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2006 EARNINGS CALL – CNOOC Limited

CNOOC Limited · Mar 29, 2007 · 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. 2006 EARNINGS CALL – CNOOC Limited – slide 1
    CNOOC LIMITED 2006 Annual Results 29 March, 2007
  2. 2006 EARNINGS CALL – CNOOC Limited – slide 2
    Agenda Overview Operating results Financial performance Focus on Production Growth 2007 Outlook 3 3
  3. 2006 EARNINGS CALL – CNOOC Limited – slide 3
    Overview
  4. 2006 EARNINGS CALL – CNOOC Limited – slide 4
    2006 Achievements Solid production growth Total net production 167 mm BOE, an increase of 7.9% YoY, with oil and gas production up 4.4% and 26.0% respectively 7 new development projects on-stream Successful exploration program…
  5. 2006 EARNINGS CALL – CNOOC Limited – slide 5
    Summary Results Oil & gas sales increased 27.0% YoY due to: Average realized oil and gas prices increased 24.5% and 8.2%, respectively Net production increased 7.9%, with oil and gas production increasing 4.4% and 26.0% YoY,…
  6. 2006 EARNINGS CALL – CNOOC Limited – slide 6
    Production Results Net Production Realized Oil Price + 7.9% 167.0 US/bbl mm BOE 154.8 60 160 +24.5% +4.4% 50 Oil 58.90 120 Oil 130.3 40 136.0 mmbbl 47.31 mmbbl 30 80 +26.0% 20 40 Gas 10 Gas 0 142.2 bcf 179.2 bcf 0 2005…
  7. 2006 EARNINGS CALL – CNOOC Limited – slide 7
    Operating Results
  8. 2006 EARNINGS CALL – CNOOC Limited – slide 8
    2006 Production Million BOE 180 168.4 167 162-170 168-170 160 20-21 17 23-26 140 120 100 80 60 148-149 150 141-144 40 20 0 2006 Budget 2006 Actual* 2006 Actual 2007 Budget (WTI US55.30/bbl) (WTI US55.30/bbl) (WTI…
  9. 2006 EARNINGS CALL – CNOOC Limited – slide 9
    Liuhua 1-1 Damaged by Typhoon Water depth of 300 m, 25 underwater wells Capacity of 22,000 bbls/day before shut down mmboe 4 Historical Production Losses 3.5 caused by Typhoons 3 2.5 2 1.5 1 0.5 0 2001 2002 2003 2004…
  10. 2006 EARNINGS CALL – CNOOC Limited – slide 10
    Development Projects Offshore China 7 projects came on stream in 2006 Oil Gas Projects Commencement Qikou 17- 17-2E BZ25- BZ25-1/25- 1/25-1S A Caofeidian Huizhou 19- 19-1 Feb., 2006 Huizhou 21- 21-1 April, April, 2006 2006…
  11. 2006 EARNINGS CALL – CNOOC Limited – slide 11
    Offshore China Exploration Success JZ31-6 2006 Exploration Summary Offshore China Beijing 0 100 200 300 km JX1-1E Tianjin CFD22-2 Korea Bohai Bay Independent PSC QK18-2E LD6-2 Discoveries BZ28-2S BZ34-1N BZ29-4 Bohai Bay 6 1…
  12. 2006 EARNINGS CALL – CNOOC Limited – slide 12
    Reserves Growth RRR:199% (mm BOE) +7.0% 158 152 167 2 528 2363 22 2005 Reserve Production Revision Discovery Acquisition 2006 Reserve 13 Note: Reserves and production both include Pinghu 13
  13. 2006 EARNINGS CALL – CNOOC Limited – slide 13
    Capital Expenditure Capital Expenditure (US MM) 3,279 3,500 16 3,000 2,500 2,202 8 2,000 2847 1,500 1945 1,000 500 248 416 0 2005Actual 2006Actual Exploration Development Others Exploration Capex of US 416 million, up…
  14. 2006 EARNINGS CALL – CNOOC Limited – slide 14
    Strong HSE Records Health, safety, and environment protection are always the top priorities of CNOOC Limited In 2006, CNOOC Limiteds HSE performance: No major oil spills OSHA statistics keep improving 2006 2005 Recordable…
  15. 2006 EARNINGS CALL – CNOOC Limited – slide 15
    Financial Performance
  16. 2006 EARNINGS CALL – CNOOC Limited – slide 16
    2006 vs. 2005 Net Income Analysis (RMB mm) +11.8% -15.7% 40,000 +45.1% -3.0% 2995 3981 -3.8% -4.2% -2.8% +3.3% -1.3% -8.8% 732 +1.4% 968 1065 719 848 365 335 +22.1% 2219 11,415 30,000 20,000 30,927 25,323…
  17. 2006 EARNINGS CALL – CNOOC Limited – slide 17
    Balance Sheet Movement (RMB bn) Dec. 31, 2006 +35.5% 36.0 Dec. 31, 2005 24.3 +2.9% Non-current assets increased RMB37.0 Cash and Cash +26.6% billion, due to exploration and Equivalent 35.0 107.4 development CAPEX and acquisition…
  18. 2006 EARNINGS CALL – CNOOC Limited – slide 18
    Change in Cash Position mm RMB 2006 2005 Cash flow from operating activities 39,226 32,154 Cash flow from investing activities (39,526) (29,349) Cash flow from financing activities 6,039 (7,786) Net Cash Flow 5,739 (5,100) Cash…
  19. 2006 EARNINGS CALL – CNOOC Limited – slide 19
    All-in Costs Breakdown (US 16 / BOE) 14.59 12.84 2.51 12 2.07 1.17 1.09 0.36 0.20 8 5.25 4.75 4 4.73 5.30 0 2005 2006 Operating Cost DD&A Dismantlement SG&A Production Tax 20 20
  20. 2006 EARNINGS CALL – CNOOC Limited – slide 20
    All-in Costs Leading Peers 2006 All-in Costs per BOE (US per BOE) 30 24.62 25 23.88 22.60 22.71 20.89 20 19.94 20.08 18.59 17.33 15 14.59 * 10 5 0 CNOOC EOG Noble OXY Devon XTO Apache Anadarko Talisman Encana…
  21. 2006 EARNINGS CALL – CNOOC Limited – slide 21
    ROE and ROACE Benchmarking 2006 ROACE 30% 28.2% 21.0% 19.8% 18.1% 16.9% 20% 16.0% 14.1% 14.0% 13.8% 11.7% 11.4% 10% 6.4% 0% CNOOC EOG Pogo XTO Dev on Apache Noble Anadarko Talisman Pioneer Encana Newf ield Source: Company…
  22. 2006 EARNINGS CALL – CNOOC Limited – slide 22
    Dividend Recommendation Other than the interim dividend of HK0.12 per share, the board has proposed a year-end normal dividend of HK0.14 per share: Maintain dividend per share stable and growth 35.8%(1) payout of net profit 4.13% (2)…
  23. 2006 EARNINGS CALL – CNOOC Limited – slide 23
    Focus on Production Growth
  24. 2006 EARNINGS CALL – CNOOC Limited – slide 24
    Long Term Production Target Intact Net Production 2006-2010 (mmboe) 250 7-11% = 7- 200 06-2010 CAGR 2006 150 100 50 0 2006A 2007E 2008E 2009E 2010E Additional Platforms 2006-2010 25 22 20 18 16 15 10 10 7 5 0 2006…
  25. 2006 EARNINGS CALL – CNOOC Limited – slide 25
    PL19-3 Phase II The construction and offshore engineering on schedule Progress Platform D 31 Jan. Complete the onshore construction of the jacket 31 May, Complete the offshore installation of the jacket Start the construction…
  26. 2006 EARNINGS CALL – CNOOC Limited – slide 26
    Wenchang Oil Fields Basic design: Completed in 2005 Detailed design: Completed in 2006 Construction of jackets: Underway Construction of modules: Underway Drilling: Underway 27 27
  27. 2006 EARNINGS CALL – CNOOC Limited – slide 27
    OML 130 (Nigeria) Surface Facilities The FPSO hull left her dry dock as planned in Jan. Engineering: Substantially completed Drilling The first batch(6 wells) completed The second batch underway 28 28
  28. 2006 EARNINGS CALL – CNOOC Limited – slide 28
    Other Development Projects Project Process WZ11-1 Drilling operations JZ21-1 Detailed design, procurement of equipment and fabrication of modules HZ25-4 Drilling operations SES Gas II Phase I on stream already, phase II is…
  29. 2006 EARNINGS CALL – CNOOC Limited – slide 29
    2007 Outlook
  30. 2006 EARNINGS CALL – CNOOC Limited – slide 30
    Winning Strategy Focus on Production and Future Reserves Growth Develop and Expand Natural Gas Business Maintain Financial Discipline 31 31
  31. 2006 EARNINGS CALL – CNOOC Limited – slide 31
    Sustainable, Stable and Profitable Growth Reserves Continue to add reserves through exploration and opportunistic acquisitions RRR: 100% 5 development projects scheduled to come Development on stream in 2007 Production Target…
  32. 2006 EARNINGS CALL – CNOOC Limited – slide 32
    WWW.CNOOCLTD.COM

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