closely monitored and recorded and promptly reported to government…
Outlook
2008 Outlook Reserves Continue to add reserves through exploration and acquisitions RRR: 100% 10 development projects scheduled to come Development on stream in 2008 Production Production target of 195-199 mmboe Financial…
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